Loading the player...
Dubai exchange, Saudi firm plan sharia-compliant spot gold contract
"We are looking at this product to develop local markets and unlock the potential of gold trading in the region," said Gaurang Desai, chief executive of the exchange, adding that he hoped it would attract new institutional investors to trade.
Ayedh Dejem is a major transporter of fuel by road in Saudi Arabia. The statement did not give any details of the new contract or a timetable, but said global Islamic finance consultants Amanie Advisors would advise on the initiative.
Demand for gold jewellery is high in the rich Gulf Arab oil exporting countries but partly because of uncertainty about whether complex transactions in gold are religiously permissible, its use in Islamic finance has been minor.
However, the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, which sets guidelines followed in whole or in part by Islamic financial firms around the world, approved new standards for precious metals last November.
The greater clarity provided by these standards could spur the development of sharia-compliant financial products based on gold and silver over the next few years, analysts believe.
- 2:12 Bank nizwa contributes in financing iconic mall of muscat
- 3:23 Conventional bond, sukuk listings hit $77.47bln on Nasdaq Dubai
- 2:44 Sharjah Islamic Bank's net profit rises by 6% in Q1 2019
- 2:40 iMAL to power digital banking for Ameen Al-Iraq Islamic Bank
- 2:22 Emirates Islamic Bank's net profit surges 97% to Dh411 million
- 4:36 Suriname, Guyana seek Islamic funding for development
- 2:53 DGCX’s Spot Gold Contract receives Sharia certification
- 1:37 Gulf Finance Corp, a wholly owned subsidiary of Dubai's Shuaa Capital, will offer sharia-compliant leasing products in the Saudi Arabian market after obtaining a new operating licence.
- 1:33 Saudi Bahri secures sharia-compliant loan from Riyad Bank
- 5:45 Gold is Now an Accepted Sharia Investment
- 1:32 Saudi travel firm Al Tayyar repays $213mln tranches of long, short-term loans
- 2:09 Cobalt Insurance to launch Lloyd's first sharia-compliant syndicate
- 4:03 UNIT 3 RIBA, INTEREST AND PROFIT A
- 3:09 UNIT 3 RIBA, INTEREST AND PROFIT B
- 3:07 UNIT 3 RIBA, INTEREST AND PROFIT C
- 3:29 UNIT 3 RIBA, INTEREST AND PROFIT D
- 19:37 Economic System Of Islam Part 01
- 26:27 The foundation of Islamic Economics Part 02
- 37:10 Finance and Financing Part 04
- 13:49 Basic Principles of Islamic Economics Part 03
- 2:44 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART I
- 4:21 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART H