Der Islam ist nach dem Christentum weltweit die zweitgrößte Religion. 1,7 Milliarden Menschen dürften sich weltweit zum Islam bekennen. Viele von Ihnen hatten bislang ein gespaltenes Verhältnis zu Gold. Aus Glaubensgründen war den Religionsanhängern des Islams bisher der Besitz und Handel von Gold weitgehend verboten. Das World Gold Council, eine Gold-Produzentenvereinigung hat zusammen mit islamischen Organisationen einen neuen Shariah-Goldstandard (Shariah Standard Nr. 57) festgelegt, der für Personen gilt, die religiös dem Islam verbunden sind.
Gold und Islam – Was galt bisher?
Das Tragen von Gold ist Frauen vorbehalten. Das Tragen von Gold ist Männern im Islam ebenso verboten wie Kleidungsstücke aus Seide zu tragen. Selbst der Verkauf von Schmuck aus Gold ist verboten, wenn der Schmuck für Männer bestimmt ist. Muslimen ist es auch verboten, mit goldenem Besteck zu essen, da das Essen das Wertvolle ist und nicht das Besteck. Wenn ein Mann goldenen Schmuck trägt, z.B. einen Ring, sind Ritualgebete ungültig.
Wer Gold im Gewicht von mehr als 67,5 Gramm besitzt (15 Miskal), ist zum Zakat verpflichtet, wenn es sich um Gold als Zahlungsmittel (z.B. Goldmünzen) handelt. Einige sehen diese Grenze bei 85 Gramm (Nisaab von Gold). Unter Zakat versteht man eine verpflichtende Abgabe für Muslime an Bedürftige. Die Zakat ist eine der fünf Säulen des Islams. 2,5% gilt als angemessener Satz. Für Silber gilt eine Grenze von 595 Gramm als abgabefrei. Die Abgaben sind bei einer Besitzdauer von einem Jahr zu entrichten.
Was wird gelockert in punkto Islam und Gold?
Das direkte physische Investment in Goldmünzen und Goldbarren, bei dem der Käufer auch tatsächlich in den Besitz des körperlichen Goldes kommt, wird erlaubt. Investments in Finanzwetten, Gold-Futures oder mehr theoretische Konstrukte sind dem Anleger nach wie vor verboten, da sie als Glücksspiel gelten. Dies gilt z.B. auch für Gold-Optionsscheine usw. Gold in Form von Goldbarren und Goldmünzen darf gekauft werden, besonders, wenn es in Tresoren verwahrt wird. Männer dürfen es aber nicht am Körper tragen, da Goldschmuck nur Frauen vorbehalten ist.
Wichtig ist aber nach wie vor die korrekte Abführung von Abgaben (Zakat/Zakah), die innerhalb eines Lunarjahres abzuführen sind, wenn man ein Mondjahr lang im Besitz ist.
Sowohl Männer wie auch Frauen dürfen also Goldbarren kaufen oder Goldmünzen kaufen, sofern bei Überschreitung der Freibeträge 1x im Jahr 2,5% des Investments an Bedürftige abgegeben wird. Bei 10% Wertsteigerung des Goldpreises im Jahr 2016, verbleiben auch einem Gold-Anleger im Islam immer noch 7,5% – nach Abführung von 2,5% Zakat.
Wer hat das Abkommen Gold & Islam ausgehandelt
Die Leitlinie zur Shariah wurde zwischen dem World Gold Council (WGC) und dem AAOIFI ausgehandelt. Dies ist eine 1991 in Bahrain gegründete Non-Profit-Organisation, die Standards für den Finanzmarkt in islamischen Ländern aufsetzt und von Regierungen unterstützt wird. Alle führenden Finanzmarktakteure in islamischen Ländern halten sich an deren Standards.
Wieviel Geld könnte aus dem Islam in Gold gehen?
Nach mehreren Schätzungen, werden von Menschen, die dem islamischem Glauben nahestehen, aktuell rund 2000 Milliarden US-Dollar weltweit in Geldanlagen angelegt, davon so gut wie kein Gold. Die jährliche Goldnachfrage liegt aktuell weltweit bei 4200 Tonnen Gold – im Wesentlichen ohne Käufe mit islamischen Hintergrund. Nach und nach rechnet das World Gold Council (WGC) mit einer Zunahme von Käufen aus der islamischen Welt um mehrere hundert Tonnen Gold pro Jahr, was den Goldpreis nachhaltig nach oben befördern sollte.
Gold kaufen im Islam – was gilt?
Exakter Text des Shariah-Goldstandards No. 57:
Wer nach dem Vorschriften des Islam lebt und überprüfen möchte, ob sein Goldinvestment den Regeln des Islams entspricht, kann hier den exakten Text des Goldstandards im Islam nachlesen. Der Goldstandard wurde in arabisch und englisch verfasst. Um ihn nicht zu verfälschen, verzichten wir auf eine Übersetzung in das Deutsche, sondern zitieren das Original in englischer Sprache:
- Scope of the Standard . Scope of the Standard This standard covers the Shari’ah rulings for gold in its various This standard covers the Shari’ah rulings for gold in its various types and forms, the Shari’ah parameters for trading in gold, and the Shari’ah and forms, the Shari’ah parameters for trading in gold, and the Shari’ah rulings for gold-based financial products in the institutions. Rulings for gold-based financial products in the institutions. This standard does not cover the Shari’ah rulings related to precious This standard does not cover the Shari’ah rulings related to precious metals other than gold and silver, nor does it cover the Shari’ah rulings for metals other than gold and silver, nor does it cover the Shari’ah rulings for currencies, as they are covered in a separate standard. currencies, as they are covered in a separate standard.
