Islamic Gold – Important New Dynamic In Gold Market
- Next month, 1.6 billion people will likely have a new ‘gold investment standard’
- Islamic finance market expected to grow to US$5 trillion by 2020
- Islamic asset classes have all under performed compared to gold
- Gold has risen over 367% in US dollar terms and by more in currencies used in Islamic countries
- Gold bullion products may be additionally appealing to Islamic banks due to Basel III rules
- New Sharia Gold Standard will impact gold price
By the end of 2016, 1.6 billion people will likely have a new gold investment standard for the first time in modern history. These 1.6 billion people are the Muslims of the world who constitute nearly 25% of the 6.9 billion people on the planet. This new ‘gold standard’ is the Sharia gold standard developed as part of a three-party collaboration between AAOIFI, the World Gold Council (WGC) and Amanie Advisors.