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Fixed profit returns on gold investment

Answered according to Hanafi Fiqh by Muftionline.co.za
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Q: I want verification about the recent online gold investments (Dubai gold souk, golden premier club, etc.), where you invest a certain amount of money and wait for some weeks to get back your money with a fixed profit of like 100%/50%/150% etc. Is this ok in Islam or is it forbidden?

Bismillaah

A: How is it that the returns are fixed whereas the gold rate continues fluctuating?

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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