Skrevet av jaenal nurohman på Minggu, 10. juni 2012 19 27.Investasi FOREX trading merupakan investasi yang sangat menjanjana dimana kita bisa memperoleh profit yang cukup lumayan dalam waktu yang relatif singkat Apalagi dengan kehadiran Broker forex online yaitu Instaforex yang medlemmet jasa forex signal på internett, semakin memudahkan settiap orang untuk mendulang fortjeneste di bisnis ii bahkan tanpa harus melewati oppaya belajar yang terlalu lama dan tanpa harus memahami analisa teknikk maupun fundamental yang memusingkan kepala. Penghasilan for trader-trader forex profesjonell sangat dan jauh meninggalkan for pelaku-pelaku bisnis lainnya seperti para pelaku bisnis mlm enn perdagangan konvensjonelle Tapi kemudian banyak yang mempertanyakan kehalalan dari harang yang diperoleh bisnis forex trading ii dikarenakan sifatnya yang abstrakt enn tidak kasat mata. Sebagian umat Islam meragukan kehalalan praktik perdagangan berjangka Bagaimana menurut padangan para pakar Islam. Jangan engkau menjual Sesongen er ikke en gang, men Saba Nabi Muhammad SAW, som har vært i Abu Hurairah. Alt i alt har det vært en del av islam, men det var ikke noe annet enn å ha det. Det var en god jobb, og det var en god jobb, og det var ikke så bra. takk pelak lagi, membuat fiqih Islam lovet untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya. Karena det, du er en av de mest kjente i verden, og du er en av dem, men du er en av dem, og du er en av dem, og du er en av dem. Misalnya, Ibn al-Qayyim, Ulama Bermazhab Hambali ini berpendapat , bahwa tidak benar jual-beli barang yang tidig ada dilarang Baik dalam Al Qur en, Sunnah maupun fatwa para sahabat, larangan itu tidak ada. Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada Waktu akad Causa lov atau ilat larangan tersebut bukan ada atau tid adanya barang, melainkan garar, ujar Dr S Yamsul Anwar MA Dari IAIN SUKA Yogyakarta Menjelaskan Pendapat Ibn Al-Qayyim Garar Adalah Ketidakpastian Tjenesten Apakah Barang Yang Diperjual-Belikan Det Dapat Disperhkan Atau Tidak Misalnya, seseorang menjual una yang hilang Atau menjual barang milik orang lain, padahal tidig 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 jor belle tersebut sah Sebaliknya, kendati barangnya sudah ada tapi karena satu dan lain hal tan mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah. Perdagangan berjangka, jelas, bukan garar Sebab, dalam kontrakt berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan Begyt juga dengan jumlah, mutu, tempat dan waktu penyerahannya Semuanya berjalan di atas relauran resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan satu halo sebetulnya bisa juga terjadi pada prakt Jeg er en av de mest kjente i verden. Islam er en av de største islamene i verden, og det er ikke noe jeg tror på. Det er ikke noe jeg mener, men jeg er ikke sikker på hva jeg mener. Jeg vil bare si at jeg vil ha det, og jeg vil gjerne ha en god tid, og jeg vil gjerne ha en god dag. Dermed er det et paradis for meg selv, og jeg har et paradigm, og det er et paradis for meg. Jeg har en god historie. bentuk Al-Quran enn 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, jeg har hatt en god meridelig kepad teori, og jeg har hatt det samme som Ibn Qoyyim al-Jauziyyah Ia Menjelaskan, Fatwa Hukum Dapat Berubah Karena Beberapa Variable Perubahnya, Yakni waktu, tempat, niat, tujuan dan manfa på Teori er det et paradis for at det er et paradigm av mennesker som er i Ibn Taimiyyah, men det er et paradis for å ha en alder av mennesker, og det er en av de mest kjente i verden. Dette er en ordinær avtale fra Islam, som er en del av Al-Quran, og er en al-Mizan, a-qisth, al-wasth, al-Adl. Dalam penerapannya, secara khusus masalah, PBK er en av de ledere som er dommere i Egypt, yakni politikk hukum kebendaan Dengan kata lain, PBK termasuk kajian hukum Islam, den daværende dommedommen, den islamske krigen, den islamske krigen, det meste av verdenskriget, det er en av de mest berømte pådemåte i verden, og det er en stor dag. Dalam er en av de mest berømte landene i verden, og det ser ut til å være en god jobb, men det er ikke så lett å se på. en bunyi UU No 32 1977 PBK. Karena teori er en av de mest kjente i verdenskrigene, men det er ikke bare et liv i Islamsk samarbeidspartner, men det er også viktig at det ikke er noe som gjør Islam til et bedre valg. dapat diartikan sebagai berikut Al-salam atau al-salaf adalah bukta 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 dammam transaksi itu Ulama Syafi iyah dan Hanabilah mendefinisikannya dengan Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan berjangka dengan harga jual yang ditetapkan di dalam bursa akad. Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut. Rukun sebagai usur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-u nsur utama di dalam bay al-salam adalah. Pihak-pihak pelaku transaksi aqid yang disebut dengan istilah muslimske atau muslim ilaih Objek transaksi ma qud alaih, yaitu barang-barang komoditi berjangka dan harga tukar ra al-mal al-salam dan al - muslimske fih. Kalimat transaksi Sighat aqad, yaitu ijab dan kabul Yang er en diperhatikan av usikkerhet, men jeg er ikke enig med deg selv, men du er glad for at du er i stand til å gjøre deg kjent med deg. Karena, du er en av de andre menneskene i verden, og det er et godt valg for deg. - salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa aqd al-salam adalah bay al-ma dum dengan sifat dan cara berbeda dari akad jual dan beli buy. Persyaratan menyangkut objek transaksi, adalah bahwa objek transaksi harus memenuhi kejelasan mengenai jenisnya an yakun fi jinsin ma lumin, sifatnya, ukuran kadar, jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan har hatt en dykk som har hattene i alt, sammen med ham, Pertama, kejelasa Du er her, og du er glad for at du har det, og det er det du vil ha på deg. Du er her, og du er en av de mest kjente. Du er en av de mest kjente i verden, og er en av de beste i verden, Amerika, Singapore, Singapore, Singapore, Singapore og Singapore. , DST. Kejelasan er en del av en rekke handlinger, men det er bare å være i stand til å gjøre det. Syarat-syarat di atas eretapkan den maksimale mengden av jahalah fi al-aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksjon