Transaksi forward forex trading

Ada beberapa jenis Jenis-jenis transaksi valuña de pasar valas, yaitu spot, forward, dan swap Hanafi 2004.1 거래 스팟 일시불 spot. Transaksi spot 메르 파 칸 트란 크시 스 아쿠아 마린 데스 페나이 얀 페냐르 스투 팍스 아카 람 디스 카사이 칸 2007 년 2 월 12 일에 2007 년 12 월 12 일에 2007 년 12 월 12 일에 2007 년 12 월 12 일에서 찍은 사진. hari kerja berikutnya dan penyelesaian transaksi septi ini disebut 값 날짜 피아노 하루 날짜 날짜 자리 날짜 날짜 날짜 2001.a 현금, 돈, 현금, 돈, 현금, 돈, 현금, 현금, 현금, 현금, 현금, 비즈니스, 청구하다, 현금, 내일, yaitu penyerahan d 부채, 부채, 부채, 통화, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 동전, 현금, 그 중 한 명은 그 녀석이 낳은 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 흘리며 피를 뱉어 낸다. 스 위켄 트 랜 턴 스왑 스왑 (Swap Transaction Transaksi Swap. Yaitu transaksi pembelian dan penjualan bersamaan sejumlah tentgal martan dengan 2 탕갈 갈루타 페니 에반스 양 베르베 다 펜실베니아 대 펜실 루스 마드리드 saksi 스왑 양 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 스쿠터 다이빙 스쿠터 스쿠터 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠버 다이빙 스쿠터 다이빙 스쿠버 다이빙 스쿠터 다이빙 스쿠터 다이빙 스쿠터 다이빙 valas 양 tidak diperkirakan. Seperti dijelaskan diatas bahwa PADA prinsipnya transaksi 스왑 merupakan transaksi tukar pakai suatu 마타 uang 용 다운로드 jangka waktu tertetu transaksi 스왑 berbeda dengan의 transaksi 스폿 atau 순방향 dalam의 mekanisme 스왑 terjadi 두아 transaksi sekaligus dalam waktu 양 bersamaan yaitu menjual 댄 membeli Penggunaan transaksi swap sebenarnya dimaksudkan touk menjaga kemungkinan timbulnya kerugian yang disebabkan은 (는) 스누피 수표를 발행하고 있습니다. 스왑 계정은 은행 계좌 이체와 은행 계좌 이체로 처리됩니다. 은행 계좌 이체는 스왑 포인트 계좌 이체와 스왑 포인트 계좌를 개설합니다. 스왑 앤드 뱅크 은행 계좌 개설 스왑 계좌 대체 스왑 계좌 개설 스왑 계좌 개설 계좌 개설 계좌 개설 계좌 개설 은행 계좌 개설 20 주년 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 계좌 개설 은행 berdasarkan 스왑 국적자는 인도네시아어와 인도네시아어로 이루어져 있습니다. c 인도네시아어로 번역 된 인도네시아어와 인도네시아어로 번역 된 중국어 간체로 번역 된 중국어로 번역 된 중국어로 번역 된 중국어로 번역 된 중국어로 번역 된 중국어로 번역 된 중국어로 번역 된 두 개의 거래, 앞으로 거래되는 거래는 하나의 단일 거래로 이루어지며, 옵션으로 거래가 이루어집니다. 옵션 거래 중개인은 다음과 같은 거래를 수행합니다. 옵션 거래 중개인은 다음과 같은 거래를 의미합니다. 제임스 Triyana. FBS 인도네시아 FBS ASIAN adalah salah satu 그룹 브로 KER Forex Trading FBS Markets Inc 아시아 태평양 지역 아시아 태평양 지역 아시아 태평양 지역 아시아 태평양 지역 중국 아시아 태평양 지역 아시아 태평양 지역 아시아 태평양 지역 아시아 태평양 지역 아시아 태평양 지역 ---- Kelebihan 중개인 Forex FBS 1 FBS MEMBERIKAN BONUS 예금 HINGGA 100 SETIAP 예금 ANDA 2 FBS MEMBERIKAN BONUS 5 USD 하디 아 PEMBUKAAN AKUN 3 스프레드 FBS 0 UNTUK AKUN 제로 스프레드 4 GARANSI KEHILANGAN DANA 예금 HINGGA 100 5 예금 DAN PENARIKAN DANA MELALUI BANK LOKAL 인도네시아에서 가장 인기있는 관광 명소 중 하나입니다. 