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Gold Prices Could Rise Due to a New Islamic Gold Standard

Gold Prices Could Rise Due to a New Islamic Gold Standard

(Getty/Sean Gallup)

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Friday, 09 December 2016 07:10 PM Current | Bio | Archive

A new Sharia gold standard will be introduced this month to the 1.6 billion Muslims on earth. Until now, nearly one-fourth of the world’s citizens have been denied access to gold under some existing conditions of Islamic law, which controls all financial and personal decisions in a strict Muslim’s life.

Until now, there were very few gold investment products or services available to Muslims.

As a result, says Aram Shishmanian, CEO of the World Gold Council (WGC), “there is a lack of Islamic gold-based products globally.”

That will change with the introduction of the new Sharia (or Islamic) gold standard, which was hammered out through the cooperative efforts of the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), the World Gold Council (WGC) and Amanie Advisors.

The Islamic gold standard “will provide guidance from a Sharia perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants,” said the WGC.

The practical effect of the new gold standard is that it will make physical gold much more accessible to one-fourth of the planet’s population – and that could be a huge new source of demand for physical gold.

Mike Fuljenz is a member of the Newsmax Finance Brain Trust.  He is also the editor of the NLG award winning Michael Fuljenz Metals Market Weekly Report.  Discover more by Clicking Here Now.
 

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In December 2016, a new Sharia gold standard will be introduced to the 1.6 billion Muslims on earth.
gold, prices, islamic, standard
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2016-10-09
Friday, 09 December 2016 07:10 PM
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