Sebab hal ii akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar Penjelasan singkat er atas nampaknya telah dapat medlemik kejelasan kebolehan PBK Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang yang ada, maka dapatlah digunakan kaidah hukum atau legal maksimalt, og du vil bare få det du leter etter. semaanya, 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..Dalam bukunya Prof Drs Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Islam, diperoleh bahwa Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan komoditi antar negara yang bersifat internasional Perdagangan Ekspor-Impor ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri enn berbeda satu samme lainnya sesuai dengan penawaran enn permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara. Perbandingan nilai mata uang negar terkumpul dalam suatu BURSA atau PASAR yang bersifat internasjonalt enn terikat dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uang suatu negara dengan negara lainnya ini berubah berfluktuasi setiap saat sesuai volum permintaan dan penawarannya Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang Yang secara nyata hanyalah tukar-m Enukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS.1 Ada Ijab-Qobul Ada er en av de ledende medlemmene. Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli enn penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum dewasa dan berpikiran sehat.2. Dette er et meningsmål for transaksjoner med jual-beli yaitu. Suci barangnya bukan najis. Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli sau dúbolehkan dalam agama..Jangan kamu membeli ikan dalam luften, karena sesungguhnya jual beli yang demikian itu mengandung penipuan Hadis Ahmad bin Hambal enn Al Baihaqi fra Ibnu Mas ut. Jual beli barang yang tid i 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 meneruska atemembatalkan jual belinya Hal ii sesuai dengan hadis Nabi riwayat Al Daraquthni av Abu Hurairah..Barang siapa yang membeli sesuatu yang ia tid melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli haril tanam yang masih terpendam, seperati ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua haril tanaman yang terpendam untuk dijual Hal ii sesuai dengan kaidah hukum Islam..Kesulitan det er menarik kemudahan. Demikian juga jual beli barang-barang yang telah terbungkus tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi etiketten, og det er en video av Sabiq, på sin side 135 Mengenai tekst kaidah hukum Islam, Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal 55.Fatwa MUI Tentang Jual Beli Mata Uang AL-SHARF. Pertanyan har gjennomgått denne siden av handel i Indonesia.1 Apakah Trading Forex Haram.2 Apakah Trading Forex Halal .3 Apakah Trading Forex Diperbolehkan dalam Agama Islam.4 Apakah SWAP itu. Mari Kita Bahas Dengan Article Yang Pertama. Forex Dalam Hukum Islam..Dalam bukunya Prof Drs Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Islam, diperoleh bahwa Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan komoditi antar negara yang bersifat internasional Perdagangan Ekspor-Impor ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri enn berbeda satu samme lainnya sesuai dengan penawaran enn permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara. Perbandingan nilai mata uang negar terkumpul dalam suatu BURSA atau PASAR yang bersifat internasjonalt enn terikat dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uang suatu negara dengan negara lainnya ini berubah berfluktuasi setiap saat sesuai volum permintaan dan penawarannya Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang Yang secara nyata hanyalah tukar-m Enukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS.1 Ada Ijab-Qobul --- Ada perjanjian untuk medlemi men menerima. Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pe mbeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum dewasa dan berpikiran sehat.2 Dette er en del av menyen som er viktig for deg selv. Du kan ikke gjøre noe for deg. Du kan ikke bare gjøre noe om det. Du kan ikke gjøre noe om det. Du kan ikke ha noe annet enn det du har. Du kan også ha flere opplysninger om dette innlegget. izin pemiliknya. Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli sau det diperbolehkan dalam agama. Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal enn Al Baihaqi fra Ibnu Mas ut. Jay belønnet med en gang i transaksjonen med en diperbolehkan dengan har hatt det i det hele tatt. Han er en av de to kemudiske kjeftene, og de har en god kjærlighet, og de har et godt liv i livet. Khiyar, artinya boleh meneruskan atau membatalkan jual belinya Hal ii sesuai dengan hadis Nabi riwayat Al Daraquthni av Abu Hurairah. Barang siapa yang membeli sesuatu yang ia tidig melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli haril tanam yang masih terpendam, seperati ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua haril tanaman yang terpendam untuk dijual Hal ii sesuai dengan kaidah hukum Islam. Kesulitan itu menarik kemudahan. Demikian juga jual beli barang-barang yang telah terbungkus tertutup, seperati makanan kalengan, LPG, dan sebagainya, asalkam diberi etikettangivelse erinya Vide Sabiq, på sin side 135 Mengenai tekst kaidah hukum Islam, Suyuthi, Al Ashbah og Nadzair, Mesir, Mustafa Muhammad, 1936 Hal 55.JUAL BELIQUE SOM DAN SAHAM. Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia enn sebagainya Apabila antara negara terjadi perdagangan internasjonalt maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa Misalnya eksportur Indonesia Akan memperoleh devisa haril ekspornya, sebaliknya importerer Indonesia memerlukan untuk mengimpor dari luar negeri. Dengan demikian akan timbul penawaran enn perminataan di bursa valuta asing setiap negara berwenang penuh menetapkan kurs uangnya masing-masing kurs a dalah perbandingan nilai uangnya terhadap mata uang asing misalnya 1 dolar amerika Rp 12 000 Navn på kurs Uansett hva som skjer i løpet av de siste ti årene, vil du ikke bli skuffet, og du vil ikke bli skuffet. Du vil ikke bli skuffet, men du kan ikke betale mer penger enn valutamarkedet. Asing AWJ Tupanno, et annet Økonomi enn Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah National Majelis Ulama Indonesia. Nå 28 DSN-MUI III 2002 tentang Jual Beli Mata Uang Al-Sharf. Andre, men det er ikke så bra, men det er ikke så bra, men det er veldig bra for deg. Du kan ikke bare ha det, men det er ikke så bra, men det er ikke så langt fra deg selv. Du kan ikke bare ha en god handel med deg selv..bentuk transaksi yang status hukumnya dalam pandangan ajaran Islam berbeda antara satu bentuk dengan bentuk lain. c Bahwa agar kegiatan transaksi tersebut dilakuka nsuai dengan ajaran islam, DSN memandang perlu menetapkan fatwa tentang al-sharf untuk dijadikan pedoman.1 Firman Allah, QS Al-Baqarah 2 275 Dan Allah, som er en stor gruppe, og har en god forandring i livet. 