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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
SHA0011

• If one buys gold in exchange for silver, only the requirement
of spot payment is required but not the requirement of equal
measurement. This is due to both counter values belong to
same basis/genus (jins) but do not fall under the same kind
(nau’).

• If one buys dates in exchange for gold or silver none of the two
requirements are mandatory. Parties to the contract are at liberty
to transact as they wish because both counter values neither
belong to the same basis/genus (jins) nor kind (nau’).

The above illustration is equally applicable to the remaining ribawi
items.

Diagram 19 : Types of Ribā

Extension of the Application of Ribawi Transaction

Further to the above illustration, it is pertinent to ask whether the list of ribawi
items is exhaustive or it can be further extended to other similar items.

The answer is affirmative. The ribawi items are extended to other items that
share similar effective cause. It is submitted that, two (gold and silver) out of
the six items represent a medium of exchange whereas the remaining four
items (wheat, barley, dates and salt) are subject to divergence of opinions
among scholars. Shāfi’ī holds the view that four items are ribawi by virtue of
their edibilility. Hence, the exchange between the two other edible items,
for instance rice, must be subjected to the same rule. Ḥanafi, on the other
hand, viewed that the effective cause of the four items are attributed to the
nature of those items that are measured by weight and capacity. Therefore,
any other items that are measured by weight and capacity according to
Ḥanafi madhhab are equally ribawi items. Yet another view is from Malikī who
asserted that the effective cause of those items is foodstuffs and these
items are preserveable.