If I buy gold from a shop and give him a certified check, or give him an ATM card and the amount is transferred directly from my account to his, is this considered possession?
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The questioner : If I buy gold from a shop and give him a certified check, or give him an ATM card and the amount is transferred directly from my account to his, is this considered possession, given that the amount enters his account immediately?
The Shaykh : Yes. It is considered possession, as long as it is transferred directly to the seller's account in the session of the contract, so there is no harm. The way to do this is for the buyer to be in the seller's shop, and for both the seller and the buyer to have an account in a specific bank. They contact the bank owner and say to him, "Transfer such and such from my account." He says to the buyer, "Transfer such and such from my account to so-and-so's account." He says, "I have done it." This is possession.
As for the certified check, it is not possession, but rather a transfer of debt. Certification means the bank's acknowledgment that it has this balance only. The evidence that it is not possession is that if this certified check is lost, the seller would return to the buyer and say, "The check was lost before I received what was in it." Yes.
The questioner : May Allah reward you and bless...
The Shaykh : If someone were to say, "What if this situation is not possible?" We would say: If it is not possible, do not conclude the sale. Go and bring the money from the bank where you have an account, then hand it to the seller and conclude the contract anew. Do not rely on the first contract, because it is invalid, and because the gold may increase or decrease in value between bringing the money and the agreement.
The questioner : May Allah thank you, O honorable Shaykh, and may Allah bless you and your knowledge, and make it beneficial.
The Shaykh : Yes. It is considered possession, as long as it is transferred directly to the seller's account in the session of the contract, so there is no harm. The way to do this is for the buyer to be in the seller's shop, and for both the seller and the buyer to have an account in a specific bank. They contact the bank owner and say to him, "Transfer such and such from my account." He says to the buyer, "Transfer such and such from my account to so-and-so's account." He says, "I have done it." This is possession.
As for the certified check, it is not possession, but rather a transfer of debt. Certification means the bank's acknowledgment that it has this balance only. The evidence that it is not possession is that if this certified check is lost, the seller would return to the buyer and say, "The check was lost before I received what was in it." Yes.
The questioner : May Allah reward you and bless...
The Shaykh : If someone were to say, "What if this situation is not possible?" We would say: If it is not possible, do not conclude the sale. Go and bring the money from the bank where you have an account, then hand it to the seller and conclude the contract anew. Do not rely on the first contract, because it is invalid, and because the gold may increase or decrease in value between bringing the money and the agreement.
The questioner : May Allah thank you, O honorable Shaykh, and may Allah bless you and your knowledge, and make it beneficial.