Section

Deferred-exchange usury is prohibited in the sale of any two commodities that share the effective cause of excess usury, provided that neither of them is currency.

His statement, “Section,” means: concerning deferred-exchange usury. The preceding discussion concerned excess usury.

Deferred-exchange usury is delaying reciprocal possession in the sale of two usurious commodities. It is the primary form of usury, and it is on its account that excess usury was prohibited, as stated in the hadith of Usamah ibn Zayd: “Usury is only in deferred exchange.” (1) Ibn Abbas, may Allah be pleased with him, initially held this view. He maintained that excess usury was permissible, and that if one sold two sa‘ of wheat for one sa‘, hand to hand, it was permissible. However, when Abu Sa‘id al-Khudri (2) and other Companions, may Allah be pleased with them, debated the matter with him, he withdrew his view.

The Prophet’s statement, “Usury is only in deferred exchange,” may confuse the student seeking evidence, because innamā is a particle of restriction, and its implication would be that there is no usury except in deferred exchange.

The scholars answered this by saying that this restriction is qualified by the authentic hadiths establishing the existence of excess usury. The one who said, “Usury is only in deferred exchange,” is the same one who said, “Like for like, equal for equal; whoever gives more or demands more has engaged in usury.” (3)

If someone were to ask: If that is so, why did the Prophet, peace and blessings be upon him, say, “Usury is only in deferred exchange”?