The sale of worked gold without immediate exchange
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The first and third questions of Fatwa No. ( 4518 )
Q1: I sell and buy worked gold, and a person told me: that gold is not permissible to sell except in cash, hand to hand. So I said to him: this is not a currency like the Saudi riyal; because it is worked in the form of jewelry, and it has a 21-carat and 18-carat purity, and copper is mixed in it to convert and refine it to
21-carat and 18-carat purity, and the money I bought it with is paper, not gold, and this is worked gold, so I was doubtful about that, and I sent it to you to issue a ruling for us, may Allah reward you with good. My following questions, please issue a ruling for me in them: If you say: that immediate exchange in the assembly is obligatory, then is it usury (riba) that Allah mentioned regarding them:[Al-Baqarah 2:275] the verse.
A1: It is not permissible to sell gold for gold, or silver for silver, except like for like, hand to hand, whether the two exchanges are from worked items or from coins, or one is worked and the other is from coins. And whether the two exchanges are from paper banknotes, or one is from paper banknotes and the other is worked or from coins. And if one of the exchanges is worked gold, or cash, and the other is worked silver or cash, or from other currencies, then a difference in amount between them is permissible, but with immediate exchange before separating from the assembly of the contract. And whatever contradicts that in this matter is usury (riba), and its doer falls under the generality of the saying of Allah the Exalted:[Al-Baqarah 2:275] the verse.
Q3: A person took from me worked gold, and the price of the worked gold was one thousand
riyals, and I said to him: it is not permissible except in cash, and he said: lend me one thousand riyals, and I lent him the one thousand riyals and he gave it to me. Is this permissible?
A3: It is not permissible; because it is a deception regarding usury (riba), and it combines between two contracts, a loan contract and a sale contract, and it is also prohibited.
Q1: I sell and buy worked gold, and a person told me: that gold is not permissible to sell except in cash, hand to hand. So I said to him: this is not a currency like the Saudi riyal; because it is worked in the form of jewelry, and it has a 21-carat and 18-carat purity, and copper is mixed in it to convert and refine it to
21-carat and 18-carat purity, and the money I bought it with is paper, not gold, and this is worked gold, so I was doubtful about that, and I sent it to you to issue a ruling for us, may Allah reward you with good. My following questions, please issue a ruling for me in them: If you say: that immediate exchange in the assembly is obligatory, then is it usury (riba) that Allah mentioned regarding them:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity
الَّذِينَ يَأْكُلُونَ الرِّبَا لاَ يَقُومُونَ إِلا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّA1: It is not permissible to sell gold for gold, or silver for silver, except like for like, hand to hand, whether the two exchanges are from worked items or from coins, or one is worked and the other is from coins. And whether the two exchanges are from paper banknotes, or one is from paper banknotes and the other is worked or from coins. And if one of the exchanges is worked gold, or cash, and the other is worked silver or cash, or from other currencies, then a difference in amount between them is permissible, but with immediate exchange before separating from the assembly of the contract. And whatever contradicts that in this matter is usury (riba), and its doer falls under the generality of the saying of Allah the Exalted:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity
الَّذِينَ يَأْكُلُونَ الرِّبَا لاَ يَقُومُونَ إِلا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّQ3: A person took from me worked gold, and the price of the worked gold was one thousand
riyals, and I said to him: it is not permissible except in cash, and he said: lend me one thousand riyals, and I lent him the one thousand riyals and he gave it to me. Is this permissible?
A3: It is not permissible; because it is a deception regarding usury (riba), and it combines between two contracts, a loan contract and a sale contract, and it is also prohibited.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.