Dubai Gold Securities has accepted Morgan Stanley as an Approved Applicant in connection with the ongoing offering on NASDAQ Dubai of Dubai Gold Securities, the Middle East and North Africa (MENA) region’s first and only Shariah-compliant ETC.
The participant agreement is expected to allow Morgan Stanley to create Dubai Gold Securities subject to it depositing the physical gold bullion that backs every security in issue with the Custodian (HSBC Bank USA, NA) to the offering. Similarly, Morgan Stanley will be able to redeem Dubai Gold Securities and take physical delivery of the underlying physical gold bullion.
Sameer Meralli, MD, Dubai Commodity Asset Management, said: Since launch, the product has attracted significant interest from Islamic financial institutions, asset managers, and private banks who view Dubai Gold Securities as a cost-effective, efficient, Shariah-compliant alternative to a physical gold trade. The participation by Morgan Stanley underpins the commitment to service such demand for Dubai Gold Securities in the region.
Peter FitzGerald, COO, NASDAQ Dubai, said: Morgan Stanley’s participation will further increase awareness in the market of this Shariah-compliant product, which is unique in the Middle East. As the international exchange serving the region, NASDAQ Dubai is delighted to host trading of DGS for retail and wholesale investors.
