Social compliance includes not only adherence to certain regulations and laws, but the observance of corporate ethics and internal rules. In essence, the approach is to view business as part of society and to find ways to maximize the positive benefits that business endeavours can bring to human and environmental well-being, while minimizing the harmful impacts of irresponsible business. Our ongoing commitment is to ensure good relations with clients, suppliers, employees and the community at large.
The Islamic Finance Advisory Board has endorsed BMG BullionFund, BMG Gold BullionFund and BMG Silver BullionFund as Shariah compliant.
BMG Funds, which invest only in precious metals bullion, are considered “interest-free” investments, making them a viable option for Canadian investors looking for Shariah-compliant investments.
Three principle rules need to be adhered to when analyzing a Shariah permissible investment:
- The first is the absence of interest (riba) in the investment.
- The second is the potential for ‘unethical concerns’ such as gambling or tobacco in the investment mix.
- The final area relates to the nature of the contract between the parties involved. Could substantial omissions exist that could result in a dispute between the parties?
The primary objective of BMG BullionFund is long-term real wealth preservation. It has a fixed investment policy of purchasing equal dollar proportions of uncompromised allocated and insured gold, silver and platinum bullion.
BMG Gold BullionFund has the same fundamental structure and security as BMG BullionFund; however, its mandate is to purchase physical gold bullion exclusively.
BMG Silver BullionFund has the same fundamental structure and security as BMG BullionFund and BMG Gold BulliomFund; however, its mandate is to purchase physical silver bullion exclusively.
The BMG BullionFund and the BMG Gold BullionFund have been endorsed by the Islamic Financial Advisory Board (IFAB) as a Shariah-compliant investment as of April 26, 2012. To learn more about the IFAB and its scholars, please do so by going to www.islamicfinanceboard.com.
This now makes BMG one of Canada’s largest Shariah-compliant mutual fund companies. Inshallah we look forward to being able to offer you innovative products to meet your investment objectives in accordance with Shariah law.
To view Endorsement Letter – 2018
To view Press Release – 2018
To view Shariah Compliance Review – 2012