Selling grains for a deferred period
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The third question of Fatwa No. ( 20940 )
Q3: Are grains (wheat and barley) sold on credit for a month, or is that considered riba?
A3: If wheat and barley are sold for their own kind, equality in quantity and exchange in the meeting place are required. If they are sold for a different kind—such as selling wheat for barley or corn—excess is permissible, but exchange in the meeting place is obligatory. If they are sold for currency, deferral of the price or the item is permissible, provided that one of the two counter-values is received in the meeting place.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q3: Are grains (wheat and barley) sold on credit for a month, or is that considered riba?
A3: If wheat and barley are sold for their own kind, equality in quantity and exchange in the meeting place are required. If they are sold for a different kind—such as selling wheat for barley or corn—excess is permissible, but exchange in the meeting place is obligatory. If they are sold for currency, deferral of the price or the item is permissible, provided that one of the two counter-values is received in the meeting place.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.