http://www.bloomberg.com/news/artic...r-islamic-finance-opening-new-market-iwbytkoj
This story is going cause some mixed feelings among some stackers.
Caliphs going back as far as 5th Century CE have been copying the design of the Byzantine solidus (the well-known Gold Bezant). That's the origin of the 'Dinar' coin, which closely resembles the Byzantine solidus except they replaced images of crosses and Jesus with passages from the Koran.
So, yeah, what was old is new again.
Expect the private mints to start making rounds/coins with designs made to appeal to this market.
Gold is acceptable for the first time as an investment in Islamic finance after the group that sets standards for the industry adopted Shariah-compliant rules for trading the metal.
The rules approved Nov. 19 allow gold to be used in the $1.88 trillion Islamic finance business, the Accounting and Auditing Organization for Islamic Financial Institutions said Monday in a statement.
...
[The] World Gold Council, [said] the new rules could spur demand for "hundreds of tons" of gold.
This story is going cause some mixed feelings among some stackers.
Caliphs going back as far as 5th Century CE have been copying the design of the Byzantine solidus (the well-known Gold Bezant). That's the origin of the 'Dinar' coin, which closely resembles the Byzantine solidus except they replaced images of crosses and Jesus with passages from the Koran.
So, yeah, what was old is new again.
Expect the private mints to start making rounds/coins with designs made to appeal to this market.