What is the ruling on selling gold for paper currency with deferred payment?
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The questioner : ... Is it permissible to sell gold for a debt in cash? Gold for a debt in cash?
The Shaykh : Gold.
The questioner : Gold for cash.
The Shaykh : Gold for cash?
The questioner : Cash for a debt?
The Shaykh : I mean.
The questioner : Gold, not gold for gold on credit, no, gold for cash in... money on credit; is it permissible?
The Shaykh : For example, a person lends a gold dinar to another.
The questioner : Yes.
The Shaykh : What? A debt.
The questioner : A debt, yes.
The Shaykh : ... So, did you move on to something else?
The questioner : For example, I came and bought gold wholesale, but on the basis that it is on credit from that side, not gold for gold, but in cash in the dinar; for example, in the riyal, in currency, for example, currency for gold, paper currency for gold.
The Shaykh : Paper currency.
The questioner : Paper, yes.
The Shaykh : Paper?
The questioner : Paper.
The Shaykh : Yes.
The questioner : For gold.
The Shaykh : Yes.
The questioner : On credit, is it permissible?
The Shaykh : Which one is the debt, for example?
The questioner : For example, gold for paper currency, you received the gold goods, but the payment in paper currency is deferred.
The Shaykh : No, it is not permissible.
The questioner : It is not permissible, it is not allowed.
The Shaykh : It is not permissible.
The Shaykh : Gold.
The questioner : Gold for cash.
The Shaykh : Gold for cash?
The questioner : Cash for a debt?
The Shaykh : I mean.
The questioner : Gold, not gold for gold on credit, no, gold for cash in... money on credit; is it permissible?
The Shaykh : For example, a person lends a gold dinar to another.
The questioner : Yes.
The Shaykh : What? A debt.
The questioner : A debt, yes.
The Shaykh : ... So, did you move on to something else?
The questioner : For example, I came and bought gold wholesale, but on the basis that it is on credit from that side, not gold for gold, but in cash in the dinar; for example, in the riyal, in currency, for example, currency for gold, paper currency for gold.
The Shaykh : Paper currency.
The questioner : Paper, yes.
The Shaykh : Paper?
The questioner : Paper.
The Shaykh : Yes.
The questioner : For gold.
The Shaykh : Yes.
The questioner : On credit, is it permissible?
The Shaykh : Which one is the debt, for example?
The questioner : For example, gold for paper currency, you received the gold goods, but the payment in paper currency is deferred.
The Shaykh : No, it is not permissible.
The questioner : It is not permissible, it is not allowed.
The Shaykh : It is not permissible.
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.