Assalāmu ‘alaikum wa rahmatullāhi wa barakātuh,
I pray you are well.
I would like to seek guidance regarding the permissibility of investing in Pool Allocated Gold offered by ABC Bullion. I am hoping to understand whether this type of investment complies with Islamic principles related to ownership, possession (qabd), and the rules of trading gold.
Summary of the product:
- The account provides free storage and low trading costs.
- Trading can be done 24/7 with live valuations.
- Holdings are highly liquid and can be easily bought or sold.
- Investors may convert their holdings into physical bars, coins, or minted tablets (with barring charges).
- The metals are insured by Lloyd’s of London.
- The company states that all holdings are fully backed by physical precious metals and are externally audited.
Additional details:
ABC Bullion states that Pool Allocated holdings are backed by physical metals stored by ABC Bullion and related bodies, including their LBMA, SGE, and CME‑accredited refinery. They also allow clients to convert their pool holdings into physical gold, either online or in-store, with applicable fees.
My question:
Given the above, is investing in this type of pool‑allocated gold account permissible according to Islamic law? Specifically, does this arrangement meet the requirements of actual ownership and immediate possession (qabd), and does it avoid prohibited elements such as uncertainty (gharar) or non‑existent goods?
I would greatly appreciate your guidance on whether this form of gold investment is Sharī‘ah‑compliant.
The link to their product:
https://www.abcbullion.com/invest/pool-allocated
Jazākumullāhu khayran.