الجواب :

Answer

All praise is due to Allah.  

This type of transaction is not allowed. The reason for this is that one of the conditions when buying/selling gold or silver is that the exchange must occur in the same gathering. This means that the buyer gives the money and the seller gives the gold/silver in the same gathering. It is as the Prophet ﷺ said "...hand to hand". The completion of this exchange is not allowed to be delayed a day or 2 days.

When buying and selling online, this condition is not fulfilled. An individual will purchase some gold/silver online and the money leaves their account. This part is correct and would be treated as having fulfilled the first part of the exchange; passing over payment from the buyer to the seller. However, what remains is the second part of the exchange which is the buyer acquiring and gaining possession of the gold/silver that they have paid for.  As mentioned, with gold/silver this must be received in the same gathering which is not the case here, thereby nullifying the contract. 

A solution to this is to use online platforms as a way to enquire, state your interest, or reserve the gold without actually buying it. A person can say to the company "I want to buy a particular amount of gold/silver and if you come to me with it [or I come to you] then I will buy it in person either via cash or bank transfer". 

All the transactions found online in relation to gold/silver that are being carried out in line with what was mentioned in the question are not correct and it is not allowed for a Muslim to partake in them. 

Allah knows best. 

And all praise is due to Allah Lord of the Ālamīn. 

Transcript of Sheikh Abd al-Haqq Turkmāni's answer

27 May 2024 | 19 Dhul-Qa'dah 1445