I sell my old gold for $600 but I don’t accept the money (the shop hold the cash), then I buy new gold for the price $650. So I sell it first then I buy new one (no reduce price). The different here is I don’t hold the cash but the shop has it. But we count for the selling and buying price. Is this method is riba? And if yes how do I repent? What should I do with the gold?
In Halal/Haram Matters
Aug 7th, 2019
This is riba and it is not permissible as you must cash the money and take it from them on the spot and not leave it with the shop that bought the gold from you.