Fatwa's Insights - Islamic Finance
The Methode Of Online Gold Buying And Selling Transaction
THE 48TH MEETING OF THE PERLIS STATE FATWA COMMITTEE / 2020
14 - 15 SEPTEMBER 2020 / 26 - 27 MUHARRAM 1442H
THE METHODE OF ONLINE GOLD BUYING AND SELLING TRANSACTION
Gold is a ribawi commodity (usurious commodity) subject to the conditions of sarf (currency exchange) transactions, if paid using money. Among the important conditions in the buying and selling of gold using money is that the contract and delivery occur in the same session, and may not be delayed.
Concerning the buying and selling of gold bars, pieces, nuggets or gold dust online, it is impossible for the delivery of that gold to occur physically immediately into the hands of the buyer, however delivery (qabd) can occur by the buyer appointing any party who is physically present at the seller's premises as his representative to perform qabd. At the same time, to avoid the risk of fraud, the seller must agree to take on the trust of delivering the gold to the buyer.
To avoid doubt, the seller must present the offer (ijab) in detail such as the image of the gold, weight, serial number (if any) and other specifications or any evidence of transaction to prevent fraud.
For those who are not proficient regarding the buying and selling of gold bars, they should obtain advice and legal opinion from scholars in the relevant field.
Approval of the Members of the Perlis State Fatwa Committee:
1. YBhg. S.S Prof Madya Dato' Arif Perkasa Dr Mohd Asri Bin Zainul Abidin – Mufti of the State of Perlis
2. Sahibul Fadhilah Dato' Kaya Bakti Dr. Mohd. Radzi bin Haji Othman
3. Sahibul Fadhilah Dato' Dr. Johari Bin Mat
4. Sahibul Fadhilah Profesor Dr. Basri bin Ibrahim
5. Sahibul Fadhilah Prof Madya Dr. Muhamad Rozaimi bin Ramle
6. Sahibul Fadhilah Dr. Hj Zaharuddin Bin Hj Abdul Rahman
7. Sahibul Fadhilah Prof. Madya Dr. Azman Bin Mohd Noor
8. Sahibul Fadhilah Prof Madya Dr. Mohd Akram Bin Dato' Dahaman @ Dahlan
9. Sahibul Fadhilah Dr. Kamilin Jamilin @ Ahmad Kamil Jamilin
10. Sahibul Fadhilah Dr Ahmad Sufian Bin Che Abdullah
11. Sahibul Fadhilah Ustaz Syed Abu Bakar Bin Syed Kamal Bharin
12. Ustaz Muhammad Khidhir bin Abdul Ghani
Endorsed at the Meeting of the Perlis Islamic Religious Council and Malay Customs (Majlis Agama Islam dan Adat Istiadat Melayu Perlis) Bil. 4/2020 on 9 November 2020.