Penalties For Cancelling Locked Gold Purchase Orders In Online Trading


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Authors

  • Muhamad Zuhaili Saiman Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA (UiTM), 40450, Shah Alam, Selangor, Malaysia. https://orcid.org/0000-0002-6873-4145
  • Abdul Azib Hussain Fakulti Pengajian Islam Kontemporari, Kolej Universiti Islam Antarabangsa Sultan Ismail Petra (KIAS), Nilam Puri, 157300, Kota Bharu, Kelantan, Malaysia. https://orcid.org/0009-0006-3194-7370

DOI:

https://doi.org/10.33102/jmifr.519

Keywords:

fines, shariah law, lock price, gold transaction

Abstract

Lock price gold transactions are becoming increasingly popular among gold buyers because buying gold is easier online. The lock price method gives the buyer a 24-hour period to make a payment with a price that has been locked without changing the value during that period. The lock price method is based on the concept of wa'd that is allowed, which is just a promise, not a sales contract. The problem is when the seller or company sets a fine for the buyer who cancels the transaction such as 5% of the lock price gold price. The setting of the fine makes binding between the seller and the buyer as if there had been a deferred sales contract which is not allowed in transactions involving usury (ribawi) items. This study aims to analyze Shariah law regarding the setting of the fine, which makes the concept of wa'd, which was originally just a promise to the binding process that forms a deferred sales contract. The design of this study is qualitative through a literature review with content analysis and documents from secondary sources such as theses, journals, and academic articles related to the issue of research. At the end of the discussion, this paper recommends some suggestions for improvement in the shariah issues that occur in gold transactions related to the lock price method based on the formation of the proposed guidelines.

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Published

2023-12-01
CITATION
DOI: 10.33102/jmifr.519
Published: 2023-12-01

How to Cite

Saiman, M. Z., & Hussain, A. A. (2023). Penalties For Cancelling Locked Gold Purchase Orders In Online Trading. The Journal of Muamalat and Islamic Finance Research, 20(2), 99-111. https://doi.org/10.33102/jmifr.519

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