Before you invest, you may want to review the Azzad Wise Capital Fund’s prospectus, whichcontains more information about the Fund and its risks. You can find the Fund’s prospectusand other information about the Fund, including the statement of additional informationand most recent reports to shareowners, online at www.azzadasset.com/mutual-funds. Youcan also get this information at no cost by calling 1.888.350.3369 or by sending an emailrequest to info@azzadfunds.com. The Fund’s prospectus and statement of additionalinformation, both dated November 1, 2020, and most recent report to shareowners, datedJune 30, 2020, are incorporated by reference into this Summary Prospectus.

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NOVEMBER 1, 2020

Azzad Wise Capital Fund(Ticker: WISEX)First Halal Fixed-Income Fund

SUMMARY PROSPECTUS

* The Fund’s Adviser has agreed to contractually waive all or a portion of its fees and/orreimburse the Fund for certain operating expenses, to the extent necessary to limit thefund’s net annual operating expenses (excluding brokerage costs; borrowing costs,including without limitation dividends on securities sold short; taxes; indirect expenses,such as expenses incurred by other investment companies in which the Fund invests;and litigation and other extraordinary expenses) to 1.29% of average daily net assetsthrough December 1, 2023. These fee waivers and expense reimbursements are subjectto possible recoupment from the Fund within three years from the time the fees werewaived or reimbursed, if such recoupment can be achieved within the lesser of theforegoing expense limits or the expense limits in place at the time of recoupment. Thisagreement may be terminated only by the Fund’s Board of Trustees.

** As of November 1, 2020, the Board approved the removal of a redemption fee.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Redemption Fee (as a % of amount redeemed within 90 days)** 2.00%

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEARAS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Management fees 1.19%

Distribution and/or Service (12b-1) fees 0.05%

Other Expenses 0.18%

Total Annual Fund Operating Expenses 1.42%

Fees Waived by Adviser* (0.13%)

Total Annual Fund Operating Expenses after Fee Waiver 1.29%and/or Expense Reimbursement

FEES AND EXPENSES OF THE FUND

INVESTMENT OBJECTIVEAzzad Wise Capital Fund’s investment objective isto provide shareholders with capital preservationand income.

FEES AND EXPENSES OF THE FUNDThe table below describes fees and expenses that youmay pay if you buy and hold shares of the Fund.

EXAMPLEThis example is intended to help you compare the costof investing in the Fund with the cost of investing inother mutual funds. The example assumes that youinvest $10,000 in the Fund for the time periods indicatedand then redeem all your shares at the end of thoseperiods. The example also assumes that your investmenthas a 5% return each year and that the Fund’s operatingexpenses remain the same. Although your actual costsmay be higher or lower, based on these assumptionsyour costs would be:

1 YEAR 3 YEAR 5 YEAR 10 YEAR

$131 $409 $737 $1,666

PORTFOLIO TURNOVERThe Fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” itsportfolio). Higher turnover rates may indicate highertransaction costs and may result in higher taxes whenshares are held in a taxable account. These costs, whichare not reflected in annual fund operating expenses orin the example, affect the Fund’s performance. Duringthe most recent fiscal year, the Fund’s portfolio turnoverrate was 50.14% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGYAzzad Wise Capital Fund invests primarily in fixedincome securities issued for payment by internationalfinancial institutions, foreign governments, and agenciesof foreign governments in transactions structured to becompliant with the Fund’s ethical investment guidelines.Examples of fixed income securities in which the Fundinvests include sukuk and wakala. Sukuk are asset-based securities used to finance projects and assetacquisitions while avoiding the Islamic prohibition oninterest.

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Whereas bonds represent a debt ownership, a sukuk certificaterepresents ownership or interest in a tangible asset, or the usufructof an asset. Sukuk grant investors a proportionate beneficial owner -ship of the underlying asset, along with its associated risks andpoten tial cash flows. Wakala accounts are operated under the Islamicfinance principle of wakala (an agency agreement). With wakala, abank, as agent, raises funds to invest in various commercial activitiesfrom its investors. The bank and its investors both share in the profitand risk of loss of investment in such activities.

The Fund anticipates approximately 80% of the Fund’s fixed incomesecurities will be investment grade at the time of purchase, basedupon the credit ratings given by one or more nationally recognizedstatistical rating organizations (NRSROs). Approximately 20% ofthe Fund’s fixed income securities may be below investment grade(but not lower than a B rating by Moody’s or an equivalent NRSRO).The Fund may also invest in unrated securities (securities that arenot rated by a rating agency) if the Fund determines that thesecurities are of comparable quality to rated securities that the Fundmay purchase.

