Question:
Is it necessary to take possession of the article of trade or the purchase price at the time of transaction?

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Taking possession of the commodity or purchase price is not a pre-requisite or an integral for the validity of a transaction.[1]  The purpose of a transaction is to transfer ownership of the article of trade and purchase price.  Transferral of ownership is effected by merely exchanging offer and acceptance.  However, this rule does not apply to currency exchange and trading gold/silver.

And Allah Ta’āla Knows Best

Mufti Faraz Adam,
www.darulfiqh.com