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Thursday / October 18.

DGCX plans launch of Sharia Spot Gold contract

The plan marks the bourse’s first foray into the Islamic finance sector

Dubai: Dubai Gold and Commodities Exchange (DGCX) said on Tuesday that it is planning for its first foray into the Islamic finance sector with the launch of a Sharia Spot Gold contract.

“We have already earmarked a launch date for our imminent Sharia gold product, which will be announced in due course. The launch of the Sharia gold product is of utmost significance to us because a product of this kind is uncommon in the derivatives industry and we want to make sure that we do it right, and all efforts have been put in place to ensure that outcome,” said Gaurang Desai, CEO of DGCX in a statement.

“Our strategy for 2018 is to keep progressing, moving forward with our goals while continuing to hold innovation at the core of what we do. Similar to last year, our focus will remain on expanding our asset class verticals, growing our member base, increasing our partnerships, strengthening our capabilities, and paving the way for more accolades and regulatory recognition,” Desai said.

via GN