OIC
Fiqh Academy Resolution No. (53/4/6)
CONCERNING
“POSSESSION: ITS DIFFERENT FORMS, ESPECIALLY THE
MODERN
FORMS AND THEIR RULES”
Quote - The Council of the Islamic Fiqh Academy, in its
sixth session, held in Jeddah, Kingdom of Saudi Arabia, from 17
- 23 Sha’baan,1410H (corresponding to 14 20 March,
1990),
Having studied the papers
presented to the Academy on the subject of “Possession: its
different forms, especially the modern forms and their rules”,
And having listened to the discussion
that took place on the subject.
RESOLVES
First:
Just as the possession of commodities may be physical, by
taking the commodity in one’s hand or measuring or weighing the
eatables, or by transferring or delivering the commodity to the
premises of the possessor, similarly the possession may also be an
implied or constructive possession which takes place by leaving the
commodity at one’s disposal and enabling him to deal with it as
he wills. This will be deemed a valid possession, even though
the physical possession has not taken place. As for the mode of
possession, it may vary from commodity to commodity, according to its
nature and pursuant to the different customs prevalent in this
behalf.
Second: Some of the forms of the constructive
possession recognized both in Shari’a and the custom are
enumerated hereunder:
i.Crediting
a sum of money in the bank account of a customer, in the following
cases:
a)Where
a sum of money has been credited to the account of the customer,
either directly or through a Bank transfer.
b)Where
a customer contracts a sale of “Sarf” by purchasing a
currency for another currency standing in his own account.
c)Where
the bank, on order of the customer, debits a sum of money from his
own account and credits it to another account, in another currency,
either in the same bank or in another bank, no matter whether it is
credited in favour of the same customer or in favor of any other
person. But it is necessary for the banks to keep in view the Islamic
rules governing the contract of “Sarf”.
If such
crediting takes some time to enabling the beneficiary to draw the
amount so credited, this delay can be allowed, provided that it does
not exceed usual period normally allowed in such transaction.
However, the beneficiary of such crediting cannot deal in the
currency during the allowed period until the crediting takes
its full effect by enabling the beneficiary to draw the
amount.
ii.Receipt
of a cheque, provided that its amount stands in the account of the
issuer, and can be drawn in the currency specified in the cheque, and
the bank has closed it (for the payee).
Verily, Allah is
All-Knowing – Unquote
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