IIFM-WGC Industry Consultative Meeting on Gold Documentation and Products Standardisation
28th March 2018 - 09:00 to 14:00
Location: Istanbul, Turkey
On 28 March, The World Gold Council and the Islamic Financial Market (IIFM) are holding an Industry Consultative Meeting on Gold Documentation and Products Standardisation.
The meeting is being hosted by Borsa Istanbul at their campus. Andrew Naylor, Director, Central Banks & Public Policy, World Gold Council, Singapore will be providing an update on the use of gold in Islamic Finance and the impact of AAOIFI Shari’ah Standard on Gold.
The meeting will assess current market practices with respect to identified gold related documentation and products. Discussions will be held with the aim to inform and obtain input from key stakeholders including regulators, financial institutions, law firms, exchanges, industry associations and Shari’ah scholars on standardised product documentation through a series of discussions including: the use of the Allocated Gold Agreements, Gold Consignment Agreements, gold swap product confirmation and other products such as ETFs and gold Sukuk.
For more information visit the IIFM web site.
As part of the launch and rollout of the Shari’ah Standard on Gold, a series of events were held to bring together Islamic finance market practitioners, investors, product development teams and Shari’ah scholars to discuss how to apply the Standard, increase the role of gold in the Islamic finance system and develop new Shari’ah compliant gold products. These events included:
- March 11, 2018 – IFN World Leaders Summit, Dubai
- December 04, 2017 – Panel event on gold in Islamic finance at the IIFM’s pre-conference seminar at the World Islamic Banking Conference, Bahrain
- February 21, 2017 – Local launch of the Standard in Istanbul, Turkey
- January 06, 2017 – Local launch of the Standard in Jakarta, Indonesia
- December 15, 2016 – Local launch of the Standard in Kuala Lumpur, Malaysia
- December 08, 2016 – Local launch of the Standard in Dubai, UAE
- December 06, 2016 – Global launch of the Standard at the World Islamic Banking Conference, Bahrain – panel discussion on the Shari’ah Standard on Gold
- Ms Natalie Dempster, Managing Director, Central Banks and Public Policy, World Gold Council
- Dr Hamed Merah, Secretary General, AAOIFI
- Dr Daud Bakar, Executive Chairman, Amanie Advisors
- Mr Erkan Kilimci, Deputy Governor, Central Bank of the Republic of Turkey
- Mr Ahmad Alfisyahrin Bin Jamilin, Director, Shari’ah, Al Rajhi Bank Malaysia
- Mr Hakan Aytekin, Manager, Precious Metals and Diamonds Market, Borsa Istanbul
- Mr Selman Bayoglu, Treasury Marketing Manager, Kuveyt Turk Participation Bank
- Ms Kurtulus Taskale Diamondopoulos, Director, Central Banks and Public Policy, World Gold Council
- Dr Rifki Ismal, Director, Department of Islamic Economics and Finance Development, Bank Indonesia
- Ms Maya Malek, Managing Director, Amanie Advisors
- Mr Andrew Naylor, Director, Central Banks and Public Policy, World Gold Council
- Mr Gerhard Schubert, Founder, Schubert Commodities DMCC
As part of the Shari’ah Standard on Gold’s development, the World Gold Council held a number of consultative seminars for Islamic finance practitioners, Shari’ah scholars and gold market participants. These seminars were an opportunity for stakeholders to learn more about the project and contribute to the development of the Standard. In addition, during the course of November 2016, AAOIFI held public hearings for Shari’ah scholars, regulators and central bankers in Oman, Sudan and Malaysia.
- December 05, 2016 - WGC-AAOIFI press conference to launch the Shari'ah Standard on Gold in Dubai UAE
- October 06, 2016 – Seminar held in conjunction with the Arab Bankers’ Association for London-based Islamic finance practitioners and bullion banks
- October 31, 2016 – Seminar held in conjunction with the Turkish Participation Banks Association in Istanbul, Turkey
- April 10, 2016 – Seminar for global gold market stakeholders held at the Dubai Precious Metals Conference
- November 22 2015 – Seminar held in conjunction with the DMCC for product developers and Shari’ah scholars in Dubai, UAE
- November 20 2015 – Seminar for product developers and Shari’ah scholars in Kuala Lumpur, Malaysia