Now devout Muslims can help bullion banks and central banks short gold
Top Gold ETF Gets Islamic Finance Certification to Tap New Markets
By Bernardo Vizcaino and Arpan Varghese
Tuesday, February 14, 2017
The world's largest physically-backed gold fund said today it has been certified as sharia-compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries.
Gold had traditionally been classified as a currency in Islamic finance, confining its use to spot transactions, but new guidance issued in December is making room for a wider range of investment products.
The SPDR Gold Trust, an exchange-traded fund that holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions.
World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. ...
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