Wednesday, January 3, 2018

Dubai announces it is ready to launch new Sharia approved gold contract

On Jan. 2 the Dubai Gold and Commodities Exchange (DGCX) announced it is nearly ready to launch a new gold spot contract which under Sharia Law will allow investors to purchase futures contracts deliverable in physical gold.

In addition, the DGCX also announced it would soon be integrating high quality stocks from Far Eastern markets, which will solidify its ties to China and India, while playing a significant role in those nation's gold and equity exchanges.

The Dubai Gold and Commodities Exchange (DGCX) will foray into Islamic finance sector and is also looking at offering more products from Fast Eastern countries, said a senior official. 
Meng Chan Shu, director of business development at DGCX, said that the exchange is looking at launching the Shariah Spot Gold contract as soon as possible and is also looking to add stocks and commodities from Far Eastern countries. 
Gaurang Desai, CEO of DGCX, said that they have already earmarked a launch date for Sharia gold product, which will be announced in due course. "The launch of the Sharia gold product is of the utmost significance to us because a product of this kind is uncommon in the derivatives industry and we want to make sure that we do it right, and all efforts have been put in place to ensure that outcome," Gaurang said. – Khaleej Times


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