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Fatwa #4729219 February 2021Russia

Is it possible to buy platinum in this way (for example, 100 grams) and keep the savings in its value?

Checked by Mufti Ebrahim Desai

Question

I live in a non-Islamic country. Fearing a robbery, he is forced to keep his savings in a non-Islamic bank. This bank offers a deposit in which the depositor buys gold, silver, palladium or platinum with their savings. No interest is charged on the deposit. Physically, the metal is not issued to the depositor. The Bank only guarantees the issue, on demand, of the invested money at the exchange rate of precious metals to date. Is it possible to buy platinum in this way (for example, 100 grams) and keep the savings in its value?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The information mentioned in the question is not sufficient for us to issue a ruling. You may forward us the contract or a link to the website, which we could study and advise further.

You may forward it to admin@daruliftaa.net Ref: Muhammad Fayyaadh.

And Allah Ta’āla Knows Best

Muhammad Fayyaadh

Student - Darul Iftaa

South Africa                                                                                                

Checked and Approved by,

Mufti Ebrahim Desai

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