Exchanging gold for gold
| Fatwa #636 | Category: Business & Trade | Country: Zambia | Date: 6th August 2024 |
| Fatwa #636 | Date: 6th August 2024 |
| Category: Business & Trade | |
| Country: Zambia | |
Question
Asalamawalaykum www…
I would like to ask what is the ruling of exchanging old gold jewellery for a new gold jewellery…and how should the transaction be done…?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
It is only permissible to exchange equal weights of gold, no matter the quality. Therefore, exchanging more grams of old gold for lesser grams of new gold is not permissible.
The permissible method is that the old gold must be sold to the shopkeeper for an agreed price.[1] Once the old gold is handed over, the new gold must be purchased for an agreed price. The two separate transactions can then be settled by simply paying the shopkeeper the difference between the two sales.
Example: The shopkeeper will purchase the old gold for $1000. The old gold will be handed over to him and the $1000 becomes a debt on him. The customer will then purchase new gold for $1500. The customer will then pay the shopkeeper $500. The $1000 will be offset by what the shopkeeper owes the customer.
For a detailed explanation on trading with jewellery, kindly refer to the link below.
https://daruliftaazambia.com/fatwa/?id=277
And Allah Ta’āla Knows Best
Mufti Bilal Pandor
Concurred by
Mufti Muhammad Patel
Darul Iftaa Mahmudiyyah
Lusaka, Zambia
ولكن خالفتهم في رسالتي “أحكام الأوراق النقدية” وذكرت أنها ليست قائمة مقام الذهب في جميع الأمور فلا تجري فيها أحكام الصرف ولذلك يجوز عندى أن يشتري الذهب أو الفضّة بالنقود ويجوز أيضا أن يشتري الذهب نسيئة بالأوراق النقدية ولكن يجب أن يكون تقابض أحد البدلين في المجلس إذا كان ذهبا خالصا وأن يعرف الأجل عند العقد