Indonesia’s HF Gold buys, sells gold with sharia principle

Jakarta (Indonesia Window) – HF Gold Puzzle offers buying and selling of 24 karat gold bullion under the Islamic law, and does not tax its every transaction.

“In the Islamic law, gold buying and selling must be carried out directly in one place and there should be no deadline between the delivery of money by the buyer and the delivery of gold by the seller,” said the founder of HF Gold Puzzle, Hadi Permana, told Indonesia Window here on Monday.

With this sharia principle, he added, HF Gold also provides a cash on delivery (COD) service which are currently available in Jakarta and its satellite areas as Bogor, Depok, Tangerang and Bekasi), Bandung and Tasikmalaya (West Java province), Surabaya (East Java province), Yogyakarta, Makassar (South Sulawesi province), and Balikpapan (East Kalimantan province).

Furthermore, Hadi said, in buying and selling gold, HF Gold does not collect taxes from buyers like what other gold outlets do.

According to the 2017 Minister of Finance Regulation, the purchase of gold bullion is subject to 0.45 percent for NPWP holders (Taxpayer Identification Number) and 0.9 percent for non-NPWP holders.

However, HF Gold offered and accepted the repurchase of 24-carat gold bullion made by Indonesia’s authorized gold bullion producer and state-owned mining company, so that the authenticity of the products traded could not be doubted, he added.

The gold bars traded by HF Gold are obtained from buying back these products from the public through individual transactions.

He hopes that people would be more interested in buying gold bullion as an investment to anticipate inflation in the long term because — unlike bank notes  whose values always go down — this precious metal has been proven to be able to maintain its value for centuries with the price trend always rising from year to year.

Reporting by Indonesia Window