- Gold and Its Shari’ah Characterization . Gold and Its Shari’ah Characterization Gold is the well-known natural elem Gold is the well-known natural element and precious metal. It is, in element and precious metal. It is, in principle, a fungible item (measured by weight) and a Ribawi commodity, principle, a fungible item (measured by weight) and a Ribawi commodity, and is subject to the Shari’ah rulings for currency exchange ( and is subject to the Shari’ah rulings for currency exchange (al-Sarf).
- Shari’ah Rulings for Trading in Gold . Shari’ah Rulings for Trading in Gold Shari’ah rulings for trading in gold vary according to the following Shari’ah rulings for trading in gold vary according to the following considerations: considerations:
3/1 On the Basis of Equality or Disparity in Weight n the Basis of Equality or Disparity in Weight
3/1/1 The sale of gold for gold is permissible provided the counter- the sale of gold for gold is permissible provided the countervalues are equal in weight regardless of being new or old values are equal in weight regardless of being new or old (used or unused) and provided both the counter-values are used or unused) and provided both the counter-values are exchanged as required by Shari’ah. See item (2/6) of Shari’ah exchanged as required by Shari’ah. See item (2/6) of Shari’ah Standard No. (1), on “Trading in Currencies”. standard No. (1), on “Trading in Currencies”.
3/1/2 If gold is not the primary asset of a commercial entity whose /1/2 If gold is not the primary asset of a commercial entity whose activities do not involve trading in gold, silver and currencies, activities do not involve trading in gold, silver and currencies, and the entity or a part thereof is sold, along with that gold, the end the entity or a part thereof is sold, along with that gold, the permissibility of the sale is not subject to the Shari’ah rulings permissibility of the sale is not subject to the Shari’ah rulings for currency exchange ( or currency exchange (al-Sarf). However, it is not permissible . However, it is not permissible
Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 9 to [deliberately] establish a portfolio for the specific purpose o [deliberately] establish a portfolio for the specific purpose of trading in gold, unless it complies with the Shari’ah rulings f trading in gold, unless it complies with the Shari’ah rulings for currency exchange ( or currency exchange (al-Sarf).
3/1/3 Sale of gold for silver is permissible regardless of disparity in /1/3 Sale of gold for silver is permissible regardless of disparity in the weight of the counter-values; and sale of gold for currencies he weight of the counter-values; and sale of gold for currencies is permissible at any mutually agreed price. In both cases [gold s permissible at any mutually agreed price. In both cases [gold for silver and gold for currencies] the counter- values must be or silver and gold for currencies] the counter- values must be exchanged as required by Shari’ah. See item 3.1.1 above. Exchanged as required by Shari’ah. See item 3.1.1 above.
3/1/4 Sale of gold for anything other than gold, silver or currencies- /1/4 Sale of gold for anything other than gold, silver or currencies as in the case of selling gold for commodities (other than gold, s in the case of selling gold for commodities (other than gold, silver, or currencies) or usufruct or service- is permissible at silver, or currencies) or usufruct or service- is permissible at any price without the requirement of immediate exchange of any price without the requirement of immediate exchange of the counter-values. he counter-values.
3/2 On the Basis of Immediate or Deferred Exchange of the Counter- /2 On the Basis of Immediate or Deferred Exchange of the Countervalues
3/2/1 In case of sale of gold for gold, or silver or currencies, the n case of sale of gold for gold, or silver or currencies, the two counter-values must be delivered during the contracting wo counter-values must be delivered during the contracting session, physically or constructively. If gold is sold for anything ession, physically or constructively. If gold is sold for anything other than the above, deferment of one of the counter-values their than the above, deferment of one of the counter-values is then permissible. This Shari’ah ruling invariably applies to s then permissible. This Shari’ah ruling invariably applies to gold in all states of purity, used or unused. old in all states of purity, used or unused.
3/2/2 It is not permissible that the sale contract be contingent on an /2/2 It is not permissible that the sale contract be contingent on an event or occurrence, nor is it permissible to be a forward contract vent or occurrence, nor is it permissible to be a forward contract (deferred to the future). Similarly, stipulation of deferred to the future). Similarly, stipulation of Khiyar al-Shart hiyar al-Shart (cooling-off option) cooling-off option)(2)in the sale of gold is impermissible. in the sale of gold is impermissible.
