Shariah Compliant Gold Investment: An Understanding among Academicians in Terengganu, Malaysia

Abstract

This article aims to explore the understanding of shariah compliant gold investment among Muslim academicians in public institutions of higher learning in Terengganu. Gold has retained its importance through the centuries, an indicator that only greatness survives the test of time. Of all the precious metals, gold is the most popular as an investment. There are various alternatives available for investment in gold through options. However, in the interest of Muslim investing in gold investment, there are products, techniques and investment plans are not shariah compliant. Thus, the Fatwa Committee of Malaysian National Council for Islamic Religious Affairs has issued the Shariah parameters for gold investment in Malaysia. This is important for Muslim especially an academician to have basic knowledge regarding gold investment in term of Shariah compliance. Data were collected using the technique of questionnaires. The respondents comprised 300 Muslim academicians from three selected higher institutions which are in Kuala Terengganu namely Universiti Sultan Zainal Abidin (UniSZA), Universiti Malaysia Terengganu (UMT) and Universiti Teknologi MARA (UiTM). The result indicated that the understanding of shariah compliant gold investment among academicians was at high level.