Dubai’s DMCC goes the distance with gold – from Sukuk to 1 oz 24-carat coin

Dubai’s DMCC goes the distance with gold – from Sukuk to 1 oz 24-carat coin

For Dubai Multi Commodities Centre (DMCC), its foundation was underpinned by gold. Conceived to provide the physical and financial infrastructure required to create a hub for the global commodities trade, it wasn’t until Standard Bank London and Dubai Islamic Bank became the first to make gold Sharia-compliant by launching the first and only ground-breaking gold Sukuk, which raised $200 million, the proceeds of which were used to finance the construction of its first commercial towers, namely Gold, Silver and Almas. With a foundational environment created, the Dubai Gold & Commodities Exchange (DGCX) debuted as one of its subsidiaries in 2005 and, with it, the region's first commodity derivatives exchange. With a formally established bourse that not only provided guaranteed settlements, reduced counter-party risk, fully transparent fee structures and access to regional and international liquidity pools, DMCC's facilities and services - particularly its vault, which was developed in conjunction with Brink's Global Services - helped to support not just the development of its futures market but that of the physical. Which today includes Sharia Gold, India Gold Quanto, Daily Gold and Physical Gold Futures & Spot Gold Contracts,. As a single location that fully services the entire gold value chain, from