Thursday 26 April 2018

UK group in key Shari'ah Standard on Gold milestone

CARDIFF (UK), May 11, 2017

UK-based The Royal Mint has become the first mint (a place where the coins of a country are made) worldwide to achieve compliance with the Shari'ah Standard on Gold for retail sales of its gold and silver bullion coins and bars, enabling it to serve an even wider audience of investors via its trading site.

The Shari'ah Standard on Gold is set by the accounting and auditing organisation for Islamic Financial Institutions (AAOIFI) and has been developed in co-operation with the London-based World Gold Council (WGC).

The Royal Mint move is part of its strategy to be seen as the 'complete bullion solution' - offering a comprehensive range of bullion products that are suitable for a variety of investors.

The recent introduction worldwide of the shari'ah standard on gold has enabled The Royal Mint to take the next logical step in the expansion of its 'complete bullion solution', said its top official.

"Shari'ah compliance allows us to make Royal Mint bullion accessible to a wider variety of investors at a time when Islamic investment is experiencing rapid growth in the UK and worldwide," he added.

According to him, Royal Mint bullion has been endorsed as shari'ah-compliant by shari'ah advisory organisation Amanie Advisors, in accordance with the Shari'ah Standard on Gold," remarked Chris Howard, the director of bullion for The Royal Mint.

In order to achieve the endorsement, The Royal Mint said it had undergone scrutiny of the ways in which it markets and charges for its bullion.

"There has been no need for any change to The Royal Mint's bullion product range in order to accommodate the new Shari'ah-compliant status, however, which applies to Royal Mint gold and silver bullion coins and bars, as well as Signature Gold - the simple and cost-effective service that enables investors to own fractions of a 400oz gold bar based on value rather than weight," stated Howard.

He pointed out that the growth in Islamic investment globally and the clarification of how gold and silver can be included within it could drive upwards of $20 billion of investment in gold over the coming years.

"This is a great time for The Royal Mint to be playing its part in attracting Islamic investment to the UK, by securing Shari'ah-compliant status for its bullion products," he added.-TradeArabia News Service

Tags: UK | bullion | Shari'ah Standard on Gold | The Royal Mint |

More Retail & Wholesale Stories

calendarCalendar of Events