DGCX and GIFS Sign MoU to Create Shariah-Compliant Products

The Dubai Gold and Commodities Exchange (DGCX) in the United Arab Emirates and Dubai-based Global Islamic Financial Services (GIFS), a global Shariah investment, certification and advisory firm, have signed a Memorandum of Understanding (MoU) in order to collaborate and create Shariah-compliant derivatives instruments.

Why it Matters?

This MoU has been put in place amidst rising demand for Shariah-compliant products in the region. Chief Executive Officer at DGCX, Les Male, said that the MOU presents both entities with significant opportunities to enrich the global market for Islamic finance and to work together towards developing relevant and innovative financial products for the market and its participants.

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