This uncertainty was removed following the 2016 launch of the Shari’ah Standard on Gold, which provides a comprehensive framework for the development of gold-backed financial products, including gold ETFs, investment accounts, savings plans and spot contracts. Since the Standard was launched, a number of new Shari’ah-compliant products have been developed.
We have been working with Islamic banks and other financial institutions since 2016 to further develop the market for Shari’ah-compliant gold-backed products. As part of our engagement, in 2018 we partnered with global research agency Kantar TNS to conduct a comprehensive survey of 4,000 retail investors in four predominantly Muslim markets – Saudi Arabia (KSA), United Arab Emirates (UAE), Turkey and Malaysia – to gauge their attitude and approach towards Islamic investing and gold.2
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