ID :
48686
Tue, 03/03/2009 - 13:17
Auther :
Shortlink :
https://oananews.org//node/48686
The shortlink copeid
Dubai Gold Securities listed on Nasdaq
Dubai Gold Securities, an initiative of World Gold Council (WGC) and the Dubai Multi Commodities Centre (DMCC), began trading on NASDAQ Dubai Ltd. yesterday.
Dubai Gold Securities represent the first Exchange Traded Commodity (ETC) to list on NASDAQ Dubai and the first Shariah-compliant gold ETC in the region.
Dubai Gold Securities offers investors simple, secure and Shariah-compliant access to gold bullion investment without the additional costs normally associated with insuring, storing and transacting in physical gold. Each security is 100% backed by physical allocated gold held in safekeeping by an independent custodian. One share represents an initial interest of one-tenth of a fine troy ounce of allocated gold bullion.
Gold is widely-accepted by the investment community as an important portfolio diversifier and preserver of wealth. It is a proven hedge against inflation and the U.S dollar.
Integral to Dubai Gold Securities' compliance with Shariah law is the fact that each security is fully backed by an identifiable amount of allocated gold held by the Custodian, HSBC Bank USA, N.A., at its London vault premises. The gold will be held in an allocated account on behalf of securities holders. The Custodian also plans to appoint a sub-custodian with vaults in Dubai.
The listing on Nasdaq Dubai follows the successful listing of similar bullion securities products on a number of stock exchanges around the world, including the NYSE Arca and London Stock Exchange.
Dubai Gold Securities are an integral part of the Exchange Traded Gold family of products established as a result of an initiative by the World Gold Council. The value of gold held by products in World Gold Council-backed gold ETFs, as of 23 February, 2009, stood in excess of US$38 billion, equivalent to 1202 tonnes of gold.
Dubai Gold Securities represent the first Exchange Traded Commodity (ETC) to list on NASDAQ Dubai and the first Shariah-compliant gold ETC in the region.
Dubai Gold Securities offers investors simple, secure and Shariah-compliant access to gold bullion investment without the additional costs normally associated with insuring, storing and transacting in physical gold. Each security is 100% backed by physical allocated gold held in safekeeping by an independent custodian. One share represents an initial interest of one-tenth of a fine troy ounce of allocated gold bullion.
Gold is widely-accepted by the investment community as an important portfolio diversifier and preserver of wealth. It is a proven hedge against inflation and the U.S dollar.
Integral to Dubai Gold Securities' compliance with Shariah law is the fact that each security is fully backed by an identifiable amount of allocated gold held by the Custodian, HSBC Bank USA, N.A., at its London vault premises. The gold will be held in an allocated account on behalf of securities holders. The Custodian also plans to appoint a sub-custodian with vaults in Dubai.
The listing on Nasdaq Dubai follows the successful listing of similar bullion securities products on a number of stock exchanges around the world, including the NYSE Arca and London Stock Exchange.
Dubai Gold Securities are an integral part of the Exchange Traded Gold family of products established as a result of an initiative by the World Gold Council. The value of gold held by products in World Gold Council-backed gold ETFs, as of 23 February, 2009, stood in excess of US$38 billion, equivalent to 1202 tonnes of gold.
