Top gold ETF gets Islamic finance certification to tap new markets

THE world’s largest physically-backed gold fund said on Wednesday it has been certified as syariah compliant, the latest effort aimed at spurring demand for bullion from investors across majority-Muslim countries.

The SPDR Gold Trust, an exchange-traded fund which holds 836.7 tonnes of bullion worth US$33 billion, now falls in line with rules from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

World Gold Trust Services, a subsidiary of the World Gold Council (WGC), said in a statement to Reuters that the ETF had received the certification from Malaysia-based Islamic advisory firm Amanie Advisors. — Reuters