💰 Family finances · #56
May gold be bought as family savings by instalments or online?
Buying gold with money must be done with immediate exchange; buying gold by instalments (on credit) is not allowed under the parameters decided by the National Fatwa Committee Muzakarah.
In a narration of Muslim, the Prophet ﷺ ruled that gold for gold, silver for silver and the like must be equal and hand to hand; when the kinds differ, sell as you wish provided it is hand to hand (Sahih Muslim, Kitab al-Musaqah). Scholars treat today's money by analogy with gold and silver, so gold bought with money must be delivered or validly owned at the time of the contract. For online gold accounts or investments, make sure the product is approved by a Shariah adviser, the physical gold really exists and can be collected, and the company is regulated. Also avoid gold schemes that promise fixed returns or recruitment rewards. See Family finances.
In a narration of Muslim, the Prophet ﷺ ruled that gold for gold, silver for silver and the like must be equal and hand to hand; when the kinds differ, sell as you wish provided it is hand to hand (Sahih Muslim, Kitab al-Musaqah). Scholars treat today's money by analogy with gold and silver, so gold bought with money must be delivered or validly owned at the time of the contract. For online gold accounts or investments, make sure the product is approved by a Shariah adviser, the physical gold really exists and can be collected, and the company is regulated. Also avoid gold schemes that promise fixed returns or recruitment rewards. See Family finances.
Sources
Sahih Muslim, Kitab al-MusaqahSurah al-Baqarah 2:275National Fatwa Committee Muzakarah (gold investment parameters)