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Commodities Corner: New rules for gold investing may open the market to 1.6 billion Muslims

The gold market saw the establishment this week of a new set of rules that has the ability to shake up the industry.

The launch of the Shariah Standard on Gold, which offers guidance on the use of modern gold financial products that meet the requirements of the religious law governing members of Islam, opens the market for the yellow metal to potentially significant demand from the Muslim world.

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council announced the issuance of the Standard on Monday.

“This is a ground breaking initiative for Islamic investors and for the gold industry at large,” Aram Shishmanian, chief executive officer of the World Gold Council said in a statement.

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