Is the sale of deferred payment for deferred payment, which is forbidden, considered to be the circulation of a single check among several merchants for several commercial transactions, such as a person buying goods and paying for them with a post-dated check, then the merchant using this check to pay for other goods he bought from a third merchant?

Selling a post-dated check, which represents a debt owed by its issuer, to someone other than the debtor involves a detailed explanation:

1. Selling a post-dated check in exchange for an immediate commodity other than gold or silver: This is permissible if the purchaser of the commodity is able to collect the debt, and if the seller of the debt does not profit, meaning they do not take a commodity whose value exceeds the debt's value.

2. Selling a post-dated check in exchange for a deferred commodity: This is considered selling debt for debt, which is unanimously prohibited.

3. Selling a post-dated check in exchange for cash (discounting commercial papers): This is not permissible শরীয়াহ-wise (legally) due to the absence of immediate possession (al-taqabud) which is a condition for selling money for money, and it ultimately leads to the prohibited usury of delay (riba al-nasiah).

Accordingly, there is no impediment to the circulation of a post-dated check in commercial transactions if it is in exchange for an immediate commodity.