Selling Gold in Installments Declared Haram

selling gold
Photo by Jingming Pan

Sheikh Abdullah Al-Manea, a prominent Saudi Islamic scholar and member of the Council of Senior Scholars, has stated that it is not permissible to sell gold in installments.

Saudi Islamic scholar Sheikh Abdullah Al-Manea, a member of the Council of Senior Scholars, has stated that gold may not be sold.

Al-Manea, in an interview with Okaz/Saudi Gazette, stated that buying gold and silver and making payments in installments, which involve immediate purchase and payment over several months, is Haram (not permitted).

It is prohibited because it is considered riba annasee’ah ( interest on a credit sale). It is a type of usury that is forbidden by the Islamic Shariah,

Noting that ready payment of value is required to receive the gold, he said.

Shariah prohibits this type of ‘installments’, according to Al-Manea. The gold cannot be delayed in receiving nor is it permissible to postpone the payment of any portion of the price.

A number of Islamic jurists ruled earlier that gold cannot be sold in installments or on credit, but must be delivered on the spot both as gold and the price.

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