Is it permissible to sell a bond worth ten million dollars for less than its value, given the difficulty in receiving its value from the bank? Is receiving the bond considered receiving the money? And is this considered usury (riba)?

It is not permissible to sell sukuk (Islamic bonds/financial certificates) for less than their nominal value in cash, because this is considered a currency exchange transaction (sarf) in which the possession of one of the two counter-values is delayed. Sarf transactions require mutual possession in the same session. Furthermore, it involves gharar (excessive uncertainty), as the cash payer might not receive his debt, thus incurring a loss.

The permissible alternative is for the sukuk holder to agree with a trustworthy person to collect the value of the sukuk for a known fee.

However, if the sukuk are certified like checks, the majority of contemporary jurists hold that receiving a certified check is considered possession of its content. It is permissible to exchange it for a currency different from its own kind. However, it is not permissible to exchange it for less than its value in the same currency, as this constitutes riba (usury).