The Ruling on Leasing Gold and Silver Ending with Ownership

Abstract

This study explores a contemporary issue: »The Ruling on Leasing Gold and Silver Ending with Ownership«, which serves as a practical solution to the installment-based acquisition of gold and silver. The researcher examined the definition of leasing gold and silver ending with ownership, the different forms of lease contracts ending with ownership, their legitimacy, the ruling on leasing gold and silver, scholars› opinions on the matter, and the most accurate legal stance on such leases. Additionally, the study analyzed the conditions set by scholars who permit leasing ending with ownership. Several key conclusions were reached, the most significant of which is that the various forms of leasing gold and silver ending with ownership, as discussed by contemporary scholars, fundamentally revolve around a single concept: the mechanism by which the leased asset is transferred to the lessee. Jurists unanimously agreed on the permissibility of leasing gold and silver in exchange for a different type of asset, the prohibition of leasing gold coins and silver dirhams, and the permissibility of leasing jewelry. Based on juristic principles, the researcher concluded that leasing gold and silver with an optional ownership transfer is permissible. However, leasing gold and silver with an ownership transfer clause directly attached to the contract is prohibited. On the other hand, leasing gold and silver with an ownership transfer mechanism separate from the contract is legally permissible. The study also outlines specific conditions for leasing gold and silver ending with ownership, such as ensuring that the lease is for beneficial use rather than consumption, that physical possession (qabdh) occurs at the time of ownership transfer -whether through sale or as a gift, and that such leases are not used for credit-based transactions like lending.