Forex Halal Haram Mui

Halal atau Haram kah Forex itu Apa itu Forex Foreign Exchange (forex) atau dikenal sebagai valuta asing (valas) merupakan salah satu pilihan investasi yang berkembang de Indonésia saat ini. Forex Trading adala transaksi perdagangan nilai tukar mata uang asing di passar uang internasional. Yg, tidak, mengerti, forex, secara, detalhe, ato, hanya, mencoba-coba, bisa, kemungkinan, besar, mengatakan, forex, adalah, judi. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Apa yg membedakan jual beli saham di banco ato pada BEI dgn forex, salah satunya adalah tempat transaksi. Klo forex adalah judi, berarti silakan tutup saja BEI é uma empresa de comércio eletrônico de produtos da Indonésia. Bagi anda yg mengatakan HARAM, ada 2 kemungkinan: 1. Anda tidak menge dalam berinvestasiberbisnis dan mentransaksikannya. 2. Anda tidak mempunyai MODALUANG Jadi untuk anda yg memiliki UANG. Silahkan mempelajari dan MENCOBA, Bagi anda yang mengatakan Halal, 1. Transaksisinya tidak tebak-tebakan karena transaksinya didasar dengan analisa teknikal dan fondamental 2. Pelakunya sebagai penjual dan pembeli (pedagang) 3. Ada perjanjian di awal transaksi dengan menandatangani aggrent FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syari8217a Nasional Majelis Ulama Indonésia no: 28DSN-MUIIII2002, tentáculo Jual Beli Mata Uang (Al-Sharf). 8226 8220Firman Allah, QS. Al-Baqarah2: 275: 82208230Dan Allah telah menghalalkan jual beli dan mengharamkan riba82308221 8226 8220Hadis nabi riad al-Baihaqi dan Ibnu Majah dari Abu Sa8217id al-Khudri. Rasulullah SAW bersabda, 8216Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) 8217 (Al-baihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban). 8226 8220Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa8217i, dan Ibn Majah, dengan teks muçulmanos dari 8216Ubadah bin Shamit, Nabi s. a.w bersabda: 8220 (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum. Sya8217ir, dengan, sya8217ir, kurma, dengan, kurma, dan garam, dengan, garam, (denga syarat, harus), sama dan sejenis, serta secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tuneai.8221 8226 8220Hadis Nabi riwayat Muçulmano, Tirmidzi, Nasa8217i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: 8220 (Jual-beli) emas dengan perak adalah Riba kecuali (dilakukan) secara tunai.8221 8226 8220Hadis Nabi riwayat Muçulmano dari Abu Sa8217id al-Khudri. Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian atas sebagian yang lain dan janganlah menjual emas dan perak tersebut yang tidak Tunai dengan yang tunai. 8226 8220Hadis Nabi riwayat muçulmano dari Bara8217 bin 8216Azib dan Zaid bin A rqam. Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 8226 8220Hadis Nabi riad Tirmidzi dari Amr bin Auf. Perjanjian dapat dilakukan di antara kaum Muslimin, kecuali perjanjian Yang mengharamkan Yang atau halal menghalalkan Yang ilícito dan kaum Muslimin terikat dengan syarat-syarat mereka kecuali syarat Yang mengharamkan Yang atau halal menghalalkan Yang haram.8221 MENIMBANG: 1. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai Keperluan, seringkali, diperlukan, transaksi, jual-beli, mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis. 2. Bahwa dalam 8216urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandang ajaran islão berbeda antara satu bentuk dengan bentuk lain. 3. Bahwa agar kegiatan transaksi tersebut, dilakukan, sesuai, dengan ajaran islam, DSN memanang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedomem MEMPERHATIKAN: 1. Surat dari pimpinah Unidade Usaha Syariah Banco BNI no. UUS2878 2. Pendapat peserta Rapat Pleno Dewan Syari8217ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H 28 de março de 2002. MEMUTUSKAN Dewan Syari8217ah Nasional Menetapkan. FATWA TENTANG JUAL BELÍ MATA UANG (AL-SHARF). Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut: 1. Tidak untuk spekulasi (untung-untungan). 2. Ada kebutuhan transats atau untuk berjaga-jaga (simpanan). 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama e secara tunai (at-taqabudh). 4. Apabila berlainan jenis maka, harus, dilakukan, dengan, nilai, tukar (kurs), yang, berlaku, pada saat transaksi dan secara tunai. Kedua. Tradução automática Tradução automática IMPORTANTE: Este artigo foi traduzido por um sistema de tradução automática (também designado por outros países). Transação privada Transação privada Transação privada Transação privada Transação privada Transação privada Transação privada Atendimento ao cliente: Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional. 2. Transaksi PARA A FRENTE. Yaitu transaksi pem belian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 221524 jam sampai dengan satu tahun. Hukumnya adalah ilícito, Karena harga Yang digunakan adalah harga Yang diperjanjikan (muwa8217adah) dan penyerahannya dilakukan di kemudian Hari, padahal harga pada waktu penyerahan tersebut Belum tentu sama dengan Nilai Yang disepakati, kecuali dilakukan dalam bentuk frente acordo untuk kebutuhan yang tidak dapat dihindari (lil Hajah). 