Mubasher joins DMCC and World Gold Council to conduct seminar following introduction of gold securities trading in Nasdaq Dubai
Offers Shariah-compliant platform for trade of gold bullion
March 14, 2009
Mubasher, the premier provider of e-financial solutions, in collaboration with the World Gold Council, Nasdaq Dubai and Dubai Multi Commodities Centre (DMCC), has announced that it has recently concluded a seminar that introduced the Shariah-compliant Dubai gold shares to investors and industry professionals. Mubasher revealed that the new tradable gold securities provide a secure, low-cost gateway for Mubasher clients from all over the world to trade gold bullion without the additional costs normally associated with insuring, storing and transacting in physical gold.
The seminar focused on the process of trading the new gold securities, while Mubasher representatives also entertained questions from participants about the viability of the new investment product. Mubasher disclosed that the gold securities, which will initially be worth one-tenth of the value of an ounce of gold per share, is a significant new development for Nasdaq Dubai, particularly in view of a sharp surge in interest in gold as investors continue to diversity their investments in the wake of the global financial crunch.
Ibrahim Abu Gharbieh, General Manager of Direct Broker for Financial Services (DBFS) said: "At the height of exceptional challenges in financial markets, the introduction of the gold securities is an excellent new development for Nasdaq Dubai as it provides investors a fresh avenue to diversify their investments and ultimately help drive market activity. Gold's unique characteristics have certainly made it a preferred investment option for investors all over the world, thus Mubasher is pleased to offer a new, Shariah-compliant investment platform that provides investors direct access to gold securities. This new initiative surely reflects our commitment to proactively address new demands and emerging trends, and help optimise the investment potential of our clients."
According to recent studies, the net retail investment in gold increased by 136 per cent across the Middle East in 2008, while total gold demand in the region in the fourth quarter of 2008 went up by one per cent over the same period in 2007. Much of the sales effectively were on coins and bullions rather than traditional gold jewellery, a trend that will help push the demand for the new gold securities in the Middle East, which is reputed to be the third largest market for gold after India and China.
The Shariah-compliant Dubai gold securities are listed on Nasdaq Dubai under the trading symbol 'GOLD'. Each security gives access to precise amounts of specifically identified and exclusively owned gold bullion, providing investors a pioneering investment vehicle to trade holdings in gold bullion on Nasdaq Dubai in a Shariah-compliant manner.
Mubasher Trade is the first broker to offer an online trading engine in the region allowing investors to trade directly in the UAE markets and at the same time facilitates access to the other regional markets through its parent company, Mubasher Financial Services. Mubasher Trade offers a comprehensive set of services tailor-made to all the different customer segments by offering advanced order placing capabilities to sophisticated and heavy traders as well as provide all the required fundamental and technical research to its investors. Mubasher Trade goes beyond to offer VIP clients and active traders dedicated relationship managers and a full set of personalized and efficient services that match their lifestyle. Mubasher Trade is considered among the leading brokers in the UAE and have become the number one broker that executes the highest number of trades on the DFM as per recent publications from the market.