3/2/3 It is not permissible to stipulate deferment of both the counter- /2/3 It is not permissible to stipulate deferment of both the countervalues when selling gold, as in the case of forward or futures values when selling gold, as in the case of forward or futures contracts. This is because in these cases, the Shari’ah requirement contracts. This is because in these cases, the Shari’ah requirement of exchange of the counter-values is not met. f exchange of the counter-values is not met. (2)See Shari’ah Standard No. (54) on Revocation of Contracts by Exercise of a Cooling-off See Shari’ah Standard No. (54) on Revocation of Contracts by Exercise of a Cooling-off Option. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 10
3/3 On the Basis of Gold Purity /3 On the Basis of Gold Purity 3/3/1 Gold alloys: /3/1 Gold alloys: Gold mixed with other elements/substances may be categorized Gold mixed with other elements/substances may be categorized into three types: Into three types: 3/3/1/1 The first type: he first type:gold mixed with another metal, wherein gold mixed with another metal, wherein each metal in the alloy/mixture is intended per se. This ach metal in the alloy/mixture is intended per se. This comes in several forms including the following: omes in several forms including the following: The first form: he first form:Gold mixed with silver. It is permissible Gold mixed with silver. It is permissible to sell it for pure gold or pure silver, provided that the o sell it for pure gold or pure silver, provided that the exchange of the counter-values is spot, and that the xchange of the counter-values is spot, and that the weight of the pure counter-value is more than that of eight of the pure counter-value is more than that of the counter-value in the alloy/ mixture. If the pure he counter-value in the alloy/ mixture. If the pure counter-value is equal in weight or lighter than its ounter-value is equal in weight or lighter than its kind in the alloy/ mixture, the sale is not permissible. ind in the alloy/ mixture, the sale is not permissible. If the alloy/ mixture is sold for another alloy/ mixture f the alloy/ mixture is sold for another alloy/ mixture of gold and silver, or for currencies, only the spot old and silver, or for currencies, only the spot exchange xchange of the counter-values is required. f the counter-values is required. The second form: he second form:gold is mixed with elements/ sub- gold is mixed with elements/ substances other than silver. This has two types tances other than silver. This has two types: The first type: The first type:the percentage of pure gold exceeds the percentage of pure gold exceeds 50%, in which case sale of the alloy is permissible in 0%, in which case sale of the alloy is permissible in exchange for: xchange for: a) pure gold, provided that the exchange is spot and ) pure gold, provided that the exchange is spot and the pure counter-value weighs more than its kind he pure counter-value weighs more than its kind in the alloy/mixture, so that the excess in the pure n the alloy/mixture, so that the excess in the pure gold is the counter-value to the non-gold substance old is the counter-value to the non-gold substance in the alloy/ mixture. n the alloy/ mixture. b) pure silver or gold mixed with any substances other ) pure silver or gold mixed with any substances other than silver, or for currencies, provided that the han silver, or for currencies, provided that the counter-values are exchanged on spot. ounter-values are exchanged on spot. c) elements/ substances other ) elements/ substances other than silver or currencies, han silver or currencies, in which case the spot exchange of counter-values is n which case the spot exchange of counter-values is not required. ot required. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 11 The second type: he second type:where the percentage of pure gold is where the percentage of pure gold is 50% or less, in which case it is not deemed a sale of gold, 0% or less, in which case it is not deemed a sale of gold, unless it is sold for gold, silver or currencies, in which nless it is sold for gold, silver or currencies, in which case spot exchange of counter-values is required. ase spot exchange of counter-values is required.
3/3/1/2 The second type: where gold is mixed with a substance /3/1/2 The second type: where gold is mixed with a substance not intended per se; rather the substance is intended for ot intended per se; rather the substance is intended for the purposes of standardizing or coloring gold, etc. For he purposes of standardizing or coloring gold, etc. For example, when a substance is added to gold in specific xample, when a substance is added to gold in specific proportions to render it of a certain standard (karatage), proportions to render it of a certain standard (karatage), such as 21K or 18K. In this case, the substances added such as 21K or 18K. In this case, the substances added to the gold are not intended per se. Therefore, the o the gold are not intended per se. Therefore, the exchange of one counter-value for the other must be xchange of one counter-value for the other must be spot and the weight of pure gold in each of the two pot and the weight of pure gold in each of the two counter-values must be equal. ounter-values must be equal.
3/3/1/3 The third type: he third type:where a proportionately insignificant where a proportionately insignificant amount of gold, not intended per se, is mixed with mount of gold, not intended per se, is mixed with a large quantity of non-gold element/ substance that arge quantity of non-gold element/ substance that is intended per se. Examples include gilding gold and ntended per se. Examples include gilding gold and decoration of non-gold articles. The sale of such items/ ecoration of non-gold articles. The sale of such items/ articles is not subject to the Shari’ah rulings for sale of rticles is not subject to the Shari’ah rulings for sale of gold.
3/4 Sale of Gold Ingots for Currencies /4 Sale of Gold Ingots for Currencies When gold ingots are sold for currencies, the counter-values must be When gold ingots are sold for currencies, the counter-values must be exchanged during the contracting session. Possession of the ingot by exchanged during the contracting session. Possession of the ingot by the buyer, or his agent, is realized either physically or constructively. he buyer, or his agent, is realized either physically or constructively. Constructive possession is realized by allocation of the ingot and by constructive possession is realized by allocation of the ingot and by enabling the buyer to dispose of it, or by holding a certificate that enabling the buyer to dispose of it, or by holding a certificate that represents ownership of a specified ingot that is distinguishable represents ownership of a specified ingot that is distinguishable (an allocated ingot) from others, by serial numbers or other distinct allocated ingot) from others, by serial numbers or other distinct marks from other ingots, provided the certificate is issued the day the arks from other ingots, provided the certificate is issued the day the contract is concluded [Trade Date “T+0”], by officially or customarily contract is concluded [Trade Date “T+0”], by officially or customarily recognized agencies, enabling the buyer to take physical possession of recognized agencies, enabling the buyer to take physical possession of the purchased ingot at his request. Hence, it is not permissible to sell he purchased ingot at his request. Hence, it is not permissible to sell Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 12 an unspecified ingot (technically known in the market as unallocated n unspecified ingot (technically known in the market as unallocated ingot) without physical possession. ingot) without physical possession.