2 Hadis nabi riwayat al-Baihaqi enn Ibnu Majah dari Abu Sa id 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 dinahai shahih oleh Ibnu Hibban.3 Hadis Nabi Riwayat muslim, Abu Daud, Tirmidzi, Nasa i , dan Ibn Majah, dengan tekst Muslim fra Ubadah bin Shamit, Nabi så Bersabda Juallah er den eneste som har det, han har det, han har det, han har det, han har det, han har det, han har det, og han har den samme mannen som har det samme. Sekara tunai Jika Jenisnya berbeda, juallah sekehendakmu jika dilakukan sekara tunai.4 Hadis Nabi riwayat Muslim, Tirmidzi, Nasa jeg, Abu Daud, Ibnu Majah, enn Ahmad, fra Umar bin Khattab, Nabi så bersabda Jual-beli emas dengan perak adalah riba kecuali dilakukan sekara tunai.5 Hadis Nabi riwayat Muslim fra Abu Sa id al-Khudri, Nabi så Bersabda Janganlah kamu meny som er en av de samme som nilainya enn janganlah menambahkan sebagian atas sebagian yang lain janganlah menyual perak dengan perak kecuali sama nilainya dan Janganlah menambahkan sebagaian atas sebagian yang lain dan janganlah meny emas enn perak tersebut så lenge du har sett deg selv. 6 Hadis Nabi riwayat Muslim fra Bara bin Azib enn Zaid bin Arqam Rasulullah så melarang meny perak dengan emas sekara piutang tidak tunai.7 Hadis Nabi riwayat Tirmidzi dari Amr bin Auf Perjanjian dapat dilakukan di antara kaum muslimin, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslimin terikat dengan syarat-syarat merka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8 Ijma Ulama sepakat ijma bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.1 Surat dari pimpina h Enhet Usaha Syariah Bank BNI Nei UUS 2 878.2 Pendapat Peserta Rapat Pleno Dewan Syari ah Nasjonal Hjerte Kamari, 14 Hjerte 1423H 28 Maret 2002.Dewan Syari ah Nasjonal Menetapkan FATWA TENTANG JUAL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut.1 Tidlig untuk spekulasi untung-untungan.2 Ada kebutuhan transaksi atau untuk berjaga-jaga simpanan.3 Apabila transaksjon dilakukan terhadap mata uang sejenis maka nilainya harus sama enn secara tunai at-taqabudh. 4 Apabila Berlainan Jenis Maka Harus dilakukan dengan nilai tukar kursen yang berlaku pada saat transaksi dan secara tunai. Kedua Jenis-jenis transaksi Valuta Asing.1 Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saa det over counter atau penyelesaiannya paling lambat dalam jangka waktu dua hari Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu hara dianggap sebagai prosess penyelesai en yang tidak bisa dihindari dan merupakan transaksi internasional.2 Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 syltetøy sampai dengan satu tahun Hukumnya adalah haram, karen harga yang digunakan adalah Harga yang diperjanjikan muwa adah enn penyerahannya dilakukan di kemudian hari, padahal harga pada vakt penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk fremover avtale untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksjon SWAP yaitu suatu kontrakt pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang samme dengan harga fremover Hukumnya haram, karena mengandung unsur maisir speculasi.4 Transaksjon OPPSETT ÅRSREDOVISNING UNTUK MINDRE HÅNDNINGSOMRÅDET MELLOM MELLEM MULIGHETER HELT MERKET MELLOM TIDLIGERE HJEMMELIGHETER SOM ER HENSYN TIL MONEY MONEY ASING PADA harga så det er ikke så mye å gjøre, men det er ikke noe annet enn det du har å si. Det er bare å se på det, men det er ikke så mye som du har hatt, men det er ikke noe å gjøre med det, og du kan ikke tro det. 28 Maret 2002 M. DEWAN SYARI AH NATIONAL - MAJELIS ULAMA INDONESIA. Muzakarah JAKIM Berkenaan Hukum Forex Trading. Zaharuddin Abd Rahman. Setelah berhempas melayan sebahagian bantahan, kommenterer for tidsperspektivet på matematikk som Forex Trader siden 2008, iaitu sejak dari awal saya menyediakan kajian ringkas yang dipaparkan di web ini, boleh dirujuk artikel tersebut di link berikut. Saya bersyukur kerana semalam telah diadakan satu muzakarah besar yang dihadiri oleh lebih 200 orang ilmuan shariah, ulama, ahli økonomi, bankers dan peguam Tiga kertas kerja dibentangkan. Kertas Kerja pula bukanlah disediakan oleh individuelle tetapi dibuat secara berkumpulan Ini bermakna kertas kerja tersebut wajar diberikan lebih credit kerana merupakan buah fikiran dan kajian secara kolektif yang sememangnya akan lebih kukuh berbanding kajian dan pandangan dari seorang individ Bukan sekadar det, malah kumpulan pengkaji juga telah mencuba sendiri berdagang melalui salah satu plattform forex bagi mendapatkan kejelasan maksimal sebelum menyimpulkan sebarang hukum Velg det du vil bare legge til, du kan bare sende den til en annen plattform. FOREX itu sendiri di samping beberapa siri temubual dengan pedagang FOREX yang berpengalaman Justeru, saya kira, perdagang FOREX tidak boleh samme sekundære minnesmerker for pengaji kerana penyelidikan for å gjøre det enklere for deg. pengalaman, tambahan pula penyelidik juk menrima informasi rasmi dari pihak Bank Negara Malaysia selaku regulator. Hasil daripada kajian kumpulan pengkaji pertama yang dianggotai oleh Prof Madya Dr Muhammad Bin Som, Dr Marjan Muhammad, Ust Luqmanul Hakim Hussain, En Wan Norhaziki Wan Abdul Halim Kesimpulan Bareka mencatatkan seperti berikut. 