As more and more countries expand their markets to include the trading of gold futures which are deliverable on demand in the precious metal, one of the potentially largest markets on the earth is also getting into the game.
Following last year's acceptance of gold ownership as a part of Sharia Financial Law, the potential for the world's 1.6 billion Muslims to buy, sell, and trade the asset is becoming a reality. And at the Dubai Gold Exchange, they are now seeking to become the first Islamic market to offer deliverable gold contracts that are in compliance with the new Sharia Laws.
To cater to the local demand, Dubai Gold and Commodity Exchange is planning to launch a Sharia compliant gold contract in the first quarter of 2018.
“The Sharia Gold contract will be the first-of-its kind in the region and will also mark the Exchange’s entry into the Islamic Finance space. We have partnered with Amanie Advisors, a leading global consultancy specialised in Islamic Finance, to structure the Sharia gold product and also with a leading Saudi Arabian group to promote this product in the region,” Gaurang Desai, chief executive officer of DGCX told Gulf News.
The Sharia-compliant Gold product will be sized at 1 kilogram gold bar per contract and physically delivered through the region’s largest gold vault located at the DMCC Freezone.
This year, DGCX witnessed a 17 per cent increase in the number of members trading our range of Gold products, which comprises of Dubai Gold Futures, India Gold Quanto Futures, Shanghai Gold Futures and a Spot Gold contract. – Gulf News
What makes this new gold contract out of Dubai even more interesting is whether it will be integrated with China's plans for a new oil contract at the Shanghai International Energy Exchange which will allow investors to covert their proceeds into either Yuan or gold.
<iframe width="560" height="315" src="
frameborder="0" allowfullscreen></iframe>
Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.
Some tips to share content and add value:
Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.
Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.
If you are actually the original author, please do reply to let us know!
Thank You!
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://gulfnews.com/business/sectors/markets/should-you-still-invest-in-gold-now-1.2087201
Do not let spacious plans for a new world divert your energies from saving what is left of the old.
- Winston Churchill