Buying or selling gold in exchange for checks transferred to the bank
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The third question of Fatwa No. ( 9564 )
Q3: Is it permissible to buy or sell gold in exchange for checks transferred to the bank , given that the amount transferred to the bank is fully available, especially since he is unable to carry cash with him during the purchase, and
unable to take it from the buyer during the sale of a number of ingots to him, particularly if the amount sometimes reaches millions of riyals, and he may fear for his safety or his wealth if he were to carry it?
A3: There is no harm in that; because the seller’s receipt of the check is equivalent to his receipt of the price, provided that the check is guaranteed by the bank.
Q3: Is it permissible to buy or sell gold in exchange for checks transferred to the bank , given that the amount transferred to the bank is fully available, especially since he is unable to carry cash with him during the purchase, and
unable to take it from the buyer during the sale of a number of ingots to him, particularly if the amount sometimes reaches millions of riyals, and he may fear for his safety or his wealth if he were to carry it?
A3: There is no harm in that; because the seller’s receipt of the check is equivalent to his receipt of the price, provided that the check is guaranteed by the bank.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.