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Thursday, 5 March 2009

Shariah-compliant Gold Securities Begin Trading

DUBAI - Dubai Gold Securities (DGS), a new type of Shariah-compliant tradeable security that is backed by gold, began trading on Monday at the NASDAQ Dubai.
The DGS is the only gold-backed security listed in the Middle East to be classified as Shariah-compliant by the Shariah Supervisory Board.
NASDAQ Dubai is already an established platform for Shariah products, and the DGS will give investors a “straightforward route to gain exposure to the price of gold,” said Jeff Singer, CEO of NASDAQ Dubai.
DGS can be traded at NASDAQ Dubai just like shares, through one of the exchange’s 29 regional and international trading members, or through a broker that has ties with a NASDAQ Dubai trading member.
Each security called “Dubai Gold” is 100 per cent backed by physical gold held for safekeeping by an assigned independent custodian, HSBC Bank. Dubai Gold Securities were created by the Dubai Multi Commodities Centre. The centre is a free trade zone for gold, diamonds, precious metals, and other commodities
The new class of securities will be marketed by the Dubai Commodities Asset Management, a unit of the Dubai Multi Commodities Centre (DMCC) that is licensed by the UAE Central Bank.
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