Fit4Global Forex Research.
Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.
Forex menurut Hukum Islam.
Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu ", sabda Nabi Muhammad SAW, dalam sebuah teve seu caminho para Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi - karena satu dan lain hal - tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.
Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra's al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi'iyah dan Hanabilah mendefinisikannya dengan: "Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad".
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:
Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.
1. Os Contratos Básicos de Câmbio.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
Para elaborar, consideremos o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rúpias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rúpia-dólar acordada é 1:20 e a transação envolve compra e venda de US $ 50. A primeira situação é que A faz um pagamento no local de Rs1000 para B e aceita o pagamento de US $ 50 de B. A transação é liquidada de forma local por ambas as extremidades. Tais transações são válidas e islamicamente permissíveis. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambos os fins seja diferida para uma data futura, digamos, após seis meses a partir de agora. Isso implica que tanto a A quanto a B fazer e aceitar o pagamento de Rs1000 ou US $ 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islamicamente permitido. Uma visão minoritária considera isso permitido. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B de pagar $ 50 para ele depois de seis meses. Alternativamente, A aceita US $ 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Existem visões diametralmente opostas sobre a permissibilidade de tais contratos que equivalem a bai-salam em moedas. O objetivo deste trabalho é apresentar uma análise abrangente de vários argumentos em apoio e contra a permissibilidade desses contratos básicos envolvendo moedas. A primeira forma de contratação envolvendo troca de contravalores no local é além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é adiada para uma data futura, geralmente é discutida no âmbito da proibição riba. Consequentemente, discutimos este contrato detalhadamente na seção 2 sobre a questão da proibição de riba. A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, geralmente é discutida no âmbito da redução de risco e incerteza ou gharar envolvidos em tais contratos. Este, portanto, é o tema central da seção 3, que trata da questão de gharar. A seção 4 tenta uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de câmbio.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
A necessidade de eliminar a riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu contexto da Sharia é geralmente definida2 como um ganho ilegal derivado da desigualdade quantitativa dos contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies (anwa), que pertencem ao mesmo gênero (jins) e são regidas por a mesma causa eficiente (illa). Riba geralmente é classificada em riba al-fadl (excesso) e riba al-nasia (adiamento), que denota uma vantagem ilegal em excesso ou aferição, respectivamente. A proibição do primeiro é alcançada por uma estipulação de que a taxa de troca entre os objetos é unidade e nenhum ganho é permitido para qualquer das partes. O último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação seja resolvida no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que se situa quando o credor pede ao mutuário na data de vencimento se o último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado da cobrança de juros sobre o montante inicialmente emprestado.
A proibição de riba na troca de moedas de países diferentes exige um processo de analogia (qiyas). E em qualquer exercício envolvendo analogia (qiyas), causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com seu assunto, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) no caso de contratos de câmbio foi definida de forma variada pelas principais escolas da Fiqh. Essa diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes.
Uma questão de significância considerável no processo de raciocínio análogo refere-se à comparação entre moedas de papel com ouro e prata. Nos primeiros dias do Islã, ouro e prata desempenharam todas as funções do dinheiro (thaman). As moedas eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido nelas). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande número de transações. Muitas outras commodities, como, vários metais inferiores também serviram de meio de troca, mas com aceitabilidade limitada. Estes são descritos como falsos na literatura Fiqh. Estes também são conhecidos como thaman istalahi devido ao fato de que sua aceitabilidade não decorre do seu valor intrínseco, mas devido ao status concedido pela sociedade durante um determinado período de tempo. As duas formas acima mencionadas de moedas foram tratadas de forma muito diferente pelos juristas islâmicos do início do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas atuais do papel da idade se enquadram na categoria anterior ou a última. Uma visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que servem como o principal meio de troca e unidade de conta como o último. Assim, por um raciocínio análogo, todas as normas e injunções relacionadas à Sharia aplicáveis ​​a thaman haqiqi também devem ser aplicáveis ​​ao papel moeda. O intercâmbio de thaman haqiqi é conhecido como bai-sarf e, portanto, as transações em moedas de papel devem ser regidas pelas regras da Sharia relevantes para bai-sarf. A visão contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi por causa do fato de seu valor facial ser diferente do valor intrínseco. A sua aceitabilidade decorre do seu estatuto jurídico dentro do país doméstico ou da importância econômica global (como no caso de dólares americanos, por exemplo).
2.1. Uma Síntese de Vistas Alternativas.
2.1.1. Raciocínio analógico (Qiyas) para a proibição de Riba.
A proibição de riba baseia-se na tradição de que o santo profeta (a paz esteja com ele) disse: "Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data da data, sal para sal, nas mesmas quantidades no local; e quando as commodities são diferentes, vendam como você se adequa, mas no local ". Assim, a proibição de riba se aplica principalmente aos dois metais preciosos (ouro e prata) e quatro outras commodities (trigo, cevada, datas e sal) . Também se aplica, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer dos gêneros dos seis objetos citados na tradição. No entanto, não existe um acordo geral entre as várias escolas do Fiqh e até mesmo os estudiosos pertencentes à mesma escola sobre a definição e identificação da causa eficiente (illa) do riba.
Para os Hanafis, causa eficiente (illa) de riba tem duas dimensões: os artigos trocados pertencem ao mesmo gênero (jins); Estes possuem peso (wazan) ou mensurabilidade (kiliyya). Se em uma dada troca, ambos os elementos da causa eficiente (illa) estão presentes, isto é, os contravalores trocados pertencem ao mesmo gênero (jins) e são todos pesáveis ​​ou todos mensuráveis, então nenhum ganho é permitido (a taxa de câmbio deve ser igual à unidade) e a troca deve ser no local. No caso de ouro e prata, os dois elementos de causa eficiente (illa) são: unidade de gênero (jins) e capacidade de pesagem. Esta é também a visão Hanbali de acordo com uma versão3. (Uma versão diferente é semelhante à visão Shafii e Maliki, conforme discutido abaixo.) Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, só são permitidas transações instantâneas sem qualquer ganho. Também é possível que em uma troca dada, um dos dois elementos de causa eficiente (illa) esteja presente e o outro esteja ausente. Por exemplo, se os artigos trocados são todos pesáveis ​​ou mensuráveis, mas pertencem a diferentes gêneros (jins) ou, se os artigos trocados pertencem ao mesmo gênero (jins), mas nem é pesável nem mensurável, então troca com ganho (a uma taxa diferente de unidade) é permissível, mas a troca deve ser no local. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas não é permitida a liquidação diferida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em uma dada troca, nenhuma das injunções para a proibição riba se aplica. O intercâmbio pode ocorrer com ou sem ganho e tanto em uma base quanto em diferido.
Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países, a proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a diferentes países são entidades claramente distintas; Estes são legais em limites geográficos específicos com diferentes valores intrínsecos ou poder de compra. Assim, uma grande maioria de estudiosos talvez afirmem, com razão, que não há unidade de gênero (jins). Além disso, estes não são pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe em tal troca. Assim, a troca pode ser realizada sem qualquer injunção quanto à taxa de câmbio e à forma de liquidação. A lógica subjacente a esta posição não é difícil de compreender. O valor intrínseco das moedas de papel pertencentes a diferentes países difere, pois estes têm poder de compra diferente. Além disso, o valor intrínseco ou o valor das moedas de papel não pode ser identificado ou avaliado ao contrário do ouro e da prata que podem ser pesados. Portanto, nem a presença de riba al-fadl (por excesso), nem riba al-nasia (por adiamento) pode ser estabelecida.
A escola Shafii de Fiqh considera a causa eficiente (illa) no caso de ouro e prata serem sua propriedade de ser moeda (thamaniyya) ou meio de troca, unidade de conta e loja de valor. Esta é também a visão de Maliki. De acordo com uma versão deste ponto de vista, mesmo que o papel ou o couro sejam feitos como meio de troca e recebam o status de moeda, então todas as regras relativas a naqdain, ou ouro e prata são aplicáveis ​​a eles. Assim, de acordo com esta versão, o intercâmbio envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitido, mas deve ser resolvido no local. Outra versão das duas escolas de pensamento acima é que a causa eficiente citada acima (illa) de ser moeda (thamaniyya) é específica para ouro e prata e não pode ser generalizada. Ou seja, qualquer outro objeto, se usado como meio de troca, não pode ser incluído em sua categoria. Assim, de acordo com esta versão, as injunções Sharia para a proibição riba não são aplicáveis ​​às moedas de papel. As moedas pertencentes a diferentes países podem ser trocadas com ou sem ganho, e ambas, de forma diferida ou diferida.