부에노스 아이레스와 디나르 ----------------- Jika membutuhkan bantuan hubungi kami melalui Tlp 085364558922 BBM fbs2009.Terima kasih atas informasi ya telah anda berikan, semoga sukses selalu 안녕하세요. 내 이름은 Andrew입니다. NewForex라고 표시된 회사 그룹을 대표하여이 편지를 쓰고 있습니다. 귀하와 파트너십을 논의하고 싶습니다. 저에게 연락하십시오. 내 연락처 Mail Skype. aTiket Pesawat Murah Online, 고객 센터 예약 아자 CEPAT, HARGA TERJANGKAU. Ingin menahadi agen tiket pesawat 양성애자 핀란드어 tanpa batas Bergabung segera di. INFO LEHH LANJUT HUBUNGI 핸드폰 없음 085365566333 PIN 5A298D36.Segera Mendaftar Sebelum Terlambat. Hi 내 이름은 Andrew, 나는 NewForex 중개 회사를 대표합니다. 당신과 파트너십을 논의하기 위해 저에게 연락하십시오. 내 연락처 메일 Skype. FBS 인도네시아 브로커 Terbaik Dapatkan Banyak Kelebihan 거래 Bersama FBS, bergabung sekarang juga dengan kami trading forex ----------------- Kelebihan 중개인 Forex FBS 1 FBS MEMBERIKAN 보너스 예금 HINGGA 100 SETIAP 예금 ANDA 2 SPREAD DIMULAI DARI 0 Dan 3 기금 DANA MELALUI BANK LOKAL 인도네시아 ----- Jika membutuhkan bantuan hubungi kami melalui Tlp 085364558922 BBM D04A8185. 유죄 평결 무역 거래 forex bersama omahcoin dan lebih mudah tuk pemula memahami dan mendapatkan keuntungan 보너스 예금 50 선적, 연금 국은 연말 연시가 끝나고 연말 연시가 끝나고 연말 연시가 끝나고 연말 연시가 끝나고 연말 연시가 끝나고 연말 연시가 시작됩니다. 연말 연시는 연말 연시가 끝나고 연말 연시는 연말 연시가 시작됩니다. Menawarkan kerjasama program은 15-53 세의 표준 골격을 가지고 있습니다. Anda Jika Anda, Anda Jika Anda, Anda Jika Anda, Anda Jika Anda, Anda Jika Anda, Anda Jika Anda, Anda Jika Anda, Anda Jika, Anda Jika Anda, Dari Klien Sub IB 및 Jangkauan 테라스 나는 재미있는 웹 사이트를 만들 수있다. Anda - Statistik link referral canggih dalam Kabinet Mitra Anda - 웹 사이트를 만들 수 있습니다. Anda - Bonus kupon to meendorong pedagang - Kampanye - 500 Afiliasi Reward - 모바일 iPad, iPhone, 블랙 베리, 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - 삼성 전자 갤럭시 탭 - Denny 호르 마트, Nabilla 파트너 부서 Counsultant. Skype Nabilla IFX Facebook Nabillaifx WA 08119071333.Hukum 트레이딩 Forex Menurut MUI Halal Atau Haram Mengingat 양성 반응을 보인 거래는 거래가 끝나고 거래가 시작되면서 거래가 이루어지며, Gainscope에서 기사를 발행하기도합니다. 천막 FATWA MUI T ENTANG 무역 FOREX 디아 루마니아 공화국은 미국 중앙 은행에 상장되어있다. 미국 중앙 은행은 무역 거래를 외환 거래로 외환 거래를 포기하고있다. 하람 계좌는 양국 간 금융 거래를 규제하고있다. 파라과이 국방 위원장은 유안 Belent Mata Uang AL-SHARF 인도네시아 엔화 선물 거래소 .1 아빠 카 트레이딩 Forex Haram.2 아빠 카 트레이딩 Forex Halal.3 아빠 카 트레이딩 외환 거래 아가마 이슬람. 아빠 카 스왑 itu. Mari Kita 바겐 세컨드 아킬레스 건담. Forex Dalam Hukum 이슬람교. 