He alone, and may prayer and peace be upon the one after whom there is no prophet. As for what follows: The author (may Allah have mercy on him) said: In the fourth hadith.
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The reader: In the name of Allah, the Most Merciful, the Bestower of Mercy. Praise be to Allah alone, and may prayer and peace be upon the one after whom there is no prophet. As for what follows: The author (may Allah have mercy on him) said: In the fourth hadith.
The Shaykh : From the author, and what is the book?
The reader: The author is the Imam al-Hafiz 'Abd al-Ghani al-Maqdisi (may Allah have mercy on him), and his book is *Umdat al-Ahkam* from the words of the best of mankind (peace and blessings be upon him). The fourth hadith from the chapter on usury and currency exchange: Abu al-Munhal said: I asked al-Bara' ibn 'Azib and Zayd ibn Arqam (may Allah be pleased with them both) about currency exchange, and each of them said, "This one is better than me," and both of them said:Sunan an-Nasa'i 4626Sahih (Darussalam).
The Shaykh : This hadith does not go beyond what has preceded us, which is that the sale of gold for gold requires two conditions. Who knows them?
The student: ... .
The Shaykh : Complete exchange of possession and equality. Good. And if gold is sold for silver, one condition is required. What is it? Complete exchange of possession. Based on this, this hadith comes, which explicitly states that the Prophet (peace and blessings be upon him) forbade currency exchange except if it is hand-to-hand, because currency exchange is exchanging dinars for dirhams, meaning exchanging gold for silver, so complete exchange of possession before parting is required. Good. If a person buys jewelry from a gold dealer but does not pay him the price, is this permissible or not?
The student: It is not permissible
The Shaykh : It is not permissible. Why? Because complete exchange of possession before parting is required. If a gold retailer who sells in small quantities buys from a wholesaler, for example, a large quantity for one hundred thousand, and pays fifty thousand, and says, "I will bring you the rest after a month or two," is this permissible or not?
The student: No.
The Shaykh : It is not permissible, but the sale is valid to the extent of the price received. For example, if he received half the value, the sale is valid for half the goods only, and not valid for the rest. And what we mentioned, namely complete exchange of possession before parting, in addition to being a requirement of the Shari'ah, is in the interest of the sellers. Because if a person comes to the shop owner and says, "Sell me this piece of gold, but let me delay the payment," the owner can easily say, "This is not permissible. If you do not have the price, go until you obtain the price, then come back and I will sell to you." This would be a relief even for the people of gold. If they followed this, it would be better for them. But some gold sellers—we ask Allah for guidance for us and for them—neglect this matter and sell on credit without possession. This is forbidden and not permissible, and it is usury.
The Shaykh : From the author, and what is the book?
The reader: The author is the Imam al-Hafiz 'Abd al-Ghani al-Maqdisi (may Allah have mercy on him), and his book is *Umdat al-Ahkam* from the words of the best of mankind (peace and blessings be upon him). The fourth hadith from the chapter on usury and currency exchange: Abu al-Munhal said: I asked al-Bara' ibn 'Azib and Zayd ibn Arqam (may Allah be pleased with them both) about currency exchange, and each of them said, "This one is better than me," and 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 ديناًThe Shaykh : This hadith does not go beyond what has preceded us, which is that the sale of gold for gold requires two conditions. Who knows them?
The student: ... .
The Shaykh : Complete exchange of possession and equality. Good. And if gold is sold for silver, one condition is required. What is it? Complete exchange of possession. Based on this, this hadith comes, which explicitly states that the Prophet (peace and blessings be upon him) forbade currency exchange except if it is hand-to-hand, because currency exchange is exchanging dinars for dirhams, meaning exchanging gold for silver, so complete exchange of possession before parting is required. Good. If a person buys jewelry from a gold dealer but does not pay him the price, is this permissible or not?
The student: It is not permissible
The Shaykh : It is not permissible. Why? Because complete exchange of possession before parting is required. If a gold retailer who sells in small quantities buys from a wholesaler, for example, a large quantity for one hundred thousand, and pays fifty thousand, and says, "I will bring you the rest after a month or two," is this permissible or not?
The student: No.
The Shaykh : It is not permissible, but the sale is valid to the extent of the price received. For example, if he received half the value, the sale is valid for half the goods only, and not valid for the rest. And what we mentioned, namely complete exchange of possession before parting, in addition to being a requirement of the Shari'ah, is in the interest of the sellers. Because if a person comes to the shop owner and says, "Sell me this piece of gold, but let me delay the payment," the owner can easily say, "This is not permissible. If you do not have the price, go until you obtain the price, then come back and I will sell to you." This would be a relief even for the people of gold. If they followed this, it would be better for them. But some gold sellers—we ask Allah for guidance for us and for them—neglect this matter and sell on credit without possession. This is forbidden and not permissible, and it is usury.