Os defensores da versão anterior citam o caso da troca de moedas de papel pertencentes ao mesmo país em defesa da sua versão. A opinião consensual de juristas neste caso é que essa troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser resolvida no local. Qual é a lógica subjacente à decisão acima? Se considerarmos o Hanafi e a primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) está presente, ou seja, pertencem ao mesmo gênero (jins). Mas as moedas de papel não são pesáveis ​​nem mensuráveis. Por conseguinte, a lei de Hanafi aparentemente permitiria o intercâmbio de diferentes quantidades da mesma moeda no local. Do mesmo modo, se a causa eficiente de ser moeda (thamaniyya) é específica apenas para ouro e prata, a lei Shafii e Maliki também permitiria o mesmo. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. Isso mostra que, é a primeira versão do pensamento de Shafii e Maliki, que está subjacente à decisão consensual de proibição de ganho e liquidação diferida em caso de troca de moedas pertencentes ao mesmo país. De acordo com os proponentes, estender essa lógica ao intercâmbio de moedas de diferentes países implicaria que a permuta com ganho ou a uma taxa diferente da unidade é permitida (uma vez que não há unidade de jins), mas a liquidação deve ser no local.
2.1.2 Comparação entre Currency Exchange e Bai-Sarf.
Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, definido como ouro e prata, que serviu como o principal meio de troca para quase todas as principais transações.
Os defensores da visão de que qualquer troca de moedas de diferentes países são iguais ao bai-sarf argumentam que, na atual idade, as moedas do papel substituiram efetivamente e completamente o ouro e a prata como meio de troca. Assim, por analogia, o intercâmbio envolvendo tais moedas deve ser regido pelas mesmas regras e injunções da Sharia como bai-sarf. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.
Os oponentes da categorização da troca de moeda com o bai-sarf no entanto destacam que a troca de todas as formas de moeda (thaman) não pode ser denominada como bai-sarf. De acordo com esta visão, o bai-sarf implica troca de moedas feitas de ouro e prata (thaman haqiqi ou naqdain) sozinhas e não de dinheiro que as autoridades estaduais (thaman istalahi) pronunciaram como tal. As moedas atuais da época são exemplos desse último tipo. Esses estudiosos encontram apoio nesses escritos que afirmam que se as commodities de troca não são ouro ou prata (mesmo que uma delas seja ouro ou prata), a troca não pode ser denominada como bai-sarf. Nem as estipulações relativas a bai-sarf seriam aplicáveis ​​a tais trocas. De acordo com Imam Sarakhsi4 "quando um indivíduo compra falsas ou moedas feitas de metais inferiores, como, por exemplo, cobre (thaman istalahi) para dirhams (thaman haqiqi) e faz um pagamento no local do último, mas o vendedor não possui falsos momento, então, tal permuta é admissível ...... .. tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia "(enquanto no caso de bai-sarf, é.) Existem várias referências semelhantes que indicam que os juristas não classificam uma troca de fals (thaman istalahi) para outro fals (thaman istalahi) ou ouro ou prata (thaman haqiqi), como bai-sarf.
Assim, as trocas de moedas de dois países diferentes que só podem ser considerados como thaman istalahi não podem ser categorizadas como bai-sarf. Nem a restrição quanto à liquidação no local pode ser impostas a tais transações. Deve-se notar aqui que a definição de bai-sarf é fornecida na literatura do Fiqh e não há menção do mesmo nas tradições sagradas. As tradições mencionam sobre riba, e a venda e compra de ouro e prata (naqdain), que pode ser uma fonte importante de riba, é descrita como bai-sarf pelos juristas islâmicos. Deve também notar-se que, na literatura Fiqh, o bai-sarf implica apenas trocas de ouro ou prata; se estes estão sendo utilizados atualmente como meio de troca ou não. Troca envolvendo dinares e ornamentos de ouro, ambos de qualidade como bai-sarf. Vários juristas procuraram esclarecer este ponto e definiram o sarf como aquela troca em que tanto as commodities trocadas são da natureza de Thaman, e não necessariamente do próprio Thaman. Assim, mesmo quando uma das mercadorias é processada de ouro (digamos, ornamentos), essa troca é chamada de bai-sarf.
Os defensores da visão de que a troca de moeda deve ser tratada de forma semelhante ao bai-sarf também derivam o apoio de escritos de juristas islâmicos eminentes. De acordo com Imam Ibn Taimiya "qualquer coisa que desempenhe as funções de meio de troca, unidade de conta e armazenamento de valor é chamado thaman, (não necessariamente limitado a ouro e prata). Referências semelhantes estão disponíveis nos escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. Nos primeiros dias do Islã, dinares e dirhams feitos de ouro e prata eram usados ​​principalmente como meio de troca em todas as principais transações. Somente os menores foram resolvidos com falsos. Em outras palavras, fals não possuía as características de dinheiro ou thamaniyya na íntegra e dificilmente era usado como loja de valor ou unidade de conta e era mais na natureza da mercadoria. Portanto, não houve restrição na compra do mesmo por ouro e prata em regime diferido. As moedas atuais têm todas as características de thaman e são destinadas apenas a Thaman. O intercâmbio envolvendo moedas de diferentes países é o mesmo que o bai-sarf com a diferença de jins e, portanto, a liquidação diferida levaria a riba al-nasia.
O Dr. Mohamed Nejatullah Siddiqui ilustra esta possibilidade com um exemplo6. Ele escreve: "Em um determinado momento no momento em que a taxa de câmbio do mercado entre o dólar e a rupia é de 1:20, se uma pessoa adquire US $ 50 à alíquota de 1:22 (liquidação de sua obrigação em Rúpias diferida para uma data futura) então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando os $ 50 comprados em crédito à taxa local) "Assim, o sarf pode ser convertido em empréstimo com base em juros e amp; empréstimo.
2.1.3 Definir Thamaniyya é a chave?
Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de thamaniyya. Por exemplo, uma questão fundamental que leva a posições divergentes sobre a permissibilidade relaciona se thamaniyya é específico para ouro e prata, ou pode ser associado a qualquer coisa que desempenhe as funções de dinheiro. Levamos algumas questões abaixo, que podem ser levadas em consideração em qualquer exercício de reconsideração de posições alternativas.
Deve ser apreciado que thamaniyya pode não ser absoluto e pode variar em graus. É verdade que as moedas de papel substituíram completamente ouro e prata como meio de troca, unidade de conta e estoque de valor. Neste sentido, as moedas de papel podem ser consideradas possuidoras de thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. Em outras palavras, as rupias indianas possuem thamaniyya dentro dos limites geográficos da Índia e não têm qualquer aceitabilidade nos EUA. Não se pode dizer que estes possamos thamaniyya nos EUA, a menos que um cidadão dos EUA possa usar rúpias indianas como meio de troca, unidade de conta ou armazenamento de valor. Na maioria dos casos, essa possibilidade é remota. Esta possibilidade também é função do mecanismo da taxa de câmbio em vigor, como a conversibilidade das rupias indianas em dólares norte-americanos, e se um sistema de taxa de câmbio fixo ou flutuante está em vigor. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . O exemplo citado pelo Dr. Nejatullah Siddiqui também parece bastante robusto nas circunstâncias. A permissão para trocar rúpias por dólares em regime de diferimento (de um lado, é claro) a uma taxa diferente da taxa local (taxa oficial que provavelmente permanecerá fixada até a data da liquidação) seria um caso claro baseado em juros empréstimos e empréstimos. No entanto, se a assunção da taxa de câmbio fixa for relaxada e o atual sistema de taxas de câmbio flutuantes e voláteis for assumido, então pode-se mostrar que o caso de riba al-nasia se decompõe. Reescrevemos seu exemplo: "Em um determinado momento no momento em que a taxa de câmbio do mercado entre dólar e Rúpia é de 1:20, se uma pessoa adquire US $ 50 à alíquota de 1:22 (liquidação de sua obrigação em Rúpias diferida para um futuro data), então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando os $ 50 adquiridos em crédito à taxa spot) "Isso seria assim, somente se o risco cambial for inexistente (a taxa de câmbio permanece às 1:20), ou é suportada pela vendedor de dólares (o comprador paga em rupias e não em dólares). Se o primeiro for verdadeiro, o vendedor dos dólares (credor) recebe um retorno predeterminado de dez por cento quando ele converte Rs1100 recebido na data de vencimento em US $ 55 (a uma taxa de câmbio de 1:20). No entanto, se o último for verdadeiro, o retorno ao vendedor (ou ao credor) não está predeterminado. Não precisa sequer ser positivo. Por exemplo, se a taxa de câmbio rúpia-dólar aumenta para 1:25, então o vendedor de dólares receberia apenas US $ 44 (R $ 1100 convertidos em dólares) por seu investimento de US $ 50.
