Ruling on selling gold for a postal check in installments
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The questioner:
The questioner says: The last question is that I am a gold merchant, and sometimes a customer comes to me and asks for goods but does not have cash. He has one month left until his wedding, so he leaves me a postal check for the amount of the goods. We agree that he takes the goods on the condition that he pays the amount in fixed installments within a fixed term. When he finishes paying the amount, I return his postal check to him and the sale is concluded. What is the ruling on this sale in the Shari'ah?
The Shaykh:
Repeat the question, may Allah keep you well.
The questioner:
May Allah reward you. Your Excellency the Shaykh, he says: I am a gold merchant, and sometimes a customer comes to me and asks for goods but they do not have cash. He has one month left until the wedding, so he leaves me a postal check for the amount of the goods. We agree that he takes the goods on the condition that he pays the amount in fixed installments within a fixed term. When he finishes paying the amount, I return his postal check to him and the sale is concluded. What is the ruling on this sale in the Shari'ah?
The Shaykh:
If the goods are gold, it is not permissible. It is not permissible for them to part without the full price being handed over hand to hand. You hand him the gold, and he hands you the value in the same meeting, hand to hand. It is not permissible to delay any part of the cash price.
The sale of currency for currency requires immediate exchange. If the types differ, immediate exchange is required. If the types are the same, gold for gold or silver for silver, equality in weight and immediate exchange are required. Riba (usury or interest) is a serious and severe matter. It appears that you mean gold by the goods, because you are selling gold, not clothes. So if what you are selling is gold for cash, do not part while anything remains between you.
The presenter:
May Allah reward you, Your Excellency the Shaykh, and may He bless you.
The questioner says: The last question is that I am a gold merchant, and sometimes a customer comes to me and asks for goods but does not have cash. He has one month left until his wedding, so he leaves me a postal check for the amount of the goods. We agree that he takes the goods on the condition that he pays the amount in fixed installments within a fixed term. When he finishes paying the amount, I return his postal check to him and the sale is concluded. What is the ruling on this sale in the Shari'ah?
The Shaykh:
Repeat the question, may Allah keep you well.
The questioner:
May Allah reward you. Your Excellency the Shaykh, he says: I am a gold merchant, and sometimes a customer comes to me and asks for goods but they do not have cash. He has one month left until the wedding, so he leaves me a postal check for the amount of the goods. We agree that he takes the goods on the condition that he pays the amount in fixed installments within a fixed term. When he finishes paying the amount, I return his postal check to him and the sale is concluded. What is the ruling on this sale in the Shari'ah?
The Shaykh:
If the goods are gold, it is not permissible. It is not permissible for them to part without the full price being handed over hand to hand. You hand him the gold, and he hands you the value in the same meeting, hand to hand. It is not permissible to delay any part of the cash price.
The sale of currency for currency requires immediate exchange. If the types differ, immediate exchange is required. If the types are the same, gold for gold or silver for silver, equality in weight and immediate exchange are required. Riba (usury or interest) is a serious and severe matter. It appears that you mean gold by the goods, because you are selling gold, not clothes. So if what you are selling is gold for cash, do not part while anything remains between you.
The presenter:
May Allah reward you, Your Excellency the Shaykh, and may He bless you.
Source
شرح كتاب الكبائر للإمام محمد بن عبد الوهاب، بداية من باب تشييع الفاحشة في المؤمنين — islamhouse.com (58:58)
The Arabic text is a machine transcription of the audio recording.