Statement on Dubai Gold Securities
Dubai, 2 February, 2010
Securities Holders will be aware that on 22 December 2009, the DFM announced its planned acquisition of the NASDAQ Dubai. The Press Release announced the consolidation of key market operations functions of the DFM and NASDAQ Dubai.
The current process for creation and redemption of the Dubai Gold Securities is on a T+3 delivery versus payment basis. As a result of this acquisition and the planned consolidation of trading, clearing, settlement and custody processes between NASDAQ Dubai and the DFM, the Directors of DGS LLP are considering whether any necessary steps are required to address any proposed changes in the current operational structure of the NASDAQ Dubai. To address this issue, the Directors of DGS LLP have appointed a sub-committee which will be reviewing any changes proposed and liaising with service providers and advisers to DGS LLP in relation to any steps which need to be taken.
A further announcement on any actions required by the DGS LLP Board and DGS LLP shall be made in due course.
In order to maintain the highest standards of compliance with Islamic law, DGS LLP has retained the services of a Shariah Supervisory Board. In keeping with industry standards developed for Shariah compliance by the Accounting and Auditing Organization for Islamic Financial Institutions ("AAOIFI"), the Shariah Supervisory Board will be responsible for approving and periodically certifying the compliance of the Dubai Gold Securities and their trading. The board is comprised of internationally recognised Shariah scholars with demonstrated experience in Islamic jurisprudence and who represent a variety of geographic areas. Details of the members of the Shariah Supervisory Board are given below.
Dr. Mohamed Daud Bakar, Malaysia
Dr. Mohamed Daud Bakar is the Chairman of the Central Shari'ah Advisory Council of the Central Bank of Malaysia and a member of the Shariah Advisory Council of the Malaysian Securities and Exchange Commission. He is considered the leading authority on Islamic legal theory and Islamic finance in Malaysia. A former Associate Professor in Islamic law and Deputy Rector, Student Affairs and Disciplines, at the International Islamic University Malaysia, Dr. Daud's areas of specialisation include Islamic legal theory, Islamic banking and finance, and Islamic law of zakat. Dr. Daud is a member of numerous international Shariah Supervisory Boards, including the Dow Jones Islamic Market Indexes, HSBC (Malaysia), Unicorn Investment Bank (Bahrain), BNP Paribas, Oasis Asset Management, the Japan Bank for International Cooperation, the Shariah board of AAOIFI and others.
Shaykh Nizam Yaquby, Bahrain
Shaykh Nizam is well known as a leading expert in modern Islamic finance with significant contributions of original research. His Shariah Advisory Board memberships include: the Dow Jones Islamic Market Index, ABC Islamic Bank, Citi Islamic Investment Bank, Investcorp, National Bank of Abu Dhabi, UBS, HSBC Amanah Finance, Abu Dhabi Islamic Bank, Bahrain Islamic Bank, Gulf Finance House, Sharjah Islamic Bank, Royal Bank of Canada, Guidance Financial Group, Unicorn Investment Bank, WAFRA (Kuwait Investment Advisory), Shamil Bank, Al-Ahli United Bank, Islamic Bank of Britain, European Islamic Investment Bank and others. Shaykh Nizam has participated in the development and certification of several recent international sukuk issues. He is also a member of the AAOIFI Shariah Supervisory Board.
Dr Mohammad Abdul Rahim Sultan Al Olama, UAE
Dr. Mohammad Abdul Rahim Sultan Al Olama is a member of the faculty of Shariah at UAE University. Dr. Mohammad is a member of the Fatwa Committee at the Department of Religious and Charitable Affairs in Dubai. He is a member of the Shariah Board of AAOIFI and serves as a member of the Shariah Boards of Mawarid Finance in Dubai, Manazel Real Estate in Abu Dhabi, and Al Mada'in Finance in Dubai. Dr. Mohammad has written extensively on modern Islamic finance and has presented numerous research papers at industry conferences. He holds a PhD in Islamic law from Umm Al Qurra University in Mecca, Saudi Arabia.
Dr. Yousef Abdullah Al-Shubaily, Saudi Arabia
Dr. Al-Shubaily is a professor of Comparative Law at the Higher Judicial Institute in Saudi Arabia. He is a member of the Shariah Supervisory Boards of Al Bilad Bank (Saudi Arabia), United International Bank (Bahrain), Al Mayma Financial (Dubai), Dar al Arbah (Saudi Arabia), The Kasb Financial Group (Saudi Arabia), Siraj Advisory (Kuwait), Al Iltizam (Dubai) and other financial institutions in the Gulf region. Dr. Al-Shubaily has published several books and papers on the jurisprudence of Islamic finance, and is regularly featured on local TV programs as an expert on Islamic Finance. Dr. Al Shubaily serves as a member of several important government commissions, including the Saudi Arabian Commission for Islamic Financial Transactions and the Saudi Arabian Commission for Auditing Charitable Contributions.
Shaykh Yusuf Talal DeLorenzo, United States of America
Shaykh Yusuf, Chief Shariah Officer at Shariah Capital Inc., is a scholar of Islamic transactional law, whose 30-year career was featured in a front page story in The Wall Street Journal in August 2007. Based in the Washington DC area, he has served as a Shairah advisor to dozens of international financial entities, including index providers, institutional investors, home finance providers, international investment banks and a variety of asset managers. Shaykh Yusuf is the author of the three volume compendium of Legal Opinions on the Operations of Islamic Banks, the first English/ Arabic reference on the fatwas issued by Shariah boards, and has published several papers and chapters in books on the subject of modern Islamic finance. He also serves as a member of the Shariah Board of AAOIFI, and is a member of the ISKA Council of Scholars attached to the Central Bank of Malaysia.