3. Transaksi SWAP yaitu suatu kontrak pembeliano atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembeliano antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi). 4. TRANSAKSI OPÇÃO yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta asing pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unusru maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengue ketentuan jika di kemudiano hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H 28 Maret 2002 M DEWAN SYARI8217AH NASIONAL MAJELIS ULAMA INDONÉSIA Saya memang baru saja mempelajari tentang dunia investasi melali saham, indeks, forex, dan istilah2 lainnya yang sejenis. TAPI dengan sedikit membuka diri saja Kita Semua semestinya tahu, bahwa apapun sikap dan pandangan Kita terhadap investasi indeksforex dan kawan2, dan meski Kita Tidak ikutan Terjun di dalamnya, Baik sedikit Atau Banyak Proses transaksi yang ada di dalamnya BISA mempengaruhi pergerakan mata uang, komoditas pergerakan , Dan devisa negara kita. Artinya negociação indeksforex akan tetap berjalan dan bisa ikutan menghantam perekonomiano negara kita dengan cara khas-nya sendiri. Kalo menurut saya (menuruto saya loh.), Baiknya kita bagi2 tugas ajah. Buat yang pro silahkan teruskan negociação indeksforeknya dengan lebih serius dan profesional. Dan buat yang kontra. Pilihan ada di tangan anda, Pembahasan kali em mencakup tentang apakah forex halal atau haram, Apakah forex sama dengan judi, dan bagaimana hukum forex dalam Islam. Forex adalah salah satu bisnis yang dapat dilakukan secara online. Karena bisnis ini berfisat fleksibel, aranja dapat dilakukan kapanpun dan dimanapun, tidak heran apabila semakin banyak orang tertarik untuk menggeluti bisnis perdagangan valas ini. Namun, disisi lain Negociação Forex menimbulkan polemik baru. Hingga saat ini masih banyak perdebatã apakah forex itu halal ataukah haram. Mungkin anda saat ini pun juiz sedang mencari tahu kebenaran tentando halal atau haram nya Forex dari kedua perbedaan pendapat tersebut. Negociação Forex halal atau haram Dalam kesempatan ini, akan menyajikan penjelasan secara rinci tentando hukum Trading Forex dalam berbagai sudut pandang. Sehingga setelah e um membaca artikel ini, e um akan mendapatkan gambaran jelas dari berbagai sumber e anda dapat menyimpulkan sendiri nantinya. Apakah Forex sama dengan judi Tidak sediquito orang beranggapan bahwa Forex sama dengan judi. Hal ini mungkin dikarenakan orang orang tersebut berpandangan bahwa dalam bisnis forex bisa mengakibatkan kerugian besar dalam waktu singkat. Selain itu, orang orang awam dalam dunia Forex juga berfikir bahwa bekerja de Forex cukup dengan duduk dudu dan mendapatkan uang. Benarkah Forex sama dengan judi TIDAK. Forex bukanlah judi, akan tetapi Forex morni perdagangan, yaitu perdagangan mata Uang. Dicionário de palavra-chave: Forex. Judi bersifat untungan untungan, sedangkan Forex tidak. Karena dalam Trading Forex dapat dilakukan analisa, yaitu analisa secara teknikal dan fundamental. Judi bersifat merugikan lawan, sedangkan dalam Forex bersifat win win solution, bersifat saling menguntungkan. Dalam judi tidak ada Produk yang diperdagangkan, sedangkan Forex produzido jelas, yatu mata uang yang diperjual belikan. Hasil dari judi tidak bisa prediksikan, sedangkan dalam Forex terdapat Gestão do Dinheiro yang jelas, sehingga batas kerugian dan keuntungan dapat di kontrol dengan baik. Judi bersifat tidak pasti, sedangkan dalam Forex bisa dipastikan 100 apabila harga sudah terlalu tinggi maka harga akan turun, begitu juga sebaliknya ketika harga sudah terlalu murah. Judi dilarang keras oleh Negara, sedan de forex diperbolehkan oleh Negara. Dengan melihat keenam alasan diatas, saya yakin anda sudah dapat menyimpulkan apaká forex itu sama dengan judi atau tidak. Hukum Halal Haram negociação Forex Menurut Islã Perspektif Islã dalam menentukan perihal halal dan haram sangatlah luas. Tidak hanya dalam dunia negociação, akan tetapi dalam hal apapun harus sangrar jelas perkaranya. Sesuatu pada dasarnya halal akan menjadi haram apabila dilakukan dengan cara tidak benar atau tidak sesuai dengan syariat Islã. Berdagang itu diperbolehkan dalam Islão, akan tetapi, berdagang, minuman, keras, haram, hukumnya. Itulah yang disebut dengan perspektif. Tergantung dari sudut manan kita memandang halal haramnya. Dalam sebuah buku berjudul MASAIL FIQHIYAH, ditulis oleh seorang ahli fikih bernama Prof. Drs. Masjfuk Zuhdi, menyatakan bahwa berdagang valas diperbolehkan dalam hukum Islam. Perdagangan Forex Atacado mata uang asa ada karena kebutuhan passar global yang secara tidak langsung mencakup semua Negara. Palavras-chave para esta foro Negara yang beraneka ragam peru mata uang menjadi faktor yang paling utama. Por favor, adicione a sua própria cotação de seguida, por favor entre em contato através de e-mail. Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos Dólar dos Estados Unidos. (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Masud) Dalam aturan o jual beli, o penjual harus memberitahukan dan menerangkan kepada pembeli secara rinci keadaan barang yang dijual. Penjual harus menjelaskan ciri dan sifat sifatnya. Dalam Forex, produtos e serviços relacionados com jargão sangrando jelas, baik sifat dan nilainya. Sehingga, setiap kali melakukan transaksinya, Foreus harus dengan kesepakatan kedua belah pihak. Dan Allah telah menghalalkan jual beli dan mengharamkan riba Forex adalá murni jual beli dan tidak termasuk riba. Forex adalah memperdagangkan mata uang, berbeda sekali apabila kita meminjamkan uang kepada seseorang dengan mengharapkan kembaliano lebih. Dan sangat jelas bahwasannya perdagangan memang diperbolehkan. Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) (HR albaihaqi dan ibnu majah, dan dinilai shahih oleh ibnu hibban). Dalam forex tidak akan terjadi transaksi apabila penjual pembeli tidak melakukan kesepakatan (kerelaan). Jadi dalam prakteknya, tidak ada unsur pemaksaan atau penipuan yang bersifat saling merugikan. Fatwa MUI tentando Halal dan Haram nya Negociação Forex Majelis Ulama Indonésia (MUI), selaku panutan dalam mengambil sebuah keputusan berdasarkan syariah Islam pun menloruarkan fatwa tentando halal dan haram nya Trading Forex. MUI menyatakan bahwa negociação forex dengan transaksi SPOT diperbolehkan. Adapun jenis transaksi yang tidak diperbolehkan yaitu transaksi swap, opção, dan frente. Transaksi Spot dikategorikan, halal, karena, penyelesaian, transaksinya, diselesaikan, pada, sa, itu, juga. Adapun penyelesaian paling lambat adalah 2 hari. Ver todos os anúncios do evento Transaksi SPOT. Adalah transaksi, jual, beli, Valas, yang, penyerahannya, dilakukan, pada, sao, itu, juga. Apabila ada keterlambatan, harus tidak boleh lebih dari jangka waktu dua hari. Transaksi SWAP. Adalah suatu kontrak jual beli valas dengan harga ponto yang dikombinasikan dengan pembeliano antara penjualan valas yang sama dengan harga para a frente. Transaksi PARA A FRENTE. Adalah transaksi jual beli Valas yang ditetapkan pada saar sekarang dan diberlakukan pada saat akan datang. Tempo watunya nya antara 224 jam sampai dengan satu tahun. Transaksi OPÇÃO. Adalah kontrak untuk memperoleh, hak, beli, dan hak, jual, yang, tidak, harus, dilakukan, atas, sejumlah, unidade, valas, pada, harga, jangka, waktu atau, tanggal, akhir, tertentu. O vendedor paga / frete grátis Transaksi forex boleh dilakukan asalkan dengan menggunakan transaksi berjenis spot. Dalam aktifitas apapun sudah diatur hukumnya, apakah dilarang atau diperbolehkan. Untuk perkara Forex apakah halal atau haram itu semua tergantung dari bagaimana dan cara tipe transaksi dilakukan. Semoga pembahasan ini dapat memberikan gambar jelas kepada anda mengenai Apakah Forex itu halal atau haram. Jadi sehingga anda akan dapat menarik kesimpulan sendiri. Hukum Negociação Forex Menurut MUI Halal atau Haram Hukum Negociação Forex Menurut MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan apa hukum negociação forex menurutIslam (meski sudah banyak dikupas) maka berikut ini saya publicar o artigo Gainscope tentang FATWA MUI TENTANG TRADING FOREX. Di luar sana berkembang juga pendurar yang bersebarangan dengan fatwa MUI ini di mana mereka tetap berpendirian pada bahwa negociação forex adalah HARAM dengan hujjahargumen yang mereka pegangi. Keputusan berpulang pada dan ada de tangan Anda. Selamat membaca. 1. Apakah Trading Forex Haram 2. Apakah Trading Forex Halal 3. Apakah negociação Forex diperbolehkan dalam Agama Islão 4. Apakah SWAP itu Mari kita (AL-SHARF) Bahas dengan artikel yang pertama: Forex Dalam Hukum Islã Dalam bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum Islão, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhankomoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan pena de permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGANO NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawil inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS 1. Ada Ijab-Qobul. --- 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 e melakukan tindakantindakan hukum (dewasa dan berpikiran sehat) 2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu: Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri Atau, kuasanya, atas, izin, pemiliknya, Barang, sudah, berada, ditangannya, jangada, barangnya, diperoleh, dengan, imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Jangan kamu membeli ikan dalam ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. (Hadis Ahmad bin Hambal de Al Baihaqi dari Ibnu Masud) Jual beli barang yang tidak di diaturat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudiano 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: 