Question:-
Can Mufti Saheb please check if the following website is permissible to utilize for trading? https://www.liquidmarketplace.io/
Answer:-
We understand from the website that various buyers have the opportunity of jointly purchasing a portion in a rare or collectable item. The shareholding of each partner (in the collectable item) will depend on the number of tokens that he has purchased. If each token is worth 10% (of the item) and a person purchases 5 tokens, then in total he has purchased 50% of the item. However, the item remains in the possession of the agent ‘Liquid Market Place’, who is acting on behalf of the seller. When the item is fully sold, then the item is moved over to a secondary market, where it is marketed again and sold. However, the item remains in the possession of ‘Liquid Market Place’ at all times.
If our understanding of the concept is correct, then such a transaction is corrupt, as the purchasers don’t take possession of the item at any stage, nor do they appoint anyone to take possession on their behalf, and the item is further marketed and sold on a secondary market. It is necessary for the purchaser to take possession of his purchase before marketing it further.
Also, if the buyers that purchase the item in joint partnership decide not to sell the item but keep it for themselves, the option of keeping the item is not mentioned. Further, the purchasers are most probably not acquainted with each other (as these are strangers purchasing on the internet) and each one will want to take possession of the item himself (if keeping the item is an option), which will inevitably result in a dispute. Due to such factors, we do not approve of the trading opportunity in question.
ALLAH TA’ALA KNOWS BEST!
ANSWERED BY:
Mufti Mohammed Desai
Date: 06 Ramadaan 1443 / 08 April 2022
