- The opinions of the scholars can be divided into two categories:
- It is permissible to sell a gold jewellery on credit, when the jewellery is not considered a medium of exchange. This is the opinion of Mu’awiya (ra), Ibn Arabi, Ibn Taymiyah, Ibn Qudama and contemporary scholars, such as Rafiq Misry in his second opinion, Yusuf Chabili, Sami Suyailim, and Darul Ifta of Egypt. Their argument is that once the gold has been turned into a jewellery, it does not retain its currency status. It will be classified as a trading stock. Since business stock can be traded on credit, the same rule may be applied for gold jewellery stock.
Mufti Taqi is also of the opinion that it is permissible to trade gold jewellery on credit. However, his reasoning is that currency note may be considered similar to fulus (copper coin used in the medieval time). The ruling for fulus was that, it could be exchange for gold with a deferred payment.
- It is not permissible to sell gold jewelries on credit. In the past, Ibn Abdi Bar and Nawawi even reported the consensus position of the scholars in this matter. This is also the opinion of most of the contemporary scholars including Ali Qaradaghi. This also include the scholars of the standing committee of Saudi, the IFA based in Jeddah and AAOIFI in Bahrain.
And Allah knows best!
(Mufti) Billal Omarjee