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Islamic finance body approves standard for gold-based products

IMG Auteur
Chris Powell
GATA
Published : November 29th, 2016
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The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions said on Monday it had approved a sharia standard for gold-based products, a move aimed at expanding the use of bullion in Islamic finance.

Traditionally, gold has been treated as a currency in Islamic finance which has confined its use to spot transactions, but fresh guidance from the accounting organization is expected to spawn a wave of product development in the industry.

The organization approved the final version of the standard on gold and its trading controls during a meeting of its sharia board held last week, the industry body said in a statement seen by Reuters. ...

... For the remainder of the report:

http://www.reuters.com/article/islamic-financ...d-idUSL8N1DT0FL
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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