The First Topic: The Exchange of Debt for Debt
It is permissible to exchange debt for debt [454] - It could be that one man owes another some money, and the other owes him some gold, and they exchange what is owed to each other. . This is the view of the Hanafis [455] -See: "Tebyin al-Haqaiq"  by al-Zaylai (4/139- 140); "Al-Bahr al-Ra'iq" by Ibn Nujaym (6/216). and Malikis [456] -See: "Al-Taj wa al-Iklil" by al-Mawaaq (4/310); "Mawahib al-Jalil" by al-Hattab (6/140). , and Ibn Taymiyyah [457] - Ibn Taymiyyah stated: "If they exchange a debt in their accounts, it is permissible." chose it; because a present debt is akin to a present asset, and thus it is permissible to purchase dirhams with dinars without specification [458] - See: "Al-Mughni" by  Ibn Qudamah(4/37). .
The Section Topic: Settling Debt with a Different Currency
It is valid to settle debt [459] - For example, if he has a debt of one thousand riyals owed to a person, he can settle it with another currency at the exchange rate on the day of payment. with a different currency.
The Third Topic: Transactions in Debt Followed by Borrowing What is Due
The First Issue: Transactions in Debt Followed by Borrowing from a Foreign Party or person
It is valid to transact in debt if one borrows from a foreign party to settle what is due in the exchange session [460] -If the two contracting parties transact while they do not have money in their hands, one or both of them may borrow from another person and pay it to each other in the same sitting. For instance, if Zayd and 'Amr transact without having cash on hand, they can borrow the amount from a third party and then each one pays what he borrowed to his counterpart, completing the transaction in the same sitting. , according to the agreement of the four legal Jurisprudential schools: Hanafi [461] - See: "Al-'Inayah" by Al-Babarti (7/140); "Al-Durr Al-Mukhtar wa Hashiyat Ibn Abidin" 5/259). , Maliki [462] -According to the Malikis: it is valid with dislike(Makrooh). See: "Sharh Al-Zurqani 'ala Mukhtasar Khalil"( 5/77);" Minhaj Al-Jalil" by 'Ulaysh, 4/495). , Shafi'i [463] -"Tuhfat al-Muhtaj "by Ibn Hajar Al-Haytami( 4/279).       See: "Takmilat Al-Majmu' " by Al-Subki(10/101- 102). , and Hanbali [464] -"Sharh Muntaha Al-Iradat" by Al-Buhuti( 2/74); "Kashaaf Al-Qinaa'" by Al-Buhuti( 3/266). , and this was chosen by Ibn Hazm [465] -Ibn Hazm stipulated that there should be no condition in the transaction; Ibn Hazm said: "Whoever exchanges dinars for dirhams and is unable to complete his intention, and borrows from his exchange dealer or from someone else to complete his exchange, this is permissible, as long as there is no condition in the transaction; for there is no Quranic verse or Sunnah that prohibits this."    Source: "Al-Muhalla" (7/464). .
This is for the following reasons:
Firstly: Because receiving in the session is equivalent to receiving at the time of the contract, and they remain in the session (place) [466] - "Sharh Muntaha al-Iradat" by -Buhuti (2/74). .
Secondly: Because dirhams and dinars are considered prices in any case, so each of them is purchased at a price that he does not possess nor is he selling [467] -"Bada'i al-Sana'I" by Al-Kasani (5/235). .









The Second Issue: Transactions in Debt Followed by Borrowing from the Counterparty [468] -To borrow from each other in the presence of the contract, as if Zayd and ‘Umar were to conduct a transaction, then it becomes apparent to Zayd that the amount is insufficient. He may borrow from ‘Umar to complete the amount and then pay it to him in the presence of the contract.
It is valid to transact in debt and then borrow what is due from the counterparty, which is the opinion of the Shafi'is [469] -Repayment is valid if the borrower is not the same person who lent it to him. If he borrows the exact asset that was lent to him, there are two opinions: the more correct one is permissibility." See: "Fatḥ al-‘Aziz "by al-Rafi‘i (8/167). See: "Al-Bayān" by al-‘Imrānī (5/183, 184). and Hanbalis [470] -"Provided that it is without a ruse." See: "Sharḥ Muntahā al-Irādāt" by al-Buhūtī (2/76).      see: "Maṭālib Awlī al-Nihā" by al-Ruhaybānī (3/179). . Ibn Hazm [471] -Al-Ḥakam ibn Ḥazm stipulated that there should be no conditions in the transaction; Ibn Ḥazm said: 'Whoever exchanges dinars for dirhams and is unable to complete his transaction, then borrows from his currency exchange or from elsewhere to complete his exchange, it is permissible, provided that there is no condition in the transaction; because neither the Qur'an nor the Sunnah prohibits this.'" See: (Al-Muḥallā) (7/464). chose it; due to the presence of immediate exchange before separation [472] -See: "Sharḥ Muntahā al-Irādāt" by al-Buhūtī (2/76). .