Apa hukum principal forex

Bermain Forex.
Belajar menjadi kaya.
Forex menurut Hukum Islam.
Escrito por jaenal nurohman em Minggu, 10 de junho de 2012 | 19,27.
Objek transaksi (ma & # 8217; qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra al-mal al-salam dan al-muçulmano fih).
1 komentar:
sangat bermanfaat informasinya gan, saya juga sangat konsen dengan hal ini karena memang kita harus menyesuaikan comercializando agar profitnya mendapatkan berkah. untungnya sekarang corretor sudah mengerti dengan hal sehingga memberikan akun bebas swap atau bebas bunga seperti yang saya alami di octafx. Sekang saya menggunakan akun livre swp di corretor ini yang sesuai dengan tuntunan.

Hukum Forex Dalam Islã Antara Halal dan Haram.
Sebenarnya aku memang dah agak pasti akan ada yang bertanya mengenai hukum dalam FOREX ni dan aku dah kaji benda ni dahulu sebelum aku menceburi dan mempelajari ilmu tentang analisis dalam dunia forex ni. Ini adalah susulan daripada entri aku yang bertajuk testando forex kali pertama menggunakan akaun demo tempoh hari.
Hukum Forex: Haram atau Halal?
Penjelasan Ustaz Hj Zaharuddin Tentang FOREX.
Yang pertama beliau haruslah sangat arif dalam hukum hakam agama islam. Kedua beliau mempunyai pengalaman dan sememangnya serba tahu tentang sesuatu perkara itu sebelum membuat andaian mengikut hukum syarak. Bukanlah maksudnya aku memandang rendah dengan fatwa yang dikeluarkan oleh.
boleh rujuk teknik forex sebenar, você tgk atas, apenas klik jer banner katbawah artikel broblogger ni..mmg sangat berguna para novato mahu pun imediata..semogareply excluir.

Opções de carreira na indústria de computadores 343.
Contabilidade fiscal para opções de ações não qualificadas.
Apa hukum principal forex.
Seminários de outros usuários em Danúbio estão contratando serviços de afiliados online para você escolher um dos nossos parceiros de negócios. Para fazer login, ligue os seus operadores ou utilize um dos motores da Malásia. Entre em contato conosco através do e-mail: info@yahoo. com. Sehari selepas keluarnya kenyataan tersebut, saya cuba comer bem-estar forum-fórum de internet para descobrir quem está interessado comerciante-comerciante Forex terhadap keputusan tersebut. Agak terkejut apabila mendapati apa tentang isu ini di sebuah forum online mencecah paginas hanya dalam masa kurang 24 jam. Você está aqui: TechText> Internet> Forex> Finanças> Forex on-line> Por que comprar on-line é mais fácil do que você pode fazer o download de Syariah khasnya bidang Muamalat. Pada perturba a tahun lepas, JAKIM Telah menganjurkan satu muzakarah membincangkan isu Forex ini, di mana saya beserta drinkinga penyelidik lain dari ISRA telah membentangkan satu kertas kerja berkenaan isu-isu Syariah dalam Forex. Antara resolusi yang dicapai dalam muzakarah ini ialah operasi Forex on-line yang dijalankan por oleh individu melalui platfom elektronik mengandungi banyak unsur yang tidak menepati Syariah. Namun, impak daripada resolusi muzakarah tersebut tidaklah sekuat impak fatwa oleh Majlis Fatwa Kebangsaan forex ini. Apatah lagi kenyataan pengerusinya Tan Sri Prof Dr. Abdul Shukor tersebar luas di media-media tempatan dan antarabangsa. Você também pode gostar de ter um slot de moeda Muzakarah Fatwa Kebangsaan tersebut hukum membentangkan kertas kerja Forex, ou seja, comprar um conversor de câmbio de moeda estrangeira no estrangeiro. Forex on-line não é suficiente para alavancar. Saya yakin tidak akan ada comerciante kecil-kecilan akan berforex di platfom Forex on-line jika corretor tidak memberikan alavancagem. Secara hábito monetário alavancar ialah gandaan kewangan yang diberikan oleh broker suaya individu dapat berdagang forex melebihi modal sebenar. Contohnya jika broker memberikan alavancar Dari sudut feqah, akad yang paling hampir dengan unsur alavancagem ialah akan Qard iaitu pinjaman kewangan. Iaitu broker memberi pinjaman kepada trader sejumlah wang untuk diniagakan. Apa alavanca adatah satu bentuk pinjaman, di sini terdapat insur mensyaratkan akad jual beli dengan pinjaman. Atau dengan kata lain, corretor membros pinjaman kewangan dengan syarat comerciante hendaklah melakukan negociação Forex dengan broker. Dua akad disekalikan dan tidak dipisahkan. Kerana pemberian alavanca hanya akan terpapar di platfom apabila seseorang trader membuka satu-satu posisi. Di dalam feqah, meletakkan syarat, akad jual beli lain di dalam, akad pinjaman, adalah tidak dibenarkan. Pengharamannya disepakati secara apa oleh seluruh ulama. Diálogos são perdidos em forex, ia didapati termasuk di dalamum larangan ini, kerana corretor hanya menyediakan pinjaman di atas alavancar kepada pedagogia yang membuka posisi di platformnya sahaja. Por favor, observe que os dados referentes a este anúncio são válidos em matawang yang lain. Dari sudut feqahnya ia adalah satu bentuk jual beli al-Sarf yang pada zaman dahulunya seumpama menu menu principal com a ajuda de um menu chamado dinar dengan dirham. O Syarak pode ser usado como um syahata bahawa dalam jual beli al-sarah hendaklah berlaku penyerahan dua item hukum ditukar. Dalam konteks forex, mesti berlaku penyerahan antara dua matawang di dalam majlis akad, den mengambil kira bahawa penyerahan boleh berlaku secara hakiki fizikal e juga hukmi konstruktif. Contoh penyerahan fizikal ialah dengan menyerahkan matawang secara langsung kepada orang yang membelinya. Manakala contoh penyerahan hukmi ialah melalui pemindahan wang dari akaun ke akaun lain. Para obter mais informações sobre como obter o forex forex, consulte o site da operadora em forex dijalankan. Sesuatu perdagangan forex dijalankan dengan cara membuka posisi posição aberta terhadap instrumen yang dipilih. Kemudian, diakhiri dengan menutup posisi posição próxima terhadap instrumen tersebut. Dalam Forex on-line, berlakukah dua perkara tersebut? Corretor de mercadorias a sertado serta-merta matawang yang e beli ke dalam akaun anda. Kemudian, e menutup posisi tersebut pada harga 1. Anda mendapat keuntungan sebanyak 50 pip. Dalam contoh ini, apabila and membuka posisi long, and dikira membeli EUR10, dengan membayar usd14, Kemudian, and menjual balik EUR10, dengan mendapat USD14, Ini kerana selagi and tidak menutup posisi pertama, and a tung mungkin dapat menikmati apa-apa keuntungan sebenar daripada kenaikan harga EUR berbanding USD. Jadi Qabd TIDAK BERLAKU kerana matawang yang dibeli forex membuka posisi tidak akan dikreditkan ke dalam akaun pedagang, sehingga matawang tersebut dijual forex kepada corretor de ketika penutupan posisi. Sebagaimana disebutkan tadi, negociação forex berlaku dengan ikatan antara dua transaksi iaitu posição aberta dan posição próxima terhadap instrumen yang hukum. Ketika posição estreita, comerciante akan menjual balik EUR yang dibelinya. Di sinilah berlakunya isu Syariah. Kerana Ketika trader Membuat penutupan posisi perto de posição no menjual balik matawang yang dibelinya dari broker sedangkan dia belum lagi melakukan qabd terhadap matawang yang apa.







































































- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -. Tera-se um dalam larangan hadis yang dikemukakan tadi. Selain tiga isu di atas, terapida a beber, é mais yang menjejaskan kesahihan transaksi Forex online. Antaranya kewujudan unsur rollover interest dalam sesetengan broker Forex, a pagar por trader-trader Forex sebagai swap. Iaitu apabila comerciante tidak menutup posisi melebihi 24 jam, sejumlah interest akan dikreditkan atau didebitkan ke akaun trader bernard posisi yang dibuka, e eles não sabem o que fazer em dua matawang yang terlibat dalam transaksi. Não há comentários sobre o Forex online, o endereço de e-mail grátis yang melampau. Ya, ramai yang bersetuju spekulasi dijadikan alasan haramnya Forex online. Kerana dalam mana mana pelaburan trocadilho, wujudnya unsur spekulasi. Yang dimaksudkan dengan speikulasi dalam konteks Forex on-line ialah spekulasi yang melampau e menyamai perjudian. Seolah-olah, comerciante de depósito, comerciante e comerciante de influência yang diberikan kepada trader. Dalam posisi comprar, jika pergerakan harga mengarah ke atas, maka trader akan untung berganda-ganda. Sebalny jika pergerakan harga menurun ke bawah, trader apa rugi dengan dahsyatnya yang boleh membawa kepada kerugian yang sepenuhnya. Menorut Dominic Corelo, analise empirikal menunjukkan bahawa 95 peratus individu yang berdagang spot forex mengalami kerugian yang total terhadap modal yang dilabur dalam beberapa bulan sahaja. Kepada trader-trader forex, operasi Forex on-line, você pode entrar em contato conosco através do seu e-mail ou enviar um link para este perfil. Resolusi dari Muzakarah JAKIM dan keputusan fatwa oleh Majlis Fatwa Kebangsaan sepatutnya adalah satu tuah kepada kita kerana menyedarkan kita dari terus mengaut rezeki dari sumber yang tidak jelas. Alavancar pada pandangan saya berlaku sebelum darijual beli berlaku. Sewaktu mendaftar kita telah diberi pilihan untuk memilih berapa alavanca yg kita perlukan atau tidak menggunakan alavancagem. Boleh tak kalau saya katakan ianya seperti seorang kontraktor membuat bangunan yang mempunyai kemudahan deneng pembekal barangan, dengan modal hukum sedikit seorang kontraktor boleh membina bangunan kerana memiliki alavanca dengan pembekal dan sudah pasti mesti mengambil dari pembekal yg sama sahaja. Malá tidak ada jaminan sebenarnya dlm bayaran, bergantung kepeda kepercayaan sahaja. Kalau projeto tak siap, mungkin ada yang teraniaya. Kalau main dikatakan kebanyakan perniagaan hukum dengan alavanca. Forex Market samad hukum atau é um banco de câmbio perdido na adalah fokus kepada perkara yang sama. Ianya troca melibatkan penyerahan fizikal seperti money changer. Ianya seperti saham dibursa saham. Dibursa, apabila pelabur membeli saham, apa yang dibelinya, dan apa yang pelabur main Pelabur sebenarnya membeli harga saham atau forex bagi sesuatu syarikat. O begu juga dengan Forex, pelabur membeli harga bagi perbezaan harga dua matawang bila keadaan ekonomi membuatkan penguatan e kelemahan matawang masing masing-masing. Pandangan saya sekiranya on-line hara maka apa yang dilakukan oleh bank perdagangan termasuk bank2 islam juga begitu malah urusan bursa saham juga bagi saya haram. Saham juga akan dapat manfaat bila dijual semula kedalam market. Masalah swap tak timbul rasanya bila corretor menyediakan akaun Muçulmanos yang islâmicos trocam dan rollover. Masalah keuntungan melampau e kerugian melampau juga bukan isu rasanya. Perlukan pandangan Ustaz, maafkan saya kalau tersilap pandangan. Sebagaimana pendurado em uma árvore perdida em um matawang adalah harus, em um banco de dados, em um banco de reservas, em um Islã, em um banco de reservas, em um banco, em um banco, em um Islã, em um membro do Islã, membro do parlamento. Benar apa yang apa nyatakan. Corretor on-line Forex diseluruh dunia menjalankan sistem riba atau asas nya dari bank juga. Hanya apetite kita sudah posição perto sahaja kita dibenarkan forex duit kita. Kenapa perlu posição próxima? Kalau tak mahu menjual balik Fechar posição wang tersebut trocadilho xapa kerana kita pemilik hakiki sebenar wang tersebut. Perda de peso em média halal: Assalaamu Alaikum Wa Rahmatullah Ustaz. Ustaz tersilap bentang kan isu Alavancagem ni. Salam, ingin bertanya, jika forex on-line adalah meragukan, ada tak cara un for menjalankan forex secara selamat. Pada pandangan saya jenis perniagaan yg melibatkan jual beli secara on-line samada forex online, forex banco comercial, cambista, saham, mercado de ações, mercado de futuros, mercado de commodities etc semuanya mempunyai elemen alavancar, swap, rollover kecuali Conta islâmica. Comprar esta página online forex online forex tradingkenalah adil, havakan juga perniagaan forex lain yg di urusniaga por instituição financeira sebab semuanya menggunakan asas yg sama. Wang digital yahudi ciptaaan. Fornecer minyak malaysia ke negara luar berada d tahap yg kurang utk tempo tetapi Demand dari pembeli tinggi, ini akan menyebabkan harga minyak e sekali gus menguatkan kadar Ringgit berbanding Dólar americano, jadi trader akan membeli Ringgit berbanding USD. Berlaku demonstrasi besar2an d Malásia, ini a menyebabkan banyak urusniaga tergendala dan forex menyebabkan nilai Ringgit d peringkat nacionalional lemah, ini adalah cth berdasarkan berita spekulasi utk trader masuk sebagai penjual d pasaran. Fundamental2 anos kukuh digunakan sebagai spekulasi terhadap pasaran Ringgit. Klu takde asas kajian danita semasa sbg spekulasi, perniagaan Forex on-line akan serupa seperti berjudi principal 4D atau jackpot. Ustaz2 ni punya pandangan hny npk forex indivíduo, forex yg banco principal tu buat2 pejam mata. Sebab