Physical Gold Fund SP (PGF), a world leader in physical allocated gold, has announced that it has been endorsed as Shariah-compliant by Amanie Advisors, a leading Shariah advisory firm specializing in Islamic finance solutions.
Amanie Advisors issued the fatwa in accordance with the Shariah Standard on Gold set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and developed in cooperation with the World Gold Council.
Physical Gold Fund SP offers an exceptional solution to investors seeking a regulated product that employs the best practices of private allocated custody in gold ownership developed over decades of operational experience, a company statement said.
PGF takes the hassle out of physical gold allocation by providing a one-stop solution for acquisition, governance, custody, security, insurance, and liquidation of physical gold in an approved regulated structure, it added.
“We are pleased to work with Physical Gold Fund and provide our qualified assurance that it meets the highest level of Shariah requirements in line with AAOIFI Standards," said Maya Marissa Malek, managing director of Amanie Advisors LLC, Dubai.
"Physical gold is still a new asset class for Islamic finance and we hope this offering will help to grow and diversify the industry. Gold is certainly a unique asset class with distinct hedging features not found in traditional asset classes such as Sukuk.”
“Meeting compliance with the Shariah Standard on Gold is something we are very proud of,” said Alex Stanczyk, managing director of Physical Gold Fund SP. “This fund is unique, and there is nothing like it in the Mena region right now. Physical allocated gold is a perfect fit for the values expected here. We are excited to make this available to Islamic investors.” – TradeArabia News Service
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