Using the Point of Sale Machine to Settle the Value of Gold
Machine translationRead the Arabic original
Fatwa No. ( 19440 )
Q: We are owners of gold and jewelry shops, and it has been proposed to us to use a machine called a Point of Sale. It is a device used to settle the value of what a customer buys from us by transferring the amount from his account to our account via telephone. The machine issues a receipt certifying that the amount has been deposited into our account. What is the ruling on using such a machine in the sale of gold?
A: As long as the Point of Sale device deducts the amount immediately from the buyer’s account deposited in the bank from which it is drawn, and transfers it immediately to the seller’s account, and there are no fees for this transfer, then the sale under these conditions has the ruling of immediate exchange in the assembly. Therefore, it is permissible to sell gold for paper currency and settle the price using the aforementioned Point of Sale, because immediate possession and exchange are present in the contract assembly.
Q: We are owners of gold and jewelry shops, and it has been proposed to us to use a machine called a Point of Sale. It is a device used to settle the value of what a customer buys from us by transferring the amount from his account to our account via telephone. The machine issues a receipt certifying that the amount has been deposited into our account. What is the ruling on using such a machine in the sale of gold?
A: As long as the Point of Sale device deducts the amount immediately from the buyer’s account deposited in the bank from which it is drawn, and transfers it immediately to the seller’s account, and there are no fees for this transfer, then the sale under these conditions has the ruling of immediate exchange in the assembly. Therefore, it is permissible to sell gold for paper currency and settle the price using the aforementioned Point of Sale, because immediate possession and exchange are present in the contract assembly.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.