The Fund will invest up to 10% of its net assets (at the time ofpurchase) in domestic and international common stocks of anymarket capitalization, including emerging market securities. TheAdviser will emphasize dividend-paying stocks issued by companieswith strong fundamentals and relatively limited anticipated volatilityto supplement its fixed-income holdings.

The Fund may invest in short term income producing investmentssuch as money market accounts and certificates of deposit that arefollowing its ethical guidelines.

The Fund may invest up to 15% of its net assets in illiquid securitiesas defined by the Investment Company Act of 1940, which mayinclude investments in trade finance securities. Generally, thesesecurities evidence transactions where there is a flow of goods orservices (typically of a cross-border nature) and a financing need.These trade finance structures are subject to significant individualvariation. The Fund’s trade finance investments are expected toconsist primarily of loans, or similar instruments used to financeinternational trade and related infrastructure projects. These areexpected to include, but not be limited to, facilities for pre-exportfinance, process and commodities finance, receivables financing,letters of credit and other documentary credits, promissory notes,bills of exchange and other negotiable instruments. The Fund mayengage in such investments by way of purchase, assignment, partici -pation, guarantee, insurance, or any other appropriate financialinstrument.

The Fund may use derivatives instruments, such as profit rateswaps, to develop its investment strategy. In a profit rate swap, twoparties enter into a series of separate contracts. The Islamic profitrate swap allows two parties to exchange a series of profit paymentsin a single currency in exchange for another series of payments inthe same currency. For example, it allows for the exchange of profitrate cash flows between a fixed rate party and a floating rate party

(or vice versa) implemented through the execution of a series ofunderlying contracts to trade certain assets under the Shariahprinciples of Murabaha. The profit rate cash flows are calculated ona notional principal amount, at specified intervals during the life ofthe agreement. To secure the Fund’s obligations regarding its deriv -ative positions, the Fund must pledge collateral as security to thebroker. This pledged collateral is segregated and maintained withthe Fund’s custodian.

The Fund may also invest in fixed income securities issued intransactions where the Fund purchases (in the commodities markets)warrants (that is, certificates giving the holder the right to buyspecific amounts of a commodity at a specific time) for com modi -ties such as metals from a party other than the counterparty, andnearly simultaneously sells to a counterparty the underlyingcommodities in exchange for a note payable by the counterpartyproviding a fixed return that is due in a fixed amount of timefollowing the transaction. Most of these counterparties are foreignbanks and some of these issuers may be in emerging markets.However, the assets are not pledged as security for the certificates,and the Fund is relying on the creditworthiness of the issuer for allpayments required by the certificates. There is also no assurancethat the issuers of these types of certificates will be able to makesuch payments.

The essence of the Fund’s strategy is to provide shareholders with areturn that is comparable to the return on bank accounts, certificatesof deposit, and other similar fixed income products. The Fundconcentrates its investments in the financial services industry. TheFund anticipates that the maturity of the securities in the portfoliowill range from one to fifteen years and that the average duration ofthe portfolio will range from one to three years. While the Fundgenerally purchases securities at the lower end of this maturityrange, the Fund may purchase securities with maturities at thelonger end of this range when the Adviser determines that they offeran attractive return or to lengthen the average duration of the Fund.

The Fund’s sub-adviser, Federated Investment Management Com -pany (“Federated”), directs the investment of most of the Fund’sassets, furnishing investment information, advice and recommenda -tions to the Fund as to the acquisition, holding, or disposition ofsecurities or other assets that the Fund may own or contemplateacquiring from time to time. The Adviser will oversee Federatedand be responsible for the day-to-day portfolio manage ment of theFund related to the dividend-yielding equity portion of the Fund’sportfolio and for ensuring that the Fund’s holdings and portfoliomanagement complies with its ethical investment restrictions.

Federated will sell a security if it falls out of compliance with theFund’s ethical investment restrictions upon the Adviser’s instructions.In addition, a security may be sold when Federated believes it isshowing deteriorating technical and fundamental indicators, dueto sector rotations or geographical reallocations, or to manageconcentration risk.

Azzad Wise Capital Fund Summary | WISEX

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ETHICAL INVESTMENT RESTRICTIONSThe Fund does not invest in corporations that derive substantialrevenue (defined as more than 5% of total revenue) from alcohol,tobacco, pornography, pork, gambling, hydraulic fracturing, privateprisons, or weapons industries as determined by the Adviser. TheFund will not invest in securities or other instruments that deriverevenue from the receipt of interest from lending arrangements,preferred stocks and convertible securities or other instruments thatpay interest from lending, or from the receipt of gains from futurescontracts, trading debt, or trades that involve exchanging the samekind of monetary instruments (such as the same type of currency).The Fund will, however, be able to invest in instruments that providea fixed rate of return in transactions that are structured to be com-pliant with the Fund’s ethical investment restrictions such as sukuk,certificates of deposit, bank notes, and short-term bank deposits.

