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

    جزاك الله خيرا

    Leave a comment:


  • murad
    replied
    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.

    Leave a comment:


  • murad
    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.
    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.

    Leave a comment:


  • Saif-Uddin
    replied
    Originally posted by LailaTheMuslim View Post

    Jazakallah khair brother.
    واياكم ukthi

    Leave a comment:


  • Simply_Logical
    replied
    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

    Leave a comment:


  • Musbah
    replied
    This may help answer the OP and a discussion on speculative transactions in general:

    https://islamicmarkets.com/education/gharar
    Last edited by Musbah; 09-01-19, 09:27 PM.

    Leave a comment:


  • LailaTheMuslim
    replied
    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.

    Leave a comment:


  • Saif-Uddin
    replied
    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

    Leave a comment:


  • LailaTheMuslim
    replied
    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

    Leave a comment:


  • Saif-Uddin
    replied
    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

    Leave a comment:


  • LailaTheMuslim
    replied
    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?

    Leave a comment:


  • Musbah
    replied
    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

    Leave a comment:


  • Musbah
    replied
    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.

    Leave a comment:


  • LailaTheMuslim
    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.
    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?

    Leave a comment:


  • shairazi
    replied
    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?

    Leave a comment:

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