The Dubai Gold and Commodities Exchange, DGCX, on Sunday announced that it has partnered with Albilad Capital to provide pricing data for the company\u2019s recently launched Shari\u2019ah compliant, gold-backed Exchange Traded Fund, ETF.<\/p>\n
The ETF, listed on Tadawul, uses data from the DGCX\u2019s Shari\u2019ah Compliant Spot Gold Contract, DGSG, for its benchmark pricing, and is the region\u2019s first physically-backed gold ETF that complies with Shari\u2019ah requirements in line with Islamic rules and principles. Since its launch at the beginning of the month, Albilad Capital has invested in 780 kilograms of gold valued at $42.67 million.<\/p>\n
A minimum of 95 percent of the ETF\u2019s assets will be invested in physical gold, purchased from the DGCX market via its Shari\u2019ah Compliant Spot Gold Contract, and stored in a secured vault in Dubai. The product is primarily aimed at retail investors.<\/p>\n
“This cross-collaboration between the UAE and Saudi Arabia is a significant milestone in the development of both gold and Islamic finance markets across the region,” Les Male, CEO of DGCX, said.<\/p>\n
“Albilad Capital\u2019s innovative, Shari\u2019ah compliant instrument that uses reliable and real-time pricing data from the DGCX\u2019s Shari\u2019ah Compliant Spot Gold Contract, investors can easily own and trade the yellow metal in compliance with Islamic religious law and investment principles,” he added.<\/p>\n
“Through this partnership with DGCX, we successfully listed the first commodity physically-backed gold ETF in the Saudi Capital Market. The listing of Albilad Gold ETF added another dimension to the development of the Saudi Capital Market, and further flavoured the regional markets with diverse asset classes in compliance with Shari\u2019ah guidelines,” Zaid Bin Muhammad Almufarih, CEO of Albilad Capital, commented.<\/p>\n
Almufarih added that this unconventional and innovative product will help all types of investors to have an exposure to gold price movement, and act as an enabler for effective asset allocation in a most efficient manner.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Dubai Gold and Commodities Exchange, DGCX, on Sunday announced that it has partnered with Albilad Capital to provide pricing data for the company\u2019s recently launched Shari\u2019ah compliant, gold-backed Exchange Traded Fund, ETF. The ETF, listed on Tadawul, uses data from the DGCX\u2019s Shari\u2019ah Compliant Spot Gold Contract, DGSG, for its benchmark pricing, and is […]<\/p>\n","protected":false},"author":1,"featured_media":29713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-29712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/29712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=29712"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/29712\/revisions"}],"predecessor-version":[{"id":29714,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/29712\/revisions\/29714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/29713"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=29712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=29712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=29712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}