Exchanging gold for other gold
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Fatwa number ( 14660 )
Q: One day, the gold markets closed, and I had a gold ring with me. I wanted to sell it and buy another ring in a smaller size. I entered one of the shops and offered it for sale. They offered me 80 riyals, and I agreed to sell it. I then looked for a ring in the same shop
and found the size I wanted for 70 riyals. I asked the shop owner to pay the price of the ring, and he paid me the full amount. Then I gave him 100 riyals so he could take his due and return 30 riyals to me, but he did not have change and asked me to give him 70 riyals from the value of the sold ring. I refused and said: That involves riba (usury or interest). He said: No, because you received the money and gave him 70 riyals from the value of the ring you sold. I had received the money and put it in my pocket, and I did not intend to pay him from it, but he did not have change for the 100. Please advise us, may Allah reward you with good. Does this have any connection to riba (usury or interest) or not? And what should I do if it does have a connection to riba? And peace and blessings be upon our Prophet Muhammad, and peace be upon you and the mercy of Allah and His blessings.
A: Whoever wants to exchange gold for other gold, he should sell the gold he has and receive its price, then buy the gold he wants from the buyer or from someone else with the money he received or other money. It is established that the Prophet (peace and blessings be upon him) said:Jami` at-Tirmidhi 1240Sahih (Darussalam) , then he said: Sahih Muslim 1587c . Accordingly, there is no harm in your selling the gold you have and then buying other gold from the buyer after receiving the price for which you sold it, even if the price is from the value of the gold you sold to the jeweler.
Q: One day, the gold markets closed, and I had a gold ring with me. I wanted to sell it and buy another ring in a smaller size. I entered one of the shops and offered it for sale. They offered me 80 riyals, and I agreed to sell it. I then looked for a ring in the same shop
and found the size I wanted for 70 riyals. I asked the shop owner to pay the price of the ring, and he paid me the full amount. Then I gave him 100 riyals so he could take his due and return 30 riyals to me, but he did not have change and asked me to give him 70 riyals from the value of the sold ring. I refused and said: That involves riba (usury or interest). He said: No, because you received the money and gave him 70 riyals from the value of the ring you sold. I had received the money and put it in my pocket, and I did not intend to pay him from it, but he did not have change for the 100. Please advise us, may Allah reward you with good. Does this have any connection to riba (usury or interest) or not? And what should I do if it does have a connection to riba? And peace and blessings be upon our Prophet Muhammad, and peace be upon you and the mercy of Allah and His blessings.
A: Whoever wants to exchange gold for other gold, he should sell the gold he has and receive its price, then buy the gold he wants from the buyer or from someone else with the money he received or other money. It is established that the Prophet (peace and blessings be upon him) said:
Gold for gold, kind for kind; silver for silver, kind for kind
الذهب بالذهب مثلاً بمثل، والفضة بالفضة مثلاً بمثل..If these classes differ, then sell as you wish if payment is made hand to hand.
فإذا اختلفت هذه الأصناف فبيعوا كيف شئتم؛ إذا كان يدًا بيد
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.