Gold has a deep historical connection with Islamic finance but its development as an asset class was limited by a lack of Shari’ah guidance. In 2016, this much-needed guidance was provided by the AAOIFI Shari’ah Standard on Gold, developed in collaboration with the World Gold Council. This removed one of the barriers preventing the development of gold-backed products in Islamic finance. In 2018 we undertook research to understand how investors view Islamic finance, their attitudes towards gold, and preferences for gold-backed products. The insights summarised in this update will help banks and other institutions to launch gold-backed financial products that meet the needs of modern Islamic investors.
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