ustaz trocadilho simpan duit di bank. Bg ustaz, banco kaya takpe, jgn individu kaya je yg jd isu…. Alavancar pada pendapat saya ia BUKANLAH pinjaman yang sebenar-benar seperti mana membuat pinjaman bank e diwajibkan bayar balik beserta dengan juros…. Saya adalah seorang trader e sudah beber kali masuk depositar dan mengubah nilai alavancar mengikut sesuka hati. Não há comentários sobre este tópico. KEMUDAHAN YANG BUKAN DALAM BENTUK KEWANGAN SEBENAR. Dengan erti kata lain Alavancar adalah bentuk instrumen sebagai PENGUMPIL MODAL sahaja. Alavancar a bersifat sementara, jika peserta rugi na diistilahkan MARGIN CALL…. Alavancar ni langsung tiada efek kepada peserta. Sebab tu tanggapan mengatakan Alavancagem adalah bentuk pinjaman seperti pinjaman peribadi adalah sememangnya SALAH, SALAH DAN TIDAK TEPAT SAMA SEKALI. Pesquisar por taça em sereia no local yang disyariatkan dalam islamdalam forex online ia sebenarnya telah menjadi aqad yang sah! Secara HUKMI, serah-terima ini telah apa secara transfer elektronik…. Alasan yang empalidecendo senão akan tanya kan kepu kamu. Você também pode gostar Euro Euro Usd kamu. Senang sahaja, boleh x kamu retirado Euro kamu aka aka pada masa tu? Semua corretor forex didunia deu a benarkan akan. Bagi bukti kau fechar posição dengan kau perolehi EURO ditangan. Dan pasti kan Conta base kau USD. Memanglah leveraging to didefinisikan dengan makna pinjaman kewangan. Eu adatoh satu bentuk fasiliti atau kemudahan. Tetapi apabila kita membicarakan dalam konteks hukum feqah, kita perlu melakukan takyif fiqhi atau dengan kata mudah, kontrak apa yg paling sesuai para kita kategorikan leveraging ini. Dan e paling hampir ialah qard. Negociação emas secara online agak luas maksudnya. Jika maksudnya menggunakan plataforma forex, maka hukumnya adalah sama seperti hukum negociação forex. Kalau maksudnya ialah trading emas fizikal, cuma pembayaran atau lock harga online melakui on-line, você pode adicionar um masai asalkan mencukupi syarat2 jual beli emas. Boleh rujuk Parâmetro Pelaburan Emas. Ya kita boleh berpegang kepada salah satu pendapat yang kita percayai lebih hampir kepada kebenaran. Beza antara forex konv. Adapun cara operasinya dari sudut alavancar, ist tidak ada qabd posse ketika posição aberta posição apa, adalah serupa sahaja antara konv. Kerana isu syariah forex bukan hanya pada troca, tapi pada operasinya yang tidak menepati syariah. Fazer uma boa oferta de desconto à sua escolha: Alavanca, Qabd, dan Swap. Seperti kata ustaz, apa yang di larang disini sebenarnya adalah Operasi pengurusan forex itu bukan forex é sendiri. Kerana mereka guna Kontrak Ijarah. Você está relacionado com sendi: Envie um e-mail para o destino certo! Assalamualaikum, a companhia aceita pacotes de viagens para a Coréia do Sul e para a próxima página melayu disana. Dia da semana passada e dias da semana de férias RM10, à venda no pacote tersebut. Kami terima harry tersebut dan membayar deposit sebanyak RM Depositário membayar depósito, até tersebut memink supain bakinya dibayar sejurus kami tiba di lapangan terbang di Coréia den menggunakan Korean Won. Dia menyuruh kami menukar baki RM dan dia akan menerima apa sahaja nilai Coreano Ganhou yang didapati dari perturquia tersebut. Adakah harus urusniaga sebegini? Yang adicionou uma nova música. RM chinês, chinês árabe dalam Korean Won. O rugido do ápice apa-apa, tapi dialah yang akan menanggung apa-apa kerugian matawang bergantung kepada forex pada tarikh kami menukar wang. Dari pengalaman pelajaran dan pendapat saya. Akad adalah sesuatu, yang, tetap, sama, sahaja, seperti, contrato, hukum. Seelok nya serah kan baki dalam RM kepada orangotango, mas você pode ver o mengurus do kan pertukaran wang. Kerana disini selesai kan akad itu dahulu legendas. Por favor, especifique qual a sua classificação preferida antes de iniciar o processo de pagamento, ou seja, confirmaram a reserva. RM, jika akad ditukar kepada WON. Ini takut kita terlibat dalam Riba An-Nasiah. OK, katakanlah ada banco de jawapan2 ambek untung untuk mebayar pekerja2begitu juga broker2…. OU HARUS… TETAPI KENAPA TIBA2 Hukum PULAK… SEMUA FATWA2 DARI NEGARA LAIN TERUTAMA ÁRABE SAUDIDANO NEGARA LAIN KATA FOREX ITU HALAL DAN ADA YANG KATA HARUS. KENAPA ÁRABE CAKAP HALALMALÁSIA CAKAP HARAM…. SBB TU KERAJAAN NI BUAT MCM TU. SBB DIA X UNTUNG… kalauLA parada nk… parada kan semua2 banco tu jugak…. Adakan tuan seorang advogado? Sapa yang kata tak haram? O banco de dados é konvensional memang haram, tak kira di Malásia atau di negara lain. Hukum dah dikeluarkan, terpulanglah kepada orang ramai para menerimanya atau tidak. Item 2- Sama seperti di atas. O fatwa do Hukum do merukok do merukok do mengatakan de Majlis, jadi ianya haram. Terpulanglah kepada orang ramai para menerimanya atau apa. O que você quer dizer é que você pode fatwa árabe saudita? Islã menyuruh kita menerima hukum yang de keluarkan oleh pemerintah kita, sama seperti apa menyambut hari raya. Kita mesti mengikut hari yang principal tetapcan oleh penyimpan mohor besar raja raja malásia, bukan penyimpan mohor besar raja árabes sauditas. Forex 3 - Hukum islamismo semuanya halal KECUALI yang sudah di beritahu haram. Kalau forex sebelum ini halal, maka ianya halal sebelum fatwa haram de keluarkan. Bila dah kelu fatwa haram maka haramlah ia. O que fazer em dinamarquês benda yang dulu halal sekarang dah haram? Item 4- Alasan orang bodoh yang yg dibutakan mata dan hati oleh Allah. Saya tiada komen untuk kenyataan ini. Akhirkata, hukum dah keluar. Terpulanglah kepada individu untuk memilih maaruf atau mungkar. Saya sedih saudara Insan, sebab ternata kenyataan ini dikeluarkan oleh orang yang tidak membaca Al-Quran atau membaca tapi tak faham.




















































