The Ruling on Trading in Gold
Machine translationRead the Arabic original
Question:
I engage in buying and selling Saudi gold coins and gold bars. When the price of gold drops in the market, I go and buy a gold coin, for example, for 300 riyals, and when its price rises, I sell it for 480 riyals. Is there any religious objection to this transaction?
I should note that I buy the coins, hand the money to the bank owner, and take the coins, and the reverse is true for selling.
Answer:
There is no harm in the transaction mentioned, provided it is hand-to-hand, as you stated in your question, based on the hadith of 'Ubadah ibn al-Samit (may Allah be pleased with him) from the Prophet (peace and blessings be upon him), in which he said:Sahih Muslim 1587c. Imam Muslim recorded it in his Sahih.
I engage in buying and selling Saudi gold coins and gold bars. When the price of gold drops in the market, I go and buy a gold coin, for example, for 300 riyals, and when its price rises, I sell it for 480 riyals. Is there any religious objection to this transaction?
I should note that I buy the coins, hand the money to the bank owner, and take the coins, and the reverse is true for selling.
Answer:
There is no harm in the transaction mentioned, provided it is hand-to-hand, as you stated in your question, based on the hadith of 'Ubadah ibn al-Samit (may Allah be pleased with him) from the Prophet (peace and blessings be upon him), in which he said:
Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand.
الذهب بالذهب، والفضة بالفضة، والبر بالبر، والشعير بالشعير، والتمر بالتمر، والملح بالملح، مثلًا بمثل، سواءً بسواء، يدًا بيد، فإذا اختلفت هذه الأصناف، فبيعوا كيف شئتم إذا كان يدًا بيد
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.