http://www.khaleejtimes.com/islamic-finance-set-to-change-gold-market
We don't have the full details of the guidelines but expect to find
out more this week at the World Islamic Banking Conference. However, we
do know three things that the new Shariah gold-standard will achieve:
first, it will increase both the number and diversity of available
Shariah-compliant gold investment products; second, it will place far
greater emphasis on the role of physical gold in gold transactions;
finally, it will give a greater role to Islamic finance in the setting
of the gold price...
If Islamic Finance institutions were to allocate
just one per cent of assets into new gold products then we would expect
to see demand climb by about 500-1000 tonnes, per annum. Given that
recent demand and supply figures showed a surplus of just 172 tonnes of
gold in the market, we could begin to see some tightening with the
increase of Shariah-compliant gold instruments, which will have a
positive impact on the price.
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