Yes, we can buy gold using any of the following means (debit, credit, charge and cash) as purchasing through those means constitutes spot delivery and payment. This ruling is extracted from the decision by the International Islamic Fiqh Academy (Resolution 53 [4/6]), which concluded that an accounting entry is equivalent to constructive possession (spot delivery and payment).

On the other hand, it is impermissible to buy gold on an instalment or deferred basis as it goes against the Prophet’s, peace be upon him saying “hand to hand” when it comes to exchanging gold with silver without delay in delivery. Since currency also falls under the ruling of gold and silver, the prohibition stands and this position is endorsed by the International Fiqh Academy (Resolution 63 [1/7]).

Wallahu A’lam.