Shariah Standard on Gold
As the Islamic financial services market grows in size and importance, so does the need for a greater understanding of the intricate matters of Islamic financial services and the application of Shariah guidance. The Islamic financial services industry is also witnessing greater implementation of internationally recognised and standardised Islamic finance guidance.
As a result, the World Gold Council is working with The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Amanie Advisors to develop a Shariah Standard on Gold. This Standard will provide guidance from the Shariah perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants. The Standard also aims to increase transparency and harmonisation regarding the use of gold in various market practices.
As the Islamic world begins to embrace gold in financial and investment transactions, BitGold will be well placed to serve the large Islamic communities of Asia and the Middle East. BitGold, more than any other financial tool, has the ability to provide financial freedom to all global markets.