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  • Keeping gold

    Hi, read a lot online regarding gold trading where some say it’s haram and others say it’s halal.
    My question is,

    i intend to purchase physical gold to keep it in my house until perhaps when the price is slightly higher and then if I choose to, to sell it off at that point in time.

    Is this halal in Islam or haram?

  • #2
    You are buying gold to keep it as an investment but it is also a hedge against inflation and to preserve savings. My advice to you is to keep that gold and not sell it off in exchange for any type of fiat currency that is more likely to collapse in an economic downfall that gold ever will. Gold has stood the test of time as a currency and has intrinsic value whereas paper currency has always collapsed. But if your intention is to sell it down the road thinking it will appreciate then I don't know if this is considered a speculative transaction that is haram.
    "When a man sees the road as long he weakens in his walk." Ibn Qayyim

    Comment


    • #3
      Also, don't forget that you will have to pay zakat every year on the gold that you own.
      "When a man sees the road as long he weakens in his walk." Ibn Qayyim

      Comment


      • #4
        Originally posted by Musbah View Post
        Also, don't forget that you will have to pay zakat every year on the gold that you own.
        Oh yar this too. Thanks!

        Comment


        • #5
          Originally posted by Musbah View Post
          You are buying gold to keep it as an investment but it is also a hedge against inflation and to preserve savings. My advice to you is to keep that gold and not sell it off in exchange for any type of fiat currency that is more likely to collapse in an economic downfall that gold ever will. Gold has stood the test of time as a currency and has intrinsic value whereas paper currency has always collapsed. But if your intention is to sell it down the road thinking it will appreciate then I don't know if this is considered a speculative transaction that is haram.
          Makes sense.
          Hmm..
          okay let’s say the situation is different.
          In the future, I need to sell gold to fiat as I urgently need the money. How about this?

          Comment


          • #6
            Originally posted by shairazi View Post

            Makes sense.
            Hmm..
            okay let’s say the situation is different.
            In the future, I need to sell gold to fiat as I urgently need the money. How about this?
            Then your intention goes from trying to make a profit that could be questionable to doing it out of necessity. It's best to ask a scholar.
            "When a man sees the road as long he weakens in his walk." Ibn Qayyim

            Comment


            • #7
              Originally posted by Musbah View Post

              Then your intention goes from trying to make a profit that could be questionable to doing it out of necessity. It's best to ask a scholar.
              Okay. Thanks.
              How do I speak to a scholar?

              Comment


              • #8
                Originally posted by Musbah View Post
                You are buying gold to keep it as an investment but it is also a hedge against inflation and to preserve savings. My advice to you is to keep that gold and not sell it off in exchange for any type of fiat currency that is more likely to collapse in an economic downfall that gold ever will. Gold has stood the test of time as a currency and has intrinsic value whereas paper currency has always collapsed. But if your intention is to sell it down the road thinking it will appreciate then I don't know if this is considered a speculative transaction that is haram.
                Sorry brother I just want to understand what is meant by a speculative investment/transaction. Like say you buy a plot of land and expect its price to go up one day, is that speculation?
                وَاقْصِدْ فِي مَشْيِكَ وَاغْضُضْ مِن صَوْتِكَ ۚ إِنَّ أَنكَرَ الْأَصْوَاتِ لَصَوْتُ الْحَمِيرِ - 31:19

                And be moderate in your pace and lower your voice; indeed, the most disagreeable of sounds is the voice of donkeys."


                أَلَمْ تَرَوْا أَنَّ اللَّهَ سَخَّرَ لَكُم مَّا فِي السَّمَاوَاتِ وَمَا فِي الْأَرْضِ وَأَسْبَغَ عَلَيْكُمْ نِعَمَهُ ظَاهِرَةً وَبَاطِنَةً ۗ وَمِنَ النَّاسِ مَن يُجَادِلُ فِي اللَّهِ بِغَيْرِ عِلْمٍ وَلَا هُدًى وَلَا كِتَابٍ مُّنِيرٍ - 31:20

                Do you not see that Allah has made subject to you whatever is in the heavens and whatever is in the earth and amply bestowed upon you His favors, [both] apparent and unapparent? But of the people is he who disputes about Allah without knowledge or guidance or an enlightening Book [from Him].


