New ‘Shariah Gold Standard’

Gold platform meets the standard

An institutional gold trading, delivery and storage platform created by gold specialist GoldCore meets the new “Sharia gold standard.”

The announcement comes following the launch of the Shariah Gold Standard by the World Gold Council (WGC) and  Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) yesterday. Both the AAOIFI and the World Gold Council, have examined the GoldCore institutional platform and are happy that it meets the new ‘Sharia gold Standard’.

The sharia gold standard announced yesterday allows the over 110 million investors in the Islamic world to invest in vaulted gold, gold savings plans such as GoldCore’s GoldSaver, gold certificates and physical gold ETFs.

The Shariah compliant gold investment solution providing Islamic financial institutions access to the global precious metals market will be launched by GoldCore, a specialist in gold bullion trading, logistics and storage, in Q1 2017.

With gold investment platforms such as GoldCore able to offer segregated, allocated gold bullion accounts with the option of physical delivery Muslims are now able to invest in gold bars and coins.

The new ‘gold standard’ will affect the gold market globally as 1.6 billion people will be able for the first time to use gold bullion products and platforms that offer physical delivery, allocated and segregated gold ownership.

“For a number of years we have been working on an institutional gold platform and indeed a Sharia compliant gold bullion solution for the institutional market. As a market leader in precious metal storage, we have been consulting with major institutions and our strong partners to deliver Shariah compliant allocated and segregated gold storage services to investors throughout the world”, said GoldCore CEO, Stephen Flood.

“We look forward to launching our comprehensive Sharia compliant gold investment solution and offering it to qualifying Islamic financial institutions in 2017,” Flood said.

 

About the Author

Mark O'Byrne is executive director of Ireland-based GoldCore.