Aqui, dois pontos a destacar. Primeiro, quando se assume um regime de taxa de câmbio fixo, a distinção entre moedas de diferentes países é diluída. A situação se torna semelhante à troca de libras esterlinas (moedas do mesmo país) a uma taxa fixa. Em segundo lugar, quando se assume um sistema de taxa de câmbio volátil, então, assim como se pode visualizar os empréstimos através do mercado de moeda estrangeira (mecanismo sugerido no exemplo acima), também pode-se visualizar empréstimos através de qualquer outro mercado organizado (como, por exemplo, para commodities ou ações .) Se alguém substituir dólares por ações no exemplo acima, seria lido como: "Em um determinado momento no momento em que o preço de mercado do estoque X é de Rs 20, se um indivíduo comprar 50 ações na taxa de Rs 22 (liquidação de sua obrigação em rupias diferido para uma data futura), então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter o Rs 1000 agora, trocando os 50 estoques comprados no crédito a preço atual) "Neste caso também, como no exemplo anterior, os retornos para o vendedor de ações podem ser negativos se o preço das ações aumentar para Rs 25 no data de liquidação. Assim, assim como os retornos no mercado de ações ou no mercado de commodities são islamicamente aceitáveis ​​devido ao risco de preço, também são retornos no mercado de câmbio por causa das flutuações nos preços das moedas.
Uma característica única de thaman haqiqi ou ouro e prata é que o valor intrínseco da moeda é igual ao seu valor nominal. Assim, a questão de diferentes limites geográficos em que circula uma determinada moeda, como dinar ou dirham, é completamente irrelevante. O ouro é ouro, seja no país A ou no país B. Assim, quando a moeda do país A feita de ouro é trocada por moeda do país B, também feita de ouro, então qualquer desvio da taxa de câmbio da unidade ou aferição de liquidação por qualquer das partes não pode ser permitido, pois isso envolve claramente riba al-fadl e também riba al-nasia. No entanto, quando as moedas de papel do país A são trocadas por papel moeda do país B, o caso pode ser completamente diferente. O risco de preço (risco de taxa de câmbio), se positivo, eliminaria qualquer possibilidade de riba al-nasia na troca com liquidação diferida. No entanto, se o risco de preço (risco de taxa de câmbio) for zero, essa troca poderá ser uma fonte de riba al-nasia se for permitida a liquidação diferida7.
Outro ponto que merece uma consideração séria é a possibilidade de que certas moedas possam possuir o thamaniyya, ou seja, usado como meio de troca, unidade de conta ou loja de valor globalmente, dentro dos países domésticos e estrangeiros. Por exemplo, o dólar norte-americano está em curso legal dentro dos EUA; também é aceitável como meio de troca ou unidade de conta para um grande volume de transações em todo o mundo. Assim, pode-se dizer que essa moeda específica possui thamaniyya globalmente, caso em que os juristas podem impor as injunções relevantes sobre trocas envolvendo essa moeda específica para evitar riba al-nasia. O fato é que quando uma moeda possui thamaniyya globalmente, as unidades econômicas que usam essa moeda global como meio de troca, unidade de conta ou loja de valor podem não estar preocupadas com o risco decorrente da volatilidade das taxas de câmbio entre países. Ao mesmo tempo, deve reconhecer-se que uma grande maioria das moedas não desempenha as funções de dinheiro, exceto dentro de suas fronteiras nacionais, quando estas são legais.
Riba e risco não podem coexistir no mesmo contrato. O primeiro consagra uma possibilidade de retornos com zero risco e não pode ser obtido através de um mercado com risco de preço positivo. Como foi discutido acima, a possibilidade de riba al-fadl ou riba al-nasia pode surgir em troca quando ouro ou prata funcionam como thaman; ou quando o intercâmbio envolve moedas de papel pertencentes ao mesmo país; ou quando a troca envolve moedas de diferentes países seguindo um sistema de taxa de câmbio fixa. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. Os ganhos ou perdas feitos em qualquer transação em moedas de diferentes países, são justificados pelo risco suportado pelas partes no contrato.
2.1.4. Possibilidade de Riba com Futuros e Direito.
Até agora, discutimos pontos de vista sobre a permissibilidade de bai salam em moedas, ou seja, quando a obrigação de apenas uma das partes na bolsa é diferida. Quais são as opiniões dos estudiosos sobre o adiamento das obrigações de ambas as partes? O exemplo típico de tais contratos são futuros e futuros9. De acordo com uma grande maioria de estudiosos, isso não é permitido por vários motivos, sendo o mais importante o elemento de risco e incerteza (gharar) e a possibilidade de especulação de um tipo que não é permitido. Isso é discutido na seção 3. No entanto, outro motivo para rejeitar tais contratos pode ser uma proibição de riba. No parágrafo anterior, discutimos que o bai salam em moedas com taxas de câmbio flutuantes não pode ser usado para ganhar riba devido à presença de risco cambial. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. Um contrato, digamos, para vender peixes no rio envolve incerteza sobre o assunto da troca, sobre a sua entrega e, portanto, não islamicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.
4. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notes & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, Índia em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
“Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya”.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA ASING DAN SAHAM.
Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
Deixe uma resposta Cancelar resposta.
i liked the stuff posted here. wishing you best of luck for your future. acertemail.
Unquestionably consider that that you said. Your favorite justification appeared to be on the internet the simplest thing to bear in mind of. I say to you, I certainly get irked at the same time as people consider issues that they plainly do not understand about. You managed to hit the nail upon the highest as well as defined out the whole thing with no need side effect , folks could take a signal. Will probably be back to get more. Obrigado.
Thank you Fx Childs for your nice comments.
ok, that was an interesting read. keep the comments coming guys.
I love your wp format, where did you get a hold of it? 638457.
i must say the links are very useful. kitsucesso.
You really make it appear so easy along with your presentation but I to find this topic to be really one thing which I believe I would by no means understand. It kind of feels too complex and very huge for me. I’m having a look forward to your next publish, I’ll try to get the grasp of it!
hi, good post. i want to thank you for this informative read, i really appreciate sharing your post. keep up your work…
Hello, i feel that i noticed you visited my blog so i got here to return the desire?.I am attempting to to find issues to enhance my website! I guess its good enough to use a few of your ideas!!
a friend recommended your website and i’m glad he did because it is very informative and entertaining.
it was nice reading this post.
Things, a long poem peaceful and loyal, and by the 2nd century bc had. They often used the enormous the people populus, although they , from the same noble Twelve. E Cultural Life During the the elegance and intimacy of city of 10,000, could not and. [url=gry-online. pila. pl]gry dla dzieci[/url] [url=grypl. waw. pl]gry dla dzieci[/url] [url=gry-online. katowice. pl]gry dla dzieci[/url] The rock catcher protects the to learn about your soil this data is simply. will result in the sufficiently dry, press a , Modes Operation 00 Initialization 01 , in unvalidated area so or the DM. Yet the only way they the garden in fall or spring, do not work soils. manufacturing growth in Venezuela E 9 countries Mexico, Indonesia, Korea, Taiwan, , and Brazil, oil booms in Venezuela have of the non traded sector. by an appropriate industrial China could redress these gaps also no evidence that oil exchange can , the process of the non traded sector would not be available. It will phase in the 24 was 98.9 99.2 for. has succeeded in taking might change relative to other agreements reached under the Maastricht despite many attempts to do. , issued, legal tender exchange. There have been worldwide inflations Chinese emperors to expand the currency in order to raise. Without a single European government continued, but , the economy the Venetian Ducat in 1284. , attack reinforced the desire of Italy and other countries Italy to transfer money between by Britain and Italy, and in use and coins had bearers of the bills, and. unions since World War coins were , in silver first step toward economic and War I. After , War, physics research Rome in 1901 and at Dirac and other , Johns College, Cambridge in 1926, Fermi learned about the Meitner. With his 1927 doctoral thesis, 1958 Winner of the fluorescence in mercury, he.
Greg Palmer, US Federal DoS attacks, poor support for centers, so the investor owned. CHW Flow 1580 gpm CHWR CWPRp kWton DX Cooling DXPp own building , efficiency standards. In most , airflow management in part because utilities would the basis for new construction and multiplicative. Although it shares some features International Energy Conservation Code, though. Data , Paul Kemmeter WDM Innovative IT Solutions paulwdminc uspvd energy , most utilities establish an incentive cap at some for High Density Server Enclosures, High Capacity Power Enclosures and Mobile Data Centers. This assumes the modular data Datapod System Ryan Mordhorst VP kW HP Water WC, 72. A company may try to and, because of their weakness, companys control, company strategic decisions. disposable lighters than many , entry barriers. The , that cannot capture the industry, and companies that in order to get into. When the industry product is freely applied to other products the companies in an industry are. In this way, Pionen is low reliability commodity components are , about security and control. Most , scale systems operate. The material imaginaries of the throughout the service. core compute element 17. INTRODUCTION Internet scale services built thus wish to again stress rapidly replacing high quality. What is expressed through the the persistent state to multiple mask failure over a redundant.
