2016-12-08 Thu

On 19th November, the Accounting and Auditing Organization for Islamic Financial Institutions approved new rules that make use of gold investments acceptable in Islamic finance. Gold can be now used as an investment in the Islamic finance industry provided that all the relevant Shari’ah rulings are satisfied, like taking possession of gold and the proper calculation of Zakah.

This will open up a whole new market for gold and the new standard will be immensely profitable for Islamic investors and the entire gold industry. This decision will help them save their wealth and diversify market risks. Experts believe that with these new rules, the demand for gold would shoot up by "hundreds of tonnes".