3/5 Shari’ah Rulings for Joint Ownership of Gold /5 Shari’ah Rulings for Joint Ownership of Gold
3/5/1 It is permissible to jointly own gold where each partner owns /5/1 It is permissible to jointly own gold where each partner owns an undivided share of a specified percentage in the pool of gold. n undivided share of a specified percentage in the pool of gold. Such ownership is subject to the rulings set out in item 3/4 above. such ownership is subject to the rulings set out in item 3/4 above.
3/5/2 The owner of the undivided share may request the segregation /5/2 The owner of the undivided share may request the segregation of his share, if possible, without prejudice to the other partners. f his share, if possible, without prejudice to the other partners. He may sell his undivided share without segregation. e may sell his undivided share without segregation. 3/5/3 In case of loss or damage, ea /5/3 In case of loss or damage, each co-owner shall bear the losses/ ch co-owner shall bear the losses/ damages pro rata. amages pro rata. 3/5/4 Ingots stored in a warehouse and not distinguishable by serial /5/4 Ingots stored in a warehouse and not distinguishable by serial numbers are considered unallocated and are thus subject to umbers are considered unallocated and are thus subject to the Shari’ah rulings for joint ownership. However, if the ingots he Shari’ah rulings for joint ownership. However, if the ingots have distinguishing serial numbers, each owner shall own ave distinguishing serial numbers, each owner shall own his allocated ingots and be liable for their loss, unless they all llocated ingots and be liable for their loss, unless they all agree that the ownership of the stored ingots shall be joint agree that the ownership of the stored ingots shall be joint and undivided, in which case the rulings of joint ownership nd undivided, in which case the rulings of joint ownership shall apply. In the event of loss or damage of the jointly owned hall apply. In the event of loss or damage of the jointly owned ingots, each owner shall bear the loss pro rata, provided that ingots, each owner shall bear the loss pro rata, provided that the overall amount in storage is specified at all times. he overall amount in storage is specified at all times.
- Gold in Contracts of . Gold in Contracts of Musharakah usharakahand Modern Corporations and and Modern Corporations and Companies
4/1 The use of gold as capital in /1 The use of gold as capital in Musharakah usharakah, Mudharabah udharabahand Investment and Investment Wakalahis permissible provided that gold is valuated and its monetary is permissible provided that gold is valuated and its monetary value in the currency of capital is determined at the contract date by alue in the currency of capital is determined at the contract date by mutual agreement of the contracting parties. This valuation is carried utual agreement of the contracting parties. This valuation is carried out for the purpose of determining the shares of the partners in ut for the purpose of determining the shares of the partners in Musharakah usharakahor the capital of or the capital of Mudharabah udharabahand Investment and Investment Wakalah. If valuation of the gold is not possible, the use of gold as capital is not f valuation of the gold is not possible, the use of gold as capital is not permissible. ermissible. 4/2 It is permissible for the parties to distribute the profit in gold provided /2 It is permissible for the parties to distribute the profit in gold provided it is at the market value of gold at the time of profit distribution. t is at the market value of gold at the time of profit distribution. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 13 4/3 It is permissible for the parties to redeem their capital in gold, upon /3 It is permissible for the parties to redeem their capital in gold, upon liquidation, provided it is at the market value of gold at the time of iquidation, provided it is at the market value of gold at the time of redemption. edemption. 4/4 It is permissible to buy the shares of a company that operates in /4 It is permissible to buy the shares of a company that operates in extraction of gold provided that the relevant Shari’ah parameters xtraction of gold provided that the relevant Shari’ah parameters are complied with. See Shari’ah Standard No. (21) on Financial Papers. omplied with. See Shari’ah Standard No. (21) on Financial Papers.
