E-Commerce Transaction in Hello Gold Investment: Islamic Investment Review


  • Raudzatul Jannah Binti Ezahar UUM
  • Mohd Sollehudin Shuib UUM
  • Ahmad Khilmy Abdul Rahim UUM




E-Commerce, Gold Investment, Islamic Investment


With advancing the digital platform, many investment plans were introduced to share the benefits and potential assets invested. This paper aims to seek to understand the e-commerce of gold investment transactions from the context of Shariah. The methodology adopted was interview and document research from the qualitative study. Review of existing literature sheds light on some conditions that must be adhered to in e-commerce gold investment are the four pillars of Islamic contracts consist of contracting parties, the price, offer, and acceptance, and subject matter. Gold investment also has its own standard criteria and regulations that must be fulfilled according to Shariah where the item gold has considered as ribawi item. The finding shows that Hello Gold launched the first online gold platform e-commerce through a new mobile application Smart Saver Plan as an automated 12-months savings plan that helps customers have a saving gold monthly with little effort. The features of e-commerce mobile applications are equipped with easy steps of gold purchasing which contain detailed registration, price, features of the gold specification, and method payment system. Term and condition also adhered to gain the consent of customer engagement in the transaction. Hello Gold is a recognized Shariah-compliant whereby it complies with BNM guidelines. The appraisal of these criteria and features justified the validity of Hello Gold Smart Saver Plan from Shariah review perspectives. The e-commerce of mobile application also meets the Shariah ruling transaction which in turn enhance the level of online trust among Muslim users.


Download data is not yet available.

Author Biographies

Raudzatul Jannah Binti Ezahar, UUM

PhD Candidate, Islamic Business School, Universiti Utara Malaysia, MALAYSIA

Mohd Sollehudin Shuib, UUM

Senior Lecturer, Islamic Business School, Universiti Utara Malaysia, MALAYSIA

Ahmad Khilmy Abdul Rahim, UUM

Senior Lecturer, Islamic Business School, Universiti Utara Malaysia, MALAYSIA


Al Zahrani, S. A. (2009). Professional preference and decision making with a sample of professional college students In Jeddah, published Master's thesis in Psychology (Professional Educational Guidance), Faculty of Education Department of Psychology, Umm Al Qura University.

Al-Zuhayli, W. (2003), Islamic Jurisprudence and Its Proofs, Dar al-Fikr, 33.

Amboala, T., Mokhtar, A. H. A., Muhammad, M. Z., bin Noordin, M. F., & Othman, R. (2015). Development method for shariah compliant e-commerce payment processing. International Journal of Computer Theory and Engineering, 7(5), 408-415.

Creswell, J.W. and Creswell, J.D. (2018). Research design: qualitative, quantitative, and mixed methods approaches, Thousand Oaks, California: SAGE Publications, Inc., Fifth edition

Ghazali, M. F., Lean, H. H., & Bahari, Z. (2015). Sharia compliant gold investment in Malaysia: Hedge or safe haven?. Pacific-Basin Finance Journal, 34, 192-204.

Haron, S. and Azmi, W.N.W. (2009) Islamic Finance and Banking System Philosophies, Principles and Practices, McGraw-Hill Education

Imam Muslim. Abū al-Ḥusayn ‘Asākir ad-Dīn Muslim ibn al-Ḥajjāj ibn Muslim ibn Ward ibn Kawshādh al-Qushayrī an-Naysābūrī or Muslim Nayshāpūrī, commonly known as Imam Muslim, Islamic scholar, particularly known as a muhaddith. His hadith collection, known as Sahih Muslim, is one of the six major hadith collections in Sunni Islam and is regarded as one of the two most authentic (sahih) collections, alongside Sahih al-Bukhari.

Majid, A. M. Nor, N.G. and Said, F.F. (2003) Efficiency of Islamic banks in Malaysia, Paper presented to the Fifth International Conference on Islamic Economics and Banking, Bahrain, October, 7-9.

Mas'ad, A. M., Rozali, M. E. A., Ismail, W. A. F. W., & Johari, F. (2018). Gold Investment Practices in Malaysia: A Shariah Review. Journal of Fatwa Management and Research, 13(1), 215-231. Retrieved from http://jfatwa.usim.edu.my/index.php/jfatwa/article/view/184

Mokhtar, A.H.A.; Amboala, T.; Muhammad, M.Z. and EAlam, M.S. (2013). “Bai as-salam and e-commerce: A comparative analysis from Shariah perspectives,” in Proc. the 2nd Applied International Business Conference, vol. 7, p. 8.

Muhammad, M., Muhammad, M.R. & Khalil, K.M. (2013a). Towards shari’ah compliant ecommercetransactions: A review of Amazon.com. Middle-East Journal ofScientific Research, 15(9), 1229-1236.

Muhammad, M., Muhammad, M.R., Suhaimi, M.A., Hussin, H., Razi, M.J.M. & Abdullah, K. (2013b). Building trust in e-commerce from Islamic perspective: A literaturereview. American Academic and Scholarly Research Journal, 5(5), 161–168.

Nordin, N., Aziz, M. I., Embong, R., Daud, N., & Aziz, S. A. (2018). Shariah Compliant Gold Investment: An Understanding among Academicians in Terengganu, Malaysia. International Journal of Academic Research in Business and Social Sciences, 8(10), 226–235.

Razimi, M.S.A.; Romle, A.R. and Azizan, K.A. (2017). An Understanding of Shariah Issues on Gold Investment: A Review, Asian Journal of Business Management Studies 8 (1): 09-12.

Ribadu, M.B., & Rahman, W.N.W.A. (2017). E-Commerce Quality Evaluation Metrics: A Sharia Compliance Approach. Journal of Telecommunication, Electronic and Computer Engineering (JTEC), 9(3-5), 101-110.

Ribadu, M.B., & Rahman, W.N.W.A. (2019). An integrated approach towards Sharia compliance E-commerce trust. Applied computing and informatics, 15(1), 1-6.

Sholikhin, M. Y., & Amijaya, R. N. F. (2019). E-Commerce Based on the Law of Buying and Selling in Islam. KnE Social Sciences, 1360-1370.

Sumanjeet, S. (2009). Emergence of payment systems in the age of electronic commerce: The state of art. Global Journal of International Business Research, 2(2).

Syed Alwi, S. F., Suhaimi, M., & Mohamed Kamil, M. M. (2013). Gold investment account in Kuwait finance house (M) Berhad and Maybank Berhad. Journal of al-Thaqafah, 3(1).

The gold market in 2017, 13 January, 2017, GOLDHUB, https://www.gold.org/goldhub/research/gold-market-2017

Zainul, N., Osman, F., & Mazlan, S. H. (2004). E-Commerce from an Islamicperspective. Electronic Commerce Research and Applications, 3(3), 280–293. https://doi.org/10.1016/j.elerap.2004.01.002

Zulkefli, A., Rusmadi, H., & Aziz, A. A. (2019). Application of E-Wallet: A Preliminary Analysis from the Shariah Perspective. International Journal of Fiqh and Usul al-Fiqh Studies (IJFUS), 3(2), 98-105.




How to Cite

Ezahar, R. J. B. ., Shuib, M. S. ., & Abdul Rahim, A. K. . (2020). E-Commerce Transaction in Hello Gold Investment: Islamic Investment Review. Asian Business Review, 10(1), 73–80. https://doi.org/10.18034/abr.v10i1.464