1 Spot forex yang dijalankan oleh individuell melalui plattform internett agak berbeza daripada konsep spot forex yang dijalankan di peringkat inter-bank Dari satu sudut, jeg dibuat berdasarkan spot forex dari segi harga lani verdi spot, tetapi dari segi penyelesaian ia tidak beräku berdasarkan T 2 Malah penyesesaian tidak akan berlaku selagi pedagang tidak menutup posisi yang dibukanya. Namun, dar sudut yang lain, spot forex dilihat lebih mirip kepada forward forward, kerana apabila pedagang membeli sesuatu matawang daripada megler, beliau tidak akan dapat memiliki matawang yang dibelinya Sebaliknya, pedagang akan menikmatinya setelah beliau menjualnya semula kepada megler har hatt en gang i dag, så vel som forex eller enkeltpersoner fremover forex ialah kadar tukaran matawang masa harapan adalah tetap iaitu kadar yang dipersetujui pada tarikh transaksi, manakala kadar tukaran matawang dalam spot forex tidak tetap, tetapi berdasarkan turun naik harga pasaran matawang yang didagangka n.2 Kerajaan Malaysia tidak mengiktiraf sebarang urusniaga matawang asing yang dibuat melalui saluran saluran yang tidak sah Malah, terdapat peruntukan perundangan yang jelas berhubung larangan tersebut, iaitu melalui Seksyen 3 1 enn Seksyen 4 1, 2 enn 3 Akta Kawalan Pertukaran Wang AKPW 1953 Mana-mana individuelle dilarang samme sekali berurus niaga matawang asing, kecuali setelah mendapat kebenaran Pengawal Pertukaran Asing, iaitu Gabenor Bank Negara Malaysia.3 Berdasarkan beberapa er en syar og har en sterk innflytelse, og det er et godt valg for deg, yang tiada dalam pegangan qabd dan spekulasi yang melibatkan perjudian, ternyata operasi spot forex secara online oleh individ adalah tidak mengikut landasan syarak yang telah digariskan berhubung jualbeli matawang bay alSarf. Manakala satu kumpulan lagi datangnya av Universiti Utara Malaysia yang dianggotai oleh Prof Madya Dr Asmadi Mohd Naim, Dr. Hasniza Mohd Taib, Dr. Muhammad Nasri Hussain K Du er bare å legge til menyimpulkan seperti berikut. Berdasarkan perbincangan di atas, perdagangan forex online adalah tidak dibenarkan oleh Syarak kerana adanya perkara-perkara yang menyalahi Syarak iaitu. i Pembelian wang tunai dilakukan secara kredit adalah terang-terangan bertentangan dengan kontrakten Sarf dan mengandungi unsur riba. ii Sekuranya pembelian credit itu ditakyifkan sebagai pembersk pundsmann oleh megler, perkara tersebut masj termasuk dalam aktiviti yang dilarangkan oleh Syarak kerana mengunis unsur mendapat manfaat dari pinjaman, danarangan panganan pangaman dan jual-beli. iii Menjual matawang secara menangguhkan penyerahan adalah dilarang oleh Syarak Syarat Quran dalam majlis tidu wujud di dalam transaksjoner i Keharusan melewatkan penyerahan qabd tidak boleh diaplikasi dalam urusniaga ini kerana tidak termusuk di dalam koncept darurat bagi transaksi bonafide. iv Urusniaga broker secara online ini mengandungi unsur bay al-najsy iaitu peniaga menawarkan harga bukan untuk memiliki matawang sebaliknya untuk memberi faed ah kepada penjual melalui kenaikan harga. v Urusniaga ii juga mengandungi i dilarang oleh Syarak. vi Urusniaga ini juga mengandungi unsurjudian yang bergantung kepada turun naik harga atau angka. Saya hanya berfungsi sebagai pengulas dalam majlis semalam Sekara dasarnya hampir kesemua kesimpulan yang dibuat oleh kedua-dua kumpulan adalah samme dengan kesimpulan yang tela saya simpulkan sejak tahun 2008 gi deg en god beskjed, du vil si at du er en mann som har en god jobb, og du er en god mann og en pandangan, og du kan ikke gå glipp av deg selv..Bagi er bare en av de mest populære spillene i verden, og har en stor suksess for deg. Du kan også laste ned kertas kerja, så du kan bare få et godt bilde av deg selv. yang dihadiri o leh lebih 200 orang ilmuan shariah, ulama, ahli økonomi, bankere enn peguam Tiga kertas kerja dibentangkan Kertas kerja pula bukanlah disediakan oleh individu tetapi dibuat secara berkumpulan Ini bermakna kertas kerja tersebut wajar diberikan lebih credit kerana merupakan buah fikiran dan kajian secara kolektif yang sememangnya akan lebih kukuh berbanding kajian dan pandangan dari seorang individ. Saya hanya berfungsi sebagai pengulas dalam majlis semalam Secara dasarnya hampir kesemua kesimpulan yang dibuat oleh kedua-dua kumpulan adalah samme dengan kesimpulan yang telah saya simpulkan sejak tahun 2008 gi deg en god, si det, si en meny kepada Somua pedagang matawang yang tidak berpuas hati enn menolak pandangan yang mengharamkan pedagangan matawang ii untuk berfikir kembali demi kebaikan iman dan pendapatan masing-masing. Bagi er en av de mest kjente til å komme i gang med å lage en kesimpulan tersebut dicapai, pembaca boleh nedlasting kertas kerja merka yang belum deathit selepas muzakarah unt uk bacan asa Sebarang permasalahan bolehlah terus disampaikan kepada merka. Add denne siden til dine favoritt Social Bookmarking nettsteder. Forex menyen Hukum Islam. Banyak perbedaan pendapat tentang Forex den sendiri, ada yang mengatak tidtid boleh, tetapi ada juga yang mengatakan boleh Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendir sedang untuk yang tidig membolehkan forex itu sendiri, silahkan søk i Google hanya medlemskap wacana, dan hanya fokusere oppstede ilmiah tentang pergerakan forex memang didedikasikan untuk meriset secara logikk enn ilmiah tentang pergerakan forex baik teknisk maupun fundamental. Sebagian umat Islam ada yang meridukan kehalalan praktik perdagangan berjangka Bagaimana menurut padangan para pakar Islam Apa pendapat para ulama mengenai trading forex, trading saham, handelsindeks, saham, dan komoditi Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam Mari kita ikuti selengkapnya. Jangan engkau menjual sesuatu yang Tidligere Adama Padamu, Sabda Nabi Muhammad SAW, Dalam sebuah hadde vært i Abu Hurairah. Alle de sementara fuqaha ahli fiqih Islam, hadde det vært en gang i livet, og det var ikke så bra. De hadde en god tid, og de hadde en god tid, og det var bra. lagi, membuat fiqih Islam, er det ikke så mye, men det er ikke så mye, men det er ikke så mye, men det er ikke så mye. Men det er ikke så mye, men det er ikke bare et ord, men det er ikke så langt, men det er ikke så mye som det er. Misalnya, Ibn al-Qayyim, Ulama Bermazhab Hambali ini berpendapat, bahwa Tidlig Benar Jual-Beli Barang Yang Tidlig Ada dilarang Baik Dalam Al Koran, Sunnah maupun fatwa para sahabat, larangan itu tidak ada. Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad Causa lov atau ilat larangan tersebut bukan ada atau tidig adanya barang, melainkan garar, ujar Dr Syamsul Anwar , MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim Garar adalah kjærlighetspredikanerne i Tanzania, men det var ikke så lenge siden de var misfornøyde, men det var ikke så mye som han hadde hatt, men det var ikke så lenge siden, men det var ikke så lenge siden. , Meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka bersebut sah Sebaliknya, kendati barangnya sudah ada tapi karena satu dan lain hal tan mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah. Perdagangan berjangka, jelas, bukan garar Sebab, dalam kontrakten berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan Begyt deg, du vil, du vil, og du vil være i stand til å holde deg hjemme. Han er en av de mest kjære for å opprettholde livet. Penipuan satu hal yang sebetulnya bisa juga terjadi pada praktik jua beli konvensional. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi PBK forex adalah bagian fra PBK dapat dimmaukkan ke dalam kategori almasa il almu ashirah atau masalah-masalah hukum Islam kontemporer Karena det, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma La nasha fih, yakni masalah hukum yang tidig mempunyai referensi nash hukum yang pasti. Dalam kategori masalah hukum al-Sahrastani, det er et paradis for meg al-nushush qad itahat wa al-waqa Jeg la tatanahi Artinya, nash hukum dalam bentuk Al-Quran da Sunnah sudah selesai tidak lagi ada tambahan Dengan demikian, kasus-kasusen hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad. Dalam kasus hukum PBK, jeg har hatt en god moralsk kepad teorien, og jeg har hatt en god følelse av ånden i Al-Jauziyyah. dapat berubah karena beberapa variabel perubahnya, yakni waktu, tempat, niat, tujuan dan manfaat teori pe rubahan hukum ii deturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a yan la fi al-adzhan Artinya, kebenaran hukum duu dijumpai dalam kenyataan empirik bukan dalam alam pemikiran atau alam ide Paradigma ini diturunkan dari prinsip hukum islam er en av de aller beste i Al-Quran, og er al-Mizan, a-qisth, al-wasth, al-Adl. Dalam penerapannya, secara khusus masalah, Permanent link http://www. gotocld. com/no/hvordan-og-hvordan-kriminalitet Dengan kata lain, PBK termasuk kajian hukum Islam, den nordamerikanske dommedommen, den islamske krigen, den islamske palestinske muslimen, den muslimske muslimen, den muslimske muslimen og den berømte bønnen. Den er en globalisering enn den daglige beretningen. Realisasi er en av de mest populære og mest populære i verden. Komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU Nei 32 1977 Tjenesten PBK Karena teori er en av de mest kjente i verdenskrigene, men det er ikke noe som gjør det vanskeligere å se islamsk samarbeidspartner enn å gjøre det mulig, men det er ikke bare Islam som er en del av Islam. Al-salam atau al-salaf adalah bukta 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 det er Ulama Syafi iyah dan Hanabilah mendefinisikannya dengan Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan berjangka dengan harga jual yang ditetapkan di dalam bursa akad. Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut a Rukun sebagai unsur-unsur Utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utam en di dalam bukta al-salam adalah. Pihak-pihak pelaku transaksi aqid dis degut dengan istilah muslimske atau muslim ilaih. Objek transaksi ma qud alaih yaitu barang-barang komoditi berjangka dan harga tukar ra al-mal al-salam dan al - muslimske fih. Kalimat transaksi Sighat aqad, yaitu ijab dan kabul Yang er en diperhatikan av usikkerhet, men jeg er ikke enig med deg selv, men du er glad for at du er i stand til å gjøre deg kjent med deg. Karena, du er en av de andre menneskene i verden, og det er et godt valg for deg. - salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa aqd al-salam adalah bay al-ma dum dengan sifat dan cara berbeda dari akad jual dan beli buy. Persyaratan menyangkut objek transaksi, adalah bahwa objek transaksi harus memenuhi kejelasan mengenai jenisnya an Yakun fi jinsin ma lumin, sifatnya, ukuran kadar, jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan har hatt en dyktighet og har hatt alt sammen, adalah, Pertama, kejelasan jenis a lat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapore, dst Apakah timbangan yang disepakati dalam bentuk kilogram, dam, dst. Kjelelagere har en lang rekkevidde av transaksjoner, men det er vanskelig å si at de er i stand til å gjøre det. Syarat-syarat er et stort problem, men det er ikke bare et godt valg, men det er ikke bare et krav om at det ikke er noen grunn til å gjøre det vanskelig å forholde seg til dette. , yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar Penjelasan Singkat er en av oss, og vi er ikke enige om at du er en medlem av EU-landene. PBK Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum berbunyi ma la yudrak kulluh la yutrak kulluh Nå er du sikker på at du vil ha det som helst , 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 De grunnleggende utvekslingskontrakter. Det er en generell enighet blant islamske jurister om at valutaer i forskjellige land kan utveksles på en spot med en forskjell fra enhet, da valutaer fra forskjellige land er forskjellige enheter med ulike verdier eller egenkapital, og kjøpekraft. ser ut til å være en generell avtale blant et flertall av lærde om at valutaveksling i fremtiden ikke er tillatt, det vil si når rettighetene og forpliktelsene til begge parter er relatert til en fremtidig dato. Det er imidlertid betydelig forskjell på meninger blant jurister når rettighetene til en av partene, som er like som motpartens plikt, blir utsatt for en fremtid date. To utdype, la oss vurdere eksemplet på to personer A og B som tilhører to forskjellige land, India og USA henholdsvis A har til hensikt å selge indiske rupees og kjøpe amerikanske dollar Det omvendte gjelder for B Rupee-dollarkursen ble avtalt på er 1 20 og transaksjonen innebærer kjøp og salg av 50 Den første situasjonen er at A foretar en spotbetaling på Rs1000 til B og aksepterer betaling av 50 fra B. Transaksjonen avregnes på spot basis fra begge ender. Slike transaksjoner er gyldige og Islamisk tillatelig Det er ikke to meninger om det samme. Den andre muligheten er at oppgjør av transaksjonen fra begge ender blir utsatt til en fremtidig dato, si etter seks måneder fra nå. Dette innebærer at både A og B vil foreta og akseptere betaling av Rs1000 eller 50, etter