With the increasing spread of e-commerce and many stores providing installment sales services, many may wonder about the ruling on buying gold in this way according to Islamic law. Gold, as a precious metal, has special rulings in Islamic jurisprudence, which makes the subject of buying in installments worthy of careful study. In this article, we will discuss the Islamic ruling on buying gold in installments through online stores and the conditions that must be met to ensure the validity of the transaction.
The importance of understanding the Sharia ruling
Gold is considered as 'usurious money' which requires the application of certain rules, such as: immediate collection and exchange upon sale. Because buying gold in installments may conflict with some of these rules, a Muslim must be careful to know the ruling on that to ensure his commitment to the provisions of Sharia and avoid falling into prohibitions.
Ruling on buying gold in installments
In Islamic jurisprudence, buying gold in installments is a controversial issue among scholars. The prevailing opinion among the majority of scholars is that buying gold in installments is not permissible according to Islamic law, because gold is considered usurious money that must be exchanged in the contract session. In other words, the price must be paid and the gold delivered at the same time, which is not the case in the case of buying in installments.
Conditions to be observed
1. Instant cashback:
If you intend to buy gold online, you must ensure that the payment and delivery process is done without delay. That is, upon completion of the purchase, the full price must be paid and the gold must be delivered immediately.
2. No postponement or installment:
To avoid falling into usury, the price of gold must be paid in full upon purchase, and any type of postponement or installment must be avoided.
3. Check the terms of the contract:
When purchasing gold from an online store, you should read the terms and conditions carefully to ensure that the contract is Sharia-compliant and does not include any condition that leads to usury.
4. Fulfilling the condition of exchange:
According to the provisions of Sharia, the validity of a gold sale requires that the condition of exchange be met. Therefore, when paying or transferring the price of the piece to the store’s account, this is done as a trust. When the piece is received by the shipping company, it collects on your behalf, and the condition of exchange is considered met at that time, as the amount transferred is considered a sale when the shipping company receives the piece.
Ruling on buying from online stores
Purchasing from online stores is permissible in itself, but on condition that it complies with Sharia regulations. In the case of gold, the transaction must comply with the provisions of immediate exchange and payment of the full price upon purchase. Some scholars believe that purchasing gold online is permissible if advance payment is made and the gold is received at the same time or upon immediate delivery to the seller.
Finally, if you want to buy gold through online stores, it is necessary to be aware of the Sharia provisions related to this, especially the ruling on buying in installments. Always make sure that your financial transactions are in accordance with Islamic Sharia to avoid any legal violations. By following the mentioned conditions and ensuring the validity of the transactions, you can enjoy a safe shopping experience that is compatible with the provisions of our Islamic religion.
For more information about buying gold and its legal rulings, consult specialized scholars or contact reliable fatwa authorities: Ibn Taymiyyah and Ibn al-Qayyim’s statement on the permissibility of selling gold 👈🏼 Click here