Now devout Muslims can help bullion banks and central banks short gold

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Top Gold ETF Gets Islamic Finance Certification to Tap New Markets

By Bernardo Vizcaino and Arpan Varghese
Reuters
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. ...

... For the remainder of the report:

http://www.reuters.com/article/islamic-finance-gold-idUSL4N1G005C



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