Social Compliance at BMG
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’ as Shariah compliant.
BMG, which invests 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?
BMG has been endorsed by the Islamic Financial Advisory Board (IFAB) as a Shariah-compliant investment as of January 25, 2010. To learn more about the IFAB and its scholars, please do so by going to www.islamicfinanceboard.com.
With total assets of over $500 million, this now makes BMG Canada’s largest Shariah-compliant mutual fund company. Inshallah we look forward to being able to offer you innovative products to meet your investment objectives in accordance with Shariah law.
BMG prides itself in its commitment to social compliance adherence.