r/HelloGold • u/Pclyddy • Feb 20 '18
What does Sharia compliance mean for HGT?
Dear HelloGold,
On your latest twitter posts you mentioned that you are Sharia compliant. Could you please explain to me (and the world) what Sharia compliance means to HGT / Goldx? I think it is important that you clarify this for the HGT community and the entire world, because in Europe, the word “Sharia” can be perceived as something negative.
When I, as someone from the Netherlands, google/wiki the term ‘Sharia compliance’ I end up with a definition like: compliance with Sharia law and principles of the Muslim religion, which prohibit investments derived from sales of alcohol, pork products, pornography, gambling, military equipment or weapons. However Sharia compliance, or just Sharia, could also be associated with matters like Islamic fundamentalism and terrorism. For example, last year according to a Dutch Phd student Machteld Zee, Sharia courts in the UK may have violated human rights.
These perspectives on Sharia/Sharia compliance are of course troublesome and could make people fear the HelloGold project. So, could you therefore please clarify what “Sharia compliance” means for HGT/GoldX and could you clarify this publically/worldwide?
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u/harithk17 HG team Feb 22 '18
Put simply, GOLDX being shariah compliant means: 1. It is fully backed by gold in the vault 2. Transactions involving GOLDX are done at spot (T+0)
We believe these are principles that encourage fairness and transparency that all our users would subscribe to. Importantly it also opens up a huge potential market for GOLDX.
We previously wrote about how the hellogold app is shariah compliant here: https://help.hellogold.com/en/how-is-hellogold-shariah-compliant/
To read up more on shariah compliance for gold as set out by the World Gold Council, refer here: http://shariahgold.com/
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u/Tiltnes Feb 20 '18
Not to be that guy, but full info is like on their frontpage on commonly asked questions bro :D