Definition of riba al-nasi'ah (usury of deferment) and the sale of currency with deferred payment
Machine translationRead the Arabic original
Question:
Riba al-nasi'ah. Shaykh Salih, may Allah reward you with good. He asks about this riba (usury or interest), what type it is, and how to deal with it? Riba al-nasi'ah.
Answer:
It is the riba of deferment. One would sell currency for currency with deferred payment, for example, selling one hundred US dollars for one thousand Saudi riyals with deferred payment. This is riba al-nasi'ah. It is not permissible to sell currency for currency, and even if their types differ, the exchange must take place in the meeting place, based on the saying of the Messenger (peace and blessings be upon him)Sunan al-Bayhaqi 5:74 Yes.
Riba al-nasi'ah. Shaykh Salih, may Allah reward you with good. He asks about this riba (usury or interest), what type it is, and how to deal with it? Riba al-nasi'ah.
Answer:
It is the riba of deferment. One would sell currency for currency with deferred payment, for example, selling one hundred US dollars for one thousand Saudi riyals with deferred payment. This is riba al-nasi'ah. It is not permissible to sell currency for currency, and even if their types differ, the exchange must take place in the meeting place, based on the saying of the Messenger (peace and blessings be upon him)
And do not sell any of it that is absent for that which is present.
وَلا تَبِيعُوا غَائِبًا مِنْهَا بِنَاجِزٍ.
Source
قناة «العلامة الدكتور صالح الفوزان»، 4806- الطريقة الصحيحة لبيع الذهب من دون الوقوع في الربا - الشيخ صالح الفوزان — youtube.com (1:20)
The Arabic text is a machine transcription of the audio recording.