Dubai, UAE – May 29, 2025 — Diamond Standard Co., producer of the world’s only regulator-approved natural diamond commodities, today announced a historic milestone for the Islamic finance industry: the issuance of a Fatwa by Sheikh Dr. Mohamed Ali Elgari, approving the use of diamond commodities to enable more efficient and more proper Islamic finance applications.

Dr. Elgari is an esteemed authority in Islamic finance, having served as Professor and Director of the Centre for Research in Islamic Economics at King Abdulaziz University, and as Shariah board member for organizations including AAOIFI, Islamic Fiqh Academy, Abu Dhabi Islamic Bank, BlackRock, Citibank, Dubai Islamic Bank, Emirates NDB, HSBC, Standard Chartered and other banks worldwide.