The Fatwa was issued by Minhaj Advisory and the advisory firm is determined that the Shari’ah Compliant Spot Gold contract (DGSG) meets all the necessary Shari’ah requirements in line with Islamic rules and principles.
Monday 08, April 2019 BY KUDAKWASHE MUZORIWA
The Dubai Gold & Commodities Exchange (DGCX) has received a new Shari’ah certification for its DGSG from Minhaj Advisory.
Les Male, CEO of DGCX, said, “We are confident that this Fatwa will encourage new participants to trade and invest in the world’s only exchange traded Shari’ah compliant gold product, while giving additional confidence to existing Islamic investors.”
The exchange launched the GCC’s first and the world’s only DGSG in March last year, with the support of Ayedh Bin Dejem Group.
Additionally, Amanie Advisors was involved with advising DGCX on the product structure and the Islamic finance advisory firm issued a Fatwa affirming that it is Shari’ah compliant in December 2017.
“With this unique product, the DGCX has demonstrated its commitment to meeting the standards put forward by the Accounting and Auditing organisation for Islamic Financial Institutions (AAOIFI), while underpinning Dubai’s vision to become the global capital of Islamic finance,” Professor Yousef Abdullah Al Shubaily, Shari’ah Advisor, Minhaj Advisory, said.
Last year, the DGCX partnered with the Dubai Islamic Economy Development Centre (DIEDC) to strengthen Dubai’s Islamic finance economy.