[Most Recent Quotes from www.kitco.com] 

[Most Recent Quotes from www.kitco.com]

 

Gold Dinar 999.9 24K
  Dinar Selling Price
  1 Dinar 448
  5 Dinar 2195
  10 Dinar 4378

 

 

GOLD BAR 999.9 24K 
  Weight Selling Price
  10 gram 1039
  20 gram 2062
  50 gram 5113
  100 gram 10167

One Gold Dinar is not only a platform to educate you on why it pays to start investing in Gold and Silver bullions, Dinar and Dirham Coins for your long-term investment but also to form a Community of Gold Lovers to change ideas and wealth diversification. 

It's not too late whether you are young or old or those with family responsibilities or who are getting closer to retirement. One of the primary reasons why you should be holding gold and silver is to protect your wealth, hedge against inflation, and more importantly to have financial independence have enough money to live off for the rest of your life.

As suggested by the expert start saving as early as possible. In fact, I know someone who already holds 3 kg of Gold Bullion at the age of 27 years old. "I start buying gold bullion since my study at Polytechnic," He told me.

SHARIAH COMPLIANT CERTIFICATION 

 

 

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

  1. Purchase against full payment (Outright Purchase).
  2. Purchase against payment in instalments (Easy Payment Purchase / EPP).
  3. Buy back (Buy Back).
  4. Gold Accumulation Program and Silver Accumulation Program.

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.

1 - OUTRIGHT PURCHASE:

The key transaction 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. 

2 - PURCHASE AGAINST PAYMENT IN INSTALMENTS

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. 

3 - BUY BACK:

The key transaction 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.

4 - GOLD ACCUMULATION PROGRAM & SILVER ACCUMULATION PROGRAM:

The key transaction steps include: 

  1. The buyer transfers a certain amount of money to a Public Gold account as a jiddiyyah (security deposit).
  2. Public Gold will record the exact amount of money and grams in the buyer's account (the sale and purchase agreement is currently in effect).
  3. Buyers have the option of withdrawing their gold or leaving it in the account maintained by Public Gold at no charge.
    .


I hope this information will clear some doubts you may have with regards to physical gold trading with Public Gold.
I am personally very passionate to see the #ShariahMind on the outcome especially when it involves such contemporary products and services such as #GoldAccumulationProgram#GAP, trade-in, #PGMall #GoldPaymentSystem#GoldCash and others.

Credit to Ustaz #KhairulAnuarBasri

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Tips: We are the First Gold Shariah-Compliant in Gold Business in Singapore. 

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