Before selling to the client, the financier must own the commodity and take physical or constructive possession. During that period—even if short—the commodity must genuinely be at the financier's risk. This temporary ownership risk is the core commercial feature separating sale from a cash loan.
The ownership must be real rather than only documentary. Rights, benefits and the relevant ownership risk should follow the share actually owned at that stage.
If the financier never bears ownership risk, the claimed sale structure is seriously defective.