- Gold in Commutative Contracts ( . Gold in Commutative Contracts (Mu’awadhat u’awadhat) 5/1 Gold in Sale Contract /1 Gold in Sale Contract
5/1/1 It is permissible for an institution to purchase gold from /1/1 It is permissible for an institution to purchase gold from a supplier at spot, and sell it at spot by way of upplier at spot, and sell it at spot by way of Murabahah urabahahor Musawamah usawamah, provided the Shari’ah requirements set out in items provided the Shari’ah requirements set out in items (3) and (2/2/6) in Shari’ah Standard No. (8) on 3) and (2/2/6) in Shari’ah Standard No. (8) on al-Murabahah urabahah are complied with. re complied with. 5/1/2 It is not permissible to purchase gold by way of documentary /1/2 It is not permissible to purchase gold by way of documentary credit unless Shari’ah requirements set out in item (3) are com- redit unless Shari’ah requirements set out in item (3) are complied with, including payment of the price of the documentary lied with, including payment of the price of the documentary credit without deferment. See item (3/1/3) of Shari’ah Standard redit without deferment. See item (3/1/3) of Shari’ah Standard No. (14) on Documentary Credit. o. (14) on Documentary Credit. 5/1/3 It is permissible to appoint an agent to purchase and take /1/3 It is permissible to appoint an agent to purchase and take possession of gold ( ossession of gold (Wakalah). After purchase and taking . After purchase and taking possession, it is permissible for the agent to purchase from ossession, it is permissible for the agent to purchase from the principal the gold purchased by way of he principal the gold purchased by way of Wakalahthrough through an exchange of Offer ( n exchange of Offer (Ijab) and Acceptance ( and Acceptance (Qabul). In that . In that case, liability for the purchased gold is transferred to the ase, liability for the purchased gold is transferred to the agent as purchaser in the latter contract. See item (6.1.4) of gent as purchaser in the latter contract. See item (6.1.4) of Shari’ah Standard No. (23), on “Agency and the Act of an hari’ah Standard No. (23), on “Agency and the Act of an Uncommissioned Agent ( ncommissioned Agent (Fodooli)”; and also item (3/1) of ”; and also item (3/1) of Shari’ah Standard No. (8) on hari’ah Standard No. (8) on Murabahah urabahah. 5/2 Gold in the Contracts of /2 Gold in the Contracts of Salam and Istisna’a alam and Istisna’a 5/2/1 It is permissible to use gold as capital of Salam, provided that /2/1 It is permissible to use gold as capital of Salam, provided that the subject matter of Salam sale ( he subject matter of Salam sale (al-Muslam Fehi l-Muslam Fehi) is not gold, is not gold, silver or currencies. ilver or currencies. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 14 5/2/2 It is permissible to purchase gold through a /2/2 It is permissible to purchase gold through a Salamcontract, contract, provided the capital of rovided the capital of Salamis not gold, silver or currencies. is not gold, silver or currencies. 5/2/3 It is permissible to execute an /2/3 It is permissible to execute an Istisna’a stisna’acontract in gold, provided contract in gold, provided the price of he price of Istisna’a stisna’ais not gold, silver or currencies. is not gold, silver or currencies. 5/3 Gold in /3 Gold in Ijarah (Lease and Services) Contract Lease and Services) Contract 5/3/1 It is permissible to lease gold whether in the form of jewelry or /3/1 It is permissible to lease gold whether in the form of jewelry or ingots provided the corpus of the leased asset is not consumed ingots provided the corpus of the leased asset is not consumed during the lease. The rent may be payable in advance or in during the lease. The rent may be payable in advance or in arrears, and whether the lease contract is for an identified asset rrears, and whether the lease contract is for an identified asset or it is r it is Ijarah Mawsufah Fi Zhimmah jarah Mawsufah Fi Zhimmah.
5/3/2 It is permissible for the lessee to purchase the [leased] gold from /3/2 It is permissible for the lessee to purchase the [leased] gold from the lessor at a spot price agreed upon at the time of purchase. he lessor at a spot price agreed upon at the time of purchase.
5/3/3 It is permissible to pay the rent amount ( /3/3 It is permissible to pay the rent amount (Ujrah) in gold, even if in gold, even if the leased asset is gold. See 5.3.1 above. he leased asset is gold. See 5.3.1 above.
5/3/4 Ijarahis permissible in gold smithery, where gold is provided is permissible in gold smithery, where gold is provided by the hirer [service recipient] and work is provided by the y the hirer [service recipient] and work is provided by the goldsmith [service provider]; the remuneration ( oldsmith [service provider]; the remuneration (Ujrah) may be in advance or in arrears. The laborer’s remuneration (Ajr) e in advance or in arrears. The laborer’s remuneration (Ajr) can be paid out in gold. an be paid out in gold.
5/4 Gold in Deposit Contract /4 Gold in Deposit Contract (Wadi’ah)
5/4/1 Deposits of gold shall be held in trust with the depository. /4/1 Deposits of gold shall be held in trust with the depository. It is not permissible for the depository to use or dispose of s not permissible for the depository to use or dispose of deposits of gold (gold deposited with it), or commingle them eposits of gold (gold deposited with it), or commingle them with its gold or any other gold held in its safekeeping without ith its gold or any other gold held in its safekeeping without allocation. In case the depositor permits that his gold deposits llocation. In case the depositor permits that his gold deposits are commingled with gold held in his depository’s safekeeping, re commingled with gold held in his depository’s safekeeping, item (3.5) shall apply. tem (3.5) shall apply. 5/4/2 It is permissible for the depository to charge fees for safekeeping /4/2 It is permissible for the depository to charge fees for safekeeping the gold. The fees may be charged as a lump sum amount or he gold. The fees may be charged as a lump sum amount or as a percentage of the value of the deposited gold. If the gold is percentage of the value of the deposited gold. If the gold is deposited as collateral against a loan borrowed by the depositor, eposited as collateral against a loan borrowed by the depositor, Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 15 the fees shall not exceed the actual cost incurred in safekeeping he fees shall not exceed the actual cost incurred in safekeeping the deposited gold. he deposited gold. 5/4/3 If the deposited gold is damaged or defected due to misconduct, /4/3 If the deposited gold is damaged or defected due to misconduct, negligence, or violation of the contractual terms and conditions egligence, or violation of the contractual terms and conditions by the depository, the depository shall be liable to indemnify y the depository, the depository shall be liable to indemnify the depositor with equivalent gold amount of the same kind, he depositor with equivalent gold amount of the same kind, if possible. Otherwise, indemnification shall be of the value of f possible. Otherwise, indemnification shall be of the value of the damaged or defected gold at the time of occurrence of the he damaged or defected gold at the time of occurrence of the damage or defect. amage or defect.
