It is not permissible for one
to sell gold jewelry on credit whether the deferred payment is all or part of the value, when the value is given from gold or silver whether for a specified or unspecified period. If the sale is concluded in this way, it will be null and void and the transaction will be unlawful. By doing so, one commits one of the major sins, that is Riba (usury). In the first transaction, (Part No. 13; Page No. 486) by selling gold jewelry that equals 10,000 in cash for 20,000 by deferred payment for one year or more or less than that. They combine Riba Al-Fadl (usury of excess, selling an item for another of the same type, on the spot, but in excess) and Riba Al-Nasi'ah (usury of delay, conditional excess for delay of payment).
As regards the second transaction,
that is delaying part of the payment, it is Riba Al-Nasi'ah and both types of Riba are unlawful according to the Qur'an, Sunnah (whatever is reported from the Prophet), and Ijma` (consensus of scholars). Allah (Exalted be He) states:
...whereas Allâh has permitted trading and forbidden Ribâ (usury).
Allâh will destroy Ribâ (usury) and will give increase for Sadaqât (deeds of charity, alms, etc.) And Allâh likes not the disbelievers, sinners.
O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.
And if you do not do it, then take a notice of war from Allâh and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).
Likewise, it is authentically reported from the Prophet (peace be upon him):
That he cursed the one who accepts Riba (Usury), the one who gives it, those who witness to it, and the one who writes it. He (peace be upon him) said: They are all equal.
It is reported in Sahih
Al-Bukhari on the authority of
Abu Sa`id Al-Khudry (may Allah be pleased with him) that the Prophet (peace be upon him) stated:
Do not sell gold for gold, except like for like, and do not increase one part over another part; and do not sell silver for silver except like for like, and do not increase one part over another part, and of these, (gold and silver), do not sell something present for something to be later delivered.
It is also reported in Sahih Al-Bukhari that
Abu Al-Minhal said: (Part No. 13; Page No. 487) I asked
Al-Bara' ibn `Azib and
Zayd ibn Arqam (may Allah be pleased with them) about money exchanges. Each of them said: He is better than me. Then both of them said:
The Messenger of Allah (peace be upon him) forbade the selling of gold for silver on credit.
May Allah grant all of us success!
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.