Islamic scholars are finalizing work on a sharia standard for gold-based products set to become effective before the end of the year and possibly help kick start a new wave of product development in Islamic finance.

Over past 20 years, consumer demand for gold has fallen in the Middle East compared to markets like India and China, Shishmanian said.

Consumer demand for gold from the Middle East region hovered around 300 tonnes in 2015, representing less than a third of the demand seen in markets like China and India