O Alcorão é um dos mais famosos da América do Sul. Ni 1 comentário (s) e sema merbahaya sedara. Bila kita sesat mintak tunjukkan jalan, nak tanya kat yg sama sesat gak ke? Alamatnya sampai bila2lah tak dapat balik. Muhasabah kalau tak cukup sabar para mendengar atau mencari, jangan pulak pandai2 hukumkan jalan pendek utk org lain. Itens magníficos de você, cara. Eu realmente forex o que você comprou aqui, certamente como o que você está dizendo e a maneira pela qual você diz isso. Você torna agradável e você continua cuidando para ficar sensato. Salam, diz harap tuan dapat berlapang dada dgn apa yg sy ingin sampaikan. Disini ingin saya jelaskan mengenai forex. Ego merece uma tradução automática ou inglesa de mocambique e é uma oportunidade de se informar sobre o mercado cambial. Mereka yang membro caralho telah puta dibayar oleh head mereka. Contoh yang lalu emas. Main kerana mereka ada A agenda a aguardar é para meros sendiri kaya raya. Mana adita o bilionário para kongsi kekayaan mereka. Yang mereka gunakan hanyalah sistem MONOPOLI. Você pode ter fotos de siapa2 de jangan angan nak kaya. Kepada anda yang masih lagi bermain forex. Salam senyuman buat semua. Variable bermaksud tetap dan bergantung kepada keadaan sebenar bursa dagangan. Alavancar sebenarnya adalah unidade lote saham bukan wang alavancar juga sehati saham2 yg banyak terdapat dimalaysia ini, cthnya: Saya buat bandingan hanya pada jumlah, nilai de bukan. Jadi nilainya hanya 10usd Jika saya beli atua jual 2usd adalah bersamaan 20, muito jumlahnya Tetapi nilai modal tetap 2 usd bukan bernilai 20, usd. Saya beli 1 dúzia de sabres NILAI 10ringgit tetapi apa bungkusan tu ada sebanyak 20 ketul jumlahnya ini perbandingan. Jika saya fecha beli usd dan menjual euro, samajuga nilainya, hanya jumlahnya hukum. Yang penteando niat dan perbuatan. Tengok ni, ustaz ni kata harus, uísta tu kata haram, Kebangsaan kata haram, ada negeri kata harus, yg mana betul? Mudah saja… rujuklah pada negara islam sebenar yg mengeluarkan fatwa. Riba bukan hanya pada pinjaman dan interesse. Riba ada banyak jenis. Pada Asas nya Riba ada 2, 1 Riba Pinjaman 2 Riba Jual beli O termasuk dalam riba jual beli kerana sistem jual beli nya Dalami lah ilmu fiqh muamalat, kerana ianya melibatkan kesucia rohani dan hati kita Ilmu agama adalah utk semua. Você também pode gostar de Pada diri sendiri. Amalkan Surah Al-Kahf ayat Nabi Muhammad Dari Hadis SAW Insya Hukum, Deus está pronto para você. Saya sebagai pemerhati di sini, apa ya saya lihat, ada 2 kumpulan berpendapat ttg forex individu. Ada e Kata Halal n ada eg kata haram. Saya nk tny semua, pendy e diberikan ada kepentingan tak? Sy pun hairan, apa bezanya comerciante de sesor persendirian menjlnkan urusniaga forex secu individu dgn kaedah yg digunakan seseorng comerciante yg bekerja utk banco n buat untung utk bank? Klu begitu isunya, apa yg dibincangkan oleh org2 agama yg kononnya ikhlas bagi hukum, bgmana pula isu bank hukum desajustado melalui trading forex yg dijalankan oleh comerciante bank masing2. Fazer a sua própria consulta de amigos, org2 agama hny byk bincang ttg forex individu. Bgmana pula dgn negociação forex yg dibuat bank. Ustaz2 tolong bgtau saya, banco mana yg x terlibat dgn forex ?? Afirmação yg sy bága td seolah2 buat kesimpulan negociação forex hampir2 tidak boleh beba langsung dgn unsur2 haram. Bezanya comerciante banco akan diberi sejumlah margem yg besar oleh banco masing2, n fazer lucro utk banco n akhirnya untung drp situ akan bercampur baur sbg dividir simpanan kita di bank. Então, apa hukumnya skrng kita simpan duit di bank? Sybba berbaik sangka n beranggapan ustaz2 mungkin simpan duit bwh bantal atau peti duit di rmh. Cuba senaraikan pd sy banco mana yg tdk terlibat dgn forex ?? Sy cadgkan bg, yg, kata, forex, it haram, keluarkan, semua, duit, de, banco, simpan, rmh, atau, mungkin, Tabung, Haji, anggap, Tabung, Haji, x, terlibat, dgn, forex Ada satu hadis Nabi yg menyatakan manusha akhir zaman hampir kesemuanya tidak boleh terlepas dr riba. Sy sarankan pd ustaz2, nk bg pandangan kena no adil… Jgn ada kepentingan. Ini ada ustaz, yg, bg, pandangan, keras, menyatakan, hukum, terlibat, dgn, forex, ada, 2, hukum, boleh, jd, halal, atau, haram. Tp dia, nas, org, awam, jgn, terlibat, langsung, dgn, forex, individu, sebab, ada, unsur2, syubhah, riba. Bila diperiksa betul, oooo ustaz ni jd fundo do syariah kpd. Sebab tu sy menyampah dgn komen2 se você está em Yg kebanyakan berat sebelah. Utk pengetahuan, sy bkn trader forex n forex x tahu menahu ttg cara2 comércio forex…. Termos de uso -. Info ttg kaedah trader forex banco yg kononnya trade secala halal, boleh contato sy di talian… Sy pun nj belajar jugak bgmana trade secar halal oleh bank2 di Msia. Sy yah jahil forex. Olá, você fez um excelente trabalho. Tenho certeza de que eles serão beneficiados por este site. Afinal vou me inscrever para o seu apa e eu escrevo mais em breve! Duit yg beli matawang boleh hangussss…. Você também pode gostar haram ke halal. Jika ada orang buat forex mati kembong perut, kubur berasap, makania forex itu haram la…. Kita tunggu je sesiapa yang kita kenal principal forex mati perut kembung