About the Standard

The AAOIFI Shari’ah Standard on Gold developed in collaboration with the World Gold Council offers definitive guidance on the use of gold in Islamic finance.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is recognised as the world leader in Islamic finance standards, and its rulings are widely accepted across most Islamic markets.

AAOIFI’s Shari’ah Standard on Gold, launched in 2016, has acted as a catalyst for the development of new Shari’ah compliant gold products including physical gold ETFs, spot contracts and gold savings plans.

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Timeline of events

Following extensive stakeholder engagement, the launch of the AAOIFI Shari’ah Standard on Gold, developed in collaboration with the World Gold Council removed hte considerable Shari’ah uncertainty and opened up the gold market to Islamic finance.

Shari'ah Standard on Gold timeline of events

Key facts

  • Over 1,000 Islamic finance instituitions and experts involved in the consulation process.
  • Standard endorsed by AAOIFI’s Shari’ah board comprising 20 leading scholars from Saudi Arabia, Pakistan, Egypt, Oman, Kuwait, Bahrain, Jordan, Libya, Syria, Morocco, Malayysia, Sudan and Mauritiana
  • Launched at events held in conjunction with Bank Indonesia, the Central Bank of the Republic of Turkey and the Dubai Multi Commodities Centre
  • AAOIFI Standards are used worldwide and automatically adoped in many jurisdictions. In 2018, the UAE was the latest country to make AAOIFI Standards mandatory