Dubai Gold and Commodities launches a Sharia-compliant instant silver contract

2023-10-24 22:06:00

Yesterday, the Dubai Gold and Commodities Exchange announced the launch of the first spot silver contract compatible with Islamic Sharia in the Gulf Cooperation Council countries, allowing investors to trade the white metal through a reliable and transparent platform.

The stock exchange reported in a statement that the new contract will be available for trading under the symbol “DSSC” as of October 27, following the stock exchange obtains regulatory approval from the Securities and Commodities Authority.

The Dubai Gold and Commodities Exchange will waive the trading fees associated with the contract until December 31, with the aim of stimulating demand for trading.

With the launch of the Sharia-compliant spot silver contract, investors will be able for the first time to trade physical silver through a Gulf stock exchange and will benefit from the presence of a central clearing house to manage the counterparty, reducing credit risks in their trades.

In addition, through the Dubai Gold and Commodities Exchange, investors will be able to execute large deals on silver without restrictions on their trading.

The CEO of the Dubai Gold and Commodities Exchange, Ahmed bin Sulayem, said: “The world will witness an acceleration in demand for silver, coinciding with the increasing use of this precious metal in many major industries, such as solar energy production, and in light of the continued trend of investors towards focusing on diversifying their portfolio.” “Their origins.”

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