The Ruling on Buying Currency with a Check and Selling Stocks
Machine translationRead the Arabic original
The questioner:
A man bought currency from a bank, paid the amount, and received a check in exchange. He kept the check, and the currency value rose, but he had not cashed it. What should he do?
The Shaykh:
We said that a check does not constitute a delivery that clears the liability. It is necessary that he takes possession of the currency he bought. If he wishes, he can take it with him; if he wishes, he can deposit it with the bank. If its value rises, he must either come and sell it, delivering and receiving the payment, or appoint someone to act on his behalf to sell it and handle the delivery and receipt at the place of the contract.
The questioner:
How is the sale of stocks conducted? I mean the clear picture. Or, Shaykh.
The Shaykh:
There is no valid sale if he bought currency and has only the check, and he wants to sell this currency. He buys from the currency, or we said that this sale is originally invalid. Taking possession via a check is not acceptable. He must take possession of the currency he bought. Taking possession of a check as a substitute is not sufficient. The contract is considered invalid because they separated without the second party taking possession. He did not take possession of the money; he only took a check.
A man bought currency from a bank, paid the amount, and received a check in exchange. He kept the check, and the currency value rose, but he had not cashed it. What should he do?
The Shaykh:
We said that a check does not constitute a delivery that clears the liability. It is necessary that he takes possession of the currency he bought. If he wishes, he can take it with him; if he wishes, he can deposit it with the bank. If its value rises, he must either come and sell it, delivering and receiving the payment, or appoint someone to act on his behalf to sell it and handle the delivery and receipt at the place of the contract.
The questioner:
How is the sale of stocks conducted? I mean the clear picture. Or, Shaykh.
The Shaykh:
There is no valid sale if he bought currency and has only the check, and he wants to sell this currency. He buys from the currency, or we said that this sale is originally invalid. Taking possession via a check is not acceptable. He must take possession of the currency he bought. Taking possession of a check as a substitute is not sufficient. The contract is considered invalid because they separated without the second party taking possession. He did not take possession of the money; he only took a check.
Source
التعامل بالشيك في بيع العملات — alfawzan.live
The Arabic text is a machine transcription of the audio recording.