Dubai Gold Exchange to have Sharia compliant gold contract ready in early 2018
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.
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