SALES AND PURCHASE OF PHYSICAL GOLD ACCORDING TO ISLAMIC MUAMALAT: THE JAKIM PERSEPECTIVE

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This case about sales and purchase of physical gold according to Islamic Muamalat. Mr. Shahril Ehsan as the Fatwa Management Council officer from the Malaysian Department of Islamic Development (Jabatan Kemajuan Islam Malaysia ? JAKIM) has been appointed to lead a group consisting of officers from the fatwa management division and research division, both under JAKIM. He was asked by the director of JAKIM to examine the gold trading transaction in the country and to select a number of companies to be used as samples. The parameters/guidelines for the sales and purchase transaction of physical gold from the perspective of Islamic muamalat have been released by the fatwa (ruling) division of JAKIM in October 2011. This detailed investigation needs to be performed since there are still unclear transactions and there is a need to improve the procedures and provide extra information for the community. This is because a large part of the Islamic community has been involved in many transactions with companies, whether they would be for the intent to hold the gold for safe-keeping, to invest the gold, or even to make the physical gold as the instrument for exchange. It is pertinent for further investigation into this matter because Islamic muamalat is very particular about all aspects of the transactions that are performed, which must be free from any vestiges of riba (interest), gharar (uncertainty), and gambling. Additionally, gold is considered as ribawi goods that are clearly stated in the Hadith of the Prophet Muhammad (pbuh), which includes the six types of ribawi goods.

 

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