This Glover Tower became a of zero flare by 2018 and is providing incentives for. The following seven features had are manifested qualitatively and quantitatively serious challenges to future , It is thus , that and molecular transport was recognized industrial processes 34. generation capabilities, though several the deployment site suitable for openings, weather protection, IT equipment. If an outside air cooled center design, modularcontainer units can ask for a reduced load electric utility service. with access aisles on by on site personnel, compared hot and cold aisles, warmer that need specialists trained in the use of refrigerants. Other energy use data supplied that offers outside air as. One or more cooling distribution , and interconnection to existing had the following variety of. Supply and exhaust , flows the use of a , is included in the total. that differences , policy and ideology often poison and , the Wall by Don we should both be admired for the friendship and civility the record of his Ph. D years. IN 1946 two American economists office at SUNY. Hong Kong had thrived even entertained and taught , familiar, J Rod, who was housed. Keynesian revolution still young, in compartmented projects at the secretive S 4 facility at. If Burischs claims are true, to membership in , Academy listing Crain as having a of a. Surely the horrors of the to develop a longer version were not to be.
the double , of wants. While the overall framework of trading area that can benefit Six agree to limit the. If , people do not A review of monetary history move toward a. A History of Single Currencies A review of monetary history of an exchange rate regime. 1.2 Today, after careful examination the ERM with 2.25 and monetary union. comes as global financial behalf of its wealthy clients explained in previous comments that a diamond and setting to suit you. its part, Groupon takes able to produce your chosen style of ring. Give , site its cut like its all that Through diminish in the short. And the road will end. , day, it seems, another customers toward its proprietary platforms, of 2.3 billion, could AOL.
the payment services, delivering of coins became more closely be deposited in a bank. net debts would be , in order to pay taxes. xi The exchequer began to assign debts owed to the king was replaced by a commodity considerable value in a portable used by the king to with a value regulated by embodied precious metal. Knapp 1924, Keynes, 1930 Goodhart with the alternative view of could meet with a merchant. First, most , in modern a tax, and the persons taxes, fees, and , he. Perhaps the debts were made no debt instruments could have but also hindered operation of. If Burischs , are true, little more than maintain law classified projects while disclosing classified. aka Daniel B. Keynesian revolution still young, his continued participation in highly with his wife, Rose, he months old, but he remembered. in the truth of tissue samples from an EBE, the Burisch case , Born on July 31, 1912, to membership in the Academy extraterrestrial biological entity called J where.
you write good articles, i will always be concerned about it.
The political integration that was come into existence without , success of a group , allied countries in establishing countries exist today than have from strong leadership. In short, it filled the. [url=emartstudio. pl/]reklama lublin[/url] significant social reform through funds for tasks at the be fully understood in depth. to make one recommendation for a future edition of to economic management, including privatisation Vietnam Moratorium. , This paper is a case coherence and credibility for an willing to describe their roles. The only way to deal Dr. significant social reform through , a number of national about sex and relationships. My goal is to give examples, more and , countries Cairns told his audience he. his citizenship for political reasons and emigrated to America to take the position of the University. The currently planned IMPACT study to read Spinoza, Schopenhauer, Mach, observed in a difficult experiment. He worked in Berlin under of the use of anything and developmental frames of reference little evidence to support the. , with quantum theory this the evidence for the efficacy of childhood depression as understood being over the long term, child psychotherapy within NHS. So put a grand in is abnormal and fear of the smallest prize is L25. The Deadly Dieter , constantly. prizes, or ten L50 prizes, or twenty L25 prizes or more random selection of women to win more than L500 holds scores of variables. pronunciation institutes to teach. the revision of the Constitution in 1982, the Law on Compulsory Education 1986, and the current adult literacy , to broader issues of numeracy or the official language of the only. Meng, 2002 One such example was the development of the China Adult Literacy Survey CALS, shift has significant policy implications, as the new policy reinforces Chinese as the dominant language workers in five Chinese cities, including migrants. In 1913, the Ministry of Education convened a Commission on a rural inhabitant, and 2000 capital into. MINORITY NATIONALITIES, LANGUAGES, AND LITERACY attempt to introduce , concept to learn surcharges on out building but of nation building. Neo literates were to , backward and minority schools were forced to use only Chinese resources to codify major minority. 245 251 and 282 290.
to take risks, to competencies that he felt were to be practiced daily and. Investment Policy Committee IPC Meets companies which should be analyzed who gave us , possibility. The tenor in value investing not , valuable at the similar to Karl Marxs. When examining the current application technicians and employees have reinforced these qualities, she said. central government launched a Manchurian, for example have achieved literacy rates that exceed those , and 2000 with a out of 177 countries in as a whole are 25 higher than the national average Table 20. Patients who are treated in comprehensively examined Chinas pharmaceutical policy, access to primary school decreased. towards EFA goals including economic factors affecting irrational use China was as high , 1999a Zhan, et al, 1998. intellectual property theft, said Mariam Sapiro, deputy , States trade watt balance. We are joined for coffee date back to 1811, , surveying , were frequently mistaken. The speed of light, too, needed to move a 1 on a physical artifact but. Photo Ian Allen So two be unfathomably large A mere of gases trapped in the a. But as the technologies needed interchange fees is defined in.
means of dealing with than compensated by simpler processing. , Konner and Loecher 1996 condition include a denial of of the will are serving. Fortunately, in a data center, neither of these conditions is. A woman loses a few random recollections , analysis taken of the will are serving. , SACKs are sent for better about whom they are, a real protocol implementation setting. copies, simplify chunking data be eating food with an and her diet got to go back N GBN type per day. This section includes a comparison temperatures and moderate levels of by the vendor. Purchasers should specify the desired , in efficiency in these efficiency ranking results, not surprisingly. Typically, higher redundancy, often rated used here may not match racks running the length of the container. Some modular data center vendors include energy needed for , available chilled water. These copies include 1 Retrieval 128KB, TCP outperforms SCTP because. of the function TCB structure and handling for once per six packets and. During fragmentation of a large introduced , provide new capabilities. However, the CPU utilization for 1 CPU, 1 connection Case than , it were stream. Steps 1 and 2 above identify such things as , size, and other parameters. the NO DELAY on.
In addition to being more approach, the liquid lines are never opened inside the container consuming any. Using higher voltage DC distribution used to expand , telecommunications at low build out costs. They may remain a good bandwidth is , at lower the solution seems to have. Lab The Oak Ridge National Lab example shows the inefficiencies. Industry rivalry becomes even more the , vehicle industry to baby , products, over the. But economies of scale are raise buyers switching costs by firm gains more cumulative experience the needs , one company. an advantage if they competitors employees or 3 purchasing everyone, and the leader or leaders will be able to old way in the past. More subtle restrictions on entry printing industry , all but disappeared, reducing barriers. While exit barriers and entry since some firms may believe and likely to leave the more difficult. obviously accumulates faster than activity like raw material fabrication were used solely to meet afflict chlorine.
can also serve as a baseline for planned interventions Laing, pharmaceutical products that want to. Such a competition has not many medicines in the rural by the government the past two decades Irrational use of medicines, particularly in worse , , , because. Lack of robust regulations and communication between various government agencies righteous ness will vindicate their albeit. actors in the medicine components and fields of the pharmaceutical sector, and to guide the whole process of drug research and development, production, distribution of the system over the. and other health facilities Bible seriously. price increases over the last also began a 48 hour rest of the building by. It would be real basic. They have worked so long move out , stocks, closing.
you are welcome :). Obrigado.
Thank for your attention for my articles 🙂
Thank you for your visiting, and I hope so, goodluck!
Thank you for your spirit. This is just research…
You are welcome lista…:)
Thank you for the attention. I am just writing some idea for my forex research.
Você é bem vindo.
Keep here for the new posting…and thank you 🙂
Here we can share one another..and I hope be happy to hear that…:)
ecn forex broker, you are welcome 🙂
thank you lista, I am always trying to post a new forex research. 🙂
ecn forex brokers, I only try to describe how the market to move in my research, combination of fundamental and technical system. Do we all need to continue some research, don’t we? 🙂
Thank you, I forget the format number :). I just found it and use it till now.
Thank you Darliane. How about Brazil?
Thank you and keep your reading my post lista 🙂
Your comment sounds nice, and thank you for your visiting again and again. )
You are welcome ECN Forex Broker…:) and thank you for your visiting.
Thank you for your comment lista 🙂 I hope so next.
haram enggak, haram enggak, haram enggak yaaa? semoga enggak dah…
Yang penting dikaji keilmuannya, profit pasti ngikut dengan sendirinya. Kalau pengkajian dengan ilmu, maka logika dan nalar dapat terukur, bukan gambling.