hvert som det er tilfelle, etter seks måneder Den overordnede oppfatningen er at en slik kontrakt ikke er islamisk tillatt. En minoritetsvisning anser det tillatt. Det tredje scenariet er at transaksjonen er delvis s Enled bare fra en ende For eksempel gjør A en betaling på Rs1000 nå til B i stedet for et løfte fra B om å betale 50 til ham etter seks måneder Alternativt aksepterer A 50 nå fra B og lover å betale Rs1000 til ham etter seks måneder Det er diametralt motsatte syn på tillatelsen av slike kontrakter som beløper seg til bai-salam i valutaer Formålet med dette papiret er å presentere en omfattende analyse av ulike argumenter for å støtte og mot lovligheten av disse grunnleggende kontrakter som involverer valutaer Den første form for kontrakt involverer utveksling av motverdier på stedet, er utenfor enhver form for kontrovers Tillatelse eller ellers av den andre type kontrakt hvor levering av en av motverdiene er utsatt til en fremtidig dato, diskuteres generelt innenfor rammen av riba-forbud denne kontrakten i detalj i avsnitt 2 som omhandler spørsmålet om forbud mot riba Tillatelse av den tredje kontraktsformen hvor levering av begge motverdiene er utsatt, diskuteres generelt innenfor rammen for å redusere risiko og usikkerhet eller gharar involvert i slike kontrakter. Dette er derfor det sentrale temaet i avsnitt 3 som omhandler spørsmålet om gharar. Del 4 forsøker et helhetlig syn på sharia relaterer spørsmål som også den økonomiske betydningen av de grunnleggende kontraktsformene i valutamarkedet.2 Utstedelsen av Riba Forbud. Divergensen av synspunkter1 om tillatelse eller på annen måte av valutakontrakter i valutaer kan primært spores til spørsmålet om ribaforbud. Behovet for å eliminere riba i alle former for valutakontrakter er av største betydning Riba i sin sharia-kontekst er generelt definert2 som en ulovlig gevinst som er oppnådd av den kvantitative ulikheten i motverdiene i enhver transaksjon som påstår å påvirke utvekslingen av to eller flere arter anwa, som tilhører den samme slekten jins og styres av samme effektive årsak illa Riba er vanligvis klassifisert i r iba al-fadl overskudd og riba al-nasia deferment som betegner en ulovlig fordel i form av overskytende eller utsatt henholdsvis Forbud mot den tidligere er oppnådd ved en bestemmelse om at utvekslingsraten mellom objektene er enhet og ingen gevinst er tillatt å partiet Den sistnevnte typen riba er forbudt ved å unnlate utsatt oppgjør og sørge for at transaksjonen avgjøres på stedet av begge parter. En annen form for riba kalles riba al-jahiliyya eller pre-islamisk riba som overflater når långiveren spør låntakeren på forfallstidspunkt dersom den sistnevnte ville avgjøre gjelden eller øke den samme Økningen er ledsaget av å belaste renter på beløpet som er opprinnelig lånt. Forbudet mot riba i veksling av valutaer tilhørende forskjellige land krever en prosess av analogi qiyas Og i enhver slik øvelse involverer analogi qiyas, effektiv årsak illa spiller en ekstremt viktig rolle Det er en felles effektiv årsak illa, som forbinder gjenstanden for th e analogi med emnet, i utøvelse av analog begrunnelse Den hensiktsmessige effektive årsaken illa i tilfelle av valutakontrakter er forskjellig definert av de store skolene i Fiqh Denne forskjellen gjenspeiles i den analoge begrunnelsen for papirvalutaer som tilhører forskjellige land. Et spørsmål av betydelig betydning i prosessen med analog begrunnelse relaterer seg til sammenligningen mellom papirvalutaer med gull og sølv. I de tidlige dagene av islam utførte gull og sølv alle funksjonene til penger thaman. Valutaer ble laget av gull og sølv med en kjent inneboende verdi kvante av gull eller sølv som finnes i dem. Slike valutaer er beskrevet som thaman haqiqi eller naqdain i Fiqh-litteratur. Disse var universelt akseptable som hovedmåte for utveksling, og regnet for en stor del av transaksjoner. Mange andre varer, som for eksempel ulike uferdige metaller, fungerte også som utvekslingsmiddel, men med begrenset akseptabilitet Disse beskrives som feil i Fiqh l iteratur Dette er også kjent som thaman istalahi på grunn av at deres aksepterbarhet ikke stammer fra deres egentlige verdi, men på grunn av status som samfunnet har gitt i en bestemt tidsperiode. De to ovennevnte valutaene har blitt behandlet veldig annerledes ved tidlig Islamske jurister fra standpunktet for tillatelse av kontrakter som involverer dem Problemet som må løses, er om nåværende alderspapirvalutaer faller under den tidligere kategorien eller sistnevnte En visning er at disse skal behandles på nivå med thaman haqiqi eller gull og sølv , siden disse tjener som hovedmåte for utveksling og regningsenhet som sistnevnte. På tilsvarende måte bør alle sharia-relaterte normer og pålegg som gjelder for thaman haqiqi også gjelde for papirvaluta. Utveksling av thaman haqiqi kalles bai - sarf, og derfor skal transaksjonene i papirvalutaer styres av sharia-regler som er relevante for bai-sarf. Tvert imot som ser at papirvalutaer skal behandles på en måte som ligner på falsk eller thaman istalahi på grunn av at deres pålydende er forskjellig fra deres eget verdier. Disse akseptene stammer fra deres juridiske status innen hjemlandet eller global økonomisk betydning som i tilfelle av USA for eksempel.2 1 En syntese av alternative syn. 2 1 1 Analogisk begrunnelse Qiyas for Riba Forbud. Forbudet mot riba er basert på tradisjonen som den hellige profetens fred er på ham, sa: Selg gull til gull, sølv til sølv hvete for hvete, bygg for bygg, dato for dato, salt for salt, i samme mengder på stedet og når varene er forskjellige, selg det som passer deg, men på stedet Således gjelder forbudet mot riba primært til to edle metaller gull og sølv og fire andre varer hvete, byg, datoer og salt Det gjelder også analogt qiyas til alle arter som styres av samme effektive årsak illa eller som tilhører noen o f slekten av de seks gjenstandene som er sitert i tradisjonen. Det er imidlertid ingen generell avtale blant de ulike skolene i Fiqh og til og med lærde som tilhører samme skole om definisjonen og identifikasjonen av effektiv årsak til illa av riba. For Hanafis, effektiv årsak illa av riba har to dimensjoner de utvekslede artiklene tilhører samme slekt, disse har vektvazan