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SHARIAH CERTIFICATION 

Shariah-Compliance

Public Gold has received confirmation of Shariah compliance from its appointed Shariah Advisor, Amanie Advisors Sdn. Bhd. The certification is issued on four products, namely:

1. Purchase against full payment (Outright Purchase).

2. Purchase against payment in installments (Easy Payment Purchase / EPP).

3. Buy back (Buy Back).

4. Gold and Silver Accumulation Programme.

In the auspices of this blessed occasion, let me share my thoughts on the aforementioned products to the Public Gold members (staff, dealers and customers) and the readers at large so that all of us can truly understand and appreciate the Shariah compliance of these products to the best extent. 

As we all would know, cornerstone condition of a gold involved sale (among others) is that, the exchange of gold and the payment must be on spot basis, i.e. immediately right after the AKAD. 

In order to identify and eliminate the element of delay in such transactions, it is extremely important to determine the actual point of AKAD.

For this, let us consider the above real life examples, as Shariah rulling must be derived from an actual case and must be made from the right perspective.

OUTRIGHT PURCHASE:

The key transactional steps are :

1. Locking in the price : This is not an AKAD. It is merely promise from the buyer to buy a specific gold item at certain price.

2. Payment: This is also not an AKAD. The payment is a form of security deposit and commitment of the buyer to execute the transaction.

3. Collection of the physical gold: This is where the AKAD is done. The physical gold and the payment (in the form of a security deposit paid earlier) are be exchanged on spot basis. Effectively ensuring, no element of delay is involved in the transaction. 

PURCHASE AGAINST PAYMENT IN INSTALLMENTS

The key steps in this type of sale are: 

1. Locking in the price: This is not an AKAD. It is merely promise from the buyer to buy a specific gold item at certain price.

2. Staged payment: This is also not an AKAD and the ownership of gold remains with Public Gold. The payments made are security deposit accumulated over time vis-à-vis commitment of the buyer to execute the transaction in the future.

3. Collection of the physical gold: The buyer may collect the physical gold once all the scheduled payments are in order. The AKAD takes place at this stage. Spot exchange of gold and the payment (in the form of a security deposit paid earlier). Effectively taking the element of delay out of the transaction. 

BUY BACK:

The key transactional steps here include: 

1. Locking in the price : This is not an AKAD. It is merely promise from the seller to sell a specific gold item at certain price.

2. Surrendering the physical gold : This is also not an AKAD. The gold is a form of security deposit and commitment of the seller to execute the transaction.

3. Payment via bank transfer : The AKAD takes place at this stage. The payment is exchanged against the gold (surrendered earlier as a security deposit) on spot basis. Again we observe no element of delay in this transaction as well.

I hope this #NotaEmasDanSyariah #NotaEDSclarifies some doubts we may have with regards to physical gold trading with Public Gold.

This Phase 1 Shariah Certification will be followed by series of Shariah certification on all Public Gold products and services. 

I am personally very passionate to see#ShariahMind on the outcome especially when it involves such a contemporary products and services such as #GoldAccumulationProgram#GAP, trade-in, #PGMall #GoldPaymentSystem#GoldCash and others.

Let us wait and pray to Allah SWT for His help to make our noble dreams come true, in Sha Allah.

Credit to Ustaz #KhairulAnuarBasriDotCom

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Tips: We are the Fisrt Gold Shariah Compliance in Gold Business in Singapore. 

If you are interested to know more about Gold Savings and Investment, please do not hesitate to contact the undersigned:

MOHD SULIMAN HAFID - PG 027857
Master Dealer for Singapore
SMS/WhatsApp +65 9224 6333 (Spore) +6 016 6825 003 (M'sia)
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