Gold Rally Might Spike Following Sharia Law Revamp

Business, Financial

Many of the Muslims countries in the world are governed by Sharia law and the law prohibits gold from being used as an investment. A huge number of Muslims can own gold but not speculate on it for future returns. The fact that there is nothing clear in the law made things even more complicated. But things are about to change soon enough.

Representational Image Courtesy newsmax
Representational Image Courtesy newsmax

AAOIFI (Auditing Organization for Islamic Financial Institutions) sets the standards for investment based on Sharia law and it currently drafting a guideline along side WGC (World Gold Council. Once drafted, the new guideline might open the doors for Muslims investors to trade gold as a commodity. Member of AAOIFI, Yusuf DeLorenzo said in a statement, “The hesitation about investing in gold when credible Sharia standards are unavailable is nearly universal in the Islamic world. On the reverse side of the equation, however, gold has historically been the choice of individual Muslims desirous of preserving wealth and value.”

Please follow and like us:

You May Also Like

Expect A Bullish Stock Market Next Week – Expert View There has been steep fall in the Indian and global stock stock market post Paris terror attacks. Strengthening of Dollar and weakening of Rupee was ...
Microsoft Dumps Nokia And Lumia, Just As The Company Shows Signs Of Life Microsoft has finally decided to dump Nokia and the Lumia brand of smartphones after some abysmal quaters. Lagging far and far behind from iOS and And...
Reliance Jio Sets World Record By Gaining 16 Million Subscribers In A Month In a statement released, Reliance Jio claims to have set a new world record by growing faster than Facebook, Skype, Twitter and other such startups. T...
Soumyajit DasMazumdar on FacebookSoumyajit DasMazumdar on LinkedinSoumyajit DasMazumdar on Twitter
Soumyajit DasMazumdar
Soumyajit is an SAP technical consultant with a flair for writing. An avid blog reader, he started off with a free WordPress blog and slowly moved to his own personal news and blog site. Apart from writing he loves reading books, playing table tennis and long bike trips. He is currently trying to learn playing guitar and failing miserably.

Leave a Reply