IslamicFinance.de

The #Singapore Kilobar Gold Contract of Singapore Exchange (SGX) has become the world's first Shariah-compliant gold futures contract. SGX said this endorsement by Islamic scholars on its physically settled futures contract unlocks a new investment and risk management option. The Singapore Kilobar Gold Contract seeks to serve as a transparent and centralised Asian price-discovery platform for the gold market. William Chin, head of metals and bulk commodities at SGX, said the move strengthens Singapore's position as an international centre for Islamic finance. Albert Cheng, CEO of the Singapore Bullion Market Association, said the Shariah-compliant SGX contract will be attractive to new customers in the region, particularly Indonesia and Malaysia.