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Islamic gold standard to debut in December; price jump expected

Islamic gold standard to debut in December; price jump expected
November 22 2016 09:10 PM
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An employee arranges jewellery at a window display in a shop at the Gold Souq in Dubai. According to the World Gold Council, the new standard will also serve as an internationally recognised consensus on regular gold savings plans, gold certificates and mining equities.

By Arno Maierbrugger/Gulf Times Correspondent /Bangkok

The long-awaited new Shariah Gold Standard is now set to be launched before the end of 2016 and expected to become the next big catalyst to push the precious metal to new highs – some analysts say even up to $3,000 an ounce in the medium-term, more than 2.5-fold of where the price currently stands.
Islamic scholars at the Accounting and Auditing Organisation for Islamic Financial Institutions in Bahrain are reportedly in the final phase of creating an acceptable standard for Muslims to trade in gold, a regulation set to become effective next month that will allow Muslims to trade physical gold and gold-related financial instruments. The council is working with London-based World Gold Council on all technical and ethical issues.
The basic challenge to create a Shariah Gold Standard is that gold has been treated mostly as a currency in Islamic finance, limiting its use to spot transactions. Under Shariah law, gold is one of six items (ribawi items, the others being barley, dates, salt, silver and wheat), which are forbidden from being held onto with the intention of trading at a later date for an expected higher value. This means that, until now, Muslims could not trade gold for a profit, neither use gold-related investment vehicles such as gold index funds, futures and even mining stocks.
Muslims have always been allowed to own gold jewellery, though, but consumer demand for gold in the Middle East region has actually fallen in recent years.
This is highly likely to change quickly. The key of the new Shariah Gold Standard is that gold is no longer seen as a currency, but as a commodity, and any transaction would be allowed under this circumstance as long as it is backed by real gold as an asset. The standard now also delivers a consensus on gold trading in financial instruments such as exchange traded funds or futures, which are halal as long as physical gold is delivered at the end of a transaction, ending the confusion and hesitation that was always part of gold deals in Islamic finance. It provides guidance from a Shariah perspective on the usage of gold in financial and investment transactions for Islamic financial institutions and participants.
According to the World Gold Council, the new standard will also serve as an internationally recognised consensus on regular gold savings plans, gold certificates and gold mining equities.
“The Shariah Gold Standard will highly likely bring a boost to the gold market and spur a new wave of product innovation in Islamic finance,” says World Gold Council CEO Aram Shishmanian, pointing out that until now, money managers within Islamic financial markets were limited to a few Shariah-compliant assets such as equities, real estate and sukuk as there were virtually no official Shariah-compliant gold products on the market.
Thus, gold investments will now allow Islamic investors to diversify their assets more broadly, stabilising the Islamic financial market in the process.
Once the Shariah Gold Standard is introduced, many market observers expect the gold price to take off since an additional 1.6bn Muslims, dozens of central banks and hundreds of Arab ultra-high-net worth individuals will be eligible to invest in gold.
In addition, Muslim countries with weak currencies such as Malaysia, Indonesia and Pakistan, are expected to build up gold reserves to flatten exchange rate volatilities. Younger middle-class Muslims, who are looking for greater financial sophistication, might find it in Shariah-compliant gold options such as compliant gold exchange traded funds.
According to a Standard & Poor’s estimate, up to a whopping $3tn could flood into the gold market after the Shariah Gold Standard is introduced, propelling Islamic assets globally to $5tn by 2020.

Source: Will County News

Homer 33C Schilling School students, staff remember classmate with special bench

News Release

Homer CCSD 33C

Goodings Grove   Luther J. Schilling   William E. Young   William J. Butler

Hadley Middle   Homer Jr. High

 

Contact: Charla Brautigam, Communications/Public Relations Manager

cbrautigam@homerschools.org | 708-226-7628

 

For Immediate Release:

Dec. 2, 2016

Schilling School Grades 1-4 Principal Candis Gasa prepares to unveil Tristan’s Buddy Bench on Friday, Dec. 2.

 

Schilling School students, staff remember classmate with special bench

Tristan’s Buddy Bench added next to playground

 

Schilling School students and staff will never forget their buddy Tristan, a third-grader who passed away earlier this year.

 

On Friday (Dec. 2), Tristan’s schoolmates gathered on the school playground to dedicate a bright blue bench in his memory.

Schilling School students file past Tristan’s Buddy Bench following Friday’s dedication ceremony

 

“Tristan had a larger than life personality,” said Principal Candis Gasa. “He was so vibrant; he touched so many of our lives. We want to keep that spirit and energy alive.”

 

Students cheered as Tristan’s parents pulled back a tarp to reveal the Cubbie blue bench with the words “Tristan’s Buddy Bench” carved along the back.

 

Tristan was Chicago Cubs through and through.

 

“With Tristan on their side, it’s no wonder the Chicago Cubs took the World Series,” said Gasa.

 

The Buddy Bench was purchased with donations from friends and families throughout Homer 33C, including many of the school Parent Teacher Organizations (PTOs).

 

The Schilling School PTO has been especially generous, purchasing red and blue ribbons for Tristan’s classmates to tie around trees and tulip bulbs for them to plant along the front of the school.

 

The tulips will “hug” Schilling School in the spring, said Gasa, reminding students of their special friend.

A flower is left behind on Tristan’s Buddy Bench following Friday’s dedication ceremony.

 

“Tristan was an amazing friend,” she said. “Make sure you think of him.”

 

 

Like us on Facebook at https://www.facebook.com/homer33c?fref=ts&ref=br_tf

 

Source: Will County News

Newsweek political editor admits magazine publishes fake news its staff never reads

Newsweek political editor admits magazine publishes fake news its staff never reads

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madame-presidentAs the election seemed secured for Hillary Clinton (at least to the mainstream), Newsweek prematurely let out 125,000 copies of its commemorative issue celebrating Clinton’s election. The issue titled “Madam President” was chock full of editorial laced with Democrat National Committee and Clinton campaign talking points.

As The Daily Caller explains:

The introduction to Newsweek’s ill-fated “Madame President” edition is, well, really bad.

The unattributed blurb, perhaps written by the magazine’s editors, is rife with cliches and Democratic talking points that totally overwhelm what would have been a predictable reality had Hillary Clinton actually won the White House. Newsweek printed and delivered 125,000 copies of the special commemorative edition in anticipation of what they thought would be her win, and Clinton herself even began autographing copies.

The gaff cost the magazine thousands of dollars and what little gravitas it had left.

This week the magazine’s political editor, Matt Cooper, appeared on Fox News’ Tucker Carlson Tonight to explain the snafu.

Cooper admitted that not only was the magazine not written by Newsweek staff, it wasn’t even reviewed by Newsweek staff before it was printed and released.

“We subcontract these commemorative issues to a company and this is pretty common in the magazine business now. The company that it this for us does stuff for Reader’s Digest and Scientific American… So it’s sort of been done a separate track and it was not reviewed by us,” Cooper said.

Cooper said the subcontractor produces content for a number of other publications and corporations.

Watch the interview.

 

Surviving copies of the mag are now fetching as much as $10,000 online, according to The Hill.

Source: Will County News