• Transactions & Dealings >> Business

    Question ID: 32384Country: Pakistan

    Title: Gold investment

    Question: I know for all kind of business possession is mandatory. If I invest in gold and I pay the total worth amount to the dealer now for gold I have two options either to take the gold or to get a slip from the dealer as token of gold. Due to security reason and to avoid snatching on the way if I choose to take the slip instead of gold as my intentions are to gain profit when the rate goes higher that means i have to bring it back again. there is no binding by the dealer to take the gold or money at any time I wish. Is this kind of dealing Halal for me.

    Answer ID: 32384

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1161/D=250/File D=1432) After completing the purchase of gold and paying its price to the seller, if you took the slip instead of gold then your gold was due on the seller and in future, you can take it by producing the slip wherever you wish. In this case, if you say to the seller instead of taking the gold in your possession that now the rate is increased, so sell it on my behalf so that I could get the price with benefit. In this case, too, the selling took place before taking possession and the possession of you (buyer) on the gold was not complete, hence selling it before taking it in your possession or asking the dealer for selling is not lawful. Hadith forbids from selling any item before taking it in one's possession.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India