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Metal

Last updated: 27th May 2024
Question ID: #10272
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the process for selling my gold to a cash for gold place is as follows: I send the gold to the company so they can inspect it, they decide if they want it, if they make me a buy offer and I accept it, they will send me the funds the same day. Now if we agree on a fixed price when I decide to accept the buy offer and they pay later on in the day, is this permissible? Likewise, if I was to sell scrap metal that I collected to a scrapyard or metal recycler and then we agree on a price and at the same time of accepting the offer, they take possession of the metal and say they will pay me sometime in the same day? Is this permissible or does the transaction need to happen at the same time? If it’s not permissible ,is there another way method I can use to make it permissible ?



بسم الله الرحمن الرحيم

الجواب حامدا ومصليا

1) Buying gold in the manner described is permissible. Buying/ selling gold or silver for cash will be valid if possession takes place from one side. The ruling of possession done at the same setting doesn’t apply here like Bai’ Al Sarf.

2) Buying scrap metal in the manner described is permissible. There is no ruling for Bai’ Al Sarf in scrap metals. So you can buy scrap metals with cash as long as possession takes place.

فتاوي عثماني (3/153)ان المبادلة الذهب والفضة بالنقود الورقية ليست صرفا ولا يشترط فيها التقابض فلا اشكال اصلا وان هذا القول هو الراجح عندي و عند اغلبية علماء الهند وباكستان


And Allah knows best

11 Muharram 1446/ 18 July 2024

Mufti
Answer last updated on:
21st July 2024
Answered by:
Ulamaa ID 04
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