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Note on Purification and Zakat

  • Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly). 
  • If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
  • For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them. 

Company Profile

Many Peaks Gold Limited is an Australia-based mineral exploration and development company. The Company’s projects are located in central Queensland, a gold province in a region hosting intrusion-related gold systems (IRGS) mineralization, porphyry and epithermal style gold to copper-gold systems, and skarn-type mineralization. The Company’s tenements are located approximately 80 kilometers (km) south of Gladstone and 150km west of Bundaberg in central Qld. The Company’s projects include Mt Weary Gold Project, Rawlins Copper-Gold Project, and Monal Gold Project. The Mt Weary Gold Project is located within the eastern extent of the Tenements and is comprised of multiple gold occurrences with the ‘Boggy Creek prospect’ central to the project area. The Rawlins Project is located approximately 20km west of the Mt Weary Gold Project, a number of copper-gold prospects occur over an area of approximately 5kms by 3kms. Monal Gold Project is located in the north of the tenements.