What is the ruling on buying a gold ingot by paying a portion of its price upon reservation, and settling the remainder at the price of gold at the time of receipt?
It is not permissible to purchase gold in this manner, because it is deferred to the future, and the condition of immediate possession of both exchanged items at the time of the contract is not met. This is a condition agreed upon by jurists, as stated in the Gold Standard and its Regulations.
However, the transaction can be rectified by making it a non-binding promise, where the amount paid is a deposit or a seriousness margin. The sale would then take place at the time of receipt, at the price of that day. A binding promise from one party is permissible in the sale of gold, as is paying a seriousness margin when promising to purchase it.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 192883
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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