Gold standard in Islamic finance ‘almost there’ for submission

DUBAI: Gold products used in Islamic finance would need to be physically-backed and allocated to the underlying asset, according to a draft of a standard for Syariah gold being developed.

“We are almost there” with a final proposal, said Mohd Daud Bakar, a Syariah scholar who is writing the draft for the Accounting and Auditing Organisation for Islamic Financial Institutions, the Bahrain-based industry group that sets syariah standards in finance.