Dubai launches Islamic gold backed security

[LahoreEstate]

DUBAI: A Dubai-based commodities exchange on Monday launched a sharia-compliant tradeable security backed by gold, the first of its kind, which will be traded on the NASDAQ Dubai stock exchange. Investors have been rushing into gold as concerns mount over the financial sector and the global economy, pushing the price of gold above $1,000 an ounce last month. Gold rose more than 1 percent on Monday to $950 an ounce. Dubai gold securities, the first exchange traded commodity (ETC) complying with sharia law, are aimed at the increasingly popular Islamic finance market. The securities were launched at an event in Dubai involving the World Gold Council (WGC), NASDAQ Dubai and the Dubai Multi Commodities Centre (DMCC). reuters

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