Sharia Standard on Gold
The Perth Mint has achieved compliance with the Sharia Standard on Gold for sales of its allocated and pool allocated gold and silver products. Additionally, the Standard covers our physical bullion products such as bullion bars and coins sold through our distributors, The Perth Mint Shop or www.perthmintbullion.com/au.
Our physical bullion products, as well as allocated and pool allocated products, have been endorsed as Sharia-compliant by highly respected Sharia advisory consultants Dar Al Sharia Limited in accordance with the Sharia Standard on Gold. This standard is set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
In order to achieve the endorsement, we have undergone scrutiny of the ways in which we market, allocate and charge for bullion to ensure full compliance to the recently announced Sharia standards, and provide Islamic investors with the world’s only government-guaranteed Sharia compliant gold and silver investment choices.
AAOIFI collaborated with the World Gold Council on the development of Sharia Standard No 57 on Gold and its Trading Conditions.
This Standard, through explaining the rules for investing and trading in gold, offers assurance to private investors and institutions that investing in gold and gold-backed products can be carried out in a manner that is Sharia compliant.
The Standard was endorsed in November last year and launched at the World Islamic Banking Conference in Bahrain the following month.
It was developed and endorsed by the world’s leading Islamic finance scholars and is therefore the highest authority on the Islamic rules for dealing in gold.
The Perth Mint Fatwa
The Sharia Compliance Pronouncement on Tradability of Gold and Silver Products in regard to Perth Mint investment products can be downloaded as a .pdf (English).
The World Gold Council has developed a dedicated website on the Sharia Standard on Gold, which can be found at http://shariahgold.com.