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. As a Ribawi item, gold has a unique status in Islam, but there is a lack of clarity when it comes to the extent of gold’s use as a financial asset. While there is some guidance on gold coins and bars, there is virtually no guidance on gold’s use elsewhere in the financial system.
As a result, Amanie Advisors and the World Gold Council are exploring the creation of an international Shariah Standard for 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. Together we would like to invite all interested parties to also join us for the launch of an exposure draft of the new Shariah Standard for Gold in Kuala Lumpur and Dubai on the 20th and 22nd November (respectively). An exposure draft of the standard will be formally presented at the seminar, which forms part of a wider consultation process feeding in to the standard’s development.
Join fellow Islamic finance experts and practitioners for a discussion on the standard, and the role that gold could play in Islamic finance.
The event is free of charge and will be followed by a networking buffet. Following are the details of the event:
1) Kuala Lumpur, 20th November 2015 at The Royale Chulan Kuala Lumpur, 9am-1pm
2) Dubai, 22nd November 2015 at The Corad Dubai Hotel, 1pm-5pm
Invitation to take part in an open industry consultation
Amanie Advisors and the World Gold Council are calling for interested parties active in Islamic financial services to submit their responses, before 31st December 2015, to the development of a Shariah Standard for gold. We would welcome responses to the questions set out in the consultation available here: www.gold.org/shariah