PRINCIPAL RISKS OF INVESTING IN THE FUNDAlthough the Adviser makes every effort to achieve the Fund’sobjective of capital preservation and income, the Adviser cannotguarantee it will attain that objective. You could lose money byinvesting in this Fund. The principal risks include:

• The Fund invests in fixed income securities, which are subject tocredit risk. Credit risk includes issuer credit risk, which is the riskthat payments will not be paid when due in accordance withtheir terms. Such non-payment or default may reduce the valueof the Fund’s portfolio holdings, its share price, and its per -formance. The counterparty issuing the securities may not beable to pay the securities when due or otherwise fulfill theircontractual obligations, which could reduce the value of theFund’s portfolio holdings, its share price, and its performance.

• A rise in prevailing interest rates generally will cause the priceof a fixed-rate debt security to fall. Generally, the longer theduration, or maturity of a security or weighted average maturityof the Fund, the more sensitive its price is to a rise in interestrates. Recent and potential future changes in government mone -tary policy are likely to affect the level of interest rates.

• Sukuk involve many of the same risks that conventional bondsincur such as: credit and counterparty risk, interest rate, maturityand investment grade securities risk. In addition to these risks,there are certain risks specific to sukuk. These include variousoperational risks including default risk, a lack of institutionalsupport and risks related to the underlying assets. The sukukmarkets are in their infancy, and most sukuk trading is restrictedto the primary markets. Unlike conventional bonds, sukuk tendto be held until maturity; thus, they are traded less frequentlycompared to conventional bonds.

• Investments in below investment-grade fixed-income securitiesmay subject the Fund to greater risks than other securities,including being subject to greater levels of interest rate risk,credit risk (including a greater risk of default), and liquidity risk.The ability of the issuer to make payments is predominantlyspeculative for below investment-grade fixed income securities.

• The Fund may invest in profit-rate swaps, which are derivativecontracts. Derivative contracts involve risks different from, andpossibly greater than, risks associated with investing directly insecurities, and other traditional investments. These risks mayinclude valuation and tax issues, increased potential for lossesand/or costs to the Fund, and a potential reduction in gains tothe Fund. Derivative contracts may also involve other risksdescribed in this Prospectus or the Fund’s Statement of Addi -tional Information (SAI), such as interest rate, credit, currency,liquidity, and leverage risks.

• To secure its obligations relating to derivative contracts, the Fundwill either own the underlying assets, enter into offsettingtransactions or set aside cash or readily marketable securities.This requirement may cause the Fund to miss favorable tradingopportunities, due to a lack of sufficient cash or readily market -able securities. This requirement may also cause the Fund torealize losses on offsetting or terminated derivative contracts orspecial transactions.

• The Fund invests in trade finance securities located primarily inor having exposure to global emerging markets. As such, theFund is subject to all the risks typical to investments generallymade in emerging markets. In addition, the Fund is subject torisks specific to the trade finance asset class such as liquidity risk,credit rating risk, and counter-party risk.

• When the Fund invests in wakala, it will be subject to the creditrisk of the bank acting as agent, and the risk that the bank willnot manage the investment in a profitable manner.

• The stock market may fall in value, causing prices of stocks held by the Fund to fall. Stock prices fluctuate based on changesto a company’s financial condition, on overall market, andeconomic conditions, and on investors’ perception of a com -pany’s soundness.

• The Fund is non-diversified and may invest a larger percentageof its assets in fewer companies and/or counterparties exposingit to more volatility and/or market risk than diversified funds. Inaddition, the Fund invests a significant portion of its assets incompanies within the financial services sector and its per -formance may suffer if this sector underperforms the overallstock market.

• Individual securities or other holdings in the Fund may notperform as expected, and the Fund’s portfolio managementpractices may not achieve the desired result.

• Investing in foreign securities involves risks not typically associ-ated with U.S. investments, including, among others, adversefluctuations in foreign currency values as well as adverse political,social, and economic developments affecting a foreign country,less publicly available information, more volatile or less liquid se-curities markets, restrictions on receiving the investment proceedsfrom a foreign country, foreign tax laws, potential difficulties in

investments in these currencies by a fund. Inflation and rapid fluc-tuations in inflation rates have had, and may continue to have, neg-ative effects on the economies and securities markets of certainemerging market countries.