- Gold in Noncommutative contracts ( . Gold in Noncommutative contracts (Uqud al-Tabarru’at qud al-Tabarru’at)
6/1 It is permissible to lend [ /1 It is permissible to lend [I’arah] non-fungible gold, and fungible gold non-fungible gold, and fungible gold [if identifiable]. if identifiable].
6/2 It is permissible to lend [Qard] gold if it is fungible. /2 It is permissible to lend [Qard] gold if it is fungible.
6/3 It is permissible to endow gold as /3 It is permissible to endow gold as Waqf, such as endowment for lease such as endowment for lease whereas the rent amount constitutes the yield ( hereas the rent amount constitutes the yield (Ray’), or to endow it for , or to endow it for lending [ ending [I’arah] or to extend it as a loan [ or to extend it as a loan [Qard].
- Gold in Security Contracts ( . Gold in Security Contracts (Uqud al-Tawtheeqat qud al-Tawtheeqat) 7/1 Use of Gold as a Pledge/ Collateral /1 Use of Gold as a Pledge/ Collateral (Rahn)
7/1/1 It is permissible to use gold as a pledge/ collateral [for loans/ /1/1 It is permissible to use gold as a pledge/ collateral [for loans/ debts], whether it is in the form of jewelry or any other form, ebts], whether it is in the form of jewelry or any other form, and whether the collateral is the gold itself or the certificate of nd whether the collateral is the gold itself or the certificate of its ownership. ts ownership.
7/1/2 The gold shall be held by the pledgee in a fiduciary capacity; /1/2 The gold shall be held by the pledgee in a fiduciary capacity; hence not being liable except in cases of misconduct, negligence, ence not being liable except in cases of misconduct, negligence, and violation of contractual terms and conditions. If the nd violation of contractual terms and conditions. If the pledged gold is lost, stolen or damaged due to the pledgee’s ledged gold is lost, stolen or damaged due to the pledgee’s misconduct, negligence, and violation of contractual terms isconduct, negligence, and violation of contractual terms and conditions, the pledgee shall be liable to indemnify the nd conditions, the pledgee shall be liable to indemnify the pledgor in equivalent gold amount of the same kind, if possible. ledgor in equivalent gold amount of the same kind, if possible. Otherwise, indemnification shall be of the value of the damaged therwise, indemnification shall be of the value of the damaged gold at the time of occurrence of the damage. old at the time of occurrence of the damage. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 16
7/1/3 If the debtor defaults in settling his debt at maturity, the creditor /1/3 If the debtor defaults in settling his debt at maturity, the creditor may demand sale of the pledged gold in order to recover his ay demand sale of the pledged gold in order to recover his dues from the sale proceeds, and return the remaining amount ues from the sale proceeds, and return the remaining amount to the debtor. The gold shall be sold at market value prevailing o the debtor. The gold shall be sold at market value prevailing at the time the debt is recovered from the sale proceeds. t the time the debt is recovered from the sale proceeds.
7/1/4 It is not permissible for the pledgee to stipulate any entitlement t is not permissible for the pledgee to stipulate any entitlement to dispose of the pledged gold by way of sale or by using it as o dispose of the pledged gold by way of sale or by using it as pledge in another transaction or by leasing it etc., even if the ledge in another transaction or by leasing it etc., even if the pledgee undertook to return it to the pledgor. ledgee undertook to return it to the pledgor.
7/1/5 The pledgee’s possession of ownership certificates of the gold /1/5 The pledgee’s possession of ownership certificates of the gold stored in a warehouse is a constructive possession of the pledged stored in a warehouse is a constructive possession of the pledged gold as long as the pledgor/owner cannot dispose of the gold old as long as the pledgor/owner cannot dispose of the gold without presenting these certificates of ownership. ithout presenting these certificates of ownership. 7/1/6 The pledgor shall bear all actual expenses incurred in main- /1/6 The pledgor shall bear all actual expenses incurred in maintaining and safekeeping the pledged gold. If the pledgee pays aining and safekeeping the pledged gold. If the pledgee pays the expenses -with or without the pledgor’s permission- the he expenses -with or without the pledgor’s permission- the pledgee has recourse to the pledgor with respect to the amount ledgee has recourse to the pledgor with respect to the amount paid, or may benefit from the pledged gold to the extent of aid, or may benefit from the pledged gold to the extent of the amount of expenses [without consuming its corpus]. The he amount of expenses [without consuming its corpus]. The pledgee may bear these expenses if stipulated in the contract. ledgee may bear these expenses if stipulated in the contract.
