The Dubai Gold and Commodities Exchange (DGCX) has signed a memorandum of understanding (MOU) with Global Islamic Financial Services (GIFS) to jointly create Islamic derivatives.
The Dubai-based GIFS provides Islamic investment management and advisory services while the DGCX is one of the largest derivatives venues in the region.
Under the terms of the MOU, the two will collaborate on the development of Islamic futures and contracts and the sale and promotion of shariah-compliant products.
The agreement comes at a time of increasing demand for Islamic products in the region. It also follows the DGCX’s launch earlier this year of a shariah-based silver futures contract.
“The MOU presents both parties with significant opportunities to enrich the global market for Islamic finance and collaborate on the development of relevant, innovative new financial products to market participants,” said Les Male, chief executive at DGCX.
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