Jurisprudential adaptation of the bank gold account

Abstract

The key idea of the research is a statement of the jurisprudential adaptation of the bank gold account through considering the interrelationship between the bank and the client, while it’s significance lies in the jurisprudential documenting of one of the products of the Islamic banking sector, especially with the interest of many people to trade gold through electronic platforms. It’s worthy to note that the problematic research is to study the ruling on gold trading which is limited to the customer’s account without a real receipt or with a time interval. The research aims to outline the effect of restricting gold in the bank account in proving receipt, to deduce the jurisprudential adaptation of the bank gold account with an explanation of the relationship between the bank and the customer, as well as concluding the rule for creating and trading gold through the bank gold account, through applying the inductive descriptive analytical approach through concluding the Islamic ruling on gold receipt and investigating jurists’ perspectives on the purpose beyond its permissibility while the descriptive approach focuses on depicting the ways to create a gold bank account and trading thereof. Since it has been established that the analytical approach concentrates on analyzing the operations held under the gold account, then concluding its jurisprudential adaptation, as well as the relative ruling on trading. Among the most prominent findings concluded by the researcher is the permissibility of establishing a gold bank account and trading gold through it, as it is based on contracts that are permissible in Islamic jurisprudence. As the researcher believes that depositing gold in gold bank accounts is considered a valid judgmental receipt provided to fulfill four conditions, namely: the fact that the originator of the account is a bank, added to enabling the buyer to actually receive the gold whenever wants, in addition to designate gold with a number or mark that distinguishes it, plus being deposited into the guarantee of the buyer as soon as it is credited to the account. The researcher believes that the jurisprudential adaptation of the two-party gold bank account is that it is a combination of an exchange contract and a deposit contract and that the Jurisprudential adaptation of the three-party gold bank account is that it is an agency contract with a fee.