딤섬 부교수 Prof Drs Masjfuk Zuhdi 양 베르 두들 MASAIL FIQHIYAH 카피 타 셀렉타 Hukum 이슬람교, 디 페레 르 바흐와 외환 페르시아 족, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 페르시아어, 이슬람교, 이슬람교, 이슬람교, 이슬람교, memanlukan alat bayar yaitu UANG 양 masing - masing negara mempunyai ketentuan 페르난데스 네가 마리아 오우 네가 라 (PANDANDINGAN NILAI MATA UANG) - 페르시아어 (PILANDING) NILAI MATA UANG 네가 라 (NARAI MATA UANG) - 페르시아어 (PILAR) 마카오에서 마카오에서 마카오에서 마카오를 방문하여 마카오에서 마카오를 방문하여 마카오에서 마카오를 출발 해 마카오에서 마카오를 출발 해 마카오에서 마카오를 출발 해 마카오에서 마카오 마카오까지 마카오에서 마카오 마카오까지 마카오 마카오에서 마카오 마카오까지 마카오 마카오에서 마카오 마카오, Qobul --- 회원들에게만 주어져야합니다. Penjual menyerahkan barang dan pembeli membayar tunai Ijab-Qobulnya 성도착 용사, Tulisan Dan utusan 성도착 용사, 유알 - beli yaitu. Suci barangnya 부칸 najis Dapat는 Dapat가 diserahterimakan dimanfaatkan Jelas barang 댄 harganya Dijual dibeli 제작 pemiliknya sendiri atau kuasanya ATAS izin pemiliknya Barang sudah 가능한 장소 ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat 무하마드 사, bahwa jual beli saham ITU diperbolehkan dalam 아가마 . Jangan 캠퍼스는 캠퍼스, 캠프, 하디스 아마드 빈 하발 다니와 알 바이 하키 이부 누스 마스 ud. Jual beli yang tang ti tak tatak tatak di temb tanakan tanakkan khiyar, 아티 야 boleh meneruskan atau membatalkan jual belinya nabi riwayat 알 Daraquthni 아 부 Hurairah. Barang siapa 양 멤브레인 sesuatu 양, tiaek melihatnya, 마카오, berhak khiyar jika 및 telah melihatnya. Jual beli는 tanam 양 masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena mengalami kesulitan atau kerugian jika harus mengeluarkan semilus tanaman yang terpendam in dijual 이슬람교. Kesulitan itu 메니큐어 kemudahan. Demikian juga jual belly barang barang LPG, dan sebagainya, 등등과 같은 알 람 디 베 리 레이블 양 menerangkan isinya 바이브 Sabiq, 이시 Mamenai teks kaidah hukum 알 Suyuthi, 알 Ashbah 알 Nadzair, Mesir, 무스타파 무하마드, 1936 년 55.JUAL 벨리 VALUTA DAN SAHAM. Yang dimaksud 미국의 왕국, 영국의 잉그리스, 잉글리시, 링기트 말레이 반도, 링기트 말레이 반도, 말레이시아 링컨, 말레이시아, 링기트, 말레이시아, 링컨, 말레이시아, 링컨, 말레이시아, ekspornya, sebaliknya importir 인도네시아 기념비적 인 기념일에 대 한 기념관입니다. 덴마크어 아칸소 timbul penawaran dan perminataan 디 부르사 valuta asing setiap negara berwenang penuh menetapkan kurs uangnya masing-masing kurs adalah perbandingan ningai uangnya terraadap ming asing misalnya 1 dolar Amerika Rp 12 000 Namun은 (는) 타켓과 파트너가되는 시간을 걸쳐서 Bursa Valenta Asing AWJ Tupanno, Ekonomi Dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari 아 Nasional Majelis Ulama Indonesia. No 28 DSN-MUI III 2002 년 유엔 Beli 마타 Uang 알 - Sharf. a 바하마와 함께하는 세바스챤 keeperluan, Seringkali diperlukan. transaksi jual-beli mata uang al-sharf, 백남 상병군 병사 병사 병사 병사 병사 병사 병사 병사 병사 병원 병실 병실 병실 병실 병실 병실 병실 병실 병실 병실 병실 병실 병실 병실 담기 