Muwatta Malik: Book 31, Hadith 39

Yahya related to me from Malik that Yahya ibn Said heard Said ibn al-Musayyab say, “Keeping gold and silver out of circulation is part of working corruption in the land.”

Malik said, “There is no harm in buying gold with silver or silver with gold without measuring if it is unminted or a piece of jewellery which has been made. Counted dirhams and counted dinars should not be bought without reckoning until they are known and counted. To abandon number and buy them at random would only be to speculate. That is not part of the business transactions of Muslims. As for what is weighed of unminted objects and jewellery, there is no harm in buying such things without measuring. To buy them without measuring is like buying wheat, dried dates, and such food-stuffs, which are sold without measuring, even though things like them are measured ”

Malik spoke about buying a Qur’an, a sword or a signet ring which had some gold or silver work on it with dinars or dirhams. He said, “The value of the object bought with dinars, which has gold in it is looked at. If the value of the gold is up to one-third of the price, it is permitted and there is no harm in it if the sale is hand to hand and there is no deferment in it. When something is bought with silver which has silver in it, the value is looked at. If the value of the silver is one- third, it is permitted and there is no harm in it if the sale is hand to hand. That is still the way of doing things among us.”