Legal Alternatives to Sell Gold and Silver by Installments

Abstract

There is no doubt that the gold and silver jewelry of the original decorations intended for the lives of people, and therefore may be the desire of the jeweler to buy it, but he does not find enough money for that, and in contrast, we see that the majority of scholars went on the basis of a range of authentic ahaadeeth Sale of jewels by postponement or installment, and approved by the Islamic jurisprudential councils. It is common knowledge of Islamic law that if it forbids something that offers a substitute for it, so that people who are committed to the provisions of sharee'ah will not have to do what is forbidden. Accordingly, this modest research offers a range of legitimate alternatives that can be applied at the level of individuals, institutions and Islamic banks. These alternatives were limited to five things, based on Islamic contracts and formulas: through the Istisna'a contract, the IjaraMuntahiaBittamleek contract, the wage contract of the Agency, the loan contract and the Mudaraba contract. Thus, individuals and institutions that want to abide by the provisions of the Sharia can enter into gold and silver transactions through these alternatives and legal exits, so as to avoid falling into the forbidden sale of futures.