IslamicFinance.de

The Islamic finance industry has set sight on the gold market as initiatives are underway to establish a new standard to make the metal tradable under Shariah finance rules. World Gold Council (WGC) together with Amanie Advisors and the Accounting and Auditing Organisation for Islamic Financial Institutions in Bahrain are now developing the standard to increase transparency and harmonisation of the use of gold investments. The Islamic finance entry could shake the gold market as Islamic financial institutions hold around $2tn in assets and are expected to double that asset base up to 2020.