~*~Mining and Metals Du Jour~*~

[eik]

Islamic finance set to change gold market

If Islamic finance institutions were to allocate just one per cent of assets into new gold products, then its demand may climb by about 500-1000 tonnes...

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has made an important decision which will be announced on Monday. This decision is about one of the most important markets in the world: the gold market, an investable 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...

http://www.khaleejtimes.com/islamic-finance-set-to-change-gold-market