The taking possession of an asset or countervalue by enabling the counterparty to take its delivery and dispose of it, even without physically taking possession of that asset or countervalue. Shari’a and business customary practices approve constructive possession and consider it equivalent to physical possession in terms of transaction effect. For example, it is a constructive possession to receive a cheque drawn on a given bank, provided that the account has sufficient funds denominated in the currency of the cheque, and that the bank has blocked such funds for payment.
In Arabic, constructive possession is “qabdh hukmi“.
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