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The question

Is not transferring the price of a gold contract immediately upon receipt considered a breach of the condition of immediate possession (al-taqabud), and is this considered usury (riba), or does the contract transfer through possession merely by the act of transferring, and how can this contract be corrected if it is usury?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

The majority of scholars hold that it is obligatory for possession and exchange to take place in the same session when purchasing manufactured gold with currency; otherwise, the contract is void. If the gold is received and the payment is transferred within the same contractual session, the sale is valid. However, if the gold is received and the transfer occurs after the contractual session has concluded, the sale is void, and both the gold and the payment must be returned.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
169970
Imported
Translation status
Source text, unreviewed
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