                Please take a look at my travel booking website : https://destinationfindertravel.com/

                Please take a look at my blog : http://thinkingmuslima.blogspot.co.uk/

                Comment


                • #9
                  Originally posted by LailaTheMuslim View Post

                  Sorry brother I just want to understand what is meant by a speculative investment/transaction. Like say you buy a plot of land and expect its price to go up one day, is that speculation?
                  There is transactions in Islam that are forbidden called speculative transactions which is a type of gambling. Dealing in derivatives in the stock market where you are trying to predict the futures is speculative in nature. It is a type of gambling. And there are trillions of dollars in derivatives in the Stock Market. Warren Buffet said that derivatives are financial weapons of mass destruction. Little wonder why Islam would forbid such wrongful investments. It devours man's wealth rapidly when there are declines in markets and economies around the world. But a better explanation would be better served by a scholar who specializes in financial matters. And Allah Knows Best.
                  "When a man sees the road as long he weakens in his walk." Ibn Qayyim

                  Comment


                  • #10
                    Originally posted by shairazi View Post

                    Okay. Thanks.
                    How do I speak to a scholar?
                    Ask the question of Islam Q&A and see if they reach out to you. You can even do a search and see if your question has already been answered by someone else.

                    https://islamqa.info/en/categories
                    "When a man sees the road as long he weakens in his walk." Ibn Qayyim

                    Comment


                    • #11
                      Originally posted by Musbah View Post

                      There is transactions in Islam that are forbidden called speculative transactions which is a type of gambling. Dealing in derivatives in the stock market where you are trying to predict the futures is speculative in nature. It is a type of gambling. And there are trillions of dollars in derivatives in the Stock Market. Warren Buffet said that derivatives are financial weapons of mass destruction. Little wonder why Islam would forbid such wrongful investments. It devours man's wealth rapidly when there are declines in markets and economies around the world. But a better explanation would be better served by a scholar who specializes in financial matters. And Allah Knows Best.
                      Ah thanks for clearing that up for me. So I need to ask a scholar on this

                      OK tagging Abu Mus'ab for further clarification.

                      Or can one of the brothers forward this question to Abu Mus'ab as they have him on whatsapp:

                      Is investing in land you expect to sell later on for much more as its market value goes up, a haram thing to do? Can you explain how Muslims see investing in things that might be of more value later on?

                      Simply_Logical or Saif-Uddin can you pass that message on to Abu Mus'ab?
                      وَاقْصِدْ فِي مَشْيِكَ وَاغْضُضْ مِن صَوْتِكَ ۚ إِنَّ أَنكَرَ الْأَصْوَاتِ لَصَوْتُ الْحَمِيرِ - 31:19

                      And be moderate in your pace and lower your voice; indeed, the most disagreeable of sounds is the voice of donkeys."


                      أَلَمْ تَرَوْا أَنَّ اللَّهَ سَخَّرَ لَكُم مَّا فِي السَّمَاوَاتِ وَمَا فِي الْأَرْضِ وَأَسْبَغَ عَلَيْكُمْ نِعَمَهُ ظَاهِرَةً وَبَاطِنَةً ۗ وَمِنَ النَّاسِ مَن يُجَادِلُ فِي اللَّهِ بِغَيْرِ عِلْمٍ وَلَا هُدًى وَلَا كِتَابٍ مُّنِيرٍ - 31:20

                      Do you not see that Allah has made subject to you whatever is in the heavens and whatever is in the earth and amply bestowed upon you His favors, [both] apparent and unapparent? But of the people is he who disputes about Allah without knowledge or guidance or an enlightening Book [from Him].


                      Please take a look at my travel booking website : https://destinationfindertravel.com/

                      Please take a look at my blog : http://thinkingmuslima.blogspot.co.uk/

                      Comment


                      • #12
                        Originally posted by LailaTheMuslim View Post

                        Ah thanks for clearing that up for me. So I need to ask a scholar on this

                        OK tagging Abu Mus'ab for further clarification.

                        Or can one of the brothers forward this question to Abu Mus'ab as they have him on whatsapp:

                        Is investing in land you expect to sell later on for much more as its market value goes up, a haram thing to do? Can you explain how Muslims see investing in things that might be of more value later on?

                        Simply_Logical or Saif-Uddin can you pass that message on to Abu Mus'ab?
                        السلام عليكم ورحمة الله وبركاته ukthi

                        I've asked Sheikh Abu Musab, will post his answer when he replies back.