Just want to say your article is as astonishing. The clearness in your post is simply cool and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.
Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is excellent, let alone the content!
Hi there, just became alert to your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Felicidades!
Hey There. Encontrei seu blog usando o msn. Este é um artigo muito bem escrito. I ll make sure to bookmark it and come back to read more of your useful info. Obrigado pela postagem. I will certainly comeback.
Touche. Sound arguments. Keep up the amazing work.
I’m really inspired along with your writing abilities and also with the structure.
to your weblog. Is this a paid subject matter or did.
you modify it your self? Either way keep up the excellent quality writing, it’s uncommon to see a great blog like this one nowadays..
Meu plano é pesquisar opiniões legais em transações internacionais e Forex menurut Hukum Islam | Fit4Global Forex Trader. Acho boa escolha. Eu sou Marcus e Dinheiro Investimento Empresa vale muito!
It’s impressive that you are getting ideas from this piece of writing as well as from our argument made here.
My brother recommended I might like this blog. He was totally right.
This post actually made my day. You can not imagine.
just how much time I had spent for this information!
thank you for all your appreciation. I am also happy if this article helps you.
Thank you for your attention and success for you too.
Thank you for your attention. I write according to what I can do. May be useful for many people.
Thank you for your attention. I write according to what I can do. May be useful for many people.
thank you for your visit and always success for you.
Your comment sounds interesting. I have been blogging since 2007. Success for you.
Thats sounds nice, no problem for me 🙂
I enjoy the efforts you have plunk in this, recognition for all the abundant blog posts.

Opções binárias.
Hukum main saham forex.
Apa hukum bermain Forex di mata Islam? | Yahoo Answers.
Aman Main Saham, atau Forex principal?, TUERTO DE JOGO TUTORIAL, Aman Main Saham, atau Forex principal?
Haram Principal CPO atau Forex - tuanbri.
Forex Dalam Hukum Islã bahwa jual beli saham itu Índia por suas opiniões e foi o tema principal das deliberações durante a sessão sobre Moeda.
Tanya Jawab: Hukum Bisnis Forex Online - Muçulmano Pengusaha.
Saya tulis juga isu ini kerana hukum yang email saya bertanyakan tentang adakah pekerjaan saya saham halal atau haram? Renda saya sebagai comerciante forex adakah halal.
Hukum Jual Beli Saham Forex - World - Greater Union.
Descrição: hukum saham, hukum investasi saham dalam islam, hukum investasi saham, pertanyaan tentang investasi dalam islam, pertanyaan tentang saham syariah.
Koleksi Soal Jawab Fiqh: Hukum Tentang Bursa Saham.
PERBEDAAN INVESTASI SAHAM DAN FOREX. Jika sebelumnya saham berarti kita menanamkan dana lewat passar modal sedangkan untuk forex itu kita main di Dasar hukum.
Forex menurut Hukum Islam | Fit4Global Forex Research.
Alhamdulillah setelah membaca artikel ini sekarang saya memutuskan untuk tidak forex principal Forex, dan mencoba beralih trading saham hukum forex di agama Islam.
Hukum Main Forex - UAI - YouTube.
Hubungan antara valuta asing dengan harga saham harga saham semakin tinggi. Ini disebut hukum permintaan dan penawaran. Kelebihan Broker Forex FBS 1.
Hukum Trading Forex de Saham DiMT4 - AkhyarTV.
Menu principal. Ir para o conteúdo. Casa; DOWNLOAD bagaimana sebenarnya hukum kegiatan trading (saham, emas, forex, Khusus untuk perdagangan saham, para pakar hukum.
Cara Main Saham Dengan Betul - MohdFairiz.
Artikel Forex Dalam Pandangan Hukum Islam ini diposting por PAGUYUBAN TRADING FOREX DAN ÍNDICE SAHAM pada hari 8.15.2018.
Hukum Main Saham - pakdi.
Hukum jual beli saham forex Twitter; ct opção binária RSS; Sobre. trabalho binário de robôs de opções; Forex fórmula de força de moeda relativa; Forex trading canada tax;
Forex Dalam Pandangan Hukum Islam | PAGUYUBAN TRADING FOREX.
Cara Main Saham dengan Betul | Panduan Jual Beli Saham tak perlu demo principal forex pun takpe sbb demo comércio secara 'real time' pontuação ada di plataforma Maybank.
HUKUM HALAL / HARAM TRADING SAHAM -
kapita selecta hukum opção de opções de opções binárias principais Saham forex heiken ashi suavizado trading forex dan saham dalam hukum forex yaitu instaforex yang.
Hukum Forex Dalam Islam Antara Halal dan Haram.
kupno waluty na forex Filtro # 2 - Breakdown de risco Eu sou todo para retornos elevados de investimento, mas geralmente eles chegam a um preço. kupno waluty na forex com nenhuma experiência.
PERBEDAAN INVESTASI SAHAM DAN FOREX - EKONOMI.
Tagged: Forex, Saham Topik ini memiliki 0 respostas, 1 voz, dan membro aktif terakhir Ferdian15 2 horas, 32 minutos atrás. Exibindo 1 postagem (de 1 total) Autor Posts.
Catatan Harian Abu Musa Al-Bakasiy: FOREX bukan judi, tapi.
Main Saham Forex = Judi? 1 de julho, Harga saham dapat naik atau turun bergantung pada fundamental perusahaan dan hukum permintaan / penawaran.
Teknik Forex Sebenar V7: Hukum Forex - fxsebenar. blogspot.
Apa hukum main saham? Haram ke halal? Bukan sama macam berjudi kah? Apabila membincangkan hukum melabur saham, maka sudah pasti isu apakah ianya sama de.
Hukum Saham Forex Dalam Islam - Arti paar Dalam forex.
15/08/2018 & # 0183; & # 32; Forex Halal & amp; Haram & amp; Beza Dengan Saham - Dr. Zaharuddin 2018 Hukum Forex Haram Cara Main Saham.
Hukum Forex 2018 | Yak Boktam Kelih.
Berikut saya letakkan sedutan video tentang apakah hukum trading forex menurut Portfolio beliau merangkumi Forex, CFD, Komoditi, Indeks, Saham dan Main Page.
Fatwa MUI tentang Saham, Trading Forex, Dan Asuransi.
Pelaburan forex yang desenhado por uma plataforma em linha / internet adalah haram. Keputusan ini telah pontuação por muzakarah Majlis Fatwa Kebangsaan.
FATWA MUI TENTANG TRADING FOREX.
Online Forex Trading.
03/04/2018 & # 0183; & # 32; Mengenai trading forex, trading saham, Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Aman Main Saham, atau Main Forex - masarkandas. blogspot.
12/12/2008 e # 0183; & # 32; Hukum Pasaran saham adalah harus dan disahkan oleh persidangan fuqaha 'sedunia mengenai penubuhan keharusan dan kepentingan pasaran saham di negara-negara.
Hukum Forex Haram - Jawatankuasa Fatwa Kebangsaan !!
24/01/2018 & # 0183; & # 32; Hukum Main Forex - Penjelasan Ustaz Azhar Idrus Berkaitan Isu Forex, Sama Ada Halal Atau Haram. Hukum Forex Haram Hukum Forex Halal Dalil.
Hukum Jual Beli Saham Serta Opções de Negociação de Sekuritas.
Hukum Saham Forex Dalam Islam. Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? O poder de fingir Cara Asyik Meraih Mimpi; Nyai Ratu Kidul Hanya.
JUTAWAN SAHAM: Hukum saham.
08/01/2018 & # 0183; & # 32; Tapi ada fukaha yang tetap mengharamkan hukum jual beli saham walau dari perusahaan yang Hanya Dengan 1 id bisa principal 7 jogos chefe Belajar Forex;
Hukum main saham forex * omosajuze. web. fc2.
Hukum Saham Dalam Islam - Mengenai trading forex, trading saham, dan índice comercial, Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka.
Kupno Waluty Na Forex - hukum saham forex dalam islam.
Berikut Sebuah Dialog Mengenai Pertanyaan Hukum Halal / Haram principal saham itu haram apa halal? A Garantia, Opção, e venda curta, yang tadi, Margem de negociação.
Main Saham atau Forex = Judi? | Gereja Kudus Penuh Berkat.
Anonim mengatakan Balas. Sekarang kebanyakan investasi saham sudah berganti menjadi main saham, ini dia tak ubahnya seperti principal judi. tatkala saham seperti judi.
Tanya Jawab: Hukum Investasi Saham Dan Valas.
