Is a check considered a form of possession when there is a liquidity shortage, and what is the ruling on buying and selling at two prices (cash and by check) in offers and currencies? Is the sale valid when the bank refers a customer to a merchant to sell goods for the value of the check? And what is the ruling on the action of the money changer who gave the customer a check for a value higher than the amount he wished to exchange for cash?

A certified bank check and a manager's check are considered equivalent to a cash payment, unlike a personal check, unless it is certified. If the bank is unable to provide liquidity when the check is presented, the check loses its equivalence to a cash payment. It is permissible to buy foreign currencies with checks that are considered equivalent to a cash payment, and it is not permissible if they do not have this status. As for buying goods with a check, it is permissible in both cases. A legitimate hawala (transfer of debt) requires the two debts to be identical in type, amount, immediate availability, and maturity, and a difference in the cause of the two debts does not matter. As for buying debt with goods, it is permissible, and this is a view adopted by the Islamic Fiqh Academy. It is not permissible to buy currencies of the same type without equivalence; if the currency is the same, equivalence and immediate possession are required, and if the currency is different, only immediate possession is required.