´It was narrated that Abu Jawza' said:` "I heard him meaning Ibn 'Abbas allowing exchange (of Dirhams for Dirham etc., if extra was given) and that was narrated from him. Then I heard that he has taken back this opinion. I met him in Makkah and said: 'I heard that you had taken back (your opinion).' He said: 'Yes. That was just my own opinion, but Abu Sa'eed narrated from the Messenger of Allah (ﷺ) that he forbade exchange (of like items if extra is given)."'
Hadith Referenceسنن ابن ماجه / كتاب التجارات / 2258
Hadith Gradingالألبانی:صحيح | زبیر علی زئی:إسناده صحيح
Hadith Takhrij«تفرد بہ ابن ماجہ ، ( تحفة الأشراف : 4102 ) ، وقد أخرجہ : مسند احمد ( 3/48 ، 51 ) ( صحیح ) »
Brief Explanation
1؎: Bay‘ sarf: When the commodities are not equal or the transaction is not hand to hand (immediate exchange), then it is called bay‘ sarf (currency exchange transaction). As soon as Ibn Abbas (radi Allahu anhuma) heard the hadith, he abandoned his own opinion and left it aside, and acted upon the hadith. But the so-called Muslims of our time do not follow the noble Companions (radi Allahu anhum), and even after hearing not just one, but many ahadith, they do not abandon the statement of their own mujtahid, even though their mujtahid is sometimes correct and sometimes mistaken.
Explanation & Benefits
Maulana Ataullah Sajid
Benefits and Issues:
➊ The meaning of "bay‘ sarf" is the exchange of gold for silver, or silver for gold, or the currency of one country for the currency of another country.
➋ The currency of one country is one kind, and the currency of another country is another kind, even if their names are the same. For example: Pakistani rupee and Indian rupee are two different kinds.
➌ It is agreed upon that in the exchange of currencies of different kinds, it is impermissible for payment to be made immediately from one side and promised from the other; rather, immediate payment from both sides is a condition. The second condition is that if the kind is the same, then there should be no increase or decrease (i.e., no excess on either side).
➍ It is the mark of a scholar to retract when an error in the issue becomes known.
Source: Commentary on Sunan Ibn Mājah by Mawlānā ‘Atā’ullāh Sājid, Page: 2258