The present invention provides a catalytic composition for use in an oxidation-reduction process for effecting the catalytic oxidation of hydrogen sulfide in gas strains comprising a water soluble iron compound, a mixture of two chelating agents, comprising Na2EDTA and Na4EDTA, and at least one stabilizer. Further the present invention provides a process for preparing the catalytic composition according to the invention, said composition being advantageous in effecting the catalytic oxidation of hydrogen sulfide in gas strains, comprising the steps of preparing a mixture of a water soluble iron compound and a stabilizing agent in an aqueous system, while the pH of the system is pH ≦2, adding a mixture of two chelating agents I and II, whereas both of the chelating agents are amine chelating agents to the mixture of the water soluble iron compound and a stabilizing agent, adding sufficient aqueous amine chelating agent II to this combined mixture to adjust a pH of 7 to 10, and heating this mixture of to get the desired concentration of chelated iron in the mixture. Therefore, the procedure of the present invention provides an alkaline aqueous chelated iron solution useful in oxidation-reduction processes for effecting the catalytic oxidation of hydrogen sulfide in gas strains and provides, as mentioned before, (1) no foaming and no sludge, (2) a minimum decomposition of the chelant during the reaction, (3) a homogeneous and very concentrated catalytic iron chelate reagent with a possible iron concentration of >40 wt % and (4) a minimum rate of absorption of CO2 into the solution and maximum rate of stripping of CO2 by air bubbling.