Buying gold with a deposit
Machine translationRead the Arabic original
The seventh question of Fatwa No. ( 3211 )
Q7: A customer buys gold, but he has only a deposit with him. He asks me to hold the gold for him until he brings the amount and takes it, knowing that gold prices are not fixed, fluctuating up and down. I informed him of this, and he said: "It is my luck." So, should I record the price at the rate we agreed upon when I received the deposit, or at the rate at the time of delivery?
A7: Such a transaction is not permissible because the exchange does not take place in the meeting.
Q7: A customer buys gold, but he has only a deposit with him. He asks me to hold the gold for him until he brings the amount and takes it, knowing that gold prices are not fixed, fluctuating up and down. I informed him of this, and he said: "It is my luck." So, should I record the price at the rate we agreed upon when I received the deposit, or at the rate at the time of delivery?
A7: Such a transaction is not permissible because the exchange does not take place in the meeting.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.