7/2 Use of Gold as /2 Use of Gold as Hamish Jiddiyyah amish Jiddiyyah
7/2/1 It is permissible to take from the customer, who is a purchase /2/1 It is permissible to take from the customer, who is a purchase orderer [in rderer [in Murabahah urabahah], an amount as , an amount as Hamish Jiddiyyah amish Jiddiyyah (security deposit) in the form of gold to secure a binding security deposit) in the form of gold to secure a binding promise ( romise (Wa’d Mulzim a’d Mulzim). This amount shall be held as a trust . This amount shall be held as a trust and shall not be considered and shall not be considered ‘Arboun(down payment) for lack (down payment) for lack of any contract at that time. In case of default, only the amount f any contract at that time. In case of default, only the amount of actual loss – i.e., the difference between the cost and the f actual loss – i.e., the difference between the cost and the selling price to a third party- shall be deducted. In this case, selling price to a third party- shall be deducted. In this case, the gold shall be evaluated at the prevailing market price of he gold shall be evaluated at the prevailing market price of gold at the time of deduction [from old at the time of deduction [from Hamish Jiddiyyah amish Jiddiyyah]. See item (2/5/3) of Shari’ah Standard No. (8) on tem (2/5/3) of Shari’ah Standard No. (8) on Murabahah urabahah. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 17
7/2/2 It is permissible to agree in a commutative contract ( /2/2 It is permissible to agree in a commutative contract (‘Aqd al- Aqd alMu’awadhah u’awadhah) that the gold given as that the gold given as Hamish Jiddiyyah amish Jiddiyyahis made is made part of the price or rent ( art of the price or rent (Ujrah). In this case, the gold shall be . In this case, the gold shall be evaluated at the prevailing market price of gold at the time of valuated at the prevailing market price of gold at the time of payment. ayment.
7/2/3 Hamish Jiddiyyah amish Jiddiyyahshall be subject to the rulings pertaining to shall be subject to the rulings pertaining to expenses associated with pledged items ( xpenses associated with pledged items (Marhoon). See item . See item (7/1/6). 7/1/6).
7/3 Use of Gold as /3 Use of Gold as ‘Arboun(Earnest Money) (Earnest Money) In a commutative contract where In a commutative contract where ‘Arbounis permissible, gold may be is permissible, gold may be used as ‘Arbounprovided that the subject matter is not gold, silver or provided that the subject matter is not gold, silver or currencies. The seller owns the ‘ urrencies. The seller owns the ‘Arbounwhether the sale is completed whether the sale is completed or terminated. See Shari’ah Standard No. (53) on ‘ r terminated. See Shari’ah Standard No. (53) on ‘Arboun.
7/4 Gold in Debt Assignment ( /4 Gold in Debt Assignment (Hawalat al-Dayn awalat al-Dayn)
7/4/1 It is permissible to use gold as /4/1 It is permissible to use gold as subject matter of a debt assignment ubject matter of a debt assignment subject to Shari’ah requirements. See Shari’ah Standard No. (7) ubject to Shari’ah requirements. See Shari’ah Standard No. (7) on “Hawalah”.
7/4/2 If the subject matter of /4/2 If the subject matter of Salam(Muslam Fehi Muslam Fehi) is gold (see item is gold (see item 5.2.2), the seller ( .2.2), the seller (Muslam Elaihi uslam Elaihi) may assign the buyer to the may assign the buyer to the assignee (the seller’s debtor) pr ssignee (the seller’s debtor) provided the debt or the assigned provided the debt or the assigned portion of the debt are equal. See item (6/6) of Shari’ah Standard portion of the debt are equal. See item (6/6) of Shari’ah Standard No.(7) on o.(7) on Hawalah.
7/4/3 If the assignee (the seller’s debtor) chooses to prepay the /4/3 If the assignee (the seller’s debtor) chooses to prepay the Salam’s gold to the principal creditor ( old to the principal creditor (Muhaali.e., Muslim), the latter , the latter may relinquish part of the ay relinquish part of the Salam’s gold (subject matter of s gold (subject matter of Salam), and the assignee may prepay the remainder. nd the assignee may prepay the remainder.
7/4/4 It is permissible that the creditor ( /4/4 It is permissible that the creditor (Muhaal) foregoes part of the foregoes part of the amount of gold (subject matter of mount of gold (subject matter of Salam) provided the assignee provided the assignee prepays the remaining amount. repays the remaining amount.
7/5 Set-off /5 Set-off (Muqassah uqassah) in Gold
7/5/1 Set-off is permissible between two back-to-back debts denom- /5/1 Set-off is permissible between two back-to-back debts denominated in gold. If the amounts of the two debts are different, nated in gold. If the amounts of the two debts are different, Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 18 set-off takes place on the lesser amount. See Shari’ah Standard et-off takes place on the lesser amount. See Shari’ah Standard No. (4) on “Settlement of Debt by Set-Off ”. o. (4) on “Settlement of Debt by Set-Off ”.
7/5/2 It is permissible to conduct set-off between two back-to-back /5/2 It is permissible to conduct set-off between two back-to-back debts where one of the debts is gold and the other is silver or ebts where one of the debts is gold and the other is silver or denominated in a currency, provided the rulings for currency enominated in a currency, provided the rulings for currency exchange ( xchange (al-Sarf) are complied with. See Shari’ah Standard are complied with. See Shari’ah Standard No. (1) on “Trading in Currencies”. o. (1) on “Trading in Currencies”.
- Unilateral and Bilateral Promises ( . Unilateral and Bilateral Promises (Wa’d and Muwa’adah a’d and Muwa’adah) in Gold in Gold 8/1 It is permissible to issue a unila /1 It is permissible to issue a unilaterally binding promise to sell gold; terally binding promise to sell gold; however, bilaterally binding promises for sale of gold are impermissible. owever, bilaterally binding promises for sale of gold are impermissible. See item (2/9/1) of Shari’ah Standard No. (1) “Trading in Currencies”. ee item (2/9/1) of Shari’ah Standard No. (1) “Trading in Currencies”.
