SHARIAH COMPLIANT MECHANISM FOR GOLD TRADING ON E-COMMERCE PLATFORMS IN MALAYSIA
DOI:
https://doi.org/10.64757/alqanatir.2026.3508/1511Keywords:
E-Commerce, Gharar, Gold, Transaction, RibaAbstract
E-commerce platforms have grown significantly in the last few years. In the year 2023, sales in Malaysia are expected to exceed RM1.2 trillion. However, gold transactions on these platforms come with distinct difficulties, particularly when it comes to Shariah compliance. The objectives are to determine arising issues from Shariah perspectives in transaction of gold on e-commerce platforms and to explore potential solutions addressing the issues arising from Shariah perspective in transaction of gold on e- commerce platforms. Employing a qualitative approach based on content analysis, the research identifies three primary challenges: deferred payments, gharar (uncertainty), and the complexities of Taqabudh (possession) in a digital environment. These issues conflict with the principle of bai` al-sarf, which mandates the immediate exchange of ribawi items to avoid riba al-nasiah.The findings demonstrate that Shariah compliance can be achieved through a structured integration of the Wakalah (agency) contract to facilitate on-the-spot exchanges, alongside the implementation of Taqabudh Hukmi (constructive possession) and the "Lock-Price" method. This study concludes that these mechanisms effectively mitigate the risks of riba and gharar in the digital marketplace. Consequently, the study produces a practical Shariah-compliant framework that provides a benchmark for e-commerce operators and regulators to standardize online gold trading in Malaysia.
Downloads
References
Abas, A.-M., Zain, M. N. M., Yaacob, S. E., Yahaya, M. Z., & Ghani, N. A. R. N. A. (2023). A Review on Sharia-compliant Gold Savings and Investment Models in Malaysia. International Journal of Academic Research in Business and Social Sciences, 13(3), 1422 – 1433. Retrieved from http://dx.doi.org/10.6007/IJARBSS/v13-i3/16489
Ab Majid, H., & Abdullah, A. (2019). Gold as an Alternative Asset Investment in Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 119-129. https://www.researchgate.net/profile/Adam-Abdullah-3/publication/335061209_Gold_as_an_Alternative_Asset_Investment_in_Malaysia/links/5d4d1f32299bf1995b70bc8f/Gold-as-an-Alternative-Asset-Investment-in-Malaysia.pdf
Ab Rahman, S. M., Setapa, M., Ahmad Tajuddin, N. H., & Mohd Zaki, A. N. (2024). Zakat on Gold Practices in Malaysia. Journal of Islamic, Social, Economics and Development (JISED), 9 (62), 1 – 11. Retrieved from https://jised.com/PDF/JISED-2024-62-04-01.pdf
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (2016). Shari’ah Standard No. 57 On Gold And Its Trading Controls. https://www.gold.org/download/file/17070/the-shariah-standard-on-gold-english.pd
Al-Fijawi, M. F. A. (2020). Modern Application of Baial-Sarf (Currency Exchange) From Maqasid Al-Shari’ah Perspective: A Scoping Review. Journal of Islam in Asia Special Issue Islamic Banking and Finance, Vol. 17, No. 2. 2020. Retrieved from https://doi.org/10.31436/jia.v17i2.974
Bank Negara Malaysia. (2016). Policy Document on Wakalah. Retrieved from https://www.bnm.gov.my/documents/20124/938039/PD_Wakalah.pdf/fe87974d-190f-0e11-b0e3-9cb7ab96eb02?t=1592244614898
Bank Negara Malaysia. (2018). Bai’ al-Sarf (Currency Exchange). Retrieved from https://www.bnm.gov.my/-/bai-al-sarf-currency-exchange
Busari, S. A., Akanbi, R. A., & AbdulAziz, A. (2024). The Scope of ‘Illah (Causal Effect) of Ribā Prohibition on Gold and Silver: A Juristic Analysis. Journal of Contemporary Islamic Studies, 10(2). https://doi.org/10.24191/jcis.v10i2.1
Department of Statistics Malaysia. (2024). 2023 Digital Economy. Retrieved from https://open.dosm.gov.my/publications/digitaleconomy_2023.
