Ruling on selling old gold for new gold along with a sum of money
Machine translationRead the Arabic original
Question:
There is a fatwa prohibiting paying an extra amount when exchanging old gold for new gold, considering that to be riba al-fadl (usury of excess in a like-for-like exchange). However, there is a statement from gold merchants to the effect that they spend money on plating the old gold so that it becomes as bright as the new, and that they also exert effort in manufacturing it. How is this doubt to be explained?
Answer:
In any case, it is not permissible to sell new gold for old gold, nor new gold for new gold, nor old gold for old gold. None of this is permissible except hand-to-hand, like for like, equal in every way. It must be that this is like that, weight for weight, like for like.
As for the fact that this is more expensive, or more precious, or that this is less than that, it does not matter. The Prophet (peace and blessings be upon him) abolished this difference. He said: "Gold for gold is usury, like for like, equal in every way, hand-to-hand." And so it is with silver, like for like and equal. It is known that it must be mixed... silver is held and established, and gold may be afflicted with a little bit of fraud.
So the conclusion: Gold for gold, absolutely, must be like for like, equal in every way, hand-to-hand. So this is not sold for that with an addition. It is usury to sell a pound for a pound with an addition of a dirham or two dirhams. No, it must be sold for this hand-to-hand, like for like, or it is sold for another commodity, such as selling gold for silver, for paper money, for dates, for rice, for tea, for sugar, whatever does not contradict. As for gold for gold, there must be equality and immediate exchange. And so it is with silver, and so it is with rice.
Question: ...؟
Answer: He takes it, there is no harm, but like for like, equal in every way. If the owner of the good item permits giving it equal in every way, otherwise let him sell it for something other than gold, for silver, for paper money, for food, for clothes, for cars, for something else, meaning so that he does not fall into usury.
There is a fatwa prohibiting paying an extra amount when exchanging old gold for new gold, considering that to be riba al-fadl (usury of excess in a like-for-like exchange). However, there is a statement from gold merchants to the effect that they spend money on plating the old gold so that it becomes as bright as the new, and that they also exert effort in manufacturing it. How is this doubt to be explained?
Answer:
In any case, it is not permissible to sell new gold for old gold, nor new gold for new gold, nor old gold for old gold. None of this is permissible except hand-to-hand, like for like, equal in every way. It must be that this is like that, weight for weight, like for like.
As for the fact that this is more expensive, or more precious, or that this is less than that, it does not matter. The Prophet (peace and blessings be upon him) abolished this difference. He said: "Gold for gold is usury, like for like, equal in every way, hand-to-hand." And so it is with silver, like for like and equal. It is known that it must be mixed... silver is held and established, and gold may be afflicted with a little bit of fraud.
So the conclusion: Gold for gold, absolutely, must be like for like, equal in every way, hand-to-hand. So this is not sold for that with an addition. It is usury to sell a pound for a pound with an addition of a dirham or two dirhams. No, it must be sold for this hand-to-hand, like for like, or it is sold for another commodity, such as selling gold for silver, for paper money, for dates, for rice, for tea, for sugar, whatever does not contradict. As for gold for gold, there must be equality and immediate exchange. And so it is with silver, and so it is with rice.
Question: ...؟
Answer: He takes it, there is no harm, but like for like, equal in every way. If the owner of the good item permits giving it equal in every way, otherwise let him sell it for something other than gold, for silver, for paper money, for food, for clothes, for cars, for something else, meaning so that he does not fall into usury.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.