Paying the value of gold by check
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The first, second, and third questions from Fatwa No. ( 7923 )
Q1: If I sell gold to customers and they pay me the value by check from one of the banks, is it permissible for me to accept the check as the value of the gold, and is the check considered hand-to-hand? Since I will not receive the value of the check from the bank until after a period of time, or is that not permissible, and am I required to receive the value of the gold in cash, which is difficult for many people?
A1: Accepting the check is considered possession, as in the case of transferring a debt, to remove hardship. Q2: If a person comes wanting to buy some gold jewelry, and when I weigh for him what he wants, I find that the amount he has is not enough for the value of the gold, it is known in this case that it is not permissible for me to sell him the gold and deliver it to him while he has only paid me part of the value. But if we are in the morning, for example, and he says to me: "Leave the gold with you until the 'Asr time so I can bring you the full amount of money and take the gold I bought from you," in this case, is it permissible for me to leave the gold in his bag and on his account until he comes to take it, or am I required to cancel the contract, and if he comes, he is like any other buyer, and if not, there is nothing between us?
A2:
Q3: If a person buys gold from me, pays its value, and takes the gold, then comes back after a period of time wanting to return the gold and receive back what he paid me, is that permissible for me, or must I buy it from him at the market price if he wishes?
A3: If the matter is as you described, that is permissible through the method of mutual rescission (iqalah) and withdrawal.
Q1: If I sell gold to customers and they pay me the value by check from one of the banks, is it permissible for me to accept the check as the value of the gold, and is the check considered hand-to-hand? Since I will not receive the value of the check from the bank until after a period of time, or is that not permissible, and am I required to receive the value of the gold in cash, which is difficult for many people?
A1: Accepting the check is considered possession, as in the case of transferring a debt, to remove hardship. Q2: If a person comes wanting to buy some gold jewelry, and when I weigh for him what he wants, I find that the amount he has is not enough for the value of the gold, it is known in this case that it is not permissible for me to sell him the gold and deliver it to him while he has only paid me part of the value. But if we are in the morning, for example, and he says to me: "Leave the gold with you until the 'Asr time so I can bring you the full amount of money and take the gold I bought from you," in this case, is it permissible for me to leave the gold in his bag and on his account until he comes to take it, or am I required to cancel the contract, and if he comes, he is like any other buyer, and if not, there is nothing between us?
A2:
Q3: If a person buys gold from me, pays its value, and takes the gold, then comes back after a period of time wanting to return the gold and receive back what he paid me, is that permissible for me, or must I buy it from him at the market price if he wishes?
A3: If the matter is as you described, that is permissible through the method of mutual rescission (iqalah) and withdrawal.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.