Purchasing gold online

Q: I want to know about forex trading in gold usoil or currencies? What are Islamic teachings and what should be avoided? If the broker is paid directly and dollars are given back directly within that time, is it permissible?

A: If you are referring to purchasing gold online in exchange of money, it is permissible on condition that you take possession of the gold. However, if possession of the gold does not take place, the transaction will not be permissible.

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


Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)