8220Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islão: 8220Kesulitan itu menarik kemudahan.8221 Demikiano juga jual beli barang-barang yang telah terbungkustertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi etiqueta yang menerangkan isinya. Vide Sabiq, op. Cit. Hal 135. Mengenai teks kaidah hukum Islão tersebut di atas, vide Al Suyuthi, Al-Asbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55. JUAL BELI VALUTA ASSISTENTE DAN SAHAM Yang dimksud dengan valga asing adalah mata uang luar negeri seperi dolar Amerika, sterling inggris, ringgit Malásia dan sebagainya. Apabila antara, negara, terjadi, perdagangan, internasional, maka, tiap, negara, membutuhkan, valuta, unir, alat, bayar, luar, negeri, yang, dalam, dunia, perdagangan, disebut, devisa. Misalnya eksportir Indonésia Azerbaijão Azerbaijão Azerbaijão Azerbaijão Pedido de Propostas Aviso de privacidade Aviso de privacidade Sobre nós Aviso legal Condições de utilização Dengan demikian akan timbul pena e perminataan di bursa valuta asing. Setiap, negara, berwenang, penuh, menetapkan, kurs, uangnya, masing-masing (kurs, adalah, perbandingan, nilai, uangnya, terhadap, mata uang, asing), misalnya 1 dolar Amerika Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (AWJ Tupanno, Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77) FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syariah Nasional Majelis Ulama Indonésia No: 28DSN-MUIIII2002 tentang Jual Beli Mata Uang (Al-Sharf) a. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis. B. Bahwa dalam urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandangan ajaran islão berbeda antara satu bentuk dengan bentuk lain. C. Bahwa agar kegiatan transaksi tersebut, dilakukan, sesuai, dengan, ajaran, islam, DSN, memandang, perlu, menetapkan, fatwa, tentação, al-Sharf, unikon, pedoman. 1. Firman Allah, QS. Al-Baqarah2: 275:. Dan Allah telah menghalalkan jual beli dan mengharamkan riba. 2. Hadis nabi riwayat al-Baihaqi dan ibnu Majah dari Abu Said al-Khudri: Rasulullah saw bersabda, Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) (HR albaihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban). 3. Hadis Nabi Riwayat muçulmano, Abu Daud, Tirmidzi, Nasai, dan Ibn Majah, dengan teks muçulmanos dari Ubadah bin Shamit, Nabi viu bersabda: (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, syair dengan syair, kurma Dengan kurma, dan garam dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. 4. Hadis Nabi riwayat Muçulmanos, Tirmidzi, Nasai, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: (Jual-beli) emas dengan perak adalah Riba kecuali (dilakukan) secara tunai. 5. Hadis Nabi riwayat muçulmano dari Abu Said al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagiano atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian Atas sebagian yang lain dan janganlah menjual emas perak tersebut yang tidak tunai dengan yang tunai. 6. Hadis Nabi riwayat Muçulmano dari Bara bin Azib dan Zaid bin Arqam. Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 7. Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: Perjanjian dapat dilakukan de antara kaum musrem, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. 8. Ijma. Ulama sepakat (ijma) bahwa akad al-sharf disyariatkan denga syarat-syarat tertentu 1. Surat dari pimpinah Unidade Usaha Syariah Bank BNI no. UUS2878 2. Pendapat peserta Rapat Pleno Dewan Síriah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H 28 de março de 2002. Dewan Syariah Nasional Menetapkan. FATWA TENTANG JUAL BELÍ MATA UANG (AL-SHARF). Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut: 1. Tidak untuk spekulasi (untung-untungan). 2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan). 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama e secara tunai (at-taqabudh). 4. Apabila berlainan jenis maka, harus, dilakukan, dengan, nilai, tukar (kurs), yang, berlaku, pada saat transaksi dan secara tunai. Kedua. Tradução automática Tradução automática IMPORTANTE: Este artigo foi traduzido por um sistema de tradução automática (também designado por outros países). Transação privada Transação privada Transação privada Transação privada Transação privada Transação privada Transação privada Atendimento ao cliente: Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional. 2. Transaksi FORWARD, o transaquero de yaitu pembeliano dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adala harga yang diperjanjikan (muwaadah) dan penyerahannya dilakukan de kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk para a frente acordo untuk kebutuhan yang tidak dapat dihindari (lil Hajah) 3. Transaksi SWAP yetu suatu kontrak pembeliano atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembeliano antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi). 