Implementation of Al-Wadiah… Shuib et al., JoB (2016), 01(04), 35-38
Journal of Business, 01(04), 35–38
Vol. 01, No. 04: September (2016)
Journal of Business
Open access available at http://journalofbusiness.us
Implementation of Al-Wadiah (saving instrument)
Contract in Contemporary Gold Transaction
Mohd Sollehudin Shuiba*, Azizi A. Bakara, Amirul F. Osmana, Hydzulkifli Hashima, Aiman bin Fadzila
a Islamic Business School, College of Business, Universiti Utara Malaysia, Sintok, Kedah, Malaysia.
*Corresponding author’s email address: sollehudin@uum.edu.my
A R T I C L E I N F O
A B S T R A C T
Received: 23-07-2016
Accepted: 16-08-2016
Available online: 29-09-2016
Keywords:
Gold Transaction;
Islamic Law of Contract;
Wadiah Contract
JEL Classification:
F23, G10, G21,
Contemporary gold trading is like other retails and online trading. However, according
to Islamic business contract, gold is categorized under a special law of transaction items
and it must follows a specific law of Islamic business transaction. This article focuses on
how wadiah concepts can be applied in the contemporary gold trading. The legality of
the wadiah concepts is utmost important to be verified before its implementation. The
aims of this article is to substantiate the concepts of wadiah in contemporary gold
trading based on the main sources of Islamic law transactions. The finding shows that
the wadiah concept is permissible in Islam. Furthermore, the wadiah also play
important role in contemporary gold trading. Hence, wadiah contract can helps to
resolve the gold trading issues where the physical assets of gold are distance from the
buyer.
