Ruling on selling gold for gold without immediate exchange
Machine translationRead the Arabic original
The questioner asks further, saying: What is the ruling on selling a quantity of gold to a person you know, where he pays you part of the value and excuses himself by saying the rest is not with him and he will pay it off in a few days?
The answer: It is not permissible to sell gold for other currency, whether silver or paper money, except hand-to-hand; because paper money has taken the place of currency. So if he sells him gold or silver for any currency, be it the dollar, the British pound, the Jordanian or Iraqi or Saudi dinar, or anything else, immediate exchange is necessary, based on the saying of the Prophet (peace and blessings be upon him):Sunan Ibn Majah 2253Sahih (Darussalam), and the other wording: Musannaf Ibn Abi Shaybah 12:2507.
So immediate exchange is necessary, otherwise it becomes usury of deferment.. it falls into usury of deferment. If they are of the same type, like gold for gold, silver for silver, or dollar for dollar, they must be equal: two dinars for two dinars, ten for ten, hand-to-hand; taking possession is necessary. If they are two different currencies, then the obligation is only immediate exchange. So if he sells ten dollars, for example, for twenty Saudi riyals, or an Iraqi or Jordanian dinar, there is no harm, but it must be hand-to-hand; they do not separate until they have exchanged. Yes.
The presenter: May Allah reward you. Also, even if the price is not specified, meaning: he bought a quantity of gold until he pays its price tomorrow, and...
The Shaykh: Even if the quantity is a piece of gold.
The presenter: And its price is not specified?
The Shaykh: And it is not weighed and its weight is not known, it is necessary to take possession of its price immediately if it is currency. But if he buys gold with rice, wheat, coffee, or cardamom for a known term, there is no harm, because it is not currency. So if he says: this known gold that they have, they know it, a displayed piece they know, or they have weighed it, he says: it is on you for one hundred sa' or one hundred kilos of cardamom, one hundred kilos of wheat, one hundred kilos of rice for a known term, there is no harm; because the type is different. Yes.. So it is not usury. Yes.
The presenter: May Allah reward you.
The answer: It is not permissible to sell gold for other currency, whether silver or paper money, except hand-to-hand; because paper money has taken the place of currency. So if he sells him gold or silver for any currency, be it the dollar, the British pound, the Jordanian or Iraqi or Saudi dinar, or anything else, immediate exchange is necessary, based on the saying of the Prophet (peace and blessings be upon him):
Exchanging gold for gold is usury unless it is done on the spot.
الذهب بالذهب رباً إلا هاء وهاءGold for silver is usury except hand-to-hand
الذهب بالفضة رباً إلا هاء وهاءSo immediate exchange is necessary, otherwise it becomes usury of deferment.. it falls into usury of deferment. If they are of the same type, like gold for gold, silver for silver, or dollar for dollar, they must be equal: two dinars for two dinars, ten for ten, hand-to-hand; taking possession is necessary. If they are two different currencies, then the obligation is only immediate exchange. So if he sells ten dollars, for example, for twenty Saudi riyals, or an Iraqi or Jordanian dinar, there is no harm, but it must be hand-to-hand; they do not separate until they have exchanged. Yes.
The presenter: May Allah reward you. Also, even if the price is not specified, meaning: he bought a quantity of gold until he pays its price tomorrow, and...
The Shaykh: Even if the quantity is a piece of gold.
The presenter: And its price is not specified?
The Shaykh: And it is not weighed and its weight is not known, it is necessary to take possession of its price immediately if it is currency. But if he buys gold with rice, wheat, coffee, or cardamom for a known term, there is no harm, because it is not currency. So if he says: this known gold that they have, they know it, a displayed piece they know, or they have weighed it, he says: it is on you for one hundred sa' or one hundred kilos of cardamom, one hundred kilos of wheat, one hundred kilos of rice for a known term, there is no harm; because the type is different. Yes.. So it is not usury. Yes.
The presenter: May Allah reward you.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.