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Trading in gold online

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)

One of our brothers/sisters has asked this question:

 assalamu alaikum
iam online trading on gold.iam purchasing gold by online with my cash as deposited.no interest dealing.but iam not purchasing physically.just buying or selling through online by cash.but not margin trading or not buying any loan from brokers.so is it allowed in islam.

(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)

Answer:

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

Your buying and selling online will be termed as halaal as once you are committed to a deal you will be the owner of the assets and will be responsible for any profits or/and losses. This transaction is similar to the purchase of shares and stocks wherein one does not physically get any assets, but the purchases and sales are recorded on paper and traded.

 

 

Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength. Allah Alone Knows Best and He is the Only Source of Strength.

Your brother and well wisher in Islam,

Members of Islamhelpline


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