4. TRANSAKSI OPÇÃO yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta asing pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengue ketentuan jika di kemudiano hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H 28 Maret 2002 M DEWAN SYARIAH NASIONAL - MAJELIS ULAMA INDONÉSIA Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh Dr. Mohammed Obaidullah de bawah ini tentang ISLÂMICO FOREX TRADING. 1. Os Contratos Básicos de Câmbio Existe um consenso geral entre os juristas islâmicos de que as moedas de diferentes países podem ser trocadas numa base pontual 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. Também parece haver um consenso geral entre a maioria dos estudiosos sobre a opinião de que o câmbio a termo não é permitido, isto é, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável divergência de opinião entre os juristas quando os direitos de uma das partes, o mesmo que a obrigação da contraparte, são adiados para uma data futura. Para elaborar, vamos considerar o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rupias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rupee-dólar acordada é de 1:20 ea transação envolve a compra e venda de 50. A primeira situação é que A faz um pagamento à vista de Rs1000 para B e aceita o pagamento de 50 de B. A transacção é liquidada numa base pontual de ambas as extremidades. Tais transações são válidas e islâmicamente permitidas. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambas as extremidades seja adiada para uma data futura, digamos depois de seis meses a partir de agora. Isto implica que tanto A como B fariam e aceitariam o pagamento de Rs1000 ou 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islâmicamente permitido. Uma visão minoritária a considera admissível. O terceiro cenário é que a transação é parcialmente liquidada a partir de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B para pagar 50 para ele depois de seis meses. Alternativamente, A aceita 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Há visões diametralmente opostas sobre a admissibilidade de tais contratos, que equivalem a bai-salam em moedas. O objetivo deste trabalho é apresentar uma análise abrangente de vários argumentos em apoio e contra a permissibilidade desses contratos básicos envolvendo moedas. A primeira forma de contratação envolvendo a troca de contravalores em uma base spot está além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é diferida para uma data futura é geralmente discutida no âmbito da proibição riba. Assim, discutiremos detalhadamente este contrato na seção 2 sobre a questão da proibição da 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 é, portanto, o tema central da seção 3 que trata da questão do gharar. Seção 4 tenta uma visão holística da Sharia relaciona questões como também a importância econômica das formas básicas de contratação no mercado de moeda. 2. A questão da proibição 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 riba proibição. A necessidade de eliminar riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu contexto sharia é geralmente definido2 como um ganho ilícito 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 governadas por A mesma causa eficiente (illa). Riba é geralmente classificada em riba al-fadl (excesso) e riba al-nasia (adiamento) que denotam uma vantagem ilegal por meio de excesso ou adiamento, 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 a qualquer das partes. Este último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação é liquidada no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que surge quando o credor pergunta ao mutuário na data de vencimento se este último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado pela cobrança de juros sobre o montante inicialmente emprestado. A proibição de riba na troca de moedas pertencentes a diferentes países requer um processo de analogia (qiyas). E em qualquer exercício de analogia (qiyas), a causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com o seu sujeito, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) em caso de contratos de troca foi definida vària pelas escolas principais de Fiqh. Esta diferença reflecte-se no raciocínio análogo para moedas de papel pertencentes a diferentes países. 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, o ouro ea prata desempenhavam todas as funções do dinheiro (thaman). As moedas eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido neles). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande pedaço de transações. Muitas outras commodities, tais como, vários metais inferiores também serviram como meio de troca, mas com aceitabilidade limitada. Estes são descritos como fals na literatura Fiqh. Estes também são conhecidos como thaman istalahi por causa do 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 acima mencionadas de moedas foram tratadas de forma muito diferente pelos primeiros juristas islâmicos do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas de papel da era atual se enquadram na primeira categoria ou na segunda. Uma visão 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 este último. Daí, por analogia raciocínio, todas as normas relacionadas com a Sharia e injunções aplicáveis ​​a thaman haqiqi também deve ser aplicável 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. A opinião contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi devido ao fato de que seu valor nominal é diferente de seu valor intrínseco. Sua aceitabilidade decorre de seu status legal dentro do país nacional ou importância econômica global (como no caso de dólares americanos, por exemplo). 2.1. Uma síntese de pontos de vista alternativos 2.1.1. A proibição da riba baseia-se na tradição de que o santo profeta disse: Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data para a data, Sal para sal, nas mesmas quantidades no local e quando as mercadorias são diferentes, vender como lhe convier, mas no local. Assim, a proibição da riba aplica-se principalmente aos dois metais preciosos (ouro e prata) e quatro outras mercadorias (trigo, cevada, tâmaras e sal). Aplica-se também, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer um dos gêneros dos seis objetos citados na tradição. No entanto, não há um consenso geral entre as várias escolas de Fiqh e até mesmo estudiosos pertencentes à mesma escola sobre a definição e identificação de causa eficiente (illa) de riba. Para os Hanafis, a causa eficiente (illa) de riba tem duas dimensões: os artigos trocados pertencem ao mesmo gênero (jins), estes possuem peso (wazan) ou mensurabilidade (kiliyya). Se em uma dada troca, ambos os elementos da causa eficiente (illa) estão presentes, isto é, os contravalores trocados pertencem ao mesmo gênero (jins) e são todos pesáveis ​​ou todos mensuráveis, então nenhum ganho é permitido (a taxa de câmbio deve Ser igual à unidade) ea troca deve ser em uma base spot. No caso do ouro e da prata, os dois elementos da causa eficiente (illa) são: unidade de gênero (jins) e peso. Esta é também a visão Hanbali de acordo com uma versão3. Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, somente as transações no local sem qualquer ganho são permitidas. Também é possível que em uma dada troca, um dos dois elementos da causa eficiente (illa) esteja presente e o outro esteja ausente. Por exemplo, se os artigos trocados são todos pesáveis ​​ou mensuráveis, mas pertencem a gêneros diferentes (jins) ou, se os artigos trocados pertencem ao mesmo gênero (jins), mas nenhum deles é mensurável e pesável, então troque com ganho (a uma taxa diferente de Unidade) é permissível, mas a troca deve ser em uma base spot. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas nenhuma liquidação diferida é permitida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em uma dada troca, então nenhuma das injunções para riba proibição se aplica. O câmbio pode ocorrer com ou sem ganho e ambos em uma posição ou diferido. Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países, a proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a diferentes países são entidades claramente distintas que são moeda legal dentro de limites geográficos específicos com diferentes valor intrínseco ou poder de compra. Portanto, a grande maioria dos estudiosos talvez afirme com razão que não há unidade de gênero (jins). Além disso, estes não são nem pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe nessa troca. Assim, a troca pode ter lugar livre de qualquer injunção sobre a taxa de câmbio ea 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, uma vez que estas têm poder de compra diferente. Além disso, o valor intrínseco ou valor de moedas de papel não pode ser identificado ou avaliado ao contrário de ouro e prata, que pode ser pesado. Portanto, nem a presença de riba al-fadl (por excesso), nem riba al-nasia (por adiamento) pode ser estabelecida. A escola Shafii de Fiqh considera a causa eficiente (illa) em caso de ouro e prata para ser sua propriedade de ser moeda (thamaniyya) ou o meio de troca, unidade de conta e armazenamento de valor. Este é também o Maliki view. De acordo com uma versão deste ponto de vista, mesmo que o papel ou o couro seja o meio de troca e seja dado o status de moeda, então todas as regras relativas ao naqdain, ou ouro e prata se aplicam a eles. Assim, de acordo com esta versão, a permuta envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitida, mas deve ser liquidada numa base spot. Outra versão das duas escolas de pensamento acima é que a causa eficiente citada acima (illa) de ser moeda (thamaniyya) é específica para ouro e prata, e não pode ser generalizada. Ou seja, qualquer outro objeto, se usado como meio de troca, não pode ser incluído em sua categoria. Portanto, de acordo com esta