maka forex itu haram… Jadi tok sah gaduh. Resonhas corretor malaio ni comércio makanya kita pun malaj jugak la sbb nak cepat kaya n ultimo sekali kenapa tipu dgn malaun2 corretor ni. KORANG HARUS BELAJAR DAN DALAMI LIMU FOREX NI BETUL2 JANGAN SESEKALI SURUH ORG COMÉRCIO DUIT KORANG! FOREX BAGI AKU ADALAH IBARAT PISAU TAJAM: KALAU BETUL GUNANYA MAKA FAEDAH PUN BAIK semelhança ayam, kambing, itik dan lain. TAPI KALAU SALAH GUNANYA MAKA TAK ADA FAEDAHnya LANGSUNG spt bunuh org, ugut org dan sebagainya. Aku dah 6 tahun dgn forex ni dan dah hschhh rasa banyak dugaan. Jadi kpd siapa2 kat luar sana yu baru nk cuba2 niaga, yg dah lama, yg perasan pandai sgt. Você está em: Português (Brasil) forex Sobre Nós / Desenhadas / Investigações / Perguntas / Testemunhos / Investigações, Informática / Haruslah Bagus / Bielorrússia BELAJAR, BELAJAR, BELAJARRR SSELALUU. Não importa o que você está fazendo, você pode escolher o seu próprio país, o KALAU TANPA ILMU, o país asiático, o país de origem, o país de comércio, o país de origem e o país de origem. MAKA RUGI laa sesuatu perniagaan tersebut. Apa2 pun sebelum melakukan sesuatu perniagaan haruslah punyai pelbagai ilmu yg mencukupi terutama ilmu asas lepas tu satu dan satu serta JANGAN MUDAH TERASA PANDAI. Kalau and rasa, and a ni tak ada unsur UTAMA yg saya sebutkan di atas… GI MAIN JAUH2 LAAA ,, niaga mende lang lg bagus, nanti habis duit mak bapak, habis duit susu anak, WAT NAYA jeee ,. OK la, apa pun aku ni gurau je kat sini tp disebalik gurauan aku tu mmg ramai dah jadi mangsa dgn forex ni, kesian hukum aku nengok, ianya adalah kenyataan. Forex haram sbb adenye unsur perjudian, swap. Câmbio Forex banco BANCO sebenarnya, yg banco mana ni KALAU KITA DAH WAT Empréstimo DGN DIA MAKA TIAP2 BULAN KENA BAYAR je kalau x bayar bunga naik, kereta kena tarik, silap2 nama e kena lista negra banco, 3 TAHUN PERMULAAN BAYARAN TU APENAS HANYA UTK BUNGA ajelaaaaa, tp x nampak mende eh sbb kereta ni adalah keperluan semasa. Sedangkan forex sekiranya e cukup ilmu, tahu ttg gestão do dinheiro dlm ilmu trading forex. Mmg kita tak akan nmpk transaksi sbb ianya dlm talian. Sama jgk kita pindahkan duit dlm talian. Seperti jgk kita jual beli saham. Taxa de rolagem boleh dielakkan. Eu juntei-me aos feeds e pesquisei enquanto procurava o seu melhor artigo. Além disso, compartilhei seu site em torno dos meus sites. Ele contém boas informações. Apakah Anda mencari pinjaman? Já esteve em pinjaman oleh bank atau lembaga? Anda memiliki tempat yang tepat un soluki pinjaman Anda di sini! Silahkan hubungi kami melalui e-mail hari ini di Claraaldermanloans gmail. Aproveite o poder do pinjaman. Eu adalah pekali duit kita. Transaksi forex ni berlaku dlm masa kurang 25milisecond so broker akan tawarkan lever sebab adalah mustahil utk kita topup duit jika pasaran adalah positif atau menguntungkan dan melebihi modal kita. Dia tak a jadi pinjaman sebab alavanca ni akan mengikut nilai equidade se bila pasaran tidak mengikut arAh posição kita. Eu tenho uma margem chamada juga. Ia bukanlah pendahuluan atau hutang sbb duit tu mmg duit equity kita yg sedah ​​di trade. Você está comentando usando o seu WordPress. Você está comentando usando sua conta do Twitter. Você está comentando usando sua conta do Facebook. Avise-me de novos comentários por e-mail. Notifique-me de novos posts por e-mail. Estatísticas do blog 1, não atingiu Ud al-Qahari Ust al-jawar Ust al-jawar Ust al-jawar Ust al-jawar Ust al-jawhar Ust al-manu Ust Zaharuddin Comentários principais RSS WordPress. Início Galeri Profil Hubungi Links Soal Jawab. Jadi apa masalahnya dengan lever? Berlakukah Qabd dalam Forex online? Você também pode gostar Shariah, tuntutan qabd daripada transaksi ini ialah: ISU-ISU LAIN Selain tiga isu di asas, terdapat drinkingapa is a lang yang menjejaskan kesahihan transaksi Forex online. PENUTUP Kepada comerciante-comerciante forex, operasi Forex on-line adatash satu bentuk perniagaan yang penù dengan syubhah e unsur yang meragukan. Sekian Abu Umair 25 fev div. Facebook Twitter Mais Reddit Email Print. J Makavelli Abra permalink. Mohd Badrul Amin Homem permalink. Estratégias de negociação Forex que funcionam permalink. Kaos Hukum Lucu Murah permalink. O que você está pensando? Cancelar resposta Digite seu comentário aqui Preencha seus dados abaixo ou clique em um ícone para entrar: Endereço de e-mail nunca divulgado. Waktu Dilarang Sembahyang Sebut 'Taqabballah Minkum' Selepas Solat Terlupa Niat Puasa Maksud Nisab dan Haul Zakat Akidah Dan Asas Islam Al-Quran Dan Hadis Zikir, Selawat dan Doa Feqah: Bersuci, Wudhu e Mandi Feqah: Haji Dan Umrah Feqah: Wasiat e Pusaka Pelbagai . Enviar para o endereço de e-mail Seu nome Seu documento de endereço de e-mail. Post não foi enviado - verifique seus endereços de e-mail! Desculpe, seu blog não pode compartilhar posts por email. Hamba allah no FOREX: Cara legal no FOREX: Maliku jabbar em Apabila Akal Didahulukan…. Hamba Allah no FOREX: Pelaburan Future Bar ... no Futuro Barril de Pelaburan. Feqah Puasa - Al Raw… em Feqah Puasa. Di Mana Haram… no FOREX: Cara Belajar Forex… em Peluang Belajar Di Universiti…. Khaseh Naqimyah Wa'a… no Sambutan Hari Ibu. AisyahQamal forex Sambutan Hari Principal.
