Selling gold for gold
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Question: I saw one of the women buying gold from the market, but by exchanging the old gold she had with new gold, and she paid an additional cash amount. When I asked her about that,And I told her that such an action is considered usury, she said: she said that as long as she paid an additional cash amount, it would not be considered usury. What is your opinion, and is what she says correct or not? I also ask for a detailed clarification of this issue, as it is confusing for many people, and many people may fall into it.
Answer: It is not permissible to sell gold for gold, with dirhams added to one of them, because this is usury, whether their weights are the same or different. The important point is that if one sells gold for gold, it is not permissible to add dirhams to one of the two golds, nor any other compensation, whether dirhams or something else. That is, adding something of a different type to it, because that is usury. The Prophet (peace and blessings be upon him) forbade such a thing, as in the hadith of the necklace. If a person wants to exchange the gold he has for other gold that is better than what he has, he should sell the gold he has for dirhams, receive the dirhams, and deliver them to the buyer, receiving the price from him. Then he buys other gold with these dirhams according to his desire.
Question: Even if it is from the same buyer?
Answer: Even if it is from the same buyer, as long as the exchange of possession took place in the first transaction and in the second. That is, he sold him the first gold and received the value, then bought other gold from him with that value and delivered it, and the exchange of possession also took place in the final contract, then there is no harm in that.
Question: Let us return to the beginning of the discussion, which is your statement that gold for gold, even if there is an increase in weight, does not permit taking compensation.If we say: Is this compensation the equivalent of this increase in weight?
Answer: If gold is sold for gold, equality and the exchange of possession are obligatory. It is not permissible for one of the two compensations to be increased over the other with gold or anything else other than gold. An increase of one compensation over the other is not permissible, just as it is not permissible to delay the taking of possession from the meeting. The exchange of possession in the meeting is necessary.
Answer: It is not permissible to sell gold for gold, with dirhams added to one of them, because this is usury, whether their weights are the same or different. The important point is that if one sells gold for gold, it is not permissible to add dirhams to one of the two golds, nor any other compensation, whether dirhams or something else. That is, adding something of a different type to it, because that is usury. The Prophet (peace and blessings be upon him) forbade such a thing, as in the hadith of the necklace. If a person wants to exchange the gold he has for other gold that is better than what he has, he should sell the gold he has for dirhams, receive the dirhams, and deliver them to the buyer, receiving the price from him. Then he buys other gold with these dirhams according to his desire.
Question: Even if it is from the same buyer?
Answer: Even if it is from the same buyer, as long as the exchange of possession took place in the first transaction and in the second. That is, he sold him the first gold and received the value, then bought other gold from him with that value and delivered it, and the exchange of possession also took place in the final contract, then there is no harm in that.
Question: Let us return to the beginning of the discussion, which is your statement that gold for gold, even if there is an increase in weight, does not permit taking compensation.If we say: Is this compensation the equivalent of this increase in weight?
Answer: If gold is sold for gold, equality and the exchange of possession are obligatory. It is not permissible for one of the two compensations to be increased over the other with gold or anything else other than gold. An increase of one compensation over the other is not permissible, just as it is not permissible to delay the taking of possession from the meeting. The exchange of possession in the meeting is necessary.