What is the ruling on money possessed by the questioner after exchanging dollars for Algerian dinars through an intermediary, when the receipt of one of the two عوضين (the dollars) was delayed for two hours after the delivery of the other عوض (the dinars)?
For a cash sale (sarf), mutual possession at the contract assembly is required, and bank deposit is considered constructive possession.
If possession is taken by one party and delayed by the other, the sarf is invalid and the contract is nullified.
Scholars have differed on the ownership of money possessed through a void contract:
1. Hanafis: It confers ownership. 2. Shafi'is and Hanbalis (the more authoritative view): It does not confer ownership. 3. Malikis: It confers ownership if it has been consumed, but not if it can be returned and has not changed.
If the money can be returned after a void contract, it must be returned, and then the contract can be re-executed. However, if it cannot be returned, the amount does not need to be reimbursed.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- 17297
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy