In a small town, an hour’s drive from the Malaysian capital, a new treasury with high insurance emerged to embody the growing demand for gold products and services designed in accordance with the terms of Islamic Sharia. The Swedish Loomis AB unit, which specializes in the distribution of criticism and alloys, in collaboration with the local security company E2S Group, oversees the management of the facility in the city Nelay with a 20 -ton storage capacity. This step is an attempt to take advantage of the growth of the Islamic alloy sector in the country. “There is a desire among local alloys to obtain appropriate storage facilities,” said Jeremy Payh, head of Loomis International in Singapore, said during an interview before opening the website last week in front of a group of traders and officials of refineries and bankers. He added that many local banks recently launched investment products under the SO -Called Halal Gold amid the increasing demand for them. Gold in Islamic financing has achieved an extraordinary performance between basic commodities over the past year, supported by the increasing demand for central banks and investors. Prices recorded a record in April, while expectations, with the possibility of the US Federal Reserve to lower interest rates, indicate strong opportunities for more profits. Also read: The price of gold is rising with the ‘federal’ US treasury to reduce interest and one of the most important of these expectations is what the Goldman Sachs Group Group indicated that the price could rise from a gram to $ 4,000. According to Standard Charged PLC, the size of the global Islamic financing market reached about 5.5 billion dollars last year, expecting to rise to $ 7.5 trillion by 2028. Gold is a suitable option for this sector as it is characterized by an investment asset that does not produce benefits, which is compatible with Islamic Sharia controls. However, there are other considerations, as investments must be linked to specific alloys, and ownership is transferred directly through transactions. This is contrary to some practices in some global markets, as the balances are not always linked to clear material assets. “Gold actually meets many requirements for the investor who complies with Islamic principles, it does not generate benefits and is considered a tangible origin.” Luis Hems, the Dubai Gold and Commodity Exchange, said that offer gold contracts that are compatible with Sharia. Halal Gold is a preferred option in Malaysia. Investment in gold that is compatible with Islamic legislation is a growing momentum in Malaysia and a number of other countries. The Gold -Backed Index -backed Index Fund in Malaysia scored record levels this year, while nearly three times during the first half of the year in Islamic gold contracts on the Dubai Stock Exchange. Gold in state treasures: of the leader? .. Details here. The bank Rakyat, which launched a product in April that enables customers to invest online in gold within Sharia’s controls, said “the demand for investment products in gold is very large.” She added that customers “convert their savings from cash to gold.” However, according to Andro Nileor, president of the Middle East and public policy in the World Gold Council, a lack of awareness remains a hindrance to the spread of these investments, which participated in setting guidelines for Golds -compatible with Sharia. Nilor said: “There are many assumptions that gold is not compatible as the Islamic legislation unless the investor is able to take home … a greater effort must be made to raise the level of awareness.”
Islamic investment earns an extra momentum
