Azzad Wise Capital Fund crosses $100 million threshold in August

By Tali Rackner

Norfolk, Va., Aug. 31 – Azzad Asset Management announced that the Azzad Wise Capital Fund (Wisex), its flagship mutual fund and the first halal fixed income fund in the United States, crossed the $100 million threshold in August, according to a press release.

Launched in 2010, the fund aims to produce a return that is comparable to that of bank accounts and other financial instruments without dealing in interest.

By investing principally in sukuk and Islamic bank deposits, it provides a viable fixed-income investment option that also adds to global societal development, the release said.

"We are grateful to our shareowners who have validated the notion that people and profits can go hand in hand," Azzad vice president and co-portfolio manager Jamal Barmil said in the release.

"Focused on community development and poverty alleviation, Wisex is an active force for good in the world, in addition to being an important investment option for everyone from impact investors to observant Muslims."

Azzad Asset Management is a Falls Church, Va.-based investment adviser. It is the sponsor of the Azzad Funds.

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