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5 months ago
Top gold ETF gets Islamic finance certification to tap new markets
February 15, 2017 / 12:25 AM / 5 months ago

Top gold ETF gets Islamic finance certification to tap new markets

1 Min Read

Feb 15 (Reuters) - The world's largest physically-backed gold fund said on Wednesday it has been certified as sharia compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries.

The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth $33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. (Reporting by Bernardo Vizcaino; Editing by Richard Pullin)

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