versão, as injunções da Sharia para a proibição riba não são aplicáveis ​​às moedas de papel. As moedas pertencentes a diferentes países podem ser trocadas com ou sem ganho, tanto em bases fixas como diferidas. Os defensores da versão anterior citam o caso da troca de moedas de papel pertencentes ao mesmo país em defesa da sua versão. A opinião consensual dos juristas neste caso é que tal troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser liquidada numa base pontual. Se considerarmos o Hanafi ea primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) está presente, ou seja, eles pertencem ao mesmo gênero (jins ). Mas as moedas de papel não são nem pesáveis ​​nem mensuráveis. Por conseguinte, a lei Hanafi permitiria, aparentemente, a troca de quantidades diferentes da mesma moeda numa base pontual. Da mesma forma, se a causa eficiente de ser moeda (thamaniyya) é específica apenas para ouro e prata, então Shafii e Maliki lei também permitiria o mesmo. Escusado será dizer que isso equivale a permitir empréstimo e empréstimos baseados em riba. Isso mostra que, é a primeira versão do pensamento Shafii e Maliki que está subjacente à decisão de consenso de proibição de ganho e liquidação diferida em caso de troca de moedas pertencentes ao mesmo país. Segundo os proponentes, estender essa lógica à troca de moedas de diferentes países implicaria que a troca com ganho ou a uma taxa diferente da unidade é permitida (já que não há unidade de jins), mas a liquidação deve ser feita numa base pontual. 2.1.2 Comparação entre Currency Exchange e Bai-Sarf Bai-sarf é definido na literatura Fiqh como uma troca envolvendo o thaman haqiqi, definido como ouro e prata, que serviu como principal meio de troca para quase todas as grandes transações. Os defensores do ponto de vista de que qualquer troca de moedas de diferentes países é o mesmo que bai-sarf argumentam que na atualidade as moedas de papel substituíram efetiva e completamente o ouro e a prata como meio de troca. Assim, por analogia, a troca envolvendo tais moedas deve ser governada pelas mesmas regras da Sharia e injunções como bai-sarf. Argumenta-se também que, se a liquidação diferida por qualquer das partes no contrato é permitida, isso abriria as possibilidades de riba-al nasia. Os oponentes da categorização do câmbio de moeda com o bai-sarf no entanto assinalam que a troca de todas as formas de moeda (thaman) não pode ser denominada como bai-sarf. De acordo com este ponto de vista, bai-sarf implica a troca de moedas feitas de ouro e prata (thaman haqiqi ou naqdain) e não de dinheiro pronunciado como tal pelas autoridades estatais (thaman istalahi). As moedas de idade presente são exemplos deste último tipo. Esses estudiosos encontram apoio nesses escritos que afirmam que se as mercadorias de troca não são ouro ou prata (mesmo que uma delas seja ouro ou prata) então, a troca não pode ser denominada como bai-sarf. As referidas disposições relativas ao bai-sarf também não seriam aplicáveis ​​a essas trocas. De acordo com o Imam Sarakhsi4, quando um indivíduo compra fals ou moedas feitas de metais inferiores, tais como, cobre (thaman istalahi) para dirhams (thaman haqiqi) e faz um pagamento à vista desta última, mas o vendedor não tem falsas naquele momento , Então tal troca é permissível. Tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia (enquanto que no caso de bai-sarf, é.) Existem várias referências semelhantes que indicam que os juristas não classificam uma troca de fals (thaman istalahi) por outro fals ( Thaman istalahi) ou ouro ou prata (thaman haqiqi), como bai-sarf. Por conseguinte, as trocas de moedas de dois países diferentes que só podem ser qualificadas como thaman istalahi não podem ser classificadas como bai-sarf. Também não pode ser imposta a essas transacções a restrição relativa à liquidação à vista. Note-se aqui que a definição de bai-sarf é fornecida literatura Fiqh e não há menção do mesmo nas tradições sagradas. As tradições mencionam a riba, ea venda e compra de ouro e prata (naqdain), que pode ser uma importante fonte de riba, é descrito como bai-sarf pelos juristas islâmicos. Deve-se notar também que na literatura Fiqh, bai-sarf implica troca de ouro ou prata apenas se estes estão sendo usados ​​como meio de troca ou não. Intercâmbio envolvendo dinares e ornamentos em ouro, ambos de qualidade como bai-sarf. Vários juristas têm procurado esclarecer este ponto e definiram sarf como aquela troca em que ambas as mercadorias trocadas são na natureza do thaman, não necessariamente thaman eles mesmos. Assim, mesmo quando uma das mercadorias é ouro processado (digamos, ornamentos), tal troca é chamada bai-sarf. Os defensores do ponto de vista de que o câmbio de moeda deve ser tratado de forma semelhante ao bai-sarf também derivam o apoio de escritos de eminentes juristas islâmicos. De acordo com Imam Ibn Taimiya qualquer coisa que executa as funções de meio de troca, unidade de conta, e armazenamento de valor é chamado thaman, (não necessariamente limitado a ouro e prata). Referências semelhantes estão disponíveis nos escritos do Imam Ghazzali5. Quanto às opiniões do Imam Sarakhshi sobre o intercâmbio envolvendo fals, de acordo com elas, alguns pontos adicionais precisam ser observados. Nos primeiros dias do Islã, dinares e dirhams feitos de ouro e prata foram utilizados principalmente como meio de troca em todas as grandes transações. Somente os menores foram assentados com 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 amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. 