Dubai: The Dubai Gold and Commodities Exchange (DGCX) plans to launch a Sharia compliant Spot Gold contract from March 29, and has announced INTL FCStone as the market maker for the product.
DGCX’s physically-backed Sharia-compliant Spot Gold contract is the first-of-its-kind and will mark the Exchange’s entry into the Islamic Finance sector. Trading will commence on the Exchange from March 29, the bourse said in an emailed statement.
DGCX has been working with Ayedh Dejem Group from the Kingdom of Saudi Arabia to launch the Sharia Spot Gold contract, which will be the GCC’s first ever Sharia-compliant Spot Gold product to be listed on a regulated and reputed Exchange platform.
DGCX’s Sharia-compliant Spot Gold contract is strategically placed to launch at a time when Sharia-compliant investments across the globe are worth an estimated USD 2 trillion, with gold constituting a sizeable proportion of those investments.
