Saturday, August 23, 2008

Buying and Selling Gold


Someone asked me this question. This person has a few thousand dollars and he wants to make this money multiply in a halal manner. Recently, he heard that the price of gold is going to go up many folds so he wants to know if he could purchase gold with the savings he has right now so that he could sell the gold bars when the price goes up. I found it very hard to answer this question because I dont know whether this is halal.
So, maulana saab is this halal?


In the name of Allah, Most Gracious, Most Merciful Assalaamu `alaykum waRahmatullahi Wabarakatuh The transaction will be permissible as you have stated in your query that the brother will purchase the gold in cash with his savings. As for the issue of selling the gold, it will only be permissible after the buyer first takes physical possession of the gold.
مصنف عبد الرزاق - (ج 8 / ص 90)14440 - أخبرنا عبد الرزاق قال أخبرنا الأسلمي قال حدثنا عبد الله بن دينار عن بن عمر قال نهى رسول الله صلى الله عليه و سلم عن بيع الكالىء وهو بيع الدين بالدين وعن بيع المجر وهو بيع ما في البطون الإبل وعن الشغار
البحر الرائق - (ج 6 / ص 211)وقيد بالذهب والفضة لأنه لو باع فضة بفلوس أو ذهب بفلوس فإنه يشترط قبض أحد البدلين قبل الافتراق لا قبضهما كذا في الذخيرة

And Allah knows best
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah

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