http://illuminatisilver.comhttp://facebook.com/illuminatisilverHow the Muslim Population could cause gold prices to soar
Today is Monday 14th November 2016 and we are briefly covering the topic of how the Muslim population could cause gold prices to soar. We owe one of our subscribers Michael T a thank you for reminding us of this.
Sharia law considers gold a “Ribawi item.” That means Muslims can’t trade it for future value, or for speculation. They can, however, use gold as currency and own it as jewellery. As a result, for years, Islamic investors and financial institutions have shied away from gold-related financial products.
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which establishes Sharia standards for Islamic finance, and the World Gold Council (WGC), are currently drafting a “Shariah Standard on Gold.” On the 17th October of this year, the AAOIFI had adopted an exposure draft and made it available for one month for feedback and will consider it again at a meeting to be held prior to the end of this year.
The new standard, which will allow banks to issue Sharia-compliant gold products, should ease much of the confusion that abounds. According to the WGC, it will serve as an internationally recognised consensus on regular gold savings plans (gold accumulation plans), gold certificates, physically-backed gold ETFs, certain gold futures and gold mining equities.
The potential Islamic gold market is enormous. Today, the world’s 100 million Islamic savers and investors hold almost US$2 trillion in assets. Standard and Poor’s projects that figure could reach US$5 trillion by 2020; another industry estimate forecasts that the number will be US$6.5 trillion by 2020. This represents a potentially huge new demand for gold and gold-based financial products if the draft is finally accepted.
Now we are not saying for one moment that if this guidance is formally passed, there will be an immediate and enormous demand for gold. What we are saying however, is that over time, more and more Muslims will be investing in it, in considerable numbers, which ensures that regardless of whether there is an economic crisis or not gold has a very (pardon the pun) shiny future indeed.
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