NewGold ETF certified Shari’ah compliant

In a first for an exchange traded fund (ETF) in South Africa, Absa Capital today announced that its NewGold ETF is Shari’ah compliant.

The Shari’ah Supervisory Board, made up of specialised jurists in Shari’ah Islamic Law, issued a ruling stating that the NewGold ETF complies with Shari’ah. As such it is in line with Islamic principles of ethical investing.

The NewGold ETF, the only commodity based ETF in the local market, is a non-interest based product investing directly in gold bullion.

The issuing company, NewGold Issuer Pty (Ltd), was incorporated for the sole purpose of issuing securities backed by gold bullion, tracking the price of gold, and is not involved in any activities that are not permitted under Shari’ah Law.

Vladimir Nedeljkovic, head of ETFs and index products at Absa Capital said the certification has opened the way for Muslim investors to gain exposure to gold through investing in a listed ETF.

Today’s announcement follows hot on the heels of the news earlier this year that NewGold had become the country’s largest ETF when it dethroned the Satrix40 from the top spot.

“Absa Capital’s NewGold ETF is the largest ETF in South Africa with R6.4bn assets under management,” said Nedeljkovic. “Since the beginning of 2007 to date, its assets under management have increased more than four times.”

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

Today’s announcement follows hot on the heels of the news earlier this year that NewGold had become the country’s largest ETF when it dethroned the Satrix40 from the top spot.

“Absa Capital’s NewGold ETF is the largest ETF in South Africa with R6.4bn assets under management,” said Nedeljkovic. “Since the beginning of 2007 to date, its assets under management have increased more than four times.”

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

The Shari’ah Supervisory Board, made up of specialised jurists in Shari’ah Islamic Law, issued a ruling stating that the NewGold ETF complies with Shari’ah. As such it is in line with Islamic principles of ethical investing.

The NewGold ETF, the only commodity based ETF in the local market, is a non-interest based product investing directly in gold bullion.

The issuing company, NewGold Issuer Pty (Ltd), was incorporated for the sole purpose of issuing securities backed by gold bullion, tracking the price of gold, and is not involved in any activities that are not permitted under Shari’ah Law.

Vladimir Nedeljkovic, head of ETFs and index products at Absa Capital said the certification has opened the way for Muslim investors to gain exposure to gold through investing in a listed ETF.

Today’s announcement follows hot on the heels of the news earlier this year that NewGold had become the country’s largest ETF when it dethroned the Satrix40 from the top spot.

“Absa Capital’s NewGold ETF is the largest ETF in South Africa with R6.4bn assets under management,” said Nedeljkovic. “Since the beginning of 2007 to date, its assets under management have increased more than four times.”

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

Today’s announcement follows hot on the heels of the news earlier this year that NewGold had become the country’s largest ETF when it dethroned the Satrix40 from the top spot.

“Absa Capital’s NewGold ETF is the largest ETF in South Africa with R6.4bn assets under management,” said Nedeljkovic. “Since the beginning of 2007 to date, its assets under management have increased more than four times.”

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.

NewGold was designed to track the price of gold and create a liquid, listed investment tool that is fully backed by gold bullion.