What is the legitimate Islamic way to sell and buy manufactured gold online, taking into account the different payment methods (credit card, bank transfer, cash on delivery), and the delivery of gold via shipping companies or private couriers?
Summary:
It is a condition for selling gold for currency that the exchange [qabd] takes place in the same session of the contract, and it is not permissible to delay either of them. Paper currencies take the ruling of gold and silver regarding the application of usury (riba). Agency in exchange (sarf) is permissible, but on condition that the commodity and the price are seized [qabd] in the same session of the contract and before the contracting parties separate. It is not permissible to authorize a shipping company to seize [qabd] if that leads to delaying the seizure beyond the session of the contract. The proposed solution is for the sale of gold to customers to occur through a present agent who conducts the contract, delivery, and seizure [qabd] in the same session, or to contract with a shipping company that acts as an agent in establishing the contract and seizing [qabd] immediately.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 16433
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy