Question 1

What makes a gold investment Shariah-compliant?

Accepted Answer

Under AAOIFI Standard No. 57, gold transactions must be spot (hand-to-hand delivery). The gold must be physically backed, allocated to the buyer, and physical delivery must be possible upon request. Paper gold or gold savings accounts backed by cash settlement only are not Shariah-compliant.

Question 2

How is Zakat on gold calculated in Singapore?

Accepted Answer

For investment gold (bars, coins, allocated savings), Zakat is payable if the total weight is equal to or exceeds the Nisab threshold of 85 grams. Zakat is calculated as 2.5% of the total market value of the gold at the end of the lunar year.

Question 3

Is UOB Gold Savings Account (GSA) Shariah-compliant?

Accepted Answer

Standard gold accounts like the UOB Gold Savings Account (GSA) are generally not Shariah-compliant. This is because they represent paper gold holdings with cash-settlement mechanisms rather than physically allocated bullion with spot delivery guarantees.

Shariah Gold Investment Checker

1. Select Gold Investment Platform

Physical Bullion

Maybank MIGA-i

UOB Gold Savings

SPDR Gold ETF (GLD)

2. Enter Gold Weight & Pricing

Audit Output

Compliance Summary

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