The owner of a gold store buys gold from wholesalers over the phone, and they agree upon a price. The product is shown to the buyer, then he sends him the payment through the bank and the dealer sends the gold to him. Is this permissible?.
Praise be to Allaah.
Selling gold for cash is subject to the condition that the
transaction be completed in one sitting, i.e., the gold is handed over to
the buyer and the price is handed over to the seller in one sitting. It is
not permissible for them to separate before making this hand-to-hand
exchange. See question no. 22869.
Based on this, it is not permissible to buy this gold in this manner.
The Standing Committee
was asked a similar question and they replied: This transaction is not
permissible because of the delay in the exchange of the price and the goods
being bought, whether both are gold or one is gold and the other is silver,
or the currency notes that have taken their place. This is called riba
al-nasa’ and is haraam. Rather the transaction should be done when the money
is there at the time of the transaction. End quote.
Fataawa al-Lajnah al-Daa’imah,
13/475.
