SOURCE: Azzad Asset Management

Azzad Asset Management

October 27, 2016 10:37 ET

Azzad Signs Statement Calling for Reforms in Bangladesh Manufacturing Sector

Investor statement comes after September factory fire kills 34 workers

FALLS CHURCH, VA--(Marketwired - October 27, 2016) - Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has joined a coalition of investors calling on multinational corporations to enact greater protections for factory workers in Bangladesh. This follows a September 10 boiler explosion at the Tampaco Foils Ltd. factory in Bangladesh, which resulted in a fire and building collapse that killed 35 people and injured more than 50 others.

The call comes in the form of an investor statement organized by the Interfaith Center on Corporate Responsibility (ICCR), a coalition of faith and values-driven organizations that engage multinational corporations to promote sustainable and fair business practices. ICCR sent the statement, representing 66 organizations with $2.3 trillion in assets, to two major Tampaco Foils customers, British American Tobacco and Nestle. The statement says in part:

Urgent steps need to be taken … to avoid further loss of life, not only in factories in Bangladesh, but throughout the full reach of [your] global supply chains. We specifically call for:

  1. Comprehensive fire and safety inspections that include thorough inspections of boilers.
  2. Worker training on fire and safety procedures and worker/management safety and health committees.
  3. Compensation to the workers injured and to the families of those killed at Tampaco, following the model of the Rana Plaza Donors Trust Fund.

The Tampaco Foils investor statement is part of the responsible investment industry's continuing call for reforms in manufacturing and global supply chains, which intensified three years ago after an eight-story factory collapsed in the Bangladeshi capital of Dhaka, killing more than 1,100 workers and injuring 2,500. Industrial accidents have occurred frequently in Bangladesh, where low-cost manufacturing is driving rapid growth in factories across the country.

See: ICCR Investor Statement on the 3rd Anniversary of the Rana Plaza Tragedy - April 24, 2016

See also: ICCR Original Investor Statement on Bangladesh - May 16, 2013

ABOUT AZZAD

Azzad Asset Management, investment advisor to the Azzad Funds and sponsor of the Azzad Ethical Wrap Program, is committed to providing investment services designed to help people enjoy optimum performance without compromising their values. Azzad is a member of the Forum for Sustainable and Responsible Investment, the Interfaith Center on Corporate Responsibility, and the Accounting and Auditing Organization for Islamic Financial Institutions. The firm, based outside Washington, D.C., is a registered investment advisor with the U.S. Securities and Exchange Commission.

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