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The question

Is not transferring the price of a gold contract immediately upon receipt considered a breach of the condition of immediate possession (al-taqabud), and is this considered usury (riba), or does the contract transfer through possession merely by the act of transferring, and how can this contract be corrected if it is usury?

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Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

The majority of scholars hold that it is obligatory for possession and exchange to take place in the same session when purchasing manufactured gold with currency; otherwise, the contract is void. If the gold is received and the payment is transferred within the same contractual session, the sale is valid. However, if the gold is received and the transfer occurs after the contractual session has concluded, the sale is void, and both the gold and the payment must be returned.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

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Where this answer came from
Source platform
Ftawy
Original fatwa ID
169970
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.
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Read the full answer on Ftawy