Can you lend gold with the condition that the borrower will return gold, based on the value on the day of lending? For example, A lends to B two gold lingos worth £10,000 in total. On the day B returns the gold lingos, the value of the gold has changed, Now, to make up for the £10,000 worth of gold he took, he must return three lingos instead of two. Is this permissible?
It is impermissible to agree to lending the gold with the condition that, the repayment will be based on its monetary value rather than its weight.
Proof: The hadith tells us that gold can be exchanged with gold if it is like for like. Hence what must be taken into consideration is the mithl (equivalent) of the amount of gold lent, and not the qimat (monetary value) of the gold.
And Allah knows best!
(Mufti) Billal Omarjee
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