Dubai: A worldwide Sharia standard for bullion trading is moving closer to realisation. An “exposure draft” has been brought out and placed before the wider public for possible feedback.

It was the Accounting and Auditing Organisation for Islamic Financial Institutions — based in Bahrain — that adopted the exposure draft. This was the result of preparatory work and extensive consultations over “several months and six comprehensive meetings”, says a statement issued by the entity. The General Secretariat was tasked with inviting the opinions of scholars and experts, including bankers, and Islamic financial institutions to probe the depth of the exposure draft and its inclusion of relevant technical aspects and issues faced by practitioners in the industry.