Manama: Ayman bin Tawfiq Almoayyed, Secretary-General of the Supreme Council for Youth and Sports (SCYS) and Chairman of the Board of Hope Fund, announced the launch of the Gold Souq electronic platform, marking Bahrain's first digital application for saving, investing, and trading gold in line with Islamic Sharia principles.
According to Bahrain News Agency, Almoayyed highlighted the significance of introducing innovative digital solutions in the investment sector to bolster the national economy and expand opportunities for Bahraini entrepreneurs, particularly in the creative industries. He emphasized that supporting innovation-driven entrepreneurial projects aligns with the SCYS's goals to empower youth and promote engagement in future-oriented sectors with both regional and international potential.
Almoayyed explained that the launch of the Gold Souq platform signifies a progressive approach towards integrating financial technology with Sharia compliance, thereby enhancing investment sustainability and fostering confidence in modern saving and investment tools. The platform's operation, as briefed by Nawaf Saeed, the founder of Gold Souq, involves the collaboration of savers, jewellery designers and traders, factories, and financial institutions. It offers flexible, secure options for gold transactions and a "smart saving" feature that allows individuals to maintain control over their savings.
The platform's innovative model combines saving with utilization, enabling users to earn returns on gold through Sharia-compliant mechanisms, without solely depending on global market price changes. Hussam Saif, Vice Chairman of the Board of Directors of Gold Souq Company, emphasized that the application supports multiple business models, including business-to-business (B2B) and business-to-consumer (B2C) transactions, providing a secure and efficient environment for investors and goldsmiths.
Saif also announced the successful completion of the platform's second seed funding round under the supervision of Bunat Ventures and RZM Investments, reflecting confidence in the project's growth potential. As part of the launch, the Gold Souq showroom was opened at Yateem Centre in Manama, showcasing collections from five Bahraini female designers. The showroom acts as an incubator for national talent in jewellery design, supporting designers with exhibition spaces and integrated marketing services, thus bridging the digital and physical experiences.