DUBAI: The Dubai Gold & Commodities Exchange (DGCX) said its physically-backed Sharia-compliant Gold contract will commence trading on the exchange from March 29, 2018.
A DGCX statement said INTL FCStone, a leading international financial services firm, has been appointed as the market maker for the product.
DGCX has been working with Ayedh Dejem Group from Saudi Arabia to launch the Sharia Spot Gold contract, which will be the GCC’s first ever Sharia-compliant Spot Gold product to be listed on a regulated exchange platform.
Amanie Advisors, a leading global Islamic Finance advisory firm, has been advising the DGCX on this initiative. The Sharia-compliant Spot Gold contract is certified by reputed Sharia scholars and is in line with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards.