Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand.
The Book of Musaqah
Sahih Muslim 1587 c
Hadith Text
Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand.
Commentary on Riba al-Fadl
This noble hadith establishes the prohibition of Riba al-Fadl, which occurs in the exchange of specific commodities of the same kind. The Prophet ﷺ identified six commodities: gold, silver, wheat, barley, dates, and salt. When exchanging these items for others of the same kind, two conditions must be met: equality in measure (like for like) and immediate exchange (hand to hand).
The wisdom behind this prohibition is to prevent hidden usury, as these commodities serve as standards of value or essential foodstuffs. Any inequality in such exchanges could lead to exploitation and injustice, which Islam strictly forbids.
Conditions for Valid Exchange
For the specified commodities of the same kind: 1) The quantities must be exactly equal, and 2) The exchange must be simultaneous without delay. If either condition is violated, the transaction contains Riba and is unlawful.
When exchanging different kinds of these commodities (e.g., gold for silver), the requirement for equality is lifted, but immediate exchange remains obligatory. This facilitates legitimate trade while preventing deferred payment risks that could lead to usury.
Legal Wisdom and Application
The scholars have extended these rules to all items that serve similar functions - currency items (gold and silver) and staple food items. This ensures comprehensive protection against all forms of usurious transactions in the economy.
This divine legislation preserves economic justice, prevents exploitation in basic exchanges, and maintains the purity of commercial transactions in accordance with Islamic principles.