Is online commodity (Oil, Gold, and Silver etc.) trading is halal where we do not get physical possession of our buying but responsibility of profit and loss is transferred to us immediately and quantity is credited into our account and we can sell that quantity at market rate any time once bought. We will be the responsible for profit/ loss for the transaction.
Broker is also giving us leverage to buy more than our investment without any interest charged considering our investment as security deposit. However we will be responsible for our all profit and loses. Finally if we want to close our account with the broker, we have to sell all of our commodity through that broker only at current market rate and will be responsible for profit or loss.
Broker is also giving us leverage to buy more than our investment without any interest charged considering our investment as security deposit. However we will be responsible for our all profit and loses. Finally if we want to close our account with the broker, we have to sell all of our commodity through that broker only at current market rate and will be responsible for profit or loss.
Answer
(Fatwa: 718/693/N=1433)
In the business of online commodity, no possession takes place as per Shariah before the delivery and here the transfer of risk (the responsibility of profit and loss) is not applied as per the Shariah term of possession, hence until the purchased thing is not taken in complete possession it is not lawful to sell it as sale before possession is prohibited in Shariah.
قال فى الدر (مع الرد كتاب البيوع باب المرابحة والتولية 7:369 ط زكريا ديوبند): لا ….بيع منقول قبل قبضۃ اهـ
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband