Mufti Online — Madrasah Ta'leemuddeen

Buying gold on credit

· 15 Shawwal 1440 AH1 min readEnglish

Question

Someone wants to buy gold but does not have enough funds and decides to give some amount to the seller and book the gold at the price of the day of booking to prevent paying more by the time he gets more funds. In this case, the gold price may go up or down on the day he will actually give the remainig amount and takes the gold.

Is this a permissible situation or one needs to do the whole deal of paying money and taking gold in the same sitting?

Answer

It is right. The deal should be concluded when the payment is complete.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Questions about this ruling, answered only from the archive with sources.

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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/29421
Fatawa SA: https://fatawa.co.za/fatwa/muftionline-29421

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