The AAOIFI Shari’ah Standard on Gold developed in collaboration with the World Gold Council offers definitive guidance on the use of gold in Islamic finance.
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is recognised as the world leader in Islamic finance standards, and its rulings are widely accepted across many Islamic markets.
AAOIFI’s Shari’ah Standard on Gold, launched in 2016, has acted as a catalyst for the development of new Shari’ah- compliant gold products including gold investment accounts, physical gold ETFs, spot contracts and regular gold savings plans. Some of the world’s top Shari’ah scholars were involved in its development, including Sheikh Yusuf DeLorenzo and YBhg Tan Sri Dr Mohd. Daud Bakar.
“AAOIFI’s Shari’ah expertise and the World Gold Council’s industry know-how have ensured that the Standard becomes the basis not only for the inclusion of a historically and economically important asset class, but for the stability of Islamic Financial Institutions around the world.”
Sheikh Yusuf DeLorenzo, International Shari’ah Scholar