Question:
Please examine the first sukuk murabahah contract for an enterprise to extract gold by the Tanzania House of Mining Company Limited?
Answer:
The first sukuk murabahah contract for an enterprise to extract gold is not acceptable under the Shari‘ah because it involves an explicit sale of gold on credit in addition to an undetermined delivery date. There are other alternatives that can be studied and for which the Shari‘ah opinion can be given; for instance, establishing joint stock companies with representative shares for real assets, with the stockholders sharing in the profit realized from the extraction of the gold.
Issuer:
Kuwait Finance House