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Wed 25 Feb 2009 12:43 AM

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Gold-backed security set for Dubai roll out

Shariah-compliant tradeable security backed by gold to be launched in Dubai next week, say sources. 

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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