What is the ruling on: 1. Concluding a transaction for buying and selling gold over the phone with a delay in taking possession of the commodity and the price for several hours or until the next day? 2. Appointing the seller as an agent for buying and selling gold, with the amount transferred to his account, and the gold held by him as a trust, knowing that the seller is an employee and not the owner of the shop?
Selling gold for paper currency requires the exchange of both countervalues in the same session of the contract. If the receipt is delayed beyond the call in which the contract is made, it constitutes usury (riba) and the sale is invalid. Similarly, it is not permissible to authorize an employee in the shop to buy or sell for you from the same shop, because the unification of the giver and receiver is prohibited.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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