Source Physical Gold P-ETC and Source Physical Silver P-ETC receive Shari’ah approval…
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Source, the US$8.7 BN specialist provider of Exchange Traded Products (ETPs) working in partnership with BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, and other market makers, is pleased to announce that its 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 20th 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 (Please see below for board member biographies).
Ted Hood, CEO of Source commented: “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.”
|
Name |
BBG Ticker |
Exchanges |
Fixed fee |
|
Source Physical Gold P-ETC |
SGLD LN / SGLD SW |
LSE / SIX |
0.29% p.a. |
Following this approval, the Source Physical Gold P-ETC is now one of the largest Shari’ah compliant physical gold products globally, with over US$1.2 BN in assets. Like all Source P-ETCs, the certificate is backed by uniquely allocated, referenced metal, in this case gold bullion, and is priced off the spot price of gold provided by the London Bullion Market. Source is also exploring Shari’ah compliance in the Source Physical Platinum and Physical Palladium P-ETCs given strong demand from the Middle East region for its physical precious metals offering.
Source: ETFWorld – Source ETF