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Commodities

Massive gold-backed ETF certified as sharia compliant

Financial industry eager to attract new investors in Islamic world

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Investment in gold is expected to pick up across the Islamic world.   © Reuters

TOKYO -- U.S. asset management company State Street Global Advisors has announced that a huge exchange-traded fund for investment in gold has been certified as being compliant with Islamic financial law.

The question of whether ETFs themselves comply with Islamic law has not been addressed. However, the certification by Amanie Advisors of Malaysia, a leading sharia advisory company specializing in Islamic financial institutions, is expected to stimulate investment in the gold ETF within the Muslim world. 

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