The jurists have stipulated receipt consent in the exchange of similar and dissimilar items, based on the Hadith narrated by Ubada bin As-Samit (may Allah be pleased with him), where the Prophet (peace be upon him) said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, must be equal on both sides and hand to hand, whoever pays more or demands more (on either side) indulges in Riba” [Sahih Muslim].
Indeed, the phrase “hand to hand” indicates the requirement of mutual receipt. As the text clearly shows, this condition applies to the all types. The reason for this condition is that delaying mutual receipt can lead to a change in value over time and may also open the door to taraabi (dealing with riba).
However, there are contracts that are concluded merely through offer and acceptance, and mutual receipt is not a requirement in these contracts, according to the majority of scholars. Some of these contracts include the contract of unrestricted sale (in non-usurious items), lease agreements, marriage contracts, wills, agency contracts, property transfer contracts, and similar contracts.
Regarding the exchange of financial currencies, this is called “Sarf,” which is the sale of currencies or money, whether of the same type or different types, including modern banknotes of various denominations.
Scholars have indeed stipulated the requirement of mutual receipt (Taqabbud) in such exchanges, and Ibn al-Mundhir reported a consensus on this matter. He said, “They have unanimously agreed that if those involved in an exchange separate before mutual receipt is achieved, the transaction is invalid.”
This principle applies regardless of whether the individuals involved are friends or not, except when it is a gift rather than a sale.
It remains to be pointed out that taqabbud does not necessarily mean the presence of the exchanged items in kind, as some claim. We differentiate between two types of taqabbud, both of which are considered in this context: Real taqabbud and its form: the presence of the both exchanged items at the time of the contract. Estimated taqabbud: one of the items may be absent, but it can be acquired in some way, or even both items may be absent, but they are considered as if they were present and this is the case with online sales. The equivalent in Islamic jurisprudence is selling a house in another country; the presence of both parties is not required because it is not conceivable for the house to be transferred to another country. It is sufficient here for the document to be delivered, or for the keys to the house to make the sale valid.
The way of taqabbud depends on custom, as stated by the jurists. Al-Rafi’i al-Qazwini said: “The determination of what constitutes a valid taqabbud is based on custom, and it varies depending on the nature of the money.”
Fatwa by Dr. Khālid Naṣr