Source gold and silver ETCs get Shari'ah approval
The Source Physical Gold P-ETC (SGLD LN) and Source Physical Silver P-ETC (SSLV LN) have been confirmed, by Amanie, as permissible Islamic investment certificates complying with the requirements of Shari’ah law.
The Source products were approved on 20 May 2011 by a Board of Shari’ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC (Amanie). The Shari’ah Supervisory Board included representation from world-renowned scholars versed in differing schools of fiqh including Dr Mohammed Ali Elgari (Kingdom of Saudi Arabia), Dr Mohd Daud Bakar (Malaysia), Dr Muhammed Amin Ali Qattan (Kuwait), and Dr Osama Al Dereai (Qatar). This Shari’ah Board has been retained by Source as its dedicated Shari’ah Supervisory Board.
Ted Hood, CEO of Source says: “We are delighted to have received Shari’ah approval for the Source Physical Gold and Physical Silver P-ETCs. We have seen increasing demand for robust and efficient precious metals commodity products in the Islamic finance market and, we have worked hard over the past months to deliver to our clients Shari’ah compliant physical precious metals products.”
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