• The Fund’s investment in securities issued by foreign gov ern mentsand agencies of foreign governments (sovereign debt) differs fromdebt obligations issued by private entities in that, generally, reme-dies for defaults must be pursued in the courts of the defaultingparty. Legal recourse is therefore limited. The foreign sovereigndebt securities the Fund purchases involve specific risk, includingthat (i) the governmental entity that controls the repayment of sov-ereign debt may not be willing or able to repay the principaland/or interest when it becomes due because of political con-straints, cash flow problems, and other national economic factors;(ii) governments may default on their sovereign debt, which mayrequire holders of such sovereign debt to participate in debtrescheduling or additional lending to defaulting governments; and(iii) there are no bankruptcy pro ceedings by which defaulted sov-ereign debt may be collected in whole or in part.

• The Fund’s ethical investment restrictions will narrow theavailability of investment opportunities in which it can invest. Itis possible that the restrictions placed on investments may causethe Fund to underperform compared to other funds that do notplace such restrictions on their investments.

• The Fund may invest up to 15% of its net assets in securitiesconsidered to be illiquid as defined by the Investment CompanyAct of 1940. These can include certificates issued by foreignbanks, trade finance, sukuk, and wakala. As a result, if the Fundreceives a large amount of redemptions, the Fund may be forcedto sell such illiquid investments at a significant loss to be able tomeet such redemption requests.

• The current novel coronavirus (COVID-19) global pandemic andthe aggressive responses taken by many governments, includingclosing borders, restricting international and domestic travel, andthe imposition of prolonged quarantines or similar restrictions,as well as the forced or voluntary closure of, or operationalchanges to, many retail and other businesses, has had negativeimpacts, and in many cases severe negative impacts, on marketsworldwide. It is not known how long such impacts, or any futureimpacts of other significant events described above, will orwould last, but there could be a prolonged period of globaleconomic slowdown, which may impact your investment in theFund. Therefore, the Fund could lose money over short periodsdue to short-term market movements and over longer periodsduring more prolonged market downturns.

You should consider investing in the Fund if you are looking forcapital preservation and income and are willing to accept theassociated risks.

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enforcing contractual obligations, less revealing accounting prac-tices, inadequate or irregular regulation, and more volatile per-formance. Foreign financial markets may also have fewer investorprotections. Foreign companies may also receive less coveragethan U.S. companies by market analysts and the financial press.These factors may prevent the Fund and its Adviser from obtain-ing information concerning foreign companies that is as frequent,extensive, and reliable as the information available concerningcompanies in the United States. There is also the risk of confisca-tion, taxation, currency blockage or political, or social instability.

• Securities that trade or are denominated in currencies other thanthe U.S. dollar may be adversely affected by fluctuations incurrency exchange rates or currency controls imposed by foreigngovernments. When the U.S. dollar strengthens relative to aforeign currency, the U.S. dollar value of an investmentdenominated in that currency will typically fall. Investing incurrencies or securities denominated in a foreign currency,entails risk of being exposed to a currency that may not fullyreflect the strengths and weaknesses of the economy of thecountry or region utilizing the currency. In addition, it is possiblethat a currency (such as, for example, the euro) could be abandonedin the future by countries that have already adopted its use, andthe effects of such an abandonment on the applicable countryand the rest of the countries utilizing the currency are uncertainbut could negatively affect the Fund’s investments denominatedin the currency.

• The Fund will concentrate its investments in the financialservices industry. Adverse developments affecting a security inthe financial services industry may affect all securities in thatindustry, and any negative developments affecting that industrywill have a greater impact on the Fund than a fund that is notconcentrated in that industry. Further, because the Fund’sinvestments are concentrated in securities issued by a limitednumber of counterparties, all of which share a single industry,the Fund is even more susceptible to any single negativeeconomic, technological, political, or regulatory occurrence thatimpacts the financial services industry than a fund that does notconcentrate.

• Investments in emerging market securities impose risks differentfrom, or greater than, risks of investing in foreign developed coun-tries, including: smaller market capitalization; significant pricevolatility; and restrictions on foreign investment. Emerging marketcountries may have relatively unstable governments and may pres-ent the risk of nationalization of businesses, expro priation, and con-fiscatory taxation, or, in certain instances, reversion to closedmarket, centrally planned economies. Emerging market economiesmay also experience more severe downturns. The currencies ofemerging market countries may experience significant declinesagainst the U.S. dollar, and devaluation may occur subsequent to

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PERFORMANCEThe following bar chart and table provide some indication of therisks of investing in the Fund by showing changes in the Fund’sperformance from year to year and by showing how the Fund’saverage annual returns for a calendar 1-year, 5-year, and 10-yearperiod compare with those of a broad measure of market perform-ance. To obtain updated performance information, please call 888-350-3369. The Fund’s past performance, before and after taxes,is not necessarily an indication of its future performance.

