Selling gold with deferred payment of the entire price or part of it
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Fatwa No. ( 5446 )
Q: In these days, women have appeared who deal in buying gold from other women. What is worth ten thousand is bought for twenty thousand over a period of one year. Likewise, gold sellers sell to women and men, taking part of the price and deferring the rest for an unspecified period, claiming that this is a kindness to the buyer and a facilitation for him. We hope that Your Eminence will issue a general ruling on this sale to be distributed to gold sellers; may Allah make the means beneficial.
A: It is not permissible to sell gold with deferred payment of the entire price or part of it if it is one of the two currencies, whether the deferral is specified or unspecified. If the sale takes place, it is invalid, the contract is forbidden, and the one who does it is sinful and has committed a major sin among the major sins that lead to destruction, which is the major sin of riba. The first scenario—selling gold worth ten thousand for twenty thousand deferred for a year, or less or more—combines riba al-fadl and riba al-nasi'ah.
As for the second scenario , which is deferring part of the price, it contains riba al-nasi'ah. Both types are forbidden by the Book, the Sunnah, and scholarly consensus. Allah the Exalted said:[Al-Baqarah 2:275], and He said: [Al-Baqarah 2:276], and He said: [Al-Baqarah 2:278-279]. It is established from the Prophet (peace and blessings be upon him) Sunan Ibn Majah 2277Hasan (Darussalam). It is also in (Sahih al-Bukhari ) from Abu Sa'id al-Khudri (may Allah be pleased with him) that the Prophet (peace and blessings be upon him) said: Sahih Muslim 1584a. It is also in it that Abu al-Munhal said: I asked al-Bara' ibn 'Azib and Zayd ibn Arqam
(may Allah be pleased with them) about currency exchange, and each of them said: "I am better than him." So both of them said:Sunan an-Nasa'i 4626Sahih (Darussalam). We ask Allah for success for everyone.
Q: In these days, women have appeared who deal in buying gold from other women. What is worth ten thousand is bought for twenty thousand over a period of one year. Likewise, gold sellers sell to women and men, taking part of the price and deferring the rest for an unspecified period, claiming that this is a kindness to the buyer and a facilitation for him. We hope that Your Eminence will issue a general ruling on this sale to be distributed to gold sellers; may Allah make the means beneficial.
A: It is not permissible to sell gold with deferred payment of the entire price or part of it if it is one of the two currencies, whether the deferral is specified or unspecified. If the sale takes place, it is invalid, the contract is forbidden, and the one who does it is sinful and has committed a major sin among the major sins that lead to destruction, which is the major sin of riba. The first scenario—selling gold worth ten thousand for twenty thousand deferred for a year, or less or more—combines riba al-fadl and riba al-nasi'ah.
As for the second scenario , which is deferring part of the price, it contains riba al-nasi'ah. Both types are forbidden by the Book, the Sunnah, and scholarly consensus. Allah the Exalted said:
But Allah has permitted trade and has forbidden interest
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَاAllah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever.
يَمْحَقُ اللَّهُ الرِّبَا وَيُرْبِي الصَّدَقَاتِ وَاللَّهُ لاَ يُحِبُّ كُلَّ كَفَّارٍ أَثِيمٍ(278) O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. (279) And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal - [thus] you do no wrong, nor are you wronged.
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ (278) فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِ وَإِنْ تُبْتُمْ فَلَكُمْ رُءُوسُ أَمْوَالِكُمْ لاَ تَظْلِمُونَ وَلاَ تُظْلَمُونَthe one who consumes usury, the one who pays it, those who witness it and the one who writes it down
أنه لعن آكل الربا وموكله وشاهديه وكاتبه، وقال: هم سواءDo not sell gold for gold, except like for like, and don't increase something of it upon something; and don't sell silver unless like for like, and don't increase some thing of it upon something, and do not sell for ready money something to be given later.
لا تبيعوا الذهب بالذهب إلا مثلاً بمثل، ولا تشفوا بعضها على بعض، ولا تبيعوا الورق بالورق إلا مثلاً بمثل، ولا تشفوا بعضها على بعض، ولا تبيعوا منهما غائبًا بناجز(may Allah be pleased with them) about currency exchange, and each of them said: "I am better than him." So both of them said:
It was narrated that Jabir said: "The Messenger of Allah forbade selling the produce several years in advance.
نهى رسول الله صلى الله عليه وسلم عن بيع الذهب بالورق دينًا
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.