SPDR® Gold Shares Certified to be Fully Compliant with Shari’ah Standard

The Singapore Exchange-Listed ETF Now Offers Islamic Investors an Innovative and Relatively Cost Efficient Means to Access the Gold Market

Thursday, February 23, 2017 6:23 pm EST



Public Company Information:

"SPDR Gold Shares offers investors a relatively transparent and cost efficient way to access the gold market. We are delighted to extend this means of Shari’ah Standard on Gold-compliant investing in the gold bullion market to Islamic investors in Singapore"

State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE:STT), through its affiliate State Street Global Markets, LLC, the marketing agent for SPDR® Gold Shares, today announced that SPDR® Gold Shares (GLD, SGX: O87) has been certified by Amanie Advisors, a leading Shari’ah advisory firm, to be fully compliant to the newly launched Accounting and Auditing Organisation 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 $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.

“SPDR Gold Shares offers investors a relatively transparent and cost efficient way to access the gold market. We are delighted to extend this means of Shari’ah Standard on Gold-compliant investing in the gold bullion market to Islamic investors in Singapore,” said Matthew Arnold, vice president and head of ETF strategy and research for Asia Pacific at SSGA.

SPDR Gold Shares is the largest physically-backed gold ETF in the world with over US$30 billion in global assets under management. GLD started trading on the Singapore Exchange on October, 11, 2006, and has been recognized as an industry leading innovation by industry organizations since inception. Most recently, GLD was named Best ETF Product in 2016 by Asia Asset Management.


About State Street Global Advisors

For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.

State Street Global Advisors is the investment management arm of State Street Corporation.

*Assets under management were US$2.47 trillion as of December 31, 2016. AUM reflects approx. US$31 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

About World Gold Council

The World Gold Council is the market development organisation for the gold industry. Our purpose is to stimulate and sustain demand for gold, provide industry leadership and be the global authority on the gold market. We focus on policy-related issues, market infrastructure, central banks and investment markets.

We develop gold-backed solutions, together with industry partners, that create structural shifts in demand across key market sectors. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold.

The membership of the World Gold Council includes the world’s leading and most forward thinking gold mining companies.


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The prospectus in respect of the Singapore offer of the shares in the Trust is available and may be obtained upon request from State Street Global Advisors Singapore Limited ("SSGA") (Co. Reg. No: 200002719D). Investors should read the prospectus of the Trust before deciding whether to purchase Shares. Shares in the Trust are not obligations of, deposits in, or guaranteed by, World Gold Trust Services, LLC, SSGA or any of their affiliates. You may wish to seek advice from a financial adviser before making a commitment to purchase Shares. In the event that you choose not to seek advice from a financial adviser, you should consider whether the Trust is suitable for you. Investors have no right to request the Sponsor to redeem their Shares while the Shares are listed. It is intended that holders of Shares may only deal in their Shares through trading on the SGX-ST. Listing of the Shares on the SGX-ST does not guarantee a liquid market for the Shares.

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Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

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Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.


Exp. Date: 2/28/2018


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