What is the ruling on purchasing electronic certificates that represent specific quantities of gold, where the certificate is received immediately, but the gold is not taken possession of until 60 days after notification, knowing that it is "unallocated gold"?

It is held that buying gold certificates is impermissible for two reasons:

1. Lack of تحديد المعقود عليه (specification of the subject of contract): The sale may turn into a loan, which causes ambiguity regarding the price (المثمن) and invalidates the sale.

2. Failure to achieve immediate قبض (possession) of the gold, which is an essential condition for the validity of gold sales. Certificates do not guarantee the buyer's acquisition of the gold at the time of the contract. The gold may not even exist in the vaults, which negates the condition of immediate possession and separation between the contracting parties.