The ruling on buying Gold for delayed (Credit) Payment
Question :
Verily, some of the owners of gold shops sell gold on delayed payment, believing that this is lawful. Their argument is that this is from the offers of sale. Their leader was disputed with about this practice and informed that it was not permissible and he responded by saying that the people of knowledge do not have adequate knowledge of this practice.
Answer:
Verily this I mean the selling of gold for cash to be paid later is forbidden according to the consensus (Ijma') of the Muslim scholars. This is because it is Riba Nasi'ah. Also, the Prophet said in a Hadith of 'Ubadah bin As-Samit, when he said:
"Gold for gold, silver for silver"
He went on to say:
"If these types of things differ, then sell them however you wish, as long as it is hand to hand (i.e., paid on the spot)."
This is what the Prophet ordered. In reference to the person's saying that the people of knowledge do not know about this, then this is an accusation against the people of knowledge that is misplaced. This is because the people of knowledge are as the man described them people of knowledge. And knowledge is the opposite of ignorance. If they do not know, it would not be correct for him to call them 'people of knowledge'. They know the limits of what Allâh has revealed upon His Messenger and they know that a practice like this is a forbidden act due to the proof of the text regarding its forbiddance.
Source:
Ash-Shaykh Ibn 'Uthaimin
Fatawa Islamiyah, Vol. 4 Page 396
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