"I heard the Messenger of Allah say: 'Gold, equal amount."' (One of the narrators) Yaqub did not mention: "Equal amount." Muawiyah said: "This does not mean anything." 'Ubadah said; "By Allah I do not care if I am in a land where Muawiyah is not present. I bear witness that I heard the Messenger of Allah say that."
The Book of Financial Transactions - Sunan an-Nasa'i 4566
This hadith concerns the prohibition of riba (usury) in gold transactions, where the Prophet Muhammad ﷺ established that gold must be exchanged for gold in equal measure and hand-to-hand, preventing any form of exploitation through deferred payment or unequal quantities.
Scholarly Commentary on the Narration
The disagreement between Ya'qub (who omitted "equal amount") and Mu'awiyah (who dismissed the ruling) highlights the importance of precise transmission in Islamic law. 'Ubadah's firm stance demonstrates the Companions' commitment to preserving the Prophet's exact teachings, especially regarding financial ethics.
Classical scholars like Imam Nawawi explain that this hadith establishes one of the six commodities subject to riba rules - where identical items (gold for gold) must be exchanged equally and simultaneously. This prevents hidden usury through quality differences or delayed settlement.
Legal Implications in Islamic Finance
This ruling forms the basis for modern Islamic banking principles where currency exchange and precious metal transactions require immediate settlement at equal value. The wisdom behind this prohibition protects society from economic injustice and ensures fair trade without exploitation.
Scholars like Ibn Qudamah emphasize that the obligation of equal measure applies specifically to transactions within the same commodity category, while different commodities (like gold for silver) may be exchanged in unequal amounts provided settlement is immediate.