Selling gold for gold without exchange in the session of the contract
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Fatwa number ( 16380 )
Q: Some gold merchants agree that one of them will sell to the other, for example, a gold bracelet for a specific amount, on the condition that he takes a percentage of the price. After the customer delivers the goods and receives the price, he records it with him until the evening, then the merchants settle accounts among themselves, so that whoever sold something to another settles it and takes the commission. Up to this point, it appears to be agency and there is no harm in it. But the problem is that the owner of the goods conditions the merchant who sold him the goods to settle it at the end of the day in gold, in the amount of the price after deducting the commission, at the value of gold in the morning, in the case of an increase in the price of gold in the evening. And if the gold decreases or remains at its morning price, he takes the value of the goods in cash, which is the same amount he sold it for, minus the commission. We ask for your information and fatwa on this, may Allah preserve you and forgive you.
A: It is not permissible for a gold merchant to condition his fellow merchant to settle the value of what he sold to him in gold in the case of an increase in the price of gold; because this is selling gold for gold without exchange in the session of the contract.
And what is obligatory in the case of selling gold for gold is equality in weight and exchange in the session before separating.
Q: Some gold merchants agree that one of them will sell to the other, for example, a gold bracelet for a specific amount, on the condition that he takes a percentage of the price. After the customer delivers the goods and receives the price, he records it with him until the evening, then the merchants settle accounts among themselves, so that whoever sold something to another settles it and takes the commission. Up to this point, it appears to be agency and there is no harm in it. But the problem is that the owner of the goods conditions the merchant who sold him the goods to settle it at the end of the day in gold, in the amount of the price after deducting the commission, at the value of gold in the morning, in the case of an increase in the price of gold in the evening. And if the gold decreases or remains at its morning price, he takes the value of the goods in cash, which is the same amount he sold it for, minus the commission. We ask for your information and fatwa on this, may Allah preserve you and forgive you.
A: It is not permissible for a gold merchant to condition his fellow merchant to settle the value of what he sold to him in gold in the case of an increase in the price of gold; because this is selling gold for gold without exchange in the session of the contract.
And what is obligatory in the case of selling gold for gold is equality in weight and exchange in the session before separating.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.