Physical Gold Fund SP Announces Shariah Standard on Gold Compliance
DUBAI, United Arab Emirates, July 31, 2018 (GLOBE NEWSWIRE/KNOWLEDGE BYLANES) — Physical Gold Fund SP (PGF), a world leader in physical allocated gold, is pleased to announce that Physical Gold Fund SP has been endorsed as Shariah-compliant by Amanie Advisors. 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. 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.
“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.”
About Physical Hard Assets Fund SPC
Physical Hard Assets Fund SPC is a Segregated Portfolio Company domiciled in Cayman Islands and regulated by the Cayman Islands Monetary Authority (CIMA).
About Physical Gold Fund SP
Physical Gold Fund SP is a global leader in physical allocated gold. It is a Segregated Portfolio Fund of the Physical Hard Assets Fund SPC. The fund is regulated by CIMA, is registered with the FCA, and is Shariah-compliant certified by Amanie. PGF is a transparent, open‐ended segregated portfolio fund that invests in unencumbered, fully-allocated physical gold in the form of “Good Delivery” gold bars meeting accepted global standards. Industry unique liquidity protocols have been put in place providing greater liquidity options compared to other funds in the market. Shares of the Fund are redeemable for gold, and all physical gold is insured to its full market value.
About Amanie Advisors
Amanie Advisors is a leading Shariah advisory firm specializing in Islamic finance solutions covering a wide range of services including Shariah advisory and consultancy, training, and research and development for institutional and corporate clientele focusing on Islamic financial services.
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This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Nothing in this communication should be construed as investment advice or an investment recommendation. This communication has not been approved by any authority for any purpose.
Alex Stanczyk +1-646-846-0311