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English translation
2257. It was narrated that Abu Hurairah said: "I heard Abu Sa'eed Al-Khudri say: 'A Dirham for a Dirham and a Dinâr for a Dinâr.' So I said: 'I heard Ibn 'Abbâs say something other than that.' He said: 'But I met Ibn 'Abbâs and said: "Tell me about what you say concerning exchange - is it something that you heard from the Messenger of Allâh ﷺ or something that you found in the Book of Allâh?" He said: "I did not find it in the Book of Allâh, and I did not hear it from the Messenger of Allâh; rather Usâmah bin Zaid told me that the Messenger of Allâh ﷺ said: "Usury is only in credit."’[1]
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Footnotes
1
[1] Meaning on credit, when the payment is deferred.
Commentary
Exchange of gold for silver or silver for gold should be with the payment on the spot.
The currency of different countries should be exchanged according to the current rate with immediate payment. If one has American dollars and he wants to exchange them for Saudi riyals; or a person says, 'you give me the dollars and I shall pay you tomorrow such and such amount of riyals'; it is not allowed.
'Interest involves only when the payment is made later' this is if the exchanged items are of a different class; for example: gold for silver, or if wheat for dates are exchanged. It is allowed to exchange them for different amounts, so the exchange of one gram of gold for ten or fifteen grams of silver, or the exchange of forty kilograms of wheat for eighty kilograms of barley is allowed, provided the payment is made on the spot from both parties. The exchange of the same class for more or less amount is not allowed, even if the payment is made on the spot. It is also unlawful to exchange forty kilograms of good quality wheat for eighty kilograms of lower quality, even though the payment is made immediately from both sides.