Ezahar, R. J. B., Shuib, M. S., & Rahim, A. K. A. (2020). E-Commerce Transaction in Hello Gold Investment: Islamic Investment Review. Asian Business Review, 10(1), 73-80. Retrieved from https://doi.org/10.18034/abr.v10i1.464
Ezahar, R. J., Shuib, M. S., & Abdul Rahim, A. K. (2021). An Implementation of Gold Investment in Malaysia: A Contemporary Practice at Banking Institution and Non-Banking Institution. Journal of Islamic, Social, Economics and Development (JISED), 6(35), 120 - 131. Retrieved from https://jised.com/PDF/JISED-2021-35-03-11.pdf
Gusti, C. A. (2023). TikTok Takes Over: Utilizing Live TikTok and TikTok Shop for Business Promotion. International Journal of Ethnoscience, Bio-Informatic, Innovation, Invention and Techno-Science, 2(01), 73-77. Retrieved from https://doi.org/10.54482/ijebiiits.v2i01.252
Jaapar, N., Mohamed Yusof, M. F., Muhamad, M. D., Syed Abdullah, S. F., & Abd Halim, A. H. (2022). The Shariah Principles of Online Advertising During the Pandemic of COVID-19. Journal of Contemporary Islamic Studies, 8(1). https://doi.org/10.24191/jcis.v8i1.1
Ipsos. (2024). Press Release: E-Commerce Landscape In 2024. Ipsos Malaysia. Retrieved from https://www.ipsos.com/sites/default/files/ct/news/documents/2024-12/Ipsos_Press%20Release_E-commerce%20Landscape%20in%202024%20%2820241212%29.pdf
Isa, B., Buba, A., & Ali, A. U. (n.d) Prohibition of Riba in Islam: An Overview from the Qur’an and Hadith. https://www.academia.edu/download/111391888/Prohibition_of_Riba_in_Islam_An_Overview_from_the_Qur_an_and_Hadith.pdf
Ismail, M. S. I., Ismail, S., Aziz, A., Ibrahim, M. A., & Ismail, M. K. (2021). Gold Reselling in Online Transaction: A Study from Muamalat Perspective. International Journal of Academic Research in Business and Social Sciences, 11(6), 488–496. Retrieved from Http://Dx.Doi.Org/10.6007/Ijarbss/V11-I6/10175
Jain, M., & Jaiswal, S. (2023). Dynamics of Gold in the Contemporary Era. Vision, 27(1), 7-10. https://doi-org.uitm.idm.oclc.org/10.1177/09722629211004296
JAKIM. (2016). Kompilasi Pandangan Hukum Muzakarah Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia. https://www.Islam.Gov.My/Images/Epenerbitan/Kompilasi_Muzakarah_Mki_2016.Pdf
Juisin, H. A. (2021). Shariah Gold Investment In Malaysia: Prospects And Challenges. Labuan Bulletin of International Business and Finance (LBIBF), 19, 95-108. https://doi.org/10.51200/lbibf.v19i2.3356
Juisin, H. A., & Amin, H. (2020). Receptiveness of Gold Accumulation Program in Malaysia: An Empirical Investigation. Labuan Bulletin of International Business and Finance (LBIBF), 18(1), 96-109. Retrieved fromhttps://doi.org/10.51200/lbibf.v18i1.2692
Juisin, H. A., Mohd Sayuthi, M. A. S., Amin, H., & Shaikh, I. M. (2023). Determinants Of Shari’ah Gold Investment Behaviour: The Case Of Penang, Malaysia. Journal of Islamic Marketing, 14(12), 3228-3246. Retrieved from http://dx.doi.org/10.1108/JIMA-11-2021-0360
Krasniqi, V. (2022). Conflict of Interest as a Negative Phenomenon of Society. International Journal of Social Science Research and Review, 5(8), 29-37. https://doi.org/10.47814/ijssrr.v5i8.529
