11. You have taken someone else’s ring in exchange for your ring. Check if both have any stone or gem. If both the rings have a stone or gem, this exchange is permissible irrespective of whether the amount of silver in both the rings is equal, less or more. However, it is necessary that this exchange takes place in one sitting.
If both the rings are plain, i.e. without any stone, then the condition is that the silver will have to be equal. Even if there is a slight difference, it will be regarded as interest.
If one of the rings are plain and the other has a stone, it will be permissible to exchange one for the other only if the plain ring has more silver than the ring which has a stone. If it is not so, it will be harâm to exchange and it will be regarded as interest.
Similarly, if this transaction and exchange does not take place at once; i.e. one of them hands over his ring immediately while the other says that he will give it at a later stage, then this will also be regarded as interest.
12. In all those masâ’il where we said that it is a condition or a prerequisite for the transaction to be executed in one sitting or at one time – this means that the transaction must be completed before the two can separate. If one of them separates or moves away before the transaction can be completed, it will not be considered and this will also be regarded as interest. For example, you purchase some gold, silver, or a gold and silver item from the jeweller in exchange for R10 worth of silver. In such a case, you should hand over the silver coins there and then.
In the same way, the jeweller should hand over the item to you there and then. If the jeweller does not have the silver with him and says that he will go home just now and send the silver item to you, this will not be permissible. Instead, he should send someone to bring it for him. At the same time, you should not move from that place until the silver item is brought nor should you allow the jeweller to move away from there. If the jeweller asks you to go home with him and that he will give it to you over there, you should follow him closely and try to be with him all the time. If he disappears into the house or disappears somewhere else, it will be a sin and the transaction will not be permissible. You will have to renew the entire transaction.
13. After purchasing the item, you went home to bring the silver coins, or the jeweller went to relieve himself or went into the back of his shop for some work. In so doing the two of you were separated from each other. This is not permissible and the transaction will be regarded as interest.
14. If you do not have the silver coins with you at that time and you wish to purchase the item on credit, then the method of purchasing the item is that whatever amount you have to pay for the item, borrow that amount from the person as a loan. Once you have taken that amount, pay for the item that you wish to purchase, and the responsibility to re-pay the loan will remain on your shoulders.
You can re-pay this loan whenever you wish.
15. You purchased a head-covering or hat which has been embroidered with silver at a price of R10 worth of silver. In such a case, try to estimate the amount of silver that will come out from that head-covering. After estimating the amount of silver, it will be wajib on you to pay an equivalent amount from your silver coins immediately.
The balance of the price could be paid whenever you wish. The same rule will apply to pre-set jewellery. For example, you purchased jewellery to the value of R50 in silver while it has R20 worth of silver in it. In such a case, you will have to pay the R20 immediately, and the balance could be paid whenever you wish.
16. You purchased cash money in exchange for silver coins. The rule in this regard is that it is not necessary for the transaction to be executed immediately. Instead, it will be sufficient if it is fulfilled by one of the parties. For example, you gave the silver immediately while he gave the cash money after some time. Alternatively, he gave you the cash money immediately, while you gave him the silver after separating from him. This is permissible. However, if you take small change (coins in small denominations) together with the cash money, this small change will have to be given there and then.
However, it should be borne in mind that this rule with regard to cash will only be applicable when the shop-keeper has the cash money in his possession but is unable to hand it over immediately due to some reason, or because it is still at home and he will bring it for you from there. But if he did not have the money in his possession and said that he will give it to you after selling some of his goods or, he gave you a part of the money now and said that when he makes a sale and receives some money you must come and take the balance of what he owes you; this will not be permissible. Since most of these debts take place on account of an absence of money, it is therefore preferable not to leave any money on credit. If it becomes necessary to undertake such a transaction, take whatever money the person has as a loan and let him keep the silver as an amânah . Once he gives you all the money undertake the transaction.
17. If a person gives gold coins in exchange for silver coins, it is wâjib for both of them to be present and for the transaction to be carried out in the presence of the buyer and seller.
18. A person purchased a gold or silver item with gold or silver coins and made the condition that he has the right to keep the item or return it within one day or three days. This is not permissible. One should not make conditions of this nature in such transactions.