NASDAQ Dubai yesterday launched the region’s first Sharia-compliant tradable security backed by gold to satisfy a growing demand for the precious metal as a safe haven in the global recession.
The product, which trades in the same way as an equity share and tracks the price of gold, is aimed at the region’s high-net-worth individuals who are looking to diversify their portfolio, while conforming with Islamic investment principles.
Named Dubai Gold, the product will allow them to invest in the metal without taking physical delivery. Each share initially represents one tenth of an ounce of gold.
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