dgcx to launchfirst shariahcompliant spot gold contract
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

DGCX to launch first Shariah-compliant spot gold contract

Arab Today, arab today

Arab Today, arab today DGCX to launch  first Shariah-compliant spot gold contract

Saudi Arabia’s gold demand is estimated between 60 and 85 tons
Dubai - Arabs Today

The Dubai Gold and Commodities Exchange (DGCX) will develop and launch the region’s first Shariah-compliant spot gold contract as the precious metal is getting a bigger role on Islamic finance.
DGCX is partnering with Saudi conglomerate Ayedh Dejem Group to make the $7.5 trillion gold market more investable for the world’s 1.6 billion Muslims, who are limited by the type of gold instruments they are allowed to investments in due to Shariah restrictions.
“We are looking at this product to develop local markets and unlock the potential of gold trading in the region. We are delighted to collaborate with the Ayedh Dejem Group as we believe the new spot gold contract will encourage new and existing institutional participants to invest and trade in Shariah-compliant products,” said Gaurang Desai, the chief executive DGCX.
“Bringing Shariah-compliant products to a wider audience will continue to garner interest from the local populous as well as other global entities that are looking for a route into the newest and fastest growing sector of the mainstream financial markets.”
Shariah-compliant gold investments are now estimated to be worth $2 trillion, and the decision to launch the spot gold contract should further attract the interest of regional Islamic financial institutions and banks, DGCX said.
“We believe our partnership with DGCX supports our vision to enhance cross-border collaboration as it offers access to the regional gold and commodities market, providing customers with improved hedging and investment solutions in compliance with Shariah law,” said Ayedh Bin Dejem, the chairman for Ayedh Dejem Group.
Gold has traditionally played a minor role in Islamic finance because of uncertainty on what are religiously permissible investments on the precious metal, which in turn has slowed product development and constrained investor demand.
In December, Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions, working with the World Gold Council, came out with guidelines to clarify existing Islamic rulings on gold trading and make it easier to conduct complex transactions.
One of the rules called gold transactions to be fully backed by physical metal and settled on the same day to adhere to Islam’s distinction between real economic activity and speculation.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dgcx to launchfirst shariahcompliant spot gold contract dgcx to launchfirst shariahcompliant spot gold contract

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dgcx to launchfirst shariahcompliant spot gold contract dgcx to launchfirst shariahcompliant spot gold contract

 



GMT 05:17 2017 Wednesday ,01 February

US stocks end mixed amid earning reports

GMT 04:59 2017 Saturday ,23 September

Suicide bombers kill 3 in Iraq restaurant

GMT 15:57 2017 Monday ,23 January

Zayed Giving Initiative hosts second banquet

GMT 23:52 2017 Sunday ,01 October

Need more room? Twitter testing 280-character limit

GMT 15:03 2017 Sunday ,24 September

Three terrorists killed in DI Khan: ISPR

GMT 08:13 2017 Friday ,03 March

Israeli photographer David Rubinger dead at 92

GMT 01:11 2017 Saturday ,11 November

Saudi graft purge 'raises a few concerns': Tillerson

GMT 00:56 2017 Monday ,09 January

Money has lost anonymity post demonetisation

GMT 00:27 2017 Saturday ,25 February

Merkel will defy populists and stay on course to 2017

GMT 14:36 2017 Friday ,01 December

Disney makes history as 'Thor' pushes takings to $5bn

GMT 08:18 2017 Thursday ,02 November

Title-holder Mahrez excluded from CAF nominees

GMT 07:00 2017 Monday ,06 March

Colombia FARC women rebels plan

GMT 14:37 2017 Sunday ,19 November

Mnangagwa replaces Mugabe as ZANU-PF party chief

GMT 05:05 2017 Tuesday ,21 November

Trump designates DPRK as state sponsor of terror

GMT 15:21 2018 Wednesday ,12 December

Israeli forces arrest 16 Palestinians in West Bank
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday