The Ruling on Manipulating the Sale of Gold for Cash via Visa
Machine translationRead the Arabic original
The questioner:
This questioner, Khalid Muhammad, says: Shaykh, I sell in gold shops. As you know, there is trading for buying and selling via Visa and Mastercard. The question, Shaykh, is that a number of customers come to the shop and say they want to buy gold, let us say for an amount of five thousand riyals.
Then he tells me that he will sell the gold back to me at the same time, and the purpose of this transaction is to obtain the cash. So, I buy the gold from him, but there is one thing: I sell him the gold at the selling price, let us say the gram at thirty-one, and then I buy it back at the scrap price at twenty-eight.
The Shaykh:
This is a manipulation of currency exchange. Selling gold for currency is called currency exchange (sarf). Selling gold for currencies that are not of the same kind as gold is called currency exchange. This is permissible, but with the condition of immediate possession in the meeting, with the condition of immediate possession in the meeting, so that you do not separate with something between you. Therefore, deferring the price is not permissible.
The questioner:
Shaykh, there are some violations by some of the difficult ones. Is there any guidance for them?
The Shaykh:
That they should fear Allah the Exalted and know the rulings of currency exchange and what is related to it, so that they do not fall into such errors. Yes.
The presenter:
May Allah reward you and bless you.
This questioner, Khalid Muhammad, says: Shaykh, I sell in gold shops. As you know, there is trading for buying and selling via Visa and Mastercard. The question, Shaykh, is that a number of customers come to the shop and say they want to buy gold, let us say for an amount of five thousand riyals.
Then he tells me that he will sell the gold back to me at the same time, and the purpose of this transaction is to obtain the cash. So, I buy the gold from him, but there is one thing: I sell him the gold at the selling price, let us say the gram at thirty-one, and then I buy it back at the scrap price at twenty-eight.
The Shaykh:
This is a manipulation of currency exchange. Selling gold for currency is called currency exchange (sarf). Selling gold for currencies that are not of the same kind as gold is called currency exchange. This is permissible, but with the condition of immediate possession in the meeting, with the condition of immediate possession in the meeting, so that you do not separate with something between you. Therefore, deferring the price is not permissible.
The questioner:
Shaykh, there are some violations by some of the difficult ones. Is there any guidance for them?
The Shaykh:
That they should fear Allah the Exalted and know the rulings of currency exchange and what is related to it, so that they do not fall into such errors. Yes.
The presenter:
May Allah reward you and bless you.
Source
نور على الدرب - الفوزان - 03/155 — archive.org (3:48)
The Arabic text is a machine transcription of the audio recording.