The GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract (DGSG), was recently listed on the DGCX, opening with world-record Exchange traded Shari’ah Compliant Gold volumes on the first day of trading.

The product traded volume of 84 kilograms worth $3.56 million, on its opening day.

The contract’s launch follows months of planning and preparation for the DGCX, the region’s largest and most diversified derivative bourse.

Les Male, CEO of DGCX, said: “Usually, the first few days of trading on a new product is a good gauge for us to take note of the investor appetite and interest. In the case of DGSG, it has been positive so far and we are anticipating considerable growth. It gives us great confidence and comfort in knowing that DGSG is a product that our market participants want to trade and benefit from.

“Indications suggest that the product will have a wider appeal throughout the GCC and traditional investment world who would like to access the world’s only Shari’ah Compliant gold contract traded on Exchange”

INTL FCStone, the approved market maker for the product, will ensure the optimal level of liquidity is maintained in the marketplace. Amanie Advisors LLC, a leading global Islamic Finance advisory firm, has been involved with advising DGCX on the product structure as well as obtaining a Fatwa. The DGSG is certified by reputable Sharia scholars and in line with AAOIFI standards (The Accounting and Auditing Organization for Islamic Financial Institutions) as set out by the World Gold Council in 2016.

Male added: “Listing this unique product is a great milestone for DGCX and the wider Islamic Finance industry as it enables the efficient diversification of Islamic investment portfolios through the ownership of Shari’ah compliant gold.

“The huge appetite for trading this product also reflects the growing popularity of Shari’ah compliant investments across the globe. Listing Shari’ah Compliant Spot Gold in a dynamic and fast-growing market like the UAE, makes perfect sense as the country is well on its way to becoming the global leader for a diversified and inclusive Islamic finance economy.” – TradeArabia News Service