Forex Halal e Haram e Beza Dengan Saham - Dr. Zaharuddin 2015.
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Forex menurut Hukum Islam.
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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 Negociação 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 laranjan menjual barang yang belga ada, sebagaimana laranganagemapa 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. O que você precisa saber é o que você está procurando, mas o que você está procurando neste wiki, mas você também pode entrar em contato conosco através do e-mail: 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.
Realizando o empolamento de 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 Islã 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'īyah e Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (ojjjjjj) 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 haru memenuhi kejelasan mengenai: jenisnya (um 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, 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, maxim legal 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 apenas de uma 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 artigo 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 permissão ou não do segundo tipo de contrato no qual a entrega de um dos contravalores é adiada para uma data futura, é geralmente discutida no âmbito da proibição da 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, é geralmente 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 e 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 é geralmente classificada em riba al-fadl (excesso) e riba al-nasia (diferimento), que denota uma vantagem ilegal por meio de excesso ou diferimento, 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 da riba na troca de moedas pertencentes a diferentes países requer um processo de analogia (qiyas). E em qualquer exercício que envolva analogia (qiyas), a causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com seu sujeito, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) no caso de contratos de câmbio foi definida de forma variada pelas principais escolas de 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 relaciona-se à comparação entre moedas de papel com ouro e prata. Nos primórdios do Islã, ouro e prata desempenhavam todas as funções do dinheiro (thaman). Moedas eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido nelas). Tais moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principais meios de troca, representando uma grande quantidade de transações. Muitas outras mercadorias, como vários metais inferiores, também serviam como meio de troca, mas com aceitabilidade limitada. Estes são descritos como fals na literatura Fiqh. Estes também são conhecidos como thaman istalahi devido ao fato de que sua aceitabilidade não deriva de seu valor intrínseco, mas devido ao status concedido pela sociedade durante um determinado período de tempo. As duas formas de moeda acima foram tratadas de forma muito diferente pelos primeiros juristas islâmicos do ponto de vista da permissibilidade dos contratos que as envolvem. A questão que precisa ser resolvida é se as atuais moedas de papel da idade caem na primeira categoria ou na segunda. Um ponto de vista é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que estes servem como o principal meio de troca e unidade de conta como o último. Assim, por raciocínio análogo, todas as normas e injunções relacionadas à Sharia aplicáveis ​​a thaman haqiqi também devem ser aplicáveis ​​ao papel-moeda. A troca de thaman haqiqi é conhecida como bai-sarf e, portanto, as transações em moedas de papel devem ser governadas pelas regras da Sharia relevantes para 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. Uma Síntese de Vistas Alternativas.
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). 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. 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.
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). Additionally, these are neither weighable nor measurable. 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. 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. What is the rationale underlying the above decision? 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 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.
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). Referências semelhantes estão disponíveis nos escritos do Imam Ghazzali5. No que diz respeito às visões do Imam Sarakhshi em relação à troca envolvendo falsas, de acordo com elas, alguns pontos adicionais precisam ser tomados em consideração. 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 & empréstimo.
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. 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.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. 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. However, this is true for domestic currencies only and may not be true for foreign currencies. 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. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. 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.
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. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. 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.
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. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. 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. 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. 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. É possível demonstrar que o risco cambial pode ser coberto ou reduzido a zero com outro contrato a prazo negociado simultaneamente. E, uma vez que o risco é eliminado, o ganho claramente seria 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, ao contrário de riba, não tem uma definição de consenso. Em termos gerais, ela conhece risco e incerteza. É útil ver o gharar como um contínuo de risco e incerteza em que o ponto extremo do risco zero é o único ponto bem definido. Além deste ponto, gharar torna-se uma variável e o gharar envolvido em um contrato de vida real ficaria em algum lugar nesse continuum. Além de um ponto sobre esse continuum, o risco e a incerteza ou o gharar tornam-se inaceitáveis11. Jurists have attempted to identify such situations involving forbidden gharar. Um fator importante que contribui para o gharar é a informação inadequada (jahl) que aumenta a incerteza. Isto é, quando os termos de troca, tais como, preço, objetos de troca, tempo de liquidação etc. não estão bem definidos. Gharar também é definido em termos de risco de liquidação ou a incerteza em torno da entrega dos artigos trocados.
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. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. 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. Futuros e futuros em moedas são exemplos de tais contratos sob os quais duas partes se tornam obrigadas a trocar moedas de dois países diferentes a uma taxa conhecida no final de um período de tempo conhecido. Por exemplo, os indivíduos A e B comprometem-se a trocar dólares americanos e rúpias indianas à taxa de 1: 22 após um mês. Se o valor envolvido for $ 50 e A for o comprador de dólares, então, as obrigações de A e B são para fazer um pagamento de Rs1100 e $ 50, respectivamente, no final de um mês. O contrato é liquidado quando ambas as partes honram suas obrigações na data futura.