INVESTMENT ADVISERAzzad Asset Management, Inc. is the investment adviser to theFund.

INVESTMENT SUBADVISERFederated Investment Management Company is the sub-adviser to the Fund.

0.41%0.93%

2010 2011 2012 2013 2014

1.38%

2016

2.68%

2017

–0.11%

2015

Azzad Wise Capital Fund Summary | WISEX

0.09%

2018 2018

PORTFOLIO MANAGER(S)

JAMAL ELBARMILVice President of Azzad Asset ManagementManaging the Fund since 2010

IHAB SALIB Senior Portfolio Manager at Federated Investment Management CompanyManaging the Fund since 2014

JOHN POLINSKIPortfolio Manager at Federated Investment Management CompanyManaging the Fund since 2014

AVERAGE ANNUAL TOTAL RETURNS(For the periods ended December 31, 2019)

1 YEAR 5 YEARS SINCE INCEPTION

Return Before Taxes 5.23% 1.83% 2.08%

Return After Taxes on Distributions 4.43% 1.32% 1.53%

Return After Taxes on Distributions and Sale of Fund Shares 3.08% 1.18% 1.37%

ICE BofA ML US Corp & Govt 1-3 Yr. Index (reflects no deduction for fees, expenses or taxes) 4.07% 1.69% 1.55%

5.07%

1.92%

2.79%

5.23%

For the period from 1-1-2020 through 9-30-2020, the total return for the Fund was 1.90% Best Quarter: ended 3-31-2020: 2.27% Worst Quarter: ended 6-30-2010: –1.66%The Fund’s inception date was April 6, 2010

ANNUAL TOTAL RETURNS FOR THE YEARS ENDED DECEMBER 31

After tax returns are calculated using the highest historical indi -vidual federal marginal income tax rates and do not reflect theimpact of state and local taxes. Your actual after-tax returns dependon your tax situation and may differ from those shown, and after-tax returns shown are not relevant if your Fund shares are held intax-deferred arrangements, such as Individual Retirement Accounts(IRAs) or 401(k) plans.

Azzad Funds c/o Mutual Shareholder Services8000 Town Center Drive, Suite 400 | Broadview Heights, OH 44147

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BUYING AND SELLING SHARESYou can buy, sell (redeem) or exchange shares of the Fund, eitherthrough a financial professional or directly from the Fund, on anyday that the New York Stock Exchange is open.

MINIMUM MINIMUM MINIMUMTO OPEN FUND TO OPEN IRA ADDITIONAL

ACCOUNT ACCOUNT INVESTMENT

$4,000 $4,000 $300

To buy shares, contact your financial professional or open anaccount by completing and signing an application (available atwww.azzadasset.com/azzad-funds or by calling 888-350-3369).Make your check payable to the Fund and mail to: Azzad Funds c/oMutual Share holder Services, 8000 Town Centre Drive, Suite 400,Broadview Heights, OH 44147.

You may redeem your shares at any time at the NAV per share nextdetermined after the transfer agent receives your redemptionrequest. If your redemption request is received prior to close oftrading on the New York Stock Exchange (normally 4:00 p.m.Eastern Time), your redemption will be priced the same day. Youcan submit your request to redeem shares to the Fund by telephoneby calling 888-350-3369 or by mail to: Azzad Funds c/o MutualShareholder Services, 8000 Town Centre Drive, Suite 400, BroadviewHeights, OH 44147.

TAX INFORMATIONUnless you are investing through a tax-deferred arrangement,such as a 401(k) plan or an individual retirement account, anydividends and distributions made by the Fund are taxable to youas ordinary income or capital gains.

PAYMENTS TO BROKER-DEALERS AND OTHERFINANCIAL INTERMEDIARIESIf you purchase shares of the Fund through a broker/dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the intermediary for the sale of Fundshares and related services. These payments may create a conflictof interest by influencing the broker/dealer or other intermediaryand your salesperson to recommend the Fund over anotherinvestment. Ask your salesperson or visit your financial inter -mediary’s website for more information.

AZZADASSET.COM888.86.AZZAD

Beginning on January 1, 2021, as permitted by regulations adopted by the Securitiesand Exchange Commission, paper copies of the Funds’ shareholder reports like this onewill no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, https://www.azzadasset.com/mutual-funds, and you will be notified by mail each time a report is postedand provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affectedby this change and you need not take any action. You may elect to receive shareholderreports and other communications from the Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor,by following the instructions included with paper Fund documents that have beenmailed to you.