Luaida, L., Andari, S. R., & Rasyida, Z. (2022). The Analisis Penerapan Akad Wakalah Dalam Jual Beli Emas Online Oleh Toko Sra Gold. Youth & Islamic Economic Journal, 3(1), 1-5. https://jurnalhamfara.ac.id/index.php/yie/article/view/137/80
Mansoor, N. (2021). Hamish Jiddiyyah and Arboun - Shariah, Regulatory, Accounting & Risk Management Perspective. The Islamic Culture "As-Saqafat-Ul Islamia" Research Journal. Sheikh Zayed Islamic Centre, University of Karachi, 44(2). https://doi.org/10.46568/tis.v44i2.731
Ma'ruf, A., Alam, A., Kulsum, A. A. U., & Nurrahman, A. (2023). Islamic Law Analysis On The Practice Of Online Retail Gold Transaction. Jurnal Ekonomi Syariah, Akuntansi dan Perbankan (JESKaPe), 7(1), 85-98. Retrieved from https://doi.org/10.52490/jeskape.v7i1.943
Maybank Islamic Berhad. (2021). Product Disclosure Sheet: Maybank Islamic Gold Account‑i (MIGA‑i) (Version 1.1). Maybank. Retrieved from https://www.maybank2u.com.my/iwov-resources/pdf/personal/wealth/miga‑i_pds.pdf
Mohajan, H. K. (2018). Qualitative Research Methodology In Social Sciences And Related Subjects. Journal of economic development, environment and people, 7(1), 23-48. https://mpra.ub.uni-muenchen.de/85654/
Mohd Noh, M.S., Nor Azelan, S.H. & Zulkepli, M.I.S. (2024). A Review On Gharar Dimension In Modern Islamic Finance Transactions. Journal of Islamic Accounting and Business Research, Vol. ahead-of-print No. ahead-of-print. https://doi-org.uitm.idm.oclc.org/10.1108/JIABR-01-2023-0006
Mufti Wilayah Persekutuan. (2018). Al-Kafi Li Al-Fatawi: Hukum Jual Beli Emas Secara Atas Talian dan Penyerahan ke Dalam Akaun Pembeli. Mufti Wilayah Persekutuan (Federal Territories Mufti Department). Retrieved from https://muftiwp.gov.my/ms/artikel/al-kafi-li-al-fatawi/2277-al-kafi-706-hukum-jual-beli-emas-secara-atas-talian-dan-penyerahan-ke-dalam-akaun-pembeli
Mufti Wilayah Persekutuan. (2021). Al-Kafi 1847: Jenis-Jenis Riba Di Sisi Mazhab Syafie. Mufti Wilayah Persekutuan. https://muftiwp.gov.my/ms/artikel/al-kafi-li-al-fatawi/5078-al-kafi-1847-jenis-jenis-riba-di-sisi-mazhab-syafie
Muhammad, M. Z., Amboala, T., Salleh, M. Z. M., Abdullah, A., Tahrim, S. N. C., & Nawi, N. C. (2019). The Application of Shariah Principle in E-Commerce Transaction: A Model Development. Res. World Econ, 10(2), 84a. Retrieved from https://doi.org/10.5430/rwe.v10n2p84
Noh, M. S. M. (2023). Riba dan Gharar dalam Aplikasi Kewangan Digital: Satu Sorotan: A Highlight on Riba and Gharar in Financial Digital Application. Journal of Ifta and Islamic Heritage, 2(2), 32-59. https://ejournal.muftiwp.gov.my/index.php/jiftah/article/view/49/26
Noh, Mohd Shahid bin Mohd, & Dwi Fidhayanti. (2022). Riba and Gharar On Digital Payment Applications: Comparison Between Malaysia and Indonesia. Jurisdictie: Jurnal Hukum Dan Syariah 13, no. 1. https://pdfs.semanticscholar.org/852d/18e0b457c4880c7ef74d5d98659dd92da9b6.pdf
