IslamicFinance.de

A new Sharia benchmark for the use of gold in financial transactions could be ready as early as the first quarter of 2016. This follows the World Gold Council and Amanie Advisors, a specialist consultancy, opening up submissions from industry participants on what the standard should be. Submissions need to be made by December 31. The ‘Standard will provide guidance from a Sharia perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants,’ the WGC states on its website. ‘The Standard also aims to increase transparency and harmonisation regarding the use of gold in various market practices.’