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Investing in gold online

Fatwaa ID: 352

Assalamu Alaykum..
I have a question relating to investing/trading in Gold.
There is an online platform where you can invest in gold and their website states
“Purchases are backed up by real, physical gold and silver, held securely with a trusted partner in a London vault”.

I’m not sure how true this is, but would this type of investment be halal?

In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

We take note of the details of your query. As long as there is physical gold in the vaults that are being transferred to your ownership and you have constructive possession over them, i.e., you have the authority to take them, then the above will be permissible. If there is no physical gold or it is not being transferred to your ownership, then it will not be permissible.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York

06/18/1444 AH – 01/11/2023 CE | AMG3-3435

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين


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