Tarek Amer will continue as Governor of the Central Bank of Egypt for a further four years, according to reports in the Egyptian press.
Young investors like Shari'ah-compliant gold, report says
In 2016, the Arab Accounting Organisation for Islamic Financial Institutions (Aaofi) issued a new Shari'ah standard on the use of gold in Shari'ah-compliant transactions. The publication of the standard gave clarity to the Shari'ah-compliant gold investment market and as a result has opened the way for the development of new Shari'ah-compliant gold-based investment products.
The World Gold Council (www.gold.org) has just published an interesting research note that includes the results of a survey into investors' attitudes to gold. Among the findings are:
- Younger investors (younger than 35) are more likely to show a preference for Shari'ah-compliant investments.
- Islamic investors do not choose Shari'ah-compliant solely on religious grounds. Forty seven per cent of those surveyed thought Islamic investments are safer than conventional investments; and 49% thought them more ethical.
- Most repsondents have a strong preference for gold bars and coins and, to a lesser extent, for vaulted gold.
The research paper says that respondents liked bars and coins because such investment products are easy to understand. It notes that those who are interested in investing in gold-backed ETFs want the ability to redeem the investment in physical gold if they wish. Sixty five per cent would prefer to receive physcial gold rather than cash if selling an investment in a gold-backed ETF.
The WGC's research paper is here and a pdf version is attached below.
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