SPDR Gold Shares (GLD), a Singapore-listed gold ETF with over US$30 billion in global assets under management, is now open to Islamic investors after being certified as compliant.

State Street Global Advisors (SSGA), the asset management business of State Street Corporation, announced that SPDR Gold Shares has been certified by Amanie Advisors, a leading Shari’ah advisory firm, to be fully compliant to the newly launched Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari’ah Standard on Gold.

The Shari’ah Standard on Gold was launched in December 2016 and developed jointly by the World Gold Council, which is an affiliate of the sponsor of GLD, Amanie Advisors and AAOIFI. This certification confirms, according to Amanie Advisors, that the world’s sizable observant Muslim population is permitted under the Shari’ah Standard to hold GLD as part of their investment portfolio, effectively opening this exchange-traded fund (ETF) to a potential new pool of investors.

“This announcement marks an important step in addressing the demand for gold in the US$2 trillion Islamic finance market. More retail and institutional investors may now have access to a relatively transparent and cost-effective gold-backed investment product, in addition to the ability to buy bars, coins and jewelry,” said Joseph Cavatoni, principal executive officer of GLD’s sponsor and managing director USA and ETFs at the World Gold Council.