Gold bars and coins illustrating physical gold investment.

Gold Ownership, Custody and Settlement Evidence Checklist

October 28, 2026•2 min read

Gold exposure can come through coins, bars, pooled accounts, exchange-traded products, certificates or derivatives. The Shariah and practical questions depend on what the buyer owns, when ownership transfers, how settlement works and whether specific metal is held.

Educational information only: This is not investment, legal, tax or Shariah advice. Verify the contract, provider and custody arrangement with qualified professionals.

1. Identify the instrument

Record whether the purchase is a specific coin or bar, allocated account, pooled claim, fund unit or another exposure. Do not rely on the word “gold”.

2. Verify the provider

Capture the legal seller, platform, custodian and storage provider. Check applicable regulatory records and company details.

3. Record the asset specification

For physical metal, note weight, purity, refiner, serial number where available and product form. Link it to the invoice or custody record.

4. Establish legal ownership

Read the contract to determine whether the client owns identified metal, an undivided pool interest or a claim against the provider.

5. Confirm the trade time

Record order, execution and payment timestamps. Preserve the quoted and executed price, currency and quantity.

6. Review settlement

Document when payment becomes final and when ownership or entitlement is credited. Refer deferred or netted settlement structures to a qualified Shariah reviewer.

7. Examine allocation

Ask whether specific metal is allocated to the client and whether it can be independently verified. Record bar lists or account-level evidence.

8. Check custody terms

Identify storage location, insurance, audit process, access rights and insolvency treatment. Confirm whether the custodian may use or lend the metal.

9. Test redemption rights

Record minimum quantities, notice periods, delivery locations, identification requirements and charges. A redemption promise may differ from immediate possession.

10. Identify leverage or derivatives

Check for borrowing, margin, futures, options, swaps or synthetic replication. Send complex exposure to qualified financial and Shariah reviewers.

11. Reconcile fees and spreads

Separate dealer spread, platform, custody, insurance, delivery and exit charges. Compare the invoice to the account statement.

12. Collect Shariah evidence

Retain the product-specific methodology or certificate, scope and review date. Confirm that the evidence covers the actual ownership and settlement model.

13. Keep tax records

Record acquisition cost, currency conversion, disposals and fees for a registered tax practitioner. Do not infer tax treatment from physical delivery.

14. Plan security and succession

For physical holdings, document secure storage without exposing access details. Record provider death or incapacity procedures for custodial holdings.

15. Maintain the gold evidence register

Instrument and provider
Metal specification or underlying exposure
Ownership, trade and settlement
Custody, audit and redemption
Fees, tax and Shariah evidence

Useful official starting points include FSCA regulated-entity information, SARB Financial Surveillance and SARS.

The completed file should make clear what the investor owns, when ownership arose, where the metal or exposure is held and how it can be verified or redeemed.

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Mogamat Ali Salie

With a strong foundation in Information Technology and an M.C.S.E. certification, my journey took an unexpected turn after winning a free trip on a South African TV game show that brought me to the USA. During the dot-com bubble in 2001, I shifted my college major to Finance while working as a Junior Network Administrator — and discovered my true passion: helping people grow and protect their wealth. I began my banking career with Comerica Bank in Michigan while completing my Bachelor’s degree in Finance, then moved to Los Angeles to join Wells Fargo Bank. There, I quickly advanced through multiple roles, participated in extensive Fortune 500 training, and developed a diverse skill set in wealth management, client relations, and financial strategy. After 11 years abroad, I returned to South Africa to be closer to family, working as a Financial Adviser with Old Mutual, then Liberty Life, before being headhunted by Absa Wealth / Barclays Wealth in 2013. Since 2018, I’ve been with FNB Wealth & Investment, focusing on Ultra High Net Worth (UHNW) clients, helping them navigate complex financial and investment landscapes. 🌍 My competitive advantage comes from deeply profiling clients, understanding their goals, and leveraging international experience across the USA, UK, and South Africa. This perspective allows me to provide insight into offshore investment opportunities, global regulatory environments, and bespoke solutions that align with clients’ values and objectives. 💡 Building on this journey, as the Founder of MuslimFin Family Office — a hybrid model combining a Virtual Family Office (VFO) with a Boutique Family Office. We provide families and entrepreneurs with Islamic values-driven wealth stewardship, tailored advice, and innovative solutions that honour faith, legacy and growth. 🏃‍♂️ Beyond finance, I am passionate about running and endurance challenges. I proudly completed the Comrades Down Run in 2023 and the Comrades Up Run in 2024. As a member of the running, cycling and swimming fraternity, I'm also fortunate to be part of and participate in community initiatives and charitable causes, because true success is measured not just by what we achieve, but by how we give back.

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