<![CDATA[AbstractThis study examines the relationship between monetary theory in Islamic economics and its legal implications for the installment or deferred sale of gold. In contemporary transactions, gold has increasingly shifted from its historical function as currency (dinar) to an investment asset and inflation hedge. However, since gold is classicaly categorized as a ribā-bearing commodity (amwāl ribawiyyah), its trading mechanism triggers complex theological and jurisprudential debates regarding bayʿ al-ṣarf rules, which mandate immediate spot delivery (taqābuḍ fī al-majlis). Employing a qualitative library research method, this study analyzes classical fiqh literature, comparative school rulings (ikhtilāf), and contemporary fatwas through historical, istinbāṭ, and maqāṣid al-sharīʿah approaches. The findings indicate that money in Islamic thought is not a tawqīfī (divinely restricted) matter but rather an ijtihādī and contextual instrument governed by custom and public interest (maṣlaḥah). Since modern paper currency has fully assumed the absolute monetary value (thamaniyyah muṭlaqah) and gold has ceased to function as a medium of exchange, gold in the modern economy is legally characterized as a tradable commodity (silʿah). Consequently, the requirement for immediate possession does not strictly apply, rendering the installment sale of gold permissible under Shariah law, provided it remains free from interest-based arrangements (ribā), excessive uncertainty (gharar), and fraud.]]>
Copyrights © 2026
