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Sunday 23 February 2020  
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Home » Social Dealings » Buying and Selling

It is not Permissible to delay Payment in Selling Gold for Gold or for Money

If a person comes who wants to buy some gold jewelry and when what he wants is weighed for him, he finds that the amount that he has with him is not enough for the price of the gold, it is known in this situation that it is not permissible for me to sell him the gold and give it to him while he only gives me a portion of the price. But if it is morning time, for example, and he says to me, “I will leave the gold with you until ‘Asr time so that I can bring you the total amount of cash and then take the gold that I bought from you,” is it permissible for me to leave the gold for him on his account until he returns to get it? Or am I required to cancel the deal and if he returns he is like the other buyers and there is nothing between us (i.e., he starts over in dealing)?

It is not permissible for the gold that he bought from you to remain on his account until he comes with the cash. Rather, the contract is not complete, and this is to avoid Riba An-Nasi’ah. The gold remains with you in your possession, and if he returns with the rest of the cash the proceedings for completing a new contractual sale begins at that meeting with the exchange (of money and merchandise) taking place between you.

Permanent Committee for Research and Verdicts

Fatawa Islamiyah vol.4, p.392, DARUSSALAM
Other subjects of interest:

Marriage and Engagement
Family and Society
Divorce and Separation
Child Custody
Buying and Selling
Loans and Mortgages

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