Bursa Malaysia Securities Berhad (‘Exchange’) has amended its Directives in Relation to the Purchase of Islamic Exchange-Traded Based on Gold and Silver (‘Directive No. 7.02(1)-001’) with effect from 6 March 2020.
 
Prior to the amendment, Directive No. 7.02(1)-001 only permits a buying client to finance the purchase an Islamic Exchange Traded Fund based on gold or silver (‘Gold/Silver Islamic ETF’) by an upfront cash payment or through margin financing provided by a Participating Organisation.
 
Directive No. 7.02(1)-001 has now been amended to allow a buying client, in addition to the existing methods of funding, to finance the purchase of Gold/Silver Islamic ETF through margin financing provided by a licensed bank or licensed investment bank under the Financial Services Act 2013 or a licensed Islamic bank under the Islamic Financial Services Act 2013.
 
The full text of the amendments to Directive No. 7.02(1)-001 can be found in Participating Organisations’ Circular R/R 3/2020 and Annexure 1 thereto.