Paying the value of gold after a period following the sale contract
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The first question of Fatwa No. ( 3211 )
Q1: There are wholesalers who deal in the sale of gold in two ways: either in cash or on credit, for example, paying the value after a period of a week or similar. Knowing that the price is the same whether cash or on credit, what is the ruling on that?
A1: If the reality is as mentioned, that the value of the gold is paid after a period following the sale contract, it is not permissible if the deferred value is gold or silver or what serves as their equivalent in transactions, such as paper currency; because of the riba al-nasi'ah (usury of deferment) involved in that. And if it is other than them, such as wheat, cloth, iron, or the like, it is permissible.
Q1: There are wholesalers who deal in the sale of gold in two ways: either in cash or on credit, for example, paying the value after a period of a week or similar. Knowing that the price is the same whether cash or on credit, what is the ruling on that?
A1: If the reality is as mentioned, that the value of the gold is paid after a period following the sale contract, it is not permissible if the deferred value is gold or silver or what serves as their equivalent in transactions, such as paper currency; because of the riba al-nasi'ah (usury of deferment) involved in that. And if it is other than them, such as wheat, cloth, iron, or the like, it is permissible.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.