The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions said on Monday it had approved a sharia standard for gold-based products, a move aimed at expanding the use of bullion in Islamic finance.
Traditionally, gold has been treated as a currency in Islamic finance which has confined its use to spot transactions, but fresh guidance from the accounting organization is expected to spawn a wave of product development in the industry.
The organization approved the final version of the standard on gold and its trading controls during a meeting of its sharia board held last week, the industry body said in a statement seen by Reuters. ...
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