Dubai – Mubasher: The Dubai Gold & Commodities Exchange (DGCX) has appointed INTL FCStone Company as a market maker for a sharia-compliant spot gold contract, the Dubai-based bourse stated on Tuesday.
Trading on the contract will begin as of 29 March, the commodity derivatives exchange added in a statement.
DGCX collaborated with Saudi Arabia’s Ayedh Dejem Group to launch the Sharia Spot Gold contract, which will be the first Sharia-compliant Spot Gold product to be listed on an exchange platform in the GCC.
“This contract is designed to meet the requirements of the varied trading needs of our customer base within the UAE, Saudi Arabia, and the wider GCC region. Our partnership with INTL FCStone will attract more global investment to this product,” CEO of DGCX Les Male said.
The Sharia-compliant spot gold contract is certified by sharia scholars under AAOIFI standards (The Accounting and Auditing Organization for Islamic Financial Institutions), the Emirati exchange revealed.
“Serving as a market maker for the Sharia-compliant Gold contract further enhances the services that we offer to our customer base and increases our prominent leadership position within the global bullion market,” Global Head of the precious metals business at INTL FCStone Barry Canham commented.
