Gold Reselling in Online Transaction: A Study from Muamalat Perspective

Abstract

Gold is promoted largely as purchasing and selling physical valuable item in Malaysia. It is importantly become a saving tools as well as for investment purpose to the society. Henceforth, many of gold's company such as Public Gold, Dinar Emas Kelantan, and others grab this kind of opportunity to offers the valuable gold item in order to attract the customer's intentness. One of the companies' marketing strategy is by issuing gold special edition such as Black Panther Wakanda Forever, Covid-19 Special Edition, and Dinar Emas Legasi TG Nik Aziz, Appreciation to Malaysia 8 th Prime Minister and others. This special offer initially caught an attention among gold reseller or collector since it may able to raise a mark-up profit by reselling this gold bar to the buyer. Besides, the lock price system also initiated in gold transaction among reseller and buyer involved the divergent among Islamic scholar poit of view. Henceforth, this article aims to explain legal consequences in reselling gold from Muamalat Perspective. This article employed inductive and deductive method by understanding from Quran, hadith, as well as Islamic school of thought as references. It is expected to contribute in exploring the concept of reselling gold transaction from Islamic law transaction which is clearly aims to avoid the element of gharar, and riba. This article suggest the policy maker such as National Fatwa Council or Shariah Advisory Council (SAC) Bank Negara Malaysia to develop a guideline or parameter regarding gold reselling standard.

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“…Sampling was determined using the slovin formula due to the large population. The Slovin formula is as follows [18].…”

A Review of Sharia Economic Law on the Application of the Rule of Riba in Online Sales and Purchases on the Shopee and Facebook Platforms

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