If you buy gold from a shop and give them a check, is that considered taking possession?
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The questioner : If you buy gold jewelry and give the shop owner a check, is that considered taking possession?
The Shaykh : If a person buys gold and gives the seller a check for the price, that is not considered taking possession; rather, it is a transfer of debt. Consequently, this contract is invalid because taking possession did not take place. Taking possession only occurs by receiving the consideration. So, if a person buys gold for ten thousand...
The questioner : Yes.
The Shaykh : ...and gives the seller a check on one of the banks, this is not considered taking possession. The sale is invalid, and the gold belongs to the seller. The buyer owes nothing of its price because the sale is invalid.
The correct way is for the buyer to go to the bank and take ten thousand in his hand, then bring it to the seller’s place and complete the contract on this basis. The seller brings the gold, and the money is with the buyer. Each of them takes possession of the other’s item in the session of the contract. Yes.
The questioner : May Allah reward you. This caller is from North Yemen, Taiz Governorate, Muhammad Abdullah Rajih, he says.
The Shaykh : If a person buys gold and gives the seller a check for the price, that is not considered taking possession; rather, it is a transfer of debt. Consequently, this contract is invalid because taking possession did not take place. Taking possession only occurs by receiving the consideration. So, if a person buys gold for ten thousand...
The questioner : Yes.
The Shaykh : ...and gives the seller a check on one of the banks, this is not considered taking possession. The sale is invalid, and the gold belongs to the seller. The buyer owes nothing of its price because the sale is invalid.
The correct way is for the buyer to go to the bank and take ten thousand in his hand, then bring it to the seller’s place and complete the contract on this basis. The seller brings the gold, and the money is with the buyer. Each of them takes possession of the other’s item in the session of the contract. Yes.
The questioner : May Allah reward you. This caller is from North Yemen, Taiz Governorate, Muhammad Abdullah Rajih, he says.