UAE:
I-Deal Commercial Broker, a Dubai-based commodity trading firm, has
introduced MAWTHOOQ, a Shariah compliant managed commodity account.
Touted as the first to be introduced in the region, the account provides
an avenue for investors to invest in precious metals using Dubai Gold and
Commodities Exchange (DGCX) gold and silver markets in a Shariah
compliant manner.
At a minimum investment margin of US$200,000, MAWTHOOQ facilitates
investments in the precious metals market making it simple, easy and
cost-effective for Shariah compliant investors. Although the account uses
DGCX contracts, client investment activities are strictly Islamic. All
trading transactions including payments and deliveries are conducted in a
Shariah compliant manner. The account is approved by the Shariah
Supervisory Board of Amanie Advisors, who will continuously monitor the
product across the transaction cycle to ensure its compliance with
Shariah principles.
According to Gary Anderson, CEO of DGCX, the account fills a key gap in
the market for Shariah compliant investments in the precious metals asset
class. “By making investments in this market more convenient and
accessible for Shariah compliant investors, MAWTHOOQ is a valuable
addition to the pool of Islamic investment products available in the
region,” he explained.
Sufian Ali Saeed Binsuloom, the chairman of I-Deal, shared similar views
and pointed out that MAWTHOOQ was well received by Shariah compliant
investors in the UAE and GCC markets. “Our managed commodity account,
MAWTHOOQ, allows Shariah compliant investors to pursue potentially high
returns in the gold and silver markets. Our robust risk management system
supports our strategic and business planning to trade efficiently for
clients.”
The development of the account is said to be an innovation in the
industry. It provides Shariah compliant investors access to a wider
selection of investments and to different assets classes.
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