BAY’ AL-SARF

‫بيع الرصف‬
 CONTENT

• Definition
• Evidences
• Pillars of bay al-sarf
• Condition of bay al-sarf
• Opinion of scolars
• Modern application
 01
Definition
Definition ● Maliki scholars considers money
exchange only if the sale of gold-for-
Literal :
gold or silver-for-silver but gold for
• Sale and purchase of money
silver does not belong to such
for money including gold and
silver transactions.
● Bay' al-sarf is a sale of something that
Technical : is price in its own nature for something
which is also a price.
• Sale of money for money
● It is regarded, as the sale of price for
such as the sale of gold-for-
gold and silver-forsilver. price and each price is a consideration
for the other.
 02
EVIDENCE
 EVIDENCE
Hadith Ijma’
• Ubadah ibn Samit narrated that • All Islamic scholars unanimously
Rasulullah (s.a.w) said that: "Gold for agree on the permissibility of bay'
gold, silver for silver, wheat for wheat, al-sarf as it has been practice by
barley for barley, dates for dates, and salt the people since the time of
for salt, should be exchange like for like, Prophet (s.a.w) until now without
equal for equal and hand-to-hand. If the any objections.
types of exchanged commodities are
different, then sell them as you wish, if
they are exchanged on the basis of hand-
to-hand transaction.“

• Narrated by Muslim
 03
PILLARS OF
BAY’ AL-SARF
PILLARS OF BAY’ AL-SARF

Merchandise
Seller & buyer
/goods

Sighah Price
04 CONDITIONS
OF
BAY’ AL-SARF
Taking possession before leaving one another
• It is necessary that both the things exchanged shall be taken possession before the separation of
the parties.
• This is because departing with debts on both sides is not permitted as it is regarded as sale of debt
against debt (bay' al-kali' bi al-kali) which is prohibited.

Equal for equal transaction

• There can be no credit or postponement of delivery. The principle concerning money is that it
cannot be sold or bought on credit.
• If the currency trading involves the exchange of currencies of the same genus such as silver for
silver or gold for gold, they must be transacted in like-for-like even if they differ in quality since
consideration is given only to quantity.
 Freedom from khiyar syarat
• An option of condition cannot be stipulated. One of the contracting parties may stipulate certain
conditions which if not met would grant a legal right to the stipulating party to rescind the
contract.• However, khiyar 'aib (option of defect) is allowed.

Non deferment
• Delivery of both counter values should not be deferred to a certain point of time in the future.• If
one of the parties stipulated a deferment in the receipt of one of the currencies, the contract is
rendered null and void as it has been prescribed that exchanges of goods eligible for riba should be
on a hand-to-hand basis.
THANKYOU !
I END THIS PRESENTATION WITH SADAQALLAH BUT NOT WITH YOU...