Peredaryenko, M. (2019). Gold Dinar as A Consumer Product: Modified Version of The Theory of Planned Behaviour. International Journal of Economics, Management and Accounting, 27(2), 353-372. https://doi.org/10.31436/ijema.v27i2.747
Rahman, M. H. (2020). Application Of Constructive Possession (Qabd Hukmi) In Islamic Banking Products: Shariah Analysis. Turkish Journal of Islamic Economics, 7(1). Http://Dx.Doi.Org/10.26414/A075
Rizali, M., & Pajriah, R. (2024). Examining the Halal Perspective of Pre-Order Transactions in Gold Buying and Selling: A Qualitative Descriptive Analysis. Interdisciplinary Explorations in Research Journal, 2(1), 450-464. https://doi.org/10.62976/ierj.v2i1.453
Rohmah, A. M. (2022). The Sale and Purchase of Non-Cash Gold at Tokopedia from an Islamic Perspective. Journal of Law, Society, and Islamic Civilization, 10(1), 15-32. https://dx.doi.org/10.2096 1/jolsic.v10i1.58893
Saiman, M. Z. (2022). Parameter Bagi Pembelian Emas Dalam Talian Secara Kaedah Kunci Harga (Lock Price): Satu Analisis: Parameters for Buying Gold Online Through Lock Price Method: An Analysis. Journal of Fatwa Management and Research, 27(4), 176-192. https://doi.org/10.33102/jfatwa.vol27no4.474
Saiman, M. Z. (2023). Application of Qabd In Contemporary Issues Involving Gold Buying Transactions: Aplikasi Qabd Dalam Isu-Isu Kontemporari Melibatkan Transaksi Jual Beli Emas. al-Qanatir: International Journal of Islamic Studies, 30(2), 12-24.https://www.al-qanatir.com/aq/article/view/672
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, 99-111. https://jmifr.usim.edu.my/index.php/jmifr/article/download/519/357
Securities Commission Malaysia. (2006). Resolutions of the Securities Commission Shariah Advisory Council (2nd ed.). Securities Commission Malaysia. Retrieved from https://www.sc.com.my/api/documentms/download.ashx?id=511180c4-b0f1-49e3-9f92-46efe55457bc
Siddique, Z. and Siddique. M.A. (2024). Riba And Interest in Islamic Jurisprudence: Seeking the Path to Consensus. International Journal of Ethics and Systems, Vol. ahead-of-print No. ahead-of-print. http://dx.doi.org/10.1108/IJOES-04-2023-0091
Sirour, M. I. K., & Abdalla, M. A. K. (2024). The Rules of Wakala Contract (Agency) In Sharia Law and Its Application in Islamic Finance A Comparative Study. 19(5), 3063-3082. https://doi.org/10.21608/jlaw.2024.253959.1084
Uddin, M.A. and Ahmad, A.U.F. (2020). Conventional Futures: Derivatives in Islamic Law of Contract. International Journal of Law and Management, Vol. 62 No. 4, pp. 315-337. https://doi-org.uitm.idm.oclc.org/10.1108/IJLMA-10-2017-0242
Van der Geer, J., Hanraads, J. A. J., & Lupton R. A. (2000). The Art Of Writing A Scientific Article. Journal of Scientific Communications, 163(1), 51-59.
Yahaya, M. Z. (2023). Constructive Possession In The Sale And Purchase Of Gold According To Changes In The Customary Practice. Samarah: Jurnal Hukum Keluarga Dan Hukum Islam, 7(3), 1317-1333. http://jurnal.ar-raniry.ac.id/index.php/samarah.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 ZAINUR BAHARUDIN
This work is licensed under a Creative Commons Attribution 4.0 International License.
