Dubai’s DGCX partners with GIFS to promote Shari’ah contracts

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Dubai

The Dubai Gold and Commodities Exchange (DGCX), a leading derivatives exchange, has signed a strategic agreement with Global Islamic Financial Services (GIFS) to partner on the development of Islamic derivatives and commodities.

The memorandum of understanding (MoU) also aims to promote the DGCX’s Shari’ah gold contract, which adheres to Shari’ah principles for the ownership of gold.

Under the MoU, both organizations will collaborate on areas of mutual benefit, including the development of Islamic future contracts and products, and the sales and promotion of Islamic financial products.

The agreement will also provide DGGX and GIFS with opportunities to schedule visits, meetings, and workshops to facilitate consideration of new products and services across innovative, emerging areas of Islamic finance.

Les Male, CEO of DGCX, said: “As the Islamic economy grows in the UAE, wider region and in a growing number of world markets, the signing of an MoU with the Global Islamic Financial Services firm represents an exciting development for the DGCX, as we seek to diversify our suite of Shari’ah compliant finance products and services. —TradeArabia News Service

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