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Source platinum and palladium ETCs get Shari’ah approval

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The Source Physical Platinum P-ETC (SPPT LN) and Source Physical Palladium P-ETC (SPAL LN) have been confirmed as permissible Islamic investment certificates complying with the requirements of Shari’ah law.

The Source products were approved on 26 July 2011 by a Board of Shari’ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC (Amanie). The Shari’ah Supervisory Board included representation from world-renowned scholars versed in differing schools of fiqh including Dr Mohammed Ali Elgari (Kingdom of Saudi Arabia), Dr Mohd Daud Bakar (Malaysia), Dr Muhammed Amin Ali Qattan (Kuwait), and Dr Osama Al Dereai (Qatar). This Shari’ah Board has been retained by Source as its dedicated Shari’ah Supervisory Board (Please see below for board member biographies).
 
Ted Hood (pictured), CEO of Source, says: “We are delighted to have received Shari’ah approval for the Source Physical Platinum and Physical Palladium P-ETCs. Given the strong demand from the Middle East region for our physical precious metals offering, we have worked hard over the past months to deliver to our clients Shari’ah compliant physical precious metals products for the growing Islamic finance market.”

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