Question Summary:
Investing in Gold Question Detail:
I want to Invest in Gold. And in the begining i thought of buying gold coins every month and keep it safely at home. But from my friends i got to know about the other Gold Saving Schemes available in the market. I have choosen one scheme but before start investing i want to know that this scheme is halal in Islam or not.
SCHEME:
For every monthly instalment, gold is creditd to your account at the prevailing rate. When you purchase jewellery upon maturity, you enjoy special benefits, as below:
No wastage (VA) and No Making Charges on accumulated weight (upto 18%*)
No VAT (VAT will be borne by GRT)
Please guide me on this.
Answer :
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
At the outset, we apologize for the belated response.
After studying the GRT Gold Savings Scheme in question, we have understood the following:
Customer invests X amount of money every month.
For every monthly instalment, gold is credited to his account based on the prevailing rate of gold.
When jewellery is purchased/selected upon maturity, the customer enjoys special benefits.
Such an investment scheme is inconsistent with the Islamic laws of commerce. As such, it is impermissible to invest in the GRT Gold Savings Scheme in question.[1]
And Allah Ta’āla Knows Best
Hisham Dawood
Student, Darul Iftaa
Chicago, USA
Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net
[1] The scheme may be interpreted in light of Sharī’ah as follows:
- Effectively, the company is telling the customer if he/she gives a monthly offering of X amount of money, the company, in turn, will give the equivalent in jewellery with special redemption benefits at a later date.
- The monthly instalment/offering is either Hibah Mashroot or Qard to the company (It may not be considered Wadī’ah because the company uses the money).
- If the instalment is Hibah Mashroot, then the contract is invalid based on Taqābud being a condition of Hibah Mashroot (و إذا وهب بشرط العوض اعتبر التقابض في العوضين جميعا-القدوري ص:٣٠٤، دار ابن كثير)
- If the instalment is Qard, the contract is invalid based on كل قرض جر نفعا فهو ربا.
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