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Paying Cash For Gold
It is lawful to pay for gold with ready cash in any currency at the market price on the day of payment. Possession of the counter values in such an...
It is lawful to pay for gold with ready cash in any currency at the market price on the day of payment. Possession of the counter values in such an...
Methods Of Trading In Gold
Trade in gold is in and of itself lawful and it is imperative that execution be at spot. The purchase, receipt and storage of gold when prices are...
Trade in gold is in and of itself lawful and it is imperative that execution be at spot. The purchase, receipt and storage of gold when prices are...
International Trade In Gold
Gold is purchased and the full price is paid and it is stored in the treasury of the correspondent bank in the Islamic bank’s name. The bank then...
Gold is purchased and the full price is paid and it is stored in the treasury of the correspondent bank in the Islamic bank’s name. The bank then...
Guaranteeing Gold
Such a deal is permissible because it includes the loan of gold and trading in it while it is the property of the seller-borrower and then a...
Such a deal is permissible because it includes the loan of gold and trading in it while it is the property of the seller-borrower and then a...
Standard Transactions On Gold Market
It is permissible to trade gold for paper currency in the international market as long as the transaction takes place in accordance with the rules...
It is permissible to trade gold for paper currency in the international market as long as the transaction takes place in accordance with the rules...
Promising to Buy Gold And Silver In Future
A promise to buy or sell gold or silver in the future opens the door to the sale of debt for debt which is prohibited. A contract for the sale of...
A promise to buy or sell gold or silver in the future opens the door to the sale of debt for debt which is prohibited. A contract for the sale of...
Agency In The Sale Of Gold
The Shariah views the money changer as an agent of the depositing bank and the gold in his safekeeping is considered a trust which cannot be...
The Shariah views the money changer as an agent of the depositing bank and the gold in his safekeeping is considered a trust which cannot be...
Currency As Medium Of Exchange
There are two types of mediums of exchange: natural mediums of exchange (ie. gold and silver) and legal tender (ie. paper currency).
In...
There are two types of mediums of exchange: natural mediums of exchange (ie. gold and silver) and legal tender (ie. paper currency).
No, it is not permissible to enter into currency contracts for the future since they involve elements of riba and gharar.
Ruling Regarding Exchange of Similar Currency
Yes, in order to avoid the risk of loss due to fluctuating exchange rates, it is permissible for two contracting parties to deal in the same...
Yes, in order to avoid the risk of loss due to fluctuating exchange rates, it is permissible for two contracting parties to deal in the same...
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