Dubai exchange to launch Islamic spot gold contract this month - RTRS

Reuters reports that the Dubai Gold and Commodities Exchange (DGCX) plans to launch a new sharia-compliant spot gold contract by the end of March.

The reason behind the launch of this contract is to tap demand for bullion from Islamic investors in the Middle East.

The DGCX and Saudi conglomerate Ayedh Dejem Group started developing the contract in August of last year, which has now been certified by Islamic finance consultancy Amanie Advisors, Reuters adds.