Dubai DGCX to start Shariah spot gold contract | ZAWYA MENA Edition:
"The Dubai Gold & Commodities Exchange (DGCX) said the first-ever Shariah compliant spot gold contract would go live on March 29.
INTL FCStone, a leading international financial services firm, will be the market maker for the product. The physically-backed Sharia-compliant gold contract is the first-of-its-kind and will mark DGCX's entry into the Islamic finance sector. The launch is strategically placed at a time when Sharia-compliant investments across the globe are worth an estimated $2 trillion, with gold constituting a sizable proportion of those investments, the exchange said in a statement.
Les Male, CEO of DGCX, said given INTL FCStone's expertise and capability in precious metals trading, it would bring much-needed liquidity to the marketplace and ensure a strong start to trading."
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