20 March 1990 CE, after examining the research papers submitted to the Academy on “qabḍ (taking possession): its various forms—especially the novel ones—and the rulings that govern them,” and after listening to the deliberations that took place on the matter, the Council resolved as follows:

First: Just as possession of property is established in a tangible way—by handing it over, or by measuring or weighing foodstuffs, or by moving and transferring them into the recipient’s custody—it is likewise deemed legally effective by mere relinquishment that enables disposal, even when no physical delivery has occurred. The manner of taking possession varies according to the nature of the item and the prevailing customs that determine what constitutes its receipt.

Second: Among the forms of constructive possession (qabḍ ḥukmī) acknowledged by the Sharia and by customary practice are:

1 – The banking entry of a sum of money into the client’s account in the following cases:
(a) when an amount is deposited directly into the client’s account or by bank transfer;
(b) when the client concludes a spot exchange (ṣarf nājiz) with the bank to purchase one currency for another on the client’s behalf;
(c) when, at the client’s instruction, the bank debits an amount from one of his accounts and credits it to another account in a different currency, whether within the same bank or another, for the benefit of the client or of a third beneficiary.
Banks must observe the rules governing the ṣarf contract in Islamic law. A brief delay in posting the banking entry—so long as it still enables the beneficiary to take actual receipt within the periods commonly accepted in the marketplace—is excused. During the tolerated delay, however, the beneficiary may not dispose of the currency until the posting takes effect in a way that allows actual receipt.

2 – Receipt of a cheque, provided it is covered by funds that are immediately withdrawable in the currency stated on its face, together with its acceptance by the bank.