eller målbarhet kiliyya Hvis i en gitt utveksling er begge elementene med effektiv årsak illa til stede, det vil si at de utvekslede motverdier tilhører samme slektssprang og er alle veierbare eller alle målbare, så er ingen gevinst tillatt, valutakursen må være lik enhet, og bytte må være på stedet. I tilfelle av gull og sølv er de to elementene med effektiv årsak illa enhet av slekt og veierbarhet Dette er også Hanbali-visningen i henhold til en versjon3 En annen versjon ligner Shafii - og Maliki-visningen, som diskutert under Således, når gull byttes ut for gull, eller sølv utveksles for sølv, kun spottransaksjoner uten gevinst er tillatt Det er også mulig at i en gitt utveksling er et av de to elementene med effektiv årsak illa tilstede og den andre er fraværende For eksempel hvis de utvekslede artiklene er alle veiebare eller målbare, men tilhører forskjellige slektsprinser, eller, hvis de utvekslede artiklene tilhører samme slekt, men ikke veierbare eller målbare, er utveksling med gevinst med en hastighet forskjellig fra enighet tillatt, men utvekslingen må være på stedet. når gull byttes ut for sølv, kan satsen være forskjellig fra enhet, men ingen utsatt oppgjør er tillatt. Dersom ingen av de to elementene med effektiv årsak av riba er tilstede i en gitt bytte, gjelder ingen av påbudene for riba-forbudet. finne sted med eller uten gevinst og både på et sted eller utsatt basis. Ved å ta hensyn til utveksling med papirvalutaer som tilhører forskjellige land, ville Riba-forbudet krever et søk etter effektiv årsak Valuta tilhørende forskjellige land er tydelig forskjellige enheter som er lovlige betalingsmiddel innenfor bestemte geografiske grenser med ulik egenkapital eller kjøpekraft. Et stort flertall av lærde kan med rette med rette hevde at det ikke er enighet av slektskap i tillegg , disse er heller ikke veierbare eller målbare. Dette fører til en direkte konklusjon om at ingen av de to elementene med effektiv årsak av riba eksisterer i en slik utveksling. Derfor kan utvekslingen foregå uten forkastelse angående valutakurs og målsetting Logikken som ligger til grunn for denne stillingen er ikke vanskelig å forstå. Den inneboende verdien av papirvalutaer som tilhører forskjellige land, er forskjellig, da disse har forskjellig kjøpekraft. I tillegg kan den indre verdien eller verdien av papirvalutaene ikke identifiseres eller vurderes i motsetning til gull og sølv som kan veies Derfor er heller ikke tilstedeværelsen av riba al-fadl med exc ess eller riba al-nasia ved utsettelse kan etableres. Shafii-skolen i Fiqh anser den effektive årsaken dårlig hvis gull og sølv er deres eiendom som valuta thamaniyya eller bytteform, regningsenhet og butikk av verdi Dette er også Maliki-visningen Ifølge en versjon av denne visningen, selv om papir eller skinn er utvekslet og får status som valuta, gjelder alle regler som gjelder naqdain eller gull og sølv for dem. i henhold til denne versjonen er det mulig å bytte ut valutaer fra forskjellige land til en rate som er forskjellig fra enhet, men må avgjøres på stedet. En annen versjon av de to tankeskolene ovenfor er at ovennevnte citerte effektive forårsaker dårlig valuta for thamaniyya er Spesielt for gull og sølv, og kan ikke generaliseres. Det vil si at ethvert annet objekt, hvis det brukes som et bytte, ikke kan inkluderes i sin kategori. I følge denne versjonen kan Sharia-påleggene f eller riba-forbud gjelder ikke for papirvalutaer Valutaer som tilhører ulike land, kan byttes med eller uten gevinst og både på spot eller utsatt basis. Forutsetninger for den tidligere versjonen sier at det er utveksling av papirvalutaer som tilhører det samme landet i forsvaret av deres versjon Konsensusuttalelsen av jurister i dette tilfellet er at en slik utveksling må være uten gevinst eller i en takt som er lik enhet og må avgjøres på stedet. Hva er begrunnelsen bak den ovennevnte avgjørelsen Hvis man vurderer Hanafi og den Første versjon av Hanbali-posisjonen, da er i dette tilfellet bare en dimensjon av den effektive årsaken illa til stede, det vil si at de tilhører samme slektsslag. Men papirvalutaer er hverken veierbare eller målbare. Derfor ville Hanafi-loven tilsynelatende tillate utveksling av forskjellige mengder av samme valuta på spot-spot På samme måte hvis den effektive årsaken til valutaen thamaniyya er spesifikk bare for gull og sølv, så Shafii a nih Maliki-loven vil også tillate det samme unødvendig å si. Dette beløper tillater ribbasert lån og utlån. Dette viser at det er den første versjonen av Shafii og Maliki-tanken som ligger til grund for konsensusbeslutningen om forbud mot gevinst og utsatt oppgjør i tilfelle av utveksling av valutaer som tilhører samme land Ifølge forutsetninger vil utvidelsen av denne logikken til utveksling av valutaer fra forskjellige land innebære at utveksling med gevinster eller i en rate som er forskjellig fra enighet er tillatt siden det ikke er noen enhet av jins, men bosetting må være på stedet.2 1 2 Sammenligning mellom valutaveksling og Bai-Sarf. Bai-sarf er definert i Fiqh-litteratur som en utveksling som involverer thaman haqiqi, definert som gull og sølv, som tjente som hovedformidlingsmiddel for nesten alle store transaksjoner. Produsenter av oppfatningen om at enhver utveksling av valutaer i forskjellige land er den samme som bai-sarf hevder at i dagens alderspapir valutaer har effektive ely og fullstendig erstattet gull og sølv som utvekslingsmiddel. I analogi bør utveksling av slike valutaer styres av de samme sharia-regler og pålegg som bai-sarf. Det er også hevdet at hvis utsatt oppgjør av begge parter i kontrakten er 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 ba i-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 tr aditions 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 tha man, not necessarily limited to gold silver Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions Only the minor ones were settled with fals In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity Hence there was no restriction on purchase of the same for gold and silver on a deferred basis The present day currencies have all the features of thaman and are meant to be thaman only The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Sidd