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Keeping gold

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  • Musbah
    replied
    Originally posted by shairazi View Post

    Makes sense.
    Hmm..
    okay letís 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.

    Leave a comment:


  • shairazi
    replied
    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 letís say the situation is different.
    In the future, I need to sell gold to fiat as I urgently need the money. How about this?

    Leave a comment:


  • shairazi
    replied
    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!

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  • Musbah
    replied
    Also, don't forget that you will have to pay zakat every year on the gold that you own.

    Leave a comment:


  • Musbah
    replied
    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.

    Leave a comment:


  • shairazi
    started a topic Keeping gold

    Keeping gold

    Hi, read a lot online regarding gold trading where some say itís haram and others say itís 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?
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