AAOIFI Shariah Standard On Gold

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AAOIFI Shariah Standard On Gold Under Development In Collaboration With The World Gold Council And Its Expected Impacts

I have been asked to articulate on why a stand-alone Shariah standard on gold is essential. Many people would have assumed that gold does not deserve a separate Shariah standard in the AAOIFI production house. They have thought that the guiding principles of gold can be provided under, or made reference to, the existing AAOFI Shariah Standard No (1) under the heading of Trading in Currencies as gold has been perceived by the overwhelming majority of the scholars, both classical and contemporary, as carrying the function of currency (al-thamaniyyah). Or at least, many would have thought...