Buying Gold Coins On Credit

Question

A person buys gold coins from a gold broker/dealer.  He deposits the money into the dealers account and collects the coin at a later stage, perhaps a day or two later. Is this transaction correct?

Answer

This will be correct. It is not necessary to take possession of the gold coin immediately.

Checked and Approved By:

Mufti Muhammed Saeed Motara Saheb D.B.

References

(رد المحتار، ٥: ١٧٩، سعيد)

(الفتاوى التاتارخانية، ١٠: ١٣، مكتبة زكريا ديوبند)

(بدائع الصنائع، ٥: ٢٣٦، دار الحديث)

Disclaimer
Purpose and Scope
The information provided on this website is intended for informational and educational purposes only. Fatawa provided on this website are context-dependent, scenario-specific and are impacted by interpretations and individual circumstances.
The information provided on this website is not a substitute for an independent, scenario-specific question, and must not be used to determine or establish a ruling for any other circumstance, situation or dispute.
Accuracy and Reliability
While Darul-Ifta - Darul Uloom Azaadville strives for accuracy, errors may occur. Users are encouraged to verify information independently and notify the Darul-Ifta of any discrepancies.
We reserve the right to edit, moderate or remove any content.
No Legal Authority
Fatawa provided on this website are not legal judgments but rather religious rulings. Legal matters should be addressed through appropriate legal channels.
Acceptance
By using this website, users agree to these terms and conditions.