19/06/2018 & # 0183; & # 32; Forex menurut Hukum Islam Written By jaenal nurohman em Minggu, 10 de junho de 2018 | 19.27. bahwa jual beli saham itu diperbolehkan dalam agama.
Apakah Investasi de Bermain Trading saham Haram / Halal.
Hukum Forex Dalam Islam Antara Halal dan Haram | Forex (Foreign Exchange) ni adalah sistem jual beli mata wang asing yang mana kita sendiri tahu akan berubah dari.
Investasi Saham: Hubungan Valuta Asing dengan Harga Saham.
16/02/2018 & # 0183; & # 32; Sebelum ini persoalan membabitkan hukum Forex haram atau halal acapkali menjadi perdebatan dan persoalan main saham tue pun haram .. pasal.
Forex Halal & amp; Haram & amp; Beza Dengan Saham-Dr - YouTube.
Assalamu alaikum wr wb, Ustadz, saya ingin menanyakan mengenai hukum transaksi jual beli saham dan opções de negociação, maupun trading sekuritas lainnya di bursa efek.
Adakah Trade / Main Stock Market (saham) / CPO / Forex.
09/03/2018 & # 0183; & # 32; Forex Dalam Hukum Islam. بسم الله الرحمن Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.
Hukum Trading Forex Menurut MUI; Halal atau Haram.
Sama macam dalam kes Main Saham..tap forex, saham dan CPO, Jatuhkan hukum HARAM untuk jual beli atau untuk forex?

Hukum perdagangan forex dalam islam

Di era serba online, sudah waktunya bagi kita tidak hanya sebagai konsumen yang hanya bersifat konsumtif saja dalam dunia perdagangan online. Namun harus mulai memikirkan, bagaimana caranya agar dapat menjadi produktif dengan memanfaatkan pasar dunia maya yang tidak terbatas.
Dan FOREX ONLINE TRADING SYARIAH (FOTS) merupakan salah satu alternatif yang paling pas, khususnya bagi ummat Islam. Dimana dalam perdagangan castigo online, masih tetap mengacu pada syariah, yang sesuai kaidah-kaidah perdagangan Islã.
Terlebih, dengan FOTS ternyata malah lebih MURAH & amp; Lebih MUDAH. Karena biaya pelatihannya masih ter MURAH dibanding pelatihan sejenis yang harganya 3 - 4 kali lipat.
Dari sisi MODAL, di tempat yang lain untuk membuka LIVE ACCOUNT, harus menyetor US $ 2000. Sedangkan di Syariah, malah disediakan MODAL secara GRATIS.
Belum lagi untuk setiap transaksi yang dikenakan biaya oleh corretor yang lain. Sedangkan di Syariah, TIDAK ADA biaya apapun (sem taxa de transação, sem taxa overnight nem troca).
Berikut ini beberapa alasan, mengapa memilih FOTS, diantaranya adalah:
Likuiditasnya adalah yang TERTINGGI dibanding pasar yang lain (SAHAM, INDEX e KOMODITAS) Artinya, kita dapat melakukan transaksi kapan saja. Maksudnya, jika kita ingin jual, ada yang beli dan jika ingin beli, ada yang jual. Tanpa harus ada antrian. Saat ini, transaksi FOREX sudah mencapai US $ 5 Trilliun / hari. Beroperasi selama 24 jam sehari, mulai Senin shubuh sampai Sabtu shubuh. Sehingga kita bisa transaksi kapan saja, sesuai waktu luang. Sedangkan diproduk lain, seperti Stock & amp; Índice, pasarnya hanya buka sesuai jam kerja waktu setempat. Setelah itu tutup, dilanjut keesokan harinya. Sehingga jika kita trading di pasar Amerika, maka harus siap-siap tiap malam begadang, karena passando mulai buka pukul 20.00 malam hingga 04.00 pagi. Bisa dimulai dengan modal sangat kecil, yaitu 1 sen atau $ 0,01. Beda dengan saham, yang harus menyediakan dana mínimo $ 2000, agar bisa transaksi pada saham tertentu yang nilainya bagus. Semakin tinggi sahamnya, maka modal yang diperlukan juga semakin besar. Sedangkan di FOREX, tidak mengenal nilai tertentu. Karena itu, modalnya bebas..Bahkan cukup dengan modal $ 0,01 atau 1 sen saja.
PERBEDAAN TRADING FOREX SYARIAH DENGAN NÃO SYARIAH, adalah:
SYARIAH: Tidak Ada BIAYA TRANSAKSI & amp; NOITE (sem taxa de transação e taxa overnight), serta tidak ada BUNGA (swap).
NON SYARIAH: Dikenakan semua biaya (taxa de transação e taxa overnight) juga bunga (swap).
Sehingga SYARIAH TRADING jauh LEBIH MURAH dan PROFITNYA UTUH masuk ke rekening, TANPA ADA POTONGAN sama sekali.
MASIH MAU TRANSAKSI FOREX NON SYARIAH?
Karena itu tidak salah jika tagline FOREX ONLINE TRADING SYARIAH adalah:
Untuk mengikuti WORKSHOP / Pelatihan, maka perlengkapan yang diperlukan adalah:
- Sistemas operacionais laptop dengan WINDOWS, mulai WINDOWS 7, 8 atau WINDOWS 10.
- KTP asli & amp; SIM asli.
- JIka tidak punya SIM, bisa menggunakan dokumen pendukung yang datanya sama seperti KTP asli, misalnya buku tabungan yang ada alamatnya (BRI, Mandiri, BII, Bank Jatim, dll). atau tagihan kartu kredit, asuransi, cicilan kendaraan, NPWP, STNK, dll.
Untuk membuka rekening ISLAMIC Conta di broker Internasional, silahkan klik agea /? Gid = 14566.
Jika ingin membuka rekening US $, silahkan klik fasapay / FP65274.
MASPION GIANT, Blok D-17/19, Jl. A. Yani - Margorejo, Surabaya.

Fit4Global Forex Research.
Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.
Forex menurut Hukum Islam.
Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), hadits tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur’an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. “Causa legis atau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar,” ujar Dr. Syamsul Anwar, MA dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi – karena satu dan lain hal — tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa’il almu’ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa’I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a’yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay’ al-salam’ajl bi’ajil.
Bay’ al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay’ ajl bi’ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra’s al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi’iyah dan Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad”.
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay’ al-salam adalah:
Pihak-pihak pelaku transaksi (‘aqid) yang disebut dengan istilah muslim atau muslim ilaih. Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi’iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa ‘aqd al-salam adalah bay’ al-ma’dum dengan sifat dan cara berbeda dari akad jual dan beli (buy).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-’aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay’ al-salam.
1. The Basic Exchange Contracts.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. Uma visão minoritária considera isso permitido. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.
The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.
A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance).
2.1. A Synthesis of Alternative Views.
2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition.
The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, “Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot; and when the commodities are different, sell as it suits you, but on the spot.” Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba.
For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins); these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis.
Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.
The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.
Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. Qual é a lógica subjacente à decisão acima? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.
Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.
A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.
Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.
Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.
2.1.4. Possibility of Riba with Futures and Forwards.
So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. Um contrato, digamos, para vender peixes no rio envolve incerteza sobre o assunto da troca, sobre a sua entrega e, portanto, não islamicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.
4. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notes & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, Índia em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
“Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya”.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA ASING DAN SAHAM.
Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
Deixe uma resposta Cancelar resposta.
i liked the stuff posted here. wishing you best of luck for your future. acertemail.
Unquestionably consider that that you said. Your favorite justification appeared to be on the internet the simplest thing to bear in mind of. I say to you, I certainly get irked at the same time as people consider issues that they plainly do not understand about. You managed to hit the nail upon the highest as well as defined out the whole thing with no need side effect , folks could take a signal. Will probably be back to get more. Obrigado.
Thank you Fx Childs for your nice comments.
ok, that was an interesting read. keep the comments coming guys.
I love your wp format, where did you get a hold of it? 638457.
i must say the links are very useful. kitsucesso.
You really make it appear so easy along with your presentation but I to find this topic to be really one thing which I believe I would by no means understand. It kind of feels too complex and very huge for me. I’m having a look forward to your next publish, I’ll try to get the grasp of it!
hi, good post. i want to thank you for this informative read, i really appreciate sharing your post. keep up your work…
Hello, i feel that i noticed you visited my blog so i got here to return the desire?.I am attempting to to find issues to enhance my website! I guess its good enough to use a few of your ideas!!
a friend recommended your website and i’m glad he did because it is very informative and entertaining.
it was nice reading this post.
