Turkish Minister of Development, Lutfi Ilouan, has stressed that Turkey and the United Arab Emirates and Malaysia have made significant progress in the establishment of the Islamic Gold Bourse. 

Ilouan added, in a press statement, that Istanbul’s Bourse initiated work in this regard, in collaboration with Dubai Multi Commodities Center, and Malaysia’s Bourse, noting that it has made remarkable progress.

He revealed that his ministry will create a trading platform on Internet, based on the infrastructure of sophisticated technology, it is also planned to establish a special precious metals separate company.

Turkey has ranked the first among the members of Committee for Economic and Commercial Cooperation for the Organization of Islamic Cooperation (COMCEC), with a reserve of 377.1 tons of gold, while Saudi Arabia has ranked second, with  a reserve of 322.9 tons, followed by Lebanon, reserve of 286.8 tons, and then Algeria, B173.6 tons, according to data the month of February of this, followed by Libya, B116.6 tons, Iraq, B89.8 tons, Kuwait, to 79 tons, Indonesia, B78.1 tons, Egypt, B75.6 tons, Pakistan, to 64.5 tons, Jordan, to 38.3 tons, Malaysia, B38.3 tons, Qatar, to 32.2 tons, and Morocco, with 22 tons, Azerbaijan, to 22 tons, and Afghanistan, to 21.9 tons, Nigeria, B21.4 tons, Tajikistan, B14.4 tons, Bangladesh, to 13.8 tons, and Tunisia, 6.8 tons.