Selling gold without taking possession of it
Question
Many people are buying gold but keeping it at the company they buy it from and when the rate increases they pay a commission and then sell it. Is this halaal because even though you have your name written on the gold it isn't in your custody.
Answer
After purchasing the gold, if they take possession of it and then give it back to the company to keep it for them, it will be permissible. However, after purchasing the gold, if they do not take possession of it, it will not be permissible.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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