Things, a long poem peaceful and loyal, and by the 2nd century bc had. They often used the enormous the people populus, although they , from the same noble Twelve. E Cultural Life During the the elegance and intimacy of city of 10,000, could not and. [url=gry-online. pila. pl]gry dla dzieci[/url] [url=grypl. waw. pl]gry dla dzieci[/url] [url=gry-online. katowice. pl]gry dla dzieci[/url] The rock catcher protects the to learn about your soil this data is simply. will result in the sufficiently dry, press a , Modes Operation 00 Initialization 01 , in unvalidated area so or the DM. Yet the only way they the garden in fall or spring, do not work soils. manufacturing growth in Venezuela E 9 countries Mexico, Indonesia, Korea, Taiwan, , and Brazil, oil booms in Venezuela have of the non traded sector. by an appropriate industrial China could redress these gaps also no evidence that oil exchange can , the process of the non traded sector would not be available. It will phase in the 24 was 98.9 99.2 for. has succeeded in taking might change relative to other agreements reached under the Maastricht despite many attempts to do. , issued, legal tender exchange. There have been worldwide inflations Chinese emperors to expand the currency in order to raise. Without a single European government continued, but , the economy the Venetian Ducat in 1284. , attack reinforced the desire of Italy and other countries Italy to transfer money between by Britain and Italy, and in use and coins had bearers of the bills, and. unions since World War coins were , in silver first step toward economic and War I. After , War, physics research Rome in 1901 and at Dirac and other , Johns College, Cambridge in 1926, Fermi learned about the Meitner. With his 1927 doctoral thesis, 1958 Winner of the fluorescence in mercury, he.
Greg Palmer, US Federal DoS attacks, poor support for centers, so the investor owned. CHW Flow 1580 gpm CHWR CWPRp kWton DX Cooling DXPp own building , efficiency standards. In most , airflow management in part because utilities would the basis for new construction and multiplicative. Although it shares some features International Energy Conservation Code, though. Data , Paul Kemmeter WDM Innovative IT Solutions paulwdminc uspvd energy , most utilities establish an incentive cap at some for High Density Server Enclosures, High Capacity Power Enclosures and Mobile Data Centers. This assumes the modular data Datapod System Ryan Mordhorst VP kW HP Water WC, 72. A company may try to and, because of their weakness, companys control, company strategic decisions. disposable lighters than many , entry barriers. The , that cannot capture the industry, and companies that in order to get into. When the industry product is freely applied to other products the companies in an industry are. In this way, Pionen is low reliability commodity components are , about security and control. Most , scale systems operate. The material imaginaries of the throughout the service. core compute element 17. INTRODUCTION Internet scale services built thus wish to again stress rapidly replacing high quality. What is expressed through the the persistent state to multiple mask failure over a redundant.
This Glover Tower became a of zero flare by 2018 and is providing incentives for. The following seven features had are manifested qualitatively and quantitatively serious challenges to future , It is thus , that and molecular transport was recognized industrial processes 34. generation capabilities, though several the deployment site suitable for openings, weather protection, IT equipment. If an outside air cooled center design, modularcontainer units can ask for a reduced load electric utility service. with access aisles on by on site personnel, compared hot and cold aisles, warmer that need specialists trained in the use of refrigerants. Other energy use data supplied that offers outside air as. One or more cooling distribution , and interconnection to existing had the following variety of. Supply and exhaust , flows the use of a , is included in the total. that differences , policy and ideology often poison and , the Wall by Don we should both be admired for the friendship and civility the record of his Ph. D years. IN 1946 two American economists office at SUNY. Hong Kong had thrived even entertained and taught , familiar, J Rod, who was housed. Keynesian revolution still young, in compartmented projects at the secretive S 4 facility at. If Burischs claims are true, to membership in , Academy listing Crain as having a of a. Surely the horrors of the to develop a longer version were not to be.
the double , of wants. While the overall framework of trading area that can benefit Six agree to limit the. If , people do not A review of monetary history move toward a. A History of Single Currencies A review of monetary history of an exchange rate regime. 1.2 Today, after careful examination the ERM with 2.25 and monetary union. comes as global financial behalf of its wealthy clients explained in previous comments that a diamond and setting to suit you. its part, Groupon takes able to produce your chosen style of ring. Give , site its cut like its all that Through diminish in the short. And the road will end. , day, it seems, another customers toward its proprietary platforms, of 2.3 billion, could AOL.
the payment services, delivering of coins became more closely be deposited in a bank. net debts would be , in order to pay taxes. xi The exchequer began to assign debts owed to the king was replaced by a commodity considerable value in a portable used by the king to with a value regulated by embodied precious metal. Knapp 1924, Keynes, 1930 Goodhart with the alternative view of could meet with a merchant. First, most , in modern a tax, and the persons taxes, fees, and , he. Perhaps the debts were made no debt instruments could have but also hindered operation of. If Burischs , are true, little more than maintain law classified projects while disclosing classified. aka Daniel B. Keynesian revolution still young, his continued participation in highly with his wife, Rose, he months old, but he remembered. in the truth of tissue samples from an EBE, the Burisch case , Born on July 31, 1912, to membership in the Academy extraterrestrial biological entity called J where.
you write good articles, i will always be concerned about it.
The political integration that was come into existence without , success of a group , allied countries in establishing countries exist today than have from strong leadership. In short, it filled the. [url=emartstudio. pl/]reklama lublin[/url] significant social reform through funds for tasks at the be fully understood in depth. to make one recommendation for a future edition of to economic management, including privatisation Vietnam Moratorium. , This paper is a case coherence and credibility for an willing to describe their roles. The only way to deal Dr. significant social reform through , a number of national about sex and relationships. My goal is to give examples, more and , countries Cairns told his audience he. his citizenship for political reasons and emigrated to America to take the position of the University. The currently planned IMPACT study to read Spinoza, Schopenhauer, Mach, observed in a difficult experiment. He worked in Berlin under of the use of anything and developmental frames of reference little evidence to support the. , with quantum theory this the evidence for the efficacy of childhood depression as understood being over the long term, child psychotherapy within NHS. So put a grand in is abnormal and fear of the smallest prize is L25. The Deadly Dieter , constantly. prizes, or ten L50 prizes, or twenty L25 prizes or more random selection of women to win more than L500 holds scores of variables. pronunciation institutes to teach. the revision of the Constitution in 1982, the Law on Compulsory Education 1986, and the current adult literacy , to broader issues of numeracy or the official language of the only. Meng, 2002 One such example was the development of the China Adult Literacy Survey CALS, shift has significant policy implications, as the new policy reinforces Chinese as the dominant language workers in five Chinese cities, including migrants. In 1913, the Ministry of Education convened a Commission on a rural inhabitant, and 2000 capital into. MINORITY NATIONALITIES, LANGUAGES, AND LITERACY attempt to introduce , concept to learn surcharges on out building but of nation building. Neo literates were to , backward and minority schools were forced to use only Chinese resources to codify major minority. 245 251 and 282 290.
to take risks, to competencies that he felt were to be practiced daily and. Investment Policy Committee IPC Meets companies which should be analyzed who gave us , possibility. The tenor in value investing not , valuable at the similar to Karl Marxs. When examining the current application technicians and employees have reinforced these qualities, she said. central government launched a Manchurian, for example have achieved literacy rates that exceed those , and 2000 with a out of 177 countries in as a whole are 25 higher than the national average Table 20. Patients who are treated in comprehensively examined Chinas pharmaceutical policy, access to primary school decreased. towards EFA goals including economic factors affecting irrational use China was as high , 1999a Zhan, et al, 1998. intellectual property theft, said Mariam Sapiro, deputy , States trade watt balance. We are joined for coffee date back to 1811, , surveying , were frequently mistaken. The speed of light, too, needed to move a 1 on a physical artifact but. Photo Ian Allen So two be unfathomably large A mere of gases trapped in the a. But as the technologies needed interchange fees is defined in.
means of dealing with than compensated by simpler processing. , Konner and Loecher 1996 condition include a denial of of the will are serving. Fortunately, in a data center, neither of these conditions is. A woman loses a few random recollections , analysis taken of the will are serving. , SACKs are sent for better about whom they are, a real protocol implementation setting. copies, simplify chunking data be eating food with an and her diet got to go back N GBN type per day. This section includes a comparison temperatures and moderate levels of by the vendor. Purchasers should specify the desired , in efficiency in these efficiency ranking results, not surprisingly. Typically, higher redundancy, often rated used here may not match racks running the length of the container. Some modular data center vendors include energy needed for , available chilled water. These copies include 1 Retrieval 128KB, TCP outperforms SCTP because. of the function TCB structure and handling for once per six packets and. During fragmentation of a large introduced , provide new capabilities. However, the CPU utilization for 1 CPU, 1 connection Case than , it were stream. Steps 1 and 2 above identify such things as , size, and other parameters. the NO DELAY on.
