DGCX Signed Strategic MoU with GIFS to Boost Shari'ah Gold Contracts

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) announced that it has signed a strategic Memorandum of Understanding (MoU) with Global Islamic Financial Services (GIFS)- a global Shariah investment, certification and advisory firm.

The partners of the MoU will collaborate to develop Islamic derivatives and commodities in future. They will also work towards promoting DGCX’s Shari’ah gold contract. Both the organizations will collaborate on areas of mutual benefit. As per the agreement, the two parties will schedule visits, meetings, and workshops towards development of new products and services across various areas of Islamic finance.

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Les Male, CEO, DGCX noted that the signing of the MoU represents an exciting development for the DGCX, as it will help the exchange in diversifying its suite of Shari’ah compliant finance products and services.The MoU offers both parties with significant opportunities to enrich the global market for Islamic finance, he added. Meantime, Mufti Ismail Desai, CEO said that its global clients from over 26 countries could now access these unique shariah solutions via the DGCX platform.

Earlier, DGCX had announced plans to launch a new Shari’ah based Silver Futures Contract.