Ads by Muslim Ad Network


No announcement yet.

Keeping gold

  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    This may help answer the OP and a discussion on speculative transactions in general:
    Last edited by Musbah; 09-01-19, 08:27 PM.
    "When a man sees the road as long he weakens in his walk." Ibn Qayyim


    • #17
      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?
      looks like brother saif uddin has contacted him


      • #18
        Originally posted by LailaTheMuslim View Post

        Jazakallah khair brother.
        واياكم ukthi

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

        – Imam al-Shafi’i (Rahimahullah)


        • #19
          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.
          What are you talking about bro ? How can that ever be Haram ? On what possible basis can it be haram ? If it is speculation to buy something, hold it, in the hope of selling it for a increase in price then every trade in the world is speculation including the selling of vegetables.


          • #20
            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.
            There is nothing wrong with buying gold with the intention to make a profit. This is called trade.

            Gharar is more to do with Insurance.

            Derivatives are basically haram because you dont own the asset. In Islam to trade, you should have possession of what your trading.

            The best thing you said in this thread is 1) you have to pay zakat on Gold and
            2) its best to ask a scholar

            btw, im not a scholar but this fairly common knowledge.


            • #21
              Originally posted by shairazi View Post
              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?
              Its Halaal, as long as you pay Zakaat on it, if its worth above Nisaab level.

              جزاك الله خيرا

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

              – Imam al-Shafi’i (Rahimahullah)