Islamic exchange traded gold tracker launched in Dubai

The management fee is 0.4% per annum while up to one billion Dubai Gold Securities may be issued, subject to the deposit of gold with the custodian, HSBC Bank National Association, which is held on behalf of the securities' behalf.

The security has been designed to comply with sharia law and a sharia supervisory board has been appointed to supervise the issuance of the securities in addition to the inspection of the allocated gold.

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