{"id":3541,"date":"2013-05-23T14:10:59","date_gmt":"2013-05-23T18:10:59","guid":{"rendered":"http:\/\/162.241.156.118\/~azzadasset\/?p=3541"},"modified":"2013-05-23T14:10:59","modified_gmt":"2013-05-23T18:10:59","slug":"azzad-creates-opportunities-by-cutting-through-red-tape","status":"publish","type":"post","link":"https:\/\/intelliserver.net\/wordpress\/halal-investing\/azzad-creates-opportunities-by-cutting-through-red-tape\/","title":{"rendered":"Azzad creates opportunities by cutting through red tape"},"content":{"rendered":"
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\"notarized-paperwork-wisex\"<\/h3>\n

Opening up new markets to investors isn\u2019t easy. If you don\u2019t believe me, just ask Jamal Elbarmil. \u201cNo one is willing to cut through all the red tape to invest in Islamic banks,\u201d says the longtime Azzad Wise Capital Fund portfolio manager. \u201cNo one except Azzad.\u201d<\/p>\n

Elbarmil starts his Tuesday with a cup of coffee in one hand and a manila folder in the other. Two computer monitors glow behind him. He\u2019ll turn his attention to those shortly. (As usual, he\u2019s got a long day ahead of him.) Right now, what\u2019s holding his attention is a notarized copy of Azzad Asset Management\u2019s articles of incorporation, not the usual analyst reports, balance sheets, and income statements that take up a lot of his time. But this diversion is a necessary evil, an additional responsibility for the unconventional money manager. He\u2019s making sure everything is in order before the folder is sent to Turkey. Its contents represent one of the many hurdles in a miles-long race to get a piece of the growing Islamic banking market for his fund, which turned three-years old in April.<\/p>\n

For Elbarmil to invest in an Islamic bank deposit or note, \u201cthere\u2019s a lot of red tape,\u201d he says. The partner bank requires investors to send over a mountain of paperwork, which must all be notarized at each level of government, culminating with a trip to the U.S. State Department\u2019s notarization bureau to get the final seal from the U.S. Secretary of State. Sound like a lot of work? It is. And it\u2019s only a small part. \u201cThis is for one<\/em> position in a profit- and loss-sharing account at one<\/em> Islamic bank,\u201d notes Elbarmil. \u201cWe do this for every bank we partner with. And before tackling the bureaucracy, we have to finish our own due diligence on the bank, which can take even longer than all the filings and notarizations.\u201d<\/p>\n

Elbarmil says that the manual process is necessary since these types of investments are not common and there aren\u2019t established channels to invest in Islamic bank deposits or notes: \u201cIt\u2019s not like buying IBM stock. You can\u2019t get these alternative investments with a few clicks of a mouse.\u201d The red tape, plus the language barriers one can encounter with foreign partners, makes for a painstaking and time-consuming production. But according to Elbarmil, it\u2019s worth it: \u201cWe\u2019re creating a process. It\u2019s about giving our investors access to new and emerging markets. That\u2019s something they couldn\u2019t do on their own as individual investors. We\u2019re cutting through the red tape for them.\u201d<\/p>\n

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Opening up new markets to investors isn\u2019t easy. If you don\u2019t believe me, just ask Jamal Elbarmil. \u201cNo one is willing to cut through all the red tape to invest in Islamic banks,\u201d says the longtime Azzad Wise Capital Fund portfolio manager. \u201cNo one except Azzad.\u201d Elbarmil starts his Tuesday with a cup of coffee […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[21,22,23,25,26],"class_list":["post-3541","post","type-post","status-publish","format-standard","hentry","category-halal-investing","tag-azzad-wise-capital-fund","tag-bank-deposits","tag-emerging-markets","tag-jamal-elbarmil","tag-wisex"],"_links":{"self":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts\/3541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/comments?post=3541"}],"version-history":[{"count":0,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts\/3541\/revisions"}],"wp:attachment":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/media?parent=3541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/categories?post=3541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/tags?post=3541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}