                        جزاك الله خيرا
                        http://www.ilovepalestine.com/campai...imesinGaza.gif

                        "It does not befit the lion to answer the dogs."

                        – Imam al-Shafi’i (Rahimahullah)

                        Comment


                        • #13
                          Originally posted by Saif-Uddin View Post

                          السلام عليكم ورحمة الله وبركاته ukthi

                          I've asked Sheikh Abu Musab, will post his answer when he replies back.

                          جزاك الله خيرا
                          Jazakallah khair
                          وَاقْصِدْ فِي مَشْيِكَ وَاغْضُضْ مِن صَوْتِكَ ۚ إِنَّ أَنكَرَ الْأَصْوَاتِ لَصَوْتُ الْحَمِيرِ - 31:19

                          And be moderate in your pace and lower your voice; indeed, the most disagreeable of sounds is the voice of donkeys."


                          أَلَمْ تَرَوْا أَنَّ اللَّهَ سَخَّرَ لَكُم مَّا فِي السَّمَاوَاتِ وَمَا فِي الْأَرْضِ وَأَسْبَغَ عَلَيْكُمْ نِعَمَهُ ظَاهِرَةً وَبَاطِنَةً ۗ وَمِنَ النَّاسِ مَن يُجَادِلُ فِي اللَّهِ بِغَيْرِ عِلْمٍ وَلَا هُدًى وَلَا كِتَابٍ مُّنِيرٍ - 31:20

                          Do you not see that Allah has made subject to you whatever is in the heavens and whatever is in the earth and amply bestowed upon you His favors, [both] apparent and unapparent? But of the people is he who disputes about Allah without knowledge or guidance or an enlightening Book [from Him].


                          Please take a look at my travel booking website : https://destinationfindertravel.com/

                          Please take a look at my blog : http://thinkingmuslima.blogspot.co.uk/

                          Comment


                          • #14
                            Originally posted by LailaTheMuslim View Post

                            Ah thanks for clearing that up for me. So I need to ask a scholar on this

                            OK tagging Abu Mus'ab for further clarification.

                            Or can one of the brothers forward this question to Abu Mus'ab as they have him on whatsapp:

                            Is investing in land you expect to sell later on for much more as its market value goes up, a haram thing to do? Can you explain how Muslims see investing in things that might be of more value later on?

                            Simply_Logical or Saif-Uddin can you pass that message on to Abu Mus'ab?
                            Ukthi this is no different to buying any item and reselling it, there is nothing wrong with it, its Halaal.

                            جزاك الله خيرا
                            http://www.ilovepalestine.com/campai...imesinGaza.gif

                            "It does not befit the lion to answer the dogs."

                            – Imam al-Shafi’i (Rahimahullah)

                            Comment


                            • #15
                              Originally posted by Saif-Uddin View Post

                              Ukthi this is no different to buying any item and reselling it, there is nothing wrong with it, its Halaal.

                              جزاك الله خيرا
                              Jazakallah khair brother.
                              وَاقْصِدْ فِي مَشْيِكَ وَاغْضُضْ مِن صَوْتِكَ ۚ إِنَّ أَنكَرَ الْأَصْوَاتِ لَصَوْتُ الْحَمِيرِ - 31:19

                              And be moderate in your pace and lower your voice; indeed, the most disagreeable of sounds is the voice of donkeys."


                              أَلَمْ تَرَوْا أَنَّ اللَّهَ سَخَّرَ لَكُم مَّا فِي السَّمَاوَاتِ وَمَا فِي الْأَرْضِ وَأَسْبَغَ عَلَيْكُمْ نِعَمَهُ ظَاهِرَةً وَبَاطِنَةً ۗ وَمِنَ النَّاسِ مَن يُجَادِلُ فِي اللَّهِ بِغَيْرِ عِلْمٍ وَلَا هُدًى وَلَا كِتَابٍ مُّنِيرٍ - 31:20

                              Do you not see that Allah has made subject to you whatever is in the heavens and whatever is in the earth and amply bestowed upon you His favors, [both] apparent and unapparent? But of the people is he who disputes about Allah without knowledge or guidance or an enlightening Book [from Him].


                              Please take a look at my travel booking website : https://destinationfindertravel.com/

                              Please take a look at my blog : http://thinkingmuslima.blogspot.co.uk/

                              Comment

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