The Dubai Gold & Commodities Exchange (DGCX) announced that its physically-backed Shari'ah-compliant gold contract will commence trading on the Exchange from 29 March 2018.
INTL FCStone, a leading international financial services firm, has been appointed as the market maker for the product.
DGCX has been working with Ayedh Dejem Group from the Kingdom of Saudi Arabia to launch the Shari'ah Spot Gold contract, which will be the GCC’s first ever Shari'ah-compliant Spot Gold product to be listed on a regulated and reputed Exchange platform. Amanie Advisors LLC, a leading global Islamic Finance advisory firm, has been advising the DGCX on this initiative. The Shari'ah-compliant Spot Gold contract is certified by reputed Shari'ah scholars and in line with AAOIFI standards (The Accounting and Auditing Organisation for Islamic Financial Institutions).