It is not permissible to buy unallocated gold or unallocated gold certificates.
When buying an unallocated certificate, you are not taking a physical or constructive possession of the gold. There is no physical gold that is being allocated to your name (therefore no real ownership). In fact, the seller might not even have enough gold to back the number of certificates that he sells.
Proof: currency falls under the same status of gold and silver, hence when currency is being exchanged with gold, then there must be possession of both assets by the seller and buyer. This is in accordance with the hadith of the prophet (pbuh) “hand in hand”.
Ibn Munzir has reported a consensus of scholars in this matter.
Furthermore, it is not permissible to sell something which you do not own. The prophet (pbuh) said “Do not sell that which you do not own.”
And Allah knows best!
(Mufti) Billal Omarjee
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