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. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. 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. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar 3.1 Defining Gharar Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exc hange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. 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 amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party - whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. 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. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract - speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. Notes amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic. 8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices. 9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller. 10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible. 11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty. 12. The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allahs 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 mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, IndiaI am traveling to Middle East and South East Asia in the upcoming weeks where the population is largely Muslim and before my trip all my soon to be trainees are asking Forex is Halal or Haram I am not a religious person, hence I could not find an answer for this question myself, but I took this opportunity to learn from Islamic Scholars about their opinion whether or not Forex is Halal or Haram . Primeira pergunta: O que é Haram Resposta comum Haram é algo que o Deus eo Profeta foram completamente e especificamente proibido como esse ato ou matéria seria considerado impuro e indecente. A segunda resposta comum era um ato que é mau ou pecaminoso. É Forex Haram Desde que eu tenho a definição de Haram, meu principal objetivo foi baseado em porque Forex é considerado Haram por tantas pessoas lá fora, enquanto tantas pessoas consideram Forex Halal e ganhar a vida em Forex como uma indústria. Platão disse uma vez que o comportamento humano flui de três fontes principais: desejo, emoção e conhecimento A resposta a mais grande e a mais reta que eu comecei dos objectors de Forex que pensam que o Forex é Haram era Forex é Gambling e Gabling é Haram no Islão. Depois de tantas discussões com esses imãs, orações e pessoas religiosas ativas, chegamos ao seguinte acordo comum. Forex é Halal IF Forex é Halal se você não está jogando e tem seus objetivos finais claramente diferenciados. 2- Not gamble on the trend direction but analyze the market 3- Not trade for the sake of excitement but trade for the potential income and to make a living 4- Not to approach it as a game but as a job 5- Have a mindset to win or to protect your equity rather than telling yourself if I win I win, if not next time 6- You learn from your losses and move on with the decision taken by yourself rather than blaming the market or blaming the situation 7- You have a SWAP free account or trade avoiding SWAP Forex is Halal or Haram There is a thin line between trading and gambling, we all must admit it. Mas a boa notícia é que você pode evitar ser um jogador. 1- Somente tomar negociações com uma alta probabilidade de fazer lucro com base em sua análise 2- Saia de um comércio é tão importante quanto entrar um, ter um plano de comércio 3- Defina seus níveis de parada 4- Escolha o tamanho da entrada direita, se você for Arriscando tudo para dobrar o seu é chamado de jogo 5- Saiba o que você está negociando 6- Entenda os prazos, não ser viciado é um sinal de jogo 7- Voltar testar sua estratégia e visam a desenvolvê-lo 8- Constantemente rever o seu histórico Desempenho e tentar entender por que você fez perda e lucro 9- Ser disciplinado, a negociação é um trabalho não um jogo 11- Comércio com uma conta islâmica fornecendo Forex Broker Nota: O acima é uma parte da minha pesquisa de 1 semana com 3 estudiosos islâmicos de Azerbaijão, 1 de Irag, 1 dos Emirados Árabes Unidos, 1 da Indonésia e 1 do Egito. Uma vez que este assunto é discutível, por favor, sinta-se livre para comentar seus pensamentos abaixo na seção de comentários