OIC Fiqh Academy Resolution No. (53/4/6)


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.


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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