An Arabic term (قبض حكمي) that denotes constructive possession; a method of taking possession of an asset (commodity, currency, etc) by enabling the buyer to have it in his disposal “constructively”, i.e., as if it is actually in his possession, though it is still held by the seller. In other words, the buyer has not taken the physical delivery of the underlying, yet it is considered under his control- that means the buyer legally bears its risks and liabilities, if any, and is entitled to all the rights associated with possession.
For instance, qabd hukmi of a countervalue in currency trading (sarf) is permissible in Shari’a though no physical possession has taken place by means of simultaneous delivery. This is in line with present-day customary practices that consider constructive possession equivalent to physical possession.
