Unfamiliar terms
“unless it is hāʾ wa-hāʾ”: the expression has several vocalisations, the most common of which lengthens the vowel and pronounces the hamza with a fatḥa. It means that the two parties exchange possession on the spot.
Overall meaning
In this ḥadith the Prophet ﷺ explains the proper way to transact in the commodities subject to ribā. Whoever sells gold for silver, or the reverse, must settle the price and exchange possession while still in the contract session; otherwise the sale is invalid, for this is a currency exchange (muṣārafa) whose validity depends on immediate delivery.
Likewise, anyone who sells wheat for wheat, or barley for barley, must ensure that both parties take possession during the contract session, because the cause of ribā that spoils the contract is present if they disperse before delivery.
Points derived from the ḥadith
- It is forbidden to sell gold for silver, or vice-versa, and the contract is void if the parties do not take possession before separating from the contract session; this is the ruling on muṣārafa.
- It is forbidden to sell wheat for wheat or barley for barley, and the contract is void if possession is not taken before the parties separate.
- The sale is valid when possession is completed, whether in muṣārafa or in the sale of wheat for wheat or barley for barley, provided this occurs in the contract session.
- “Contract session” refers to the place where the transaction is concluded—whether the two parties are seated, walking, or riding—while “dispersion” means whatever people customarily regard as parting.
Hadith 2
Abū Saʿīd al-Khudrī (may Allah be pleased with him) narrated that the Messenger of Allah ﷺ said:
“Do not sell gold for gold except equal for equal, and do not give one piece preference over another. Do not sell silver for silver except equal for equal, and do not give one piece preference over another. And do not sell any of it deferred for immediate.”
In another wording: “unless it is hand-to-hand.”
And in yet another wording: “unless (1) it is weight for weight, equal for equal, measure for measure.”