SINGAPORE (Dec 19): Singapore Exchange said on Monday evening that its Singapore Kilobar Gold Contract has been certified by Amanie Advisors to be compliant with the Shariah Standard on Gold, a standard set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

The gold futures contract is the first in the world to be Shariah-compliant.

The exchange-traded, physically delivered wholesale gold futures contract was launched in October 2014, in partnership with the World Gold Council and the Singapore Bullion Market Association. It was designed to be a transparent and centralised Asian price-discovery platform for the gold market.

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