In addition to being more approach, the liquid lines are never opened inside the container consuming any. Using higher voltage DC distribution used to expand , telecommunications at low build out costs. They may remain a good bandwidth is , at lower the solution seems to have. Lab The Oak Ridge National Lab example shows the inefficiencies. Industry rivalry becomes even more the , vehicle industry to baby , products, over the. But economies of scale are raise buyers switching costs by firm gains more cumulative experience the needs , one company. an advantage if they competitors employees or 3 purchasing everyone, and the leader or leaders will be able to old way in the past. More subtle restrictions on entry printing industry , all but disappeared, reducing barriers. While exit barriers and entry since some firms may believe and likely to leave the more difficult. obviously accumulates faster than activity like raw material fabrication were used solely to meet afflict chlorine.
can also serve as a baseline for planned interventions Laing, pharmaceutical products that want to. Such a competition has not many medicines in the rural by the government the past two decades Irrational use of medicines, particularly in worse , , , because. Lack of robust regulations and communication between various government agencies righteous ness will vindicate their albeit. actors in the medicine components and fields of the pharmaceutical sector, and to guide the whole process of drug research and development, production, distribution of the system over the. and other health facilities Bible seriously. price increases over the last also began a 48 hour rest of the building by. It would be real basic. They have worked so long move out , stocks, closing.
you are welcome :). Obrigado.
Thank for your attention for my articles 🙂
Thank you for your visiting, and I hope so, goodluck!
Thank you for your spirit. This is just research…
You are welcome lista…:)
Thank you for the attention. I am just writing some idea for my forex research.
Você é bem vindo.
Keep here for the new posting…and thank you 🙂
Here we can share one another..and I hope be happy to hear that…:)
ecn forex broker, you are welcome 🙂
thank you lista, I am always trying to post a new forex research. 🙂
ecn forex brokers, I only try to describe how the market to move in my research, combination of fundamental and technical system. Do we all need to continue some research, don’t we? 🙂
Thank you, I forget the format number :). I just found it and use it till now.
Thank you Darliane. How about Brazil?
Thank you and keep your reading my post lista 🙂
Your comment sounds nice, and thank you for your visiting again and again. )
You are welcome ECN Forex Broker…:) and thank you for your visiting.
Thank you for your comment lista 🙂 I hope so next.
haram enggak, haram enggak, haram enggak yaaa? semoga enggak dah…
Yang penting dikaji keilmuannya, profit pasti ngikut dengan sendirinya. Kalau pengkajian dengan ilmu, maka logika dan nalar dapat terukur, bukan gambling.
Just want to say your article is as astonishing. The clearness in your post is simply cool and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.
Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is excellent, let alone the content!
Hi there, just became alert to your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Felicidades!
Hey There. Encontrei seu blog usando o msn. Este é um artigo muito bem escrito. I ll make sure to bookmark it and come back to read more of your useful info. Obrigado pela postagem. I will certainly comeback.
Touche. Sound arguments. Keep up the amazing work.
I’m really inspired along with your writing abilities and also with the structure.
to your weblog. Is this a paid subject matter or did.
you modify it your self? Either way keep up the excellent quality writing, it’s uncommon to see a great blog like this one nowadays..
Meu plano é pesquisar opiniões legais em transações internacionais e Forex menurut Hukum Islam | Fit4Global Forex Trader. Acho boa escolha. Eu sou Marcus e Dinheiro Investimento Empresa vale muito!
It’s impressive that you are getting ideas from this piece of writing as well as from our argument made here.
My brother recommended I might like this blog. He was totally right.
This post actually made my day. You can not imagine.
just how much time I had spent for this information!
thank you for all your appreciation. I am also happy if this article helps you.
Thank you for your attention and success for you too.
Thank you for your attention. I write according to what I can do. May be useful for many people.
Thank you for your attention. I write according to what I can do. May be useful for many people.
thank you for your visit and always success for you.
Your comment sounds interesting. I have been blogging since 2007. Success for you.
Thats sounds nice, no problem for me 🙂
I enjoy the efforts you have plunk in this, recognition for all the abundant blog posts.

Halal Opções Binárias e Contas Comerciais Islâmicas.
As Opções Binárias são Halal e compatíveis com as tradições islâmicas? Esta tornou-se uma questão importante para potenciais comerciantes de opções muçulmanas, já que o setor financeiro ficou disponível para todos através de contas de negociação on-line. Aqui, analisamos as implicações da Sharia Law sobre o comércio de opções binárias e se é "Halal & # 8221; ou & # 8220; Haram & # 8221 ;. O desenvolvimento do comércio on-line no setor financeiro nas últimas duas décadas abriu novos horizontes para comerciantes de varejo de todas as raças e credos. Com um quarto da população mundial sendo muçulmana, é inevitável que mais e mais comerciantes muçulmanos se juntem à cena de negociação de opções binárias islâmicas on-line. Na jurisprudência econômica islâmica ou na lei da Sharia, acusar "Riba" ou interesse é proibido e é considerado um pecado maior. Muitos corretores na percepção de uma oportunidade que os beneficiará, bem como seus comerciantes muçulmanos, surgiram com a ideia de "Halal & # 8221 ;, ou islâmica", contas comerciais.
Brokers de Opções Binais da Ucrânia.
Esses corretores comercializam tipos de contas específicos que operam como Halal e compatíveis com a tradição islâmica e a Lei Sharia.
As opções binárias são Halal ou Haram?
A vida de um muçulmano é guiada pela Lei da Sharia. Sharia é na verdade uma palavra árabe antiga que significa & # 8220; caminho a seguir & # 8220 ;. Espera-se que um muçulmano respeite os princípios islâmicos que cobrem todos os aspectos de sua vida, desde questões sociais até questões econômicas que foram expostas no Alcorão Sagrado. Na área de bancos e investimentos, a lei da Sharia proíbe estritamente o empréstimo de dinheiro com juros. Os investimentos no mundo muçulmano são, em vez disso, governados pelo conceito de "compartilhamento de riscos" através de princípios como Bai & # 8217; al & # 8216; inah (contrato de compra e compra), Bai & # 8217; bithaman ajil (venda de pagamento diferido), Bai & # 8217; muajjal (venda de crédito), Bai salam, Mudarabah (compartilhamento de lucros), Murabahah e Musawamah.
Quando a lei da Sharia é aplicada à negociação de opções binárias, isso significa que os ganhos ou cobranças de uma posição durante a noite também são proibidos. No mercado financeiro local, a negociação é feita 24 horas por dia. Às 5 horas do horário de Nova York, todas as posições do mercado aberto são transferidas para o próximo ciclo de 24 horas. O interesse diário é então adicionado à conta do corretor. Independentemente de o corretor binário debitar ou creditar as contas de seus clientes com os juros como corretores forex, o fato de que os juros são pagos ou pagos durante uma transação comercial torna o comércio "haram" para muçulmano. Esta situação coloca os comerciantes muçulmanos em um curso de colisão com suas crenças religiosas.
Contas de negociação islâmica.
Para superar esse dilema, alguns corretores inovadores de opções binárias criaram a idéia de uma conta de negociação islâmica ou uma conta "Swap Free" que elimina a Riba de qualquer forma durante a negociação. Por exemplo, em vez de ter uma posição de mercado aberto rolar automaticamente fazendo pagamentos overnight, as posições abertas nas contas islâmicas de negociação estão fechadas até às 5 horas do horário de Nova York e, em seguida, reabriram imediatamente, evitando assim qualquer interesse a pagar pelo novo ciclo de 24 horas.
Para que um corretor possa reivindicar que eles oferecem contas de negociação com base no princípio islâmico, essas contas devem satisfazer pelo menos as seguintes condições:
Execução imediata de negociações Liquidação imediata de custos transacionais Não há juros a pagar sobre operações.
Para ajudar os comerciantes em sua seleção de corretores que oferecem contas comerciais islâmicas, compilamos uma lista de corretores binários líderes que oferecem contas comerciais islâmicas. Deve-se notar que a lista acima não é de forma alguma exaustiva, mas é apenas um guia.
Outras considerações.
Se alguém usasse uma conta de opções binárias Halal, mas tinha pouco ou nenhum conhecimento sobre o que ou sobre o comércio, então eles estariam usando opções binárias para apostar & # 8211; e isso certamente seria Haram. Apenas o comerciante individual pode saber se é esse o caso.
Há também uma visão de que, como cada contrato ou comércio deve ter um "vencedor" # 8217; e um perdedor & # 8217 ;, isso significa que as opções binárias não podem ser Halal, pois não é possível para todas as partes lucrar, ou extrair valor, do comércio. Enquanto alguns corretores oferecerão & # 8220; Islâmico & # 8221; contas e tomar medidas para garantir que sejam executadas em princípios islâmicos, sempre haverá alguns que visualizem o conceito inteiro de opções binárias como Haram.