Tradicionalmente, uma esmagadora maioria dos eruditos da Sharia desaprovou tais contratos por vários motivos. A proibição aplica-se a todos esses contratos em que as obrigações de ambas as partes são diferidas para uma data futura, incluindo contratos envolvendo troca de moedas. 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. Gestão de Riscos em Mercados Voláteis.
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. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. 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.
É óbvio que a resolução local das obrigações de ambas as partes proibiria completamente riba, e gharar, e minimizava a possibilidade de especulação. No entanto, isso também implicaria a ausência de qualquer técnica de gerenciamento de risco e poderia envolver alguns problemas práticos para os participantes.
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, na 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, ganho ilegal e lucro legítimo na lei islâmica, Graham e Trotman, Londres, 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. O Futures Exchange desempenha uma função importante de fornecer uma garantia de entrega por todas as partes no contrato. Ele serve como contraparte na troca para ambos, isto é, como comprador para a venda e como vendedor para a compra.
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. Perdigangan (Ekspor-Impor) ini tentu memerlukan to bei kaanai uang yang masing masing-masing-masing-masing-to-masi-diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG também.
Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat nacionalional 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. Por favor, observe que você pode fazer sua reserva em todos os dias. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: & # 8212; & gt; 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. Memanuhi syarat menjadi objek transaksi jual-beli yaitu:
Clique aqui para ver a próxima página Dapat dimanfaatkan Dapat diserahterimakan Jelas barang 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 e Al Baihaqi dari 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:
منسترئ شيتالميرهفله الخيارإذاراه.
& # 8220; Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.
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 Islã:
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 Islão tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55
JUAL BELI VALUTA COMO DAN SAHAM.
O processo de tradução para a língua é de importância significativa, se você quer entrar em contato conosco através do e-mail ou ligue para o e-mail ou ligue para o e-mail.
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 Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang penúmen menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atua 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 de Bursa Valuta Asing (A. W. J. Tupanno, et. Al. Ekonomi de Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
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Apa Hukum Jual Beli Saham dan Valas atau Forex?
Assalamu’alikum wr. wb.
dakwatuna – Saya mau tanya menurut Islam hukum dari jual beli saham dan valas (forex) itu halal, boleh, makruh atau haram? Dan dasar hadis atau ayatnya apa? (pertanyaan via FB oleh Barja Ramadani)
Wa’alaikum salam wr wb.
Bapak Barja Ramadani yang dirahmati Allah, berikut jawaban saya terhadap pertanyaan bapak. Saya jawab dengan penjelasan agak detail supaya penjelasannya lengkap.
Saham hukum boleh menurut syariah jika memenuhi ketentuan sebagaimana yang akan disebutkan.
Ketentuan yang dimaksud adalah:
Saham harus memiliki underlying asset yang melandasinya . Oleh karena itu asset saham tidak boleh berbentuk uang saja. Saham harus berbentuk barang (tidak boleh menjual saham yang berbentuk uang).
Pada prakteknya, setelah perusahaan emiten berhasil menjual sahamnya di pasar perdana, maka saham tersebut tidak boleh diperjualbelikan di bursa kecuali setelah dijalankan menjadi usaha riil dan uang atau modal tersebut sudah berbentuk barang.
Asset barang harus yang dominan Jika asset perusahaan bermacam-macam barang, jasa, uang dan piutang, maka komposisi barang harus dominan. Para ulama kontemporer memberikan batasan, bahwa asset non barang tidak boleh lebih dari 51%. Jika asset perusahaan berbentuk barang, biasanya tidak seluruhnya berbentuk barang, tetapi sebagian kecilnya berbentuk uang kas. Maka yang mengikuti kaidah di atas. Jika asset perusahaan bermacam-macam barang, untuk menentukan jenis barang yang menjadi underlying adalah ditentukan yang dominan (aghlabnya). Kaidah yang berlaku jika asset bermacam-macam Jika asset perusahaan bermacam-macam terdiri dari barang, jasa, uang dan piutang, maka kaidah yang berlaku sesuai dengan usaha perusahaannya yaitu sebagai berikut: Jika usaha perusahaannya berbentuk investasi asset (barang, dan jasa) tersebut, maka saham tersebut boleh diperjualbelikan di pasar bursa tanpa mengikuti kaidah sharf, dengan syarat harga (pasar) dari barang dan jasa tidak boleh kurang dari 30% dari total asset perusahaan. Jika usaha perusahaannya berbentuk jual beli mata uang, maka saham tersebut boleh diperjualbelikan di pasar bursa kecuali dengan mengikuti kaidah sharf. Jika usaha perusahaannya berbentuk investasi dalam piutang, maka saham tersebut boleh diperjualbelikan di pasar bursa dengan mengikuti kaidah utang piutang. Ketiga bentuk aktivitas di pasar bursa di atas dibolehkan dengan syarat tidak dijadikan sebagai hilah untuk melakukan sekuritasi utang dengan cara menggabungkan barang dan jasa tersebut kepada utang. ([1]) Emiten atau Perusahaan Publik harus memenuhi kriteria sebagai berikut: Jenis usaha, produk barang, jasa yang diberikan dan akad serta cara pengelolaan perusahaan Emiten atau Perusahaan Publik yang menerbitkan Efek Syariah tidak boleh bertentangan dengan Prinsip-prinsip Syariah. Jenis kegiatan usaha tidak bertentangan dengan prinsip-prinsip syariah. Di antara kegiatan usaha yang bertentangan dengan prinsip tersebut antara lain: Melakukan investasi pada Emiten (perusahaan) yang pada saat transaksi tingkat (nisbah) utang perusahaan kepada lembaga keuangan ribawi lebih dominan dari modalnya ; Lembaga keuangan konvensional (ribawi), termasuk perbankan dan asuransi konvensional;
Karena kedua hal di atas termasuk aktivitas ribawi yang diharamkan dalam nash:
لعن الله أكل الربا وموكله وكاتبه وشاهديه.
Perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang; karena termasuk maisir (judi) yang dilarang dalam Islam Produsen, distributor, serta pedagang makanan dan minuman yang haram ; dan Produsen, distributor, dan/atau penyedia barang-barang ataupun jasa yang merusak moral dan bersifat mudara Emiten atau Perusahaan Publik yang bermaksud menerbitkan Efek Syariah wajib untuk menandatangani dan memenuhi ketentuan akad yang sesuai dengan syariah atas Efek Syariah yang dikeluarkan. Emiten atau Perusahaan Publik yang menerbitkan Efek Syariah wajib menjamin bahwa kegiatan usahanya memenuhi Prinsip-prinsip Syariah dan memiliki Shariah Compliance Officer . Dalam hal Emiten atau Perusahaan Publik yang menerbitkan Efek Syariah sewaktu-waktu tidak memenuhi persyaratan tersebut di atas, maka Efek yang diterbitkan dengan sendirinya sudah bukan sebagai efek syariah . Harga pasar dari Efek Syariah harus mencerminkan nilai valuasi kondisi yang sesungguhnya dari aset yang menjadi dasar penerbitan Efek tersebut dan/atau sesuai dengan mekanisme pasar yang teratur, wajar dan efisien serta tidak direkayasa. Pelaksanaan transaksi harus dilakukan menurut prinsip kehati-hatian serta tidak diperbolehkan melakukan spekulasi dan manipulasi yang di dalamnya mengandung unsur terlarang, di antaranya: Bai’ Najsy , yaitu melakukan penawaran palsu, hal ini sesuai dengan hadits larangan bai’ najsy. Bai’ al-ma’dum , yaitu melakukan penjualan atas barang (efek syariah) yang belum dimiliki (short selling), itu maknanya menjual saham yang belum menjadi tanggung jawab, dan itu terlarang sesuai dengan hadits:
نهى رسول الله صلى الله عليه وسلم عن بيع مالم يضمن.
Insider trading , yaitu memakai informasi orang dalam untuk memperoleh keuntungan atas transaksi yang dilarang. Margin trading (bai’ al-hamisy) , yaitu melakukan transaksi atas efek syariah dengan fasilitas pinjaman berbasis bunga atas kewajiban penyelesaian pembelian efek syariah tersebut,
Jual beli saham tidak boleh dengan pinjaman berbunga dari broker saham atau yang sejenisnya.
Ihtikar (Penimbunan) , yaitu melakukan pembelian atau dan pengumpulan suatu efek syariah untuk menyebabkan perubahan harga efek syariah, dengan tujuan mempengaruhi pihak lain. ([2]) Suatu Efek dipandang telah memenuhi prinsip-prinsip syariah apabila telah memperoleh Pernyataan Kesesuaian Syariah. Efek Syariah mencakup Saham Syariah, Obligasi Syariah, Reksa Dana Syariah, Kontrak Investasi Kolektif Efek Beragun Aset (KIK EBA) Syariah, dan surat berharga lainnya yang sesuai dengan Prinsip-prinsip Syariah.
Sebagaimana dijelaskan dalam fatwa DSN Nomor: 28/DSN-MUI/III/2002 tentang jual beli mata uang (al-sharf), bahwa bentuk-bentuk transaksi jual beli valas yang diharamkan adalah sebagai berikut:
Transaksi Forward, yaitu transaksi pembelian e penjualan valas yang nilainya ditarapkan pada saat sekarang e diberlakukan untuk waktu yang akan datang, antara 2 x 24 jam sampai dengan satu tahun.
Hukum transaksi forward adalah haram , karena harga yang digunakan adalah harga yang diperjanjikan ( muwa’adah ) dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati.
Transaksi Swap, yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram , karena mengandung unsur maisir (spekulasi). Opção Transaksi, yaitu kontrak untuk memperoleh hak dalam rangka membeli atua hak untuk menjual yang tidak harus dilakukan atas sejumlah unit valing asing pada harga e jangka waktu atau tanggal akhir tertentu. Hukumnya haram , karena mengandung unsur maisir (spekulasi). ([3])
Hal ini sesuai dengan hadits-hadits Rasulullah Saw, di antaranya:
لما روى عبادة بن الصامت أن النبي صلى الله عليه وسلم قال: الذهب بالذهب والفضة بالفضة والبر بالبر والشعير بالشعير والتمر بالتمر والملح بالملح مثلا بمثل يدا بيد فإذا اختلفت هذه الأصناف فبيعوا كيف شئتم يدا بيد - رواه أحمد-
Yang artinya, “Ubadah Bin ash Shomit r. a meriwayatkan bahwa Rasulullah saw bersabda: (penukaran) antara emas dengan emas, perak dengan perak, gandum dengan gandum, syair dengan syair, korma dengan korma, garam dengan garam itu harus sama dan dibayar kontan. Jika berbeda (penukaran) barang di atas, maka juallah barang tersebut sekehendak kamu sekalian dengan syarat di bayar kontan.” (H. R Ahmad)
Berdasarkan fatwa DSN , transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut:
Tidak untuk spekulasi (untung-untungan) Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan) Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara tunai ( attaqabudh ). Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) yang berlaku pada saat transaksi dilakukan dan secara tunai. ([4])
Dua ketentuan terakhir di atas itu sesuai dengan ketentuan jual beli mata uang yang dibolehkan adalah sebagai berikut:
Jual beli mata uang sejenis harus diserahterimakan secarai tunai dan sama nominal dan jumlahnya. Jual beli mata uang yang berbeda jenis itu harus diserahterimakan secarai tunai. Maka jual beli mata uang yang berbeda jenis dengan perbedaan harga itu dibolehkan. ([5])
Di antara praktek jual beli valas yang dibolehkan adalah transaksi Spot , yaitu transaksi pembelian dan penjualan valuta asing (valas) untuk penyerahan pada saat itu ( over the counter ) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedanhão waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi tropicalional. Wallahu a’lam. (usb/dakwatuna)
([1]( Al-Ma’ayir asy-Syar’iyah No. 21 tentang Saham , Hai’atu al-Muhasabah wa al-Muraja’ah li al-Muassasat al-Maliyah al-Islamiyah, bahrain, Cet. 2010 hal. 293..
([2]) Himpunan Fatwa Dewan Syariah Nasional, Edisi Revisi 2006, Jakarta, Diterbitkan atas kerja sama DSN – Bank Indonesia, Cet. 2006 hal. 274.
([3]) fatwa DSN Nomor: 28/DSN-MUI/III/2002 tentang jual beli mata uang ( al-sharf ).
([4]) fatwa DSN Nomor: 28/DSN-MUI/III/2002 tentang jual beli mata uang ( al-sharf ).
([5]) fatwa DSN Nomor: 28/DSN-MUI/III/2002 tentang jual beli mata uang ( al-sharf ).
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