The General Iftaa Department stated that a buyer who wishes to return a gold ring or any other gold jewelry piece to the seller due to an incorrect size or for any other reason must receive the exact price paid at the time of purchase, rather than the value of the gold at the current market rate on the day of return.
اضافة اعلان
An official fatwa (religious ruling) published on the department's website explained that what is known in Islamic jurisprudence (Sharia) as "Iqalah" (the consensual cancellation of a contract) is considered a rescission of the original contract rather than the formation of a new one. The department noted that Sharia encourages sellers to accept a buyer's request for Iqalah if the buyer regrets the purchase.
The department clarified that Iqalah is permissible in gold transactions. In such cases, the seller takes back the item, and the buyer retrieves the exact amount paid during the initial transaction, without calculating any subsequent fluctuations in gold prices.
Furthermore, the ruling added that if the seller does not agree to the Iqalah, there is no religious objection to the buyer selling the ring back to the same jeweler or to anyone else at an mutually agreed-upon market price.
The Iftaa Department also pointed out that currency exchange contracts (Aqd al-Sarf), which include gold trading, cannot include a pre-conditioned option for Iqalah at the time of signing. Instead, these rules apply only when both parties mutually agree to the cancellation after the initial sale has been fully concluded.
