DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Is commodity trading is halaal in Islam...?

**soprofaxelbis** · 12-18-2011, 09:12 PM

Dear brother, i trade in spot gold, where i buy gold and sale when ever i want, there is no future contract and delivery is also possible but i dont get delivery because i dont need it and most importantly i dont want to take the risk of storing it and transporting it at the time of sale so plz guide me regarding that...

Kind respected brother,
May Allah reward you for seeking His ruling in your business transactions. I am not qualified to give Allah's specific ruling in your personal business affairs. As a Hanafi, I encourage you to seek out qualified fuqaha who can accurately address this matter for you.

For example, here is a link to a website which addresses the buying and selling of gold according to Hanafi fiqh:

http://spa.qibla.com/issue_view.asp?HD=1&ID=346&CATE=43

As well, there are circumstantial commands regarding the lawfulness of a transaction (prerequisites such as specific measurement and/or possession of the commodity, etc). A faqih could present the full extent of the matter.

As for trading commodities on a stock exchange, this raises the matter to the legality of such markets.

Abu Dawood (3503), al-Tirmidhi (1232) and al-Nasaa’i (4613) narrated from Hakeem ibn Hizaam (may Allaah be pleased with him) that he said: I asked the Messenger of Allaah (peace and blessings of Allaah be upon him): “O Messenger of Allaah, people come to me wanting to buy something that I do not possess; should I buy it for them from the marketplace? He said: “Do not sell that which you do not possess.” This hadeeth was classed as saheeh by al-Albaani in Saheeh al-Nasaa’i.

This requires some explanation. In that regard, here is a link to the Muslim World League's Islamic Fiqh Council addressing the concept of transactions in stock and commodities markets:

http://www.************/en/ref/12431...odities%20gold

May Allah help you to render your transactions permissible and increase you in knowledge.

And Allah knows best.

12-18-2011, 09:12 PM	#7
soprofaxelbis Join Date Oct 2005 Posts 644 Senior Member	Dear brother, i trade in spot gold, where i buy gold and sale when ever i want, there is no future contract and delivery is also possible but i dont get delivery because i dont need it and most importantly i dont want to take the risk of storing it and transporting it at the time of sale so plz guide me regarding that... Kind respected brother, May Allah reward you for seeking His ruling in your business transactions. I am not qualified to give Allah's specific ruling in your personal business affairs. As a Hanafi, I encourage you to seek out qualified fuqaha who can accurately address this matter for you. For example, here is a link to a website which addresses the buying and selling of gold according to Hanafi fiqh: http://spa.qibla.com/issue_view.asp?HD=1&ID=346&CATE=43 As well, there are circumstantial commands regarding the lawfulness of a transaction (prerequisites such as specific measurement and/or possession of the commodity, etc). A faqih could present the full extent of the matter. As for trading commodities on a stock exchange, this raises the matter to the legality of such markets. Abu Dawood (3503), al-Tirmidhi (1232) and al-Nasaa’i (4613) narrated from Hakeem ibn Hizaam (may Allaah be pleased with him) that he said: I asked the Messenger of Allaah (peace and blessings of Allaah be upon him): “O Messenger of Allaah, people come to me wanting to buy something that I do not possess; should I buy it for them from the marketplace? He said: “Do not sell that which you do not possess.” This hadeeth was classed as saheeh by al-Albaani in Saheeh al-Nasaa’i. This requires some explanation. In that regard, here is a link to the Muslim World League's Islamic Fiqh Council addressing the concept of transactions in stock and commodities markets: http://www.************/en/ref/12431...odities%20gold May Allah help you to render your transactions permissible and increase you in knowledge. And Allah knows best.
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