8/2 It is permissible to make the execution of a unilateral promise to /2 It is permissible to make the execution of a unilateral promise to purchase gold contingent upon the performance of a specific index. Purchase gold contingent upon the performance of a specific index.
8/3 It is permissible to pay /3 It is permissible to pay Hamish Jiddiyyah amish Jiddiyyahwhen promising to purchase when promising to purchase gold. If the promissor fails to fulfill the binding promise, the promissee old. If the promissor fails to fulfill the binding promise, the promissee may request him to pay for the actual damage resulting from this ay request him to pay for the actual damage resulting from this failure to fulfill. See item (3/4) of Shari’ah Standard No. (49) regarding failure to fulfill. See item (3/4) of Shari’ah Standard No. (49) regarding Unilateral Promise ( nilateral Promise (Wa’d) and Bilateral Promise ( and Bilateral Promise (Muwa’adah uwa’adah); and item (2/5/3) of Shari’ah Standard No. (8) on them (2/5/3) of Shari’ah Standard No. (8) on Murabahah urabahah. 8/4 Trading in promises in any form is not permissible. /4 Trading in promises in any form is not permissible.
- Zakat of Gold of Gold Zakat of gold is obligatory when the relevant Shari’ah rules are met. See zakat of gold is obligatory when the relevant Shari’ah rules are met. See Shari’ah Standard No. (35) on “ hari’ah Standard No. (35) on “Zakat”.
- General Shari’ah Rulings and Applications 0. General Shari’ah Rulings and Applications
10/1 All Shari’ah rulings relating to gold, set out in this standard, also 0/1 All Shari’ah rulings relating to gold, set out in this standard, also apply to silver. apply to silver.
10/2 Unless the seller expressly absolves himself of any latent defects unless the seller expressly absolves himself of any latent defects in the sold gold, the buyer has the right to exercise the Option to n the sold gold, the buyer has the right to exercise the Option to Revoke Due to Defect, if and when defects appear. In this case, the evoke Due to Defect, if and when defects appear. In this case, the buyer may conclude or terminate the contract and return the gold buyer may conclude or terminate the contract and return the gold [back to the seller]. back to the seller]. Shari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah hari’ah Standard No. (57): Gold and Its Trading Parameters in Shari’ah 19
10/3 Investment 0/3 Investment Sukuk, units of investment funds, and units of exchange- units of investment funds, and units of exchangetraded funds (ETFs) whose entire assets are gold, shall be also raded funds (ETFs) whose entire assets are gold, shall be also subject to the rulings for gold. subject to the rulings for gold.
10/4 It is permissible to purchase gold using debit card, credit card or 0/4 It is permissible to purchase gold using debit card, credit card or charge card or any Shari’ah-compliant alternatives to credit cards, charge card or any Shari’ah-compliant alternatives to credit cards, even if the seller of gold is the bank (institution) issuing these even if the seller of gold is the bank (institution) issuing these cards. See Shari’ah Standard No. (2) on Debit Card, Charge Card cards. See Shari’ah Standard No. (2) on Debit Card, Charge Card and Credit Card. nd Credit Card.
10/5 It is permissible for the importer of gold to deposit a certain 0/5 It is permissible for the importer of gold to deposit a certain amount of money with the exporter (supplier) on the condition f money with the exporter (supplier) on the condition that once hat once the exporter has a specific shipment of gold ready for he exporter has a specific shipment of gold ready for delivery, a delivery, a contract for sale of the same shall be concluded at a price contract for sale of the same shall be concluded at a price mutually agreed on at the date of the contract. In this case, the mutually agreed on at the date of the contract. In this case, the sold gold shall be delivered and the price shall be deducted from old gold shall be delivered and the price shall be deducted from the deposited amount on the date of the contract. However, if the he deposited amount on the date of the contract. However, if the exporter utilized the amount of the deposit, the gold must be sold exporter utilized the amount of the deposit, the gold must be sold at the market price prevailing on the date of the contract. t the market price prevailing on the date of the contract.
10/6 All Shari’ah rulings for gold also apply to white gold. ll Shari’ah rulings for gold also apply to white gold. (3)However, However, these rulings do not apply to metals such as platinum, palladium these rulings do not apply to metals such as platinum, palladium and nickel, which are called white gold in some countries. nd nickel, which are called white gold in some countries.
10/7 It is permissible to charge a fee for safekeeping, allocating, minting, 0/7 It is permissible to charge a fee for safekeeping, allocating, minting, and physical delivery of gold, among other services. If these services and physical delivery of gold, among other services. If these services involve exchange of gold for gold the fee shall be based on the actual involve exchange of gold for gold the fee shall be based on the actual expenses. expenses.
10/8 It is permissible to open a current account in which gold with specific 0/8 It is permissible to open a current account in which gold with specific weight and karatage is deposited. This account (gold denominated eight and karatage is deposited. This account (gold denominated account) shall be subject to the rulings for current accounts. See account) shall be subject to the rulings for current accounts. See item (10/1) of Shari’ah Standard No. (19) on tem (10/1) of Shari’ah Standard No. (19) on Qard.
- Date of Issuance of the Standard 1. Date of Issuance of the Standard This Standard was issued on 19 Safar 1438H corresponding to 19 November 2016.
