WGC, DMCC to Launch Dubai Gold Shares

In what has been dubbed a “landmark move for the Islamic investment industry,” the World Gold Council (WGC) and the Dubai Multi Commodities Centre (DMCC) have announced a partnership to launch fully Shariah- compliant Dubai Gold Shares, with the intent to list them on the Dubai International Financial Exchange (DIFX).

The move is subject to the approval of the Dubai Financial Services Authority and will be listed under the trading symbol “GOLD.” DMCC will operate and manage the initiative through Dubai Commodities Asset Management, a wholly owned UAE-based investment company set up last month.

This is the first dollar-priced security of its kind to be fully Shariah-compliant. To ensure their compliance, the WGC and DMCC have retained Shariah Capital as an advisor, which will enlist a board of Islamic scholars to review contracts and agreements related to the gold shares, ensuring that they are consistent with the principles of Islamic jurisprudence.