As the Islamic financial services market grows in size and importance, so does the need for a greater understanding of the intricate matters of Islamic financial services and the application of Shari'ah guidance. The Islamic financial services industry is also witnessing greater implementation of internationally recognised and standardised Islamic finance guidance.
As a result, the World Gold Council is working with The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Amanie Advisors to develop a Shari'ah Standard on Gold. This Standard will provide guidance from the Shari'ah perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants. The Standard also aims to increase transparency and harmonisation regarding the use of gold in various market practices.
We want to create a new Standard on gold that meets the requirements of all active participants in the market. The Standard will enable organisations to work more efficiently in creating Shari'ah-compliant gold products, it will enhance access to gold in the Islamic world and it will help to address the liquidity management issues currently facing the industry.
The standard is now available in Arabic, visit the new website, Shari'ah Standard on Gold, to learn more and download.