and their justification is that the gold purchased on credit is merely ordinary merchandise. When some of their senior members were challenged and told that such a transaction is impermissible, one of them replied, “The scholars have no understanding of this kind of business.”

Answer: This transaction—selling gold for dirhams on deferred payment—is unanimously forbidden, for it constitutes riba al-nasiʾah (usury through delay). The Prophet (peace and blessings be upon him) said in the hadith of ʿUbādah ibn al-Ṣāmit: “Gold for gold, silver for silver…,” and he added, “When these categories differ, sell as you wish, provided it is hand to hand.”(1) Such is the order of the Prophet ﷺ.

As for the claim that the scholars are ignorant of this matter, it is a baseless accusation. They are called scholars precisely because they possess knowledge, and knowledge is the opposite of ignorance. Were they ignorant, the title would not apply to them. They know the limits Allah has revealed to His Messenger, and they know that this sort of transaction is prohibited by the clear textual evidence declaring it unlawful.