Azzad Asset Management is widening the distribution of one of its funds. The Falls Church, Va.-based firm said that its Wise Capital Fund (WISEX) is now available on Schwab OneSource.
The Wide Capital Fund invests in sukuk, or asset-backed Islamic bonds, as well as deposits and notes from Islamic banks that comply with specific socially responsible and halal financial guidelines. The fund was launched on April 1, 2010.
"The added reach that Schwab offers is a plus for our investor base, which consists of both individual and institutional investors looking for exposure to emerging markets like Malaysia, Indonesia, Turkey, and the Gulf, in addition to an alternative investment that doesn't correlate with traditional asset classes,” Azzad Asset Management president and CEO Bashar Qasem said, in a statement.