- The review by Amanie Advisors involved scrutiny of the ETC’s processes involved in buying, selling and storing precious metals to achieve the endorsement.
March 2023, London
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The Royal Mint Responsibly Sourced Physical Gold ETC (RMAU) has been endorsed as sharia compliant, following a review by Amanie Advisors, a well-respected sharia advisory firm.
RMAU, launched in partnership between The Royal Mint and HANetf, has been deemed in compliance with the requirements of the sharia principles. These principles assert that wealth should be generated from legitimate trade and asset-based investment, that investment should also have a social and ethical benefit to wider society beyond purely an investment return, and that risks should be shared.
In order to achieve the endorsement (fatwa), RMAU has undergone scrutiny of the processes involved in buying, selling, and storing precious metals on its platform and investors can rest assured that the structure of RMAU adheres to Islamic principles.
Andrew Dickey, Precious Metals Division Director at The Royal Mint, said:“The Islamic investment market in the UK is growing and its position as a destination for sharia compliant solutions is strengthening. With a rich history spanning over 1,100 years and as the home of precious metals, The Royal Mint is proud to be accessible to a wider variety of investors. It’s also particularly fitting that this comes ahead of the month of Ramadan, before Eid al-Fitr celebrations begin.”
Hector McNeil, co-CEO and co-Founder of HANetf comments: “We are delighted that The Royal Mint Responsible Sourced Physical Gold ETC has been confirmed as sharia compliant. The Islamic investment community is growing and therefore it is important to ensure investment products cater to their needs. Alongside being sharia compliant, we hope that investors will find the ETC’s other unique features appealing, including its use of only post-2019 responsibly sourced LBMA Good Delivery Bars, its partial allocation to 100% recycled gold bars and safety and security provided by the gold that backs the ETC being custodied at The Royal Mint’s vaults.”
The Royal Mint Responsibly Sourced Physical Gold ETC (RMAU) can be purchased and sold via a stockbroker, online share trading platform or via a financial advisor.
The Royal Mint has also been endorsed as sharia compliant for its trading on all its physical bullion product transactions and will continue to work with Amanie Advisors to ensure ongoing conformity with global sharia standards and best practices.
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