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Dubai introduces shariah-compliant gold ETF

On Monday of this week, the Emirate announced the launch of an “exchange-traded fund backed by physical gold.”  The fund will allow regional investors to not only preserve capital but perhaps generate substantial returns.  The gold bullion, which will be held in London by HSBC, meets the hard-asset requirements of shariah. At the fifth World Islamic Economic Forum held in Jakarta also on Monday, participants ventured further in offering shariah-based banking as a viable alternative to the highly-leveraged transactions model.  For more, click on designated links to full stories in the Financial Times.