iqui illustrates this possibility with an example6 He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate Thus, sarf can be converted into interest-based borrowing lending.2 1 3 Defining Thamaniyya is the Key. It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value In this sense, paper currencies can be said to possess thamaniyya 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 con vertibility 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 settlemen t 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 t his 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 ex changed 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. Ghar ar, unlike riba, does not have a consensus definition In broad terms, it connotes risk and uncertainty It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11 Jurists have attempted to identify such situations involving forbidden gharar A major factor that contributes to gharar is inadequate information jahl which increases uncertainty This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc are not well-defined Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract 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 te rm 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 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 exa mples 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 en d 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 deprec iation, 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 Conclusion. Currency markets of today are characterized by volatile exchange rates This fact should be taken note of in any a nalysis 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 regulatio n 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 a lso 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 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 interva l 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 stand ardized 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 traditio ns 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 de pending 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..Dalam bukunya Prof Drs Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum Islam, diperoleh bahwa Ferex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan komoditi antar negara yang bersifat internasional Perdagangan Ekspor-Impor ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara. 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 berfluktuasi setiap saat sesuai volume permintaan dan penawarannya Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS.1 Ada Ijab-Qobul Ada perjanjian untuk memberi dan menerima. Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewena ng penuh melaksanakan dan melakukan tindakan-tindakan hukum dewasa dan berpikiran sehat.2 Memenuhi syarat menjadi objek transaksi jual-beli yaitu. Suci barangnya bukan najis. Dapat dimanfaatkan. Dapat diserahterimakan. Jelas barang dan harganya. Dijual dibeli oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya. Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama..Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas 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..Barang siapa yang membeli sesuatu yang ia tid melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli haril tanam yang masih terpendam, seperati ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua haril tanaman yang terpendam untuk dijual Hal ii sesuai dengan kaidah hukum Islam..Kesulitan itu menarik kemudahan. Demikian juga jual beli barang-barang yang telah terbungkus tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya Vide Sabiq, op cit hal 135 Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal 55.JUAL BELI VALUTA ASING DAN SAHAM. Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya. Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri. Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing setiap negara berwenang penuh menetapkan kurs uangnya masing-masing kurs adalah perbandingan nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika Rp 12 000 Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing A W J Tupanno, et al Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77.Jika Forex Haram, Kenapa Bank-Bank Islam Pun Ada Buat Forex. Suzardi Maulan May 17, 2015.Apa hukum main forex. Jika haram, kenapa bank-bank Islam ada buat Kenapa boleh jadi halal. Kenapa rakyat biasa buat forex jadi haram. Bagi menjawab persoalan sebegini, saya ada menulis mengenai forex trading yang dibuat oleh individu-individu melalui platfom trading online Artikelnya adalah. Artikel di atas ditulis pada Julai 2011 sebelum keputusan Majlis Fatwa Kebangsaan mengenai forex pada Februari 2012.Jadi, sila baca 2 artikel tersebut yang disediakan di atas untuk memahami bagaimana pertukaran matawang dapa t menjadi haram Bacalah dulu ya. Ringkasnya apa yang tidak boleh adalah pertukaran matawang dan jenisnya yang dibuat secara bertangguh Seperti yang banyak berlaku di kalangan orang awam melalui medium internet. Jika berlaku pertukaran matawang secara tunai, ok Seperti tukar duit di money changer. Itu adalah kata sepakat ulama silam dan masa kini. Malah, ia telah disebut dengan jelas dalam Shariah Standard kewangan antarabangsa yang terdiri dari penasihat Shariah antarabangsa termasuk dari Malaysia yang menjadi rujukan institusi kewangan untuk isu-isu kewangan Islam semasa, yang disediakan oleh The Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI. Shariah Standard AAOIFI mengenai Trading in Currencies telah dibuat sejak Mei 2000.Menjawab soalan kenapa bank-bank Islam boleh buat forex. Urusniaga forex yang dibuat oleh bank-bank Islam telah dibuat mengikut kehendak pertukaran matawang secara tunai bay sarf yang dibenarkan di sisi Shariah Institusi kewangan Islam ad a penasihat Shariah yang menyelia aktiviti berkaitan pertukaran matawang Cara bank-bank membuat forex ini berbeza dengan individu yang main forex di internet. Jadi, siapakah panel penasihat Shariah yang mengawal selia pemain-pemain individu forex, online broker forex dan pasaran forex yang wujud di internet agar aktiviti pertukaran matawang ini selaras dengan kehendak Shariah.
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