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Saturday, 21 November 2009 15:29 UAE time

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Gold-backed security set for Dubai roll out

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 25 February 2009
GOLD CONTRACT: Shariah-compliant gold-backed vehicle set to be rolled out in Dubai on March 2. (Getty Images)
GOLD CONTRACT: Shariah-compliant gold-backed vehicle set to be rolled out in Dubai on March 2. (Getty Images)

A shariah-compliant tradeable security backed by gold will be launched in Dubai next week, sources familiar with the plan said on Tuesday.

The head of the World Gold Council, the chief executive of Nasdaq Dubai and senior officials from the Dubai Multi Commodities Centre (DMCC) will be present at the launch on March 2, the sources said.

"It's a tradeable security," said one source. He and other sources declined to give further details ahead of the launch, citing regulatory reasons.

The investment vehicle will comply with Islamic investment principles, sources said. (Reuters)

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