Worlds first institution to comply with the Shari’ah Standard on Gold
Islamic investors are living a significant moment in the gold market: they are celebrating the world's first institution to achieve compliance with the Shari’ah Standard on Gold.
What does this mean? Find it out!
New financial opportunities thanks to the Shari’ah Standard on Gold
The Islamic Shari’ah law imposed several restrictions on investing in gold. In fact, investing in gold was not permissible. However, when the new Standard on Gold came into force, new financial opportunities emerged.
The Shari’ah Standard on Gold is set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and has been developed in co-operation with the World Gold Council.
The standard sets out guidelines on the trading of gold and silver in financial and investment transactions for Islamic financial institutions and investors. It also sets specific rules for the usage of gold as an investment in the Islamic finance industry for the first time ever.
Now, Islamic investors and financial institutions can make use of gold in its various forms and categories as well as of gold transactions and gold-based financial products.
First institution to comply with the Shari’ah Standard on Gold
The Royal Mint, the world's leading export mint that makes coins and medals for an average of 60 countries every year, has become the first mint worldwide to achieve compliance with the Shari’ah Standard on Gold.
The agreement enables the institution to serve an even wider audience of investors with its retail sales of gold and silver bullion coins and bars.
The Islamic market is celebrating the freedom gold provides.
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