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NASDAQ Dubai welcomes listing of Shariah-compliant Dubai Gold Securities

PUBLISHED ON 02-Mar-2009
NASDAQ Dubai welcomes listing of Shariah-compliant Dubai Gold Securities

NASDAQ Dubai welcomed the listing today of Dubai Gold Securities (DGS), a unique Shariah-compliant product that gives investors a straightforward route to gain exposure to the price of gold.

DGS can be bought and sold on NASDAQ Dubai just like shares, through one of the exchange's 29 regional and international trading Members, or through a broker that has a relationship with a NASDAQ Dubai trading Member.

DGS are an initiative of the World Gold Council (WGC) and the Dubai Multi Commodities Centre. Similar gold securities have been listed through WGC initiatives on 12 other international exchanges, with gold in trust exceeding 1,200 tonnes. DGS are the only ones listed in the Middle East to have been declared Shariah-compliant by a Shariah Supervisory Board.

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "NASDAQ Dubai is already an established platform for Shariah products and is delighted to welcome today its first Shariah-compliant gold securities.

"As a traditional trading hub for gold in the Middle East, Dubai is a natural venue for listing innovative Shariah-compliant gold products. DGS offer investors an alternative to physical gold and gold futures."

NASDAQ Dubai has a higher value of listed Sukuk (Shariah-compliant bonds) than any other exchange, at $16.4 billion.

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