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Expert warns against installment gold purchases
The Financial Supervisory Authority has decided to prohibit consumer finance companies from selling gold bullion and jewelry on installment plans. This measure aims to protect citizens from taking on debts that exceed their ability to pay, especially given the possibility of gold prices declining, which could lead borrowers to default and even face imprisonment. Engineer Saeed Imbabi, the CEO of the "i Saghah" platform, criticized this approach, emphasizing that gold is a non-consumer commodity tied to the global economy. He pointed out that installment sales carry high risks, particularly with interest rates exceeding 30 to 40%, which could further strain buyers financially. He clarified that cash sales are safer and that expanding installment sales might corrupt the gold market and put citizens in difficult positions if prices drop. Imbabi also admitted that gold sales have decreased by approximately 20 to 30% as a result of this decision, affirming that consumer protection is more important than financial profits for investors.
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