What is the ruling on buying gold with a check or a bank card?
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The questioner : May Allah reward you: Regarding buying gold with a checkbook, where the account may or may not have a balance, or buying it with a bank card, which is very widespread among Muslims?
The Shaykh : It is well known that if gold is bought with dirhams, the dirhams are the price for silver, and the sale of gold for silver requires the exchange of possession in the meeting of the contract. A check, even if it is guaranteed—meaning the balance is known—is not possession. The evidence that it is not possession is that if this check is lost, one would claim it back from the one who gave it to him, is that not so? Therefore, it is not possession. Yes, if we suppose that the buyer, while in the seller's shop, goes to the bank and tells him: "Transfer from my account to so-and-so's account," meaning the seller, such and such an amount—meaning the price—this is possession, because he transferred the amount to the seller's account in the same meeting. Is that clear? Now, how does one act if he does not have dirhams? We say: Praise be to Allah, the matter is easy. He tells the seller: "Keep the gold with you and do not sell it, and I will go to my house or to the shop and bring the price." Then, after he arrives with the price, they trade with each other under a new contract, different from the first contract. Is that clear?
The questioner : The card.
The Shaykh : What card?
The questioner : The bank card. Now you buy everything with this card, even gold. This is considered immediate payment. The amount is placed on the machine, and this amount is held in the bank until it is transferred to the account after a few days.
The Shaykh : The seller. It is not permissible, it is not permissible. Yes, that is right.
The questioner : Peace be upon you.
The Shaykh : Yes.
The questioner : In the name of Allah, the Most Gracious, the Most Merciful. And may the prayer and peace be upon the Messenger of Allah.
The Shaykh : It is well known that if gold is bought with dirhams, the dirhams are the price for silver, and the sale of gold for silver requires the exchange of possession in the meeting of the contract. A check, even if it is guaranteed—meaning the balance is known—is not possession. The evidence that it is not possession is that if this check is lost, one would claim it back from the one who gave it to him, is that not so? Therefore, it is not possession. Yes, if we suppose that the buyer, while in the seller's shop, goes to the bank and tells him: "Transfer from my account to so-and-so's account," meaning the seller, such and such an amount—meaning the price—this is possession, because he transferred the amount to the seller's account in the same meeting. Is that clear? Now, how does one act if he does not have dirhams? We say: Praise be to Allah, the matter is easy. He tells the seller: "Keep the gold with you and do not sell it, and I will go to my house or to the shop and bring the price." Then, after he arrives with the price, they trade with each other under a new contract, different from the first contract. Is that clear?
The questioner : The card.
The Shaykh : What card?
The questioner : The bank card. Now you buy everything with this card, even gold. This is considered immediate payment. The amount is placed on the machine, and this amount is held in the bank until it is transferred to the account after a few days.
The Shaykh : The seller. It is not permissible, it is not permissible. Yes, that is right.
The questioner : Peace be upon you.
The Shaykh : Yes.
The questioner : In the name of Allah, the Most Gracious, the Most Merciful. And may the prayer and peace be upon the Messenger of Allah.