BMG Group Inc. Announces Shariah-Compliant Funds
-Funds Provide Interest-Free Option-
MARKHAM, August 29, 2018– BMG Group Inc. (“BMG”) is pleased to announce that the Islamic Finance Advisory Board has endorsed BMG BullionFund, BMG Gold BullionFund and BMG Silver BullionFund (collectively, “BMG Funds”), as Shariah compliant.
BMG Funds, which invest only in precious metals bullion, are considered interest-free investments, making them a viable option for Canadians looking for Shariah-compliant investment vehicles.
The Islamic Finance Advisory Board endorsement comes after a thorough review of the prospectuses of the BMG Funds. BMG Funds hold only pure bullion and do not employ any leveraging, lending or hedging strategies, nor do they make any derivative or foreign-exchange plays. BMG Funds join a select group of Shariah-compliant investments available in Canada.
“The criteria for BMG Funds have always been that every portfolio should include unencumbered, fully allocated and insured physical bullion. With BMG Funds, there are no counterparty risks, no dependency on trading strategies, no derivatives or hedges of any kind,” said Nick Barisheff, president
The Islamic Finance Advisory Board is an independent non-profit body engaged in the promotion of Islamic Finance in Canada. It brings the collective expertise of its scholars to providing Shariah-compliant alternatives to conventional financial products.
Founded in 2002, BMG is a dedicated guardian of physical bullion. BMG is based in Markham, Ontario, Canada. The company offers a wide range of physical bullion products designed for portfolio diversification and wealth preservation. BMG bullion products are stored on an allocated and insured basis within London Bullion Market Association (LBMA)-member vaults. BMG was the first precious metals bullion management company in Canada to become an Associate Member of the LBMA, an honour it shares with the Royal Canadian Mint, the Crown Corporation that produces Canada’s currency. This validation and endorsement is only bestowed upon firms that meet the LBMA’s rigorous industry standards on refining, reliable trading and Good Delivery practices. BMG is an associate member of the Responsible Investment Association (RIA) and a signatory to the Principles of Responsible Investment (PRI). The PRI is the world’s leading proponent of responsible investment.
For media inquiries, please contact:
President & CEO