There are two concepts and practice intentions / initiatives that the government and gold traders bring to the agenda in these days. The first one is “gold bond” .
The bond is a debt note in which the amount of interest payable is written. A person who bondholder by pays gold, will receive certain interest, and at the time of redemption he will get back as much as the amount written on the bond. According to Islam, it is not permissible to sell gold in cash terms as maturity.
The gold rent certificate, which will be applied in our country soon, is a different process. In this application, the person who has the gold, buys the immovable in remuneration for gold from the state provided that the property is sold back after a certain period of time and it rent back to the state again.
In the application of the gold rent certificate, the state sells a property that rent the person which has gold. It give a certificate representing the ownership of this property. Then the state becomes the tenant of this property, pay the rent to the owner of the certificate, after a certain period of time repurchases the property by paying gold the person who buys the property.
Gold bond and gold rent certificate should not be confused. Because the bond (lending the gold with interest) is forbidden. A property is permissible to sell with gold and then to rent. It took place in Mecelle and applied it widely in the Ottoman Empire which implements Shari’a.