Leasing Gold
Machine translationRead the Arabic original
Praise be to Allah alone, and may prayers and peace be upon the one after whom there is no prophet. And after that: The Permanent Committee for Scholarly Research and Ifta has reviewed what was sent to His Eminence the Grand Mufti from: His Excellency the Minister of Commerce Usamah Fagih, reference number (1949/8/7 33) and dated 4/9/1423 AH, which was referred to the Committee by the General Secretariat of the Council of Senior Scholars with reference number (9555) and dated 11/9/1423 AH. The letter from His Excellency stated the following: I wish to inform Your Eminence that this Ministry received the attached summons from the citizen: (M. A. J.), which included his request for a license to practice the profession of gold leasing. Since this Ministry has not previously licensed this type of commercial transaction, and the Precious Metals and Gemstones System issued by Royal Decree No. (M 42) dated 10/7/1403 AH did not include any ruling regulating the activity of leasing precious metals, I ask Your Eminence to clarify the Islamic ruling on this matter and its conditions, so that the Ministry can make the appropriate decision regarding the aforementioned request.
After the Committee studied the inquiry, it answered that the rule in leasing is that anything whose use is permissible while its substance remains may be leased, due to the generality of the evidence regarding leasing in the Book and the Sunnah. Based on this, it is permissible to lease gold and other jewelry for a known fee and a known period, provided it is crafted in a way that its use is permissible by Shari'ah, such as women's jewelry. However, if its use is not permissible, such as vessels of
gold and silver and their like, then leasing it is not permissible.
After the Committee studied the inquiry, it answered that the rule in leasing is that anything whose use is permissible while its substance remains may be leased, due to the generality of the evidence regarding leasing in the Book and the Sunnah. Based on this, it is permissible to lease gold and other jewelry for a known fee and a known period, provided it is crafted in a way that its use is permissible by Shari'ah, such as women's jewelry. However, if its use is not permissible, such as vessels of
gold and silver and their like, then leasing it is not permissible.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.