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Islamic finance nears final standard for gold-based products
By Bernardo Vizcaino
Tuesday, November 8, 2017
Islamic scholars are finalizing work on a sharia standard for gold-based products set to become effective before the end of the year and possibly help kick-start a new wave of product development in Islamic finance.
Gold has been treated mostly as a currency in Islamic finance, limiting its use to spot transactions, while consumer demand for gold in the Middle East has actually fallen in recent years.
Guidance from the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions could address some of the reasons behind the lack of gold products in the industry and the muted demand from the region.
The organization plans to issue its sharia standard on gold and its trading controls in coming weeks, Mohd Daud Bakar, founder and executive chairman of Amanie Group, said at an annual conference held by the organization this week in Manama, Bahrain.
"The sharia standard on gold from my perspective is a game changer given the market conditions, given the preconceived idea that we have -- even among the scholars themselves -- that gold is very restricted." ...
... For the remainder of the report:
Ron Paul Endorses the Only Congressional Candidate
Who Is Campaigning on Returning to the Gold Standard
Former U.S. representative, presidential candidate, and chairman of the House Subcommittee on Monetary Policy, fiat money's fiercest foe, Ron Paul, has endorsed Daria Novak, the Republican candidate for the U.S. House of Representatives in Connecticut's 2nd District.
Paul said: "Daria Novak will be a forceful advocate for limited, constitutional government, individual liberty, and sound money on Capitol Hill. I am pleased to endorse her candidacy."
Novak also has been endorsed by former presidential candidate and gold standard proponent Steve Forbes and by the New York Sun, among other friends of sound money. Novak also been endorsed by gold standard and sound-money advocates George Gilder, Lawrence Kudlow, Jimmy Kemp (Jack's son), and Jeffrey Bell. Forbes called Novak a "prosperity heroine."
Contribute to Novak's campaign $500, $250, $100, $50, or whatever you can afford of the fiat money that is eroding in your checkbook. As the Sun wrote, "She vows to crusade" on the gold standard "as key to getting job creation, economic security, and upward mobility back at a sizzling rate."
To donate to Novak's campaign, please visit:
Novak will personally thank all contributors.
Give Daria your generous backing to put a voice for gold in Congress.
This message was authorized by Daria Novak for Congress.
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