Resolution No.(100) by the Board of Iftaa`, Research and Islamic Studies:
“ Ruling on Purchasing a Certain Quantity of Diamond from Abroad through The Arab Islamic Bank “
Date: 14/3/1427 AH, corresponding to 13/4/2006 AD.
Question:
Does diamond take the same ruling as gold?
Answer: All success is due to Allah.
The Board is of the view that diamond isn`t amongst the prices and doesn`t take the ruling of gold; therefore, it is permissible for the questioner to purchase whatever quantity he likes through the Arab Islamic Bank, provided that he adheres to the Sharia rulings pertaining to Murabaha sale. The most important of these are: The bank should purchase the diamond for itself first. After the diamond becomes in its possession and guarantee, it should sell it to the client/purchaser. This is based on what the Prophet(PBUH) said to Hakim Bin Hizam: “ I bought some food and made food and made a profit on it (by selling it) before I took possession of it. I came to the Messenger of Allah and told him about that and he said: 'Do not sell it until you take possession of it. "'{Ahmad}.
Iftaa` Board
Chairman of the Iftaa` Board, Chief Justice, Dr. Ahmad Hilayel
Dr. AbdulMajeed Al-Salaheen
Dr. Abdukareem Al-Khasawneh
Dr. Yousef Ghyzaan
Dr. Wasif Al-Bakhri
Sheikh Sae`id Hijjawi
Sheikh Nae`im Mujahid