Selling gold to shops on credit
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The first, second, third, and fourth questions of Fatwa No. ( 2730 )
Q1: There is an agent who sells gold to all the shops on credit at a known price, whether for cash or on credit, and we all buy from him, on the basis that we pay him an installment every week until it is finished, and the payment may extend to more than two months, knowing that the price of gold does not stabilize internationally.
A1: Selling gold for silver or what has been placed in its position among types of currency is not permissible except with the condition of immediate exchange; due to his saying (peace and blessings be upon him):Sunan Ibn Majah 2259 agreed upon by al-Bukhari and Muslim, and his saying in what was narrated by Ahmad and Muslim from 'Ubadah ibn al-Samit (may Allah be pleased with him): Sahih Muslim 1587c and paper currency is in the position of coins; because it has taken their place in being a medium of exchange and the value of sales.
Q1: There is an agent who sells gold to all the shops on credit at a known price, whether for cash or on credit, and we all buy from him, on the basis that we pay him an installment every week until it is finished, and the payment may extend to more than two months, knowing that the price of gold does not stabilize internationally.
A1: Selling gold for silver or what has been placed in its position among types of currency is not permissible except with the condition of immediate exchange; due to his saying (peace and blessings be upon him):
Gold for silver is usury, unless it is exchanged on the spot.
الذهب بالورق ربًا إلا هاء وهاءGold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand.
الذهب بالذهب، والفضة بالفضة، والبر بالبر، والشعير بالشعير، والتمر بالتمر، والملح بالملح، مثلاً بمثل، سواءً بسواء، يدًا بيد، 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.