Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market
By: GoldCore
GoldSeek.com
Tuesday, 6 December 2016
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council have made an important decision which was announced yesterday at the World Islamic Banking Conference in Bahrain.
This decision is about one of the most important markets in the world: the gold market, an invest-able market worth an estimated $2.4 trillion and is also of significance for the world of Islamic finance.
The AAOIFI, in collaboration with the World Gold Council (WGC) and Amanie Advisors, has approved what will become known as the Shariah Gold Standard. This is a set of guidelines that will expand the variety and use of gold-based products in Islamic Finance.
As many as 1.6 billion Muslims in the world, 25 per cent of the population, will have far greater access to the gold market than they have since the birth of modern finance, which has been primarily structured towards Western ideals.
More details were announced at the World Islamic Banking Conference including details of the gold products that are likely to be permissible.
The sharia gold standard announced yesterday allows the over 110 million investors in the Islamic world to invest in
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