Okaz/Saudi Gazette

RIYADH — Prominent Saudi Islamic scholar and member of the Council of Senior Scholars Sheikh Abdullah Al-Manea said that it is not permissible to sell gold in installments.

The scholar’s ruling came at a time when the schemes and offers for the sale of gold and silver in installments are being circulated through social media.

Speaking to Okaz/Saudi Gazette, Al-Manea stated that buying gold and silver and making payment of money in installments, which involves immediate purchase and making the payment later over a period of several months, is not permissible.

“The reason for the prohibition is because it is considered to be riba annasee’ah (interest for sale on credit). It is a type of usury that is forbidden by the Islamic Shariah,” he said while noting that the gold must be received with payment of ready payment of value.

Al-Manea stressed that this type of ‘installments’ is forbidden by the Shariah. “It is neither permissible to postpone payment of any portion of the price nor delay receiving the gold,” he said.

Many Islamic jurists ruled earlier that gold cannot be sold either in installments or on credit, rather both the gold and the price have to be delivered on the spot.