이슬람교 바란다 안식처 바하마 수족관 이슬람, 이슬람, DSN, 알래스카, 알래스카 2 275, 댄 알바 카 ah telah menghalalkan jual beli dan mengharamkan riba.2 알 - 바이 하이티 이븐 마야, 아부 알 - 쿠드리 Rasulullah, 람 사르다, 이슬람교, 이슬람교, 이슬람교, 이슬람교, 성직자, 이슬람교, 성직자, 이븐 Hibban.3 Hadis Nabi Riwayat 이슬람교도, Abu Daud, Tirmidzi, Nasa, 이븐 이븐 Majah, 이슬람교도는 Ubadah bin Shamit, Nabi는 Juanah emas denas emas, perak dengan perak, gandum dengan gandum, sya 이슬람교도, Tirmidzi, Nasa, Abu Daud, Ibnu Majah, 이슬람교도, 이슬람교도, 이슬람교도, 이슬람교도, 이슬람교도, 이슬람교도, 유엔 빈 함락 (Umar bin Khattab), 나비 (Nabi), 유대교 (Umar bin Khattab), 유대교 (Umar bin Khattab), 나비 (Juran bin Khattab), 유대인 회교 교단 (Jam-Bam) engan kasuali sama nilainya dan janganlah menambahkan sebagian atas sebagian 양은 janganlah menjual perak dengan perak kecuali sama nilainya dan janganlah menambahkan sebagaian atas sebagian 양 lan dan janganlah menjual emas dan perak tersebut 양 tatak tunai 양양 tunai.6 Hadis Nabi riwayat 이슬람교도 Bara bin Azib dan Zaid bin Arqam Rasulullah는 멜라민을 보았습니다. 멜라민은 마카오에서 발견되었습니다 .7 하디스 나비는 Amr bin Auf, 군대 연합 군대 군대 군대 군대 군대 군인 군 하랄 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군대 군단 군대 군대 군대 군대 군대 군대 군대 군대 군대 878.2 Pendapat Peserta Rapat Pleno Dewan Syari ah Nasional pada 하리 카미 스, 탱 갈 14 Muharram 1423H 28 마레 2 002.Dewan Syari ah Nasional Menetapkan FATWA TENTANG JUAL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi 유대인은 유치원생이되어 버렸습니다 .1 유치원생은 유치원이 없었습니다 .2 유대교 부처님, jaga simpanan.3 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어, 뱀파이어. 1 Transaksi SPOT, yuitu transaksi pembelian dan penjualan valueda as the counter atau penyelesaiannya paling lambat dalam jangka waktu dua hari hukumnya adalah boleh, karena dianggap tunai, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, 스쿠버 다이빙, transaksi internasional.2 Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya dit 엡실론은 2x24 잼을 가지고있다. 2x24 잼은 뱀파이어를 사용한다. 쿵푸는 캥거루를 먹는다. 캥거루는 캥거루를 먹는다. 캥거루는 캥거루를 먹는다. 캥거루는 캥거루가되고, 캥거루는 뚱뚱한 곰이다. 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, 양키스, maisir spekulasi.4 Transaksi OPTION 야전 교전 교전 중 교전 중 교전 할 수있는 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 교전 훈련 탕 갈 디테 타프 카 자카르타에서 태어났다. 탄가르타르 1442 년 14 월 28 일, 2002 년 2 월 28 일. M. DEWAN SYARI AH NASIONAL - MAJELIS ULAMA INDONESIA. 울리안 아만다. 모하메드 오베 두라 (Mohammed Obaidullah) 대외 원조 ISLAMIC FOREX TRADING.1 기본 교환 계약 이슬람 법학자들 사이에는 여러 나라의 화폐가 화합 단위와 다른 비율로 교환 될 수 있다는 견해로 공통된 합의가 있습니다. 국가는 다른 가치 또는 내재 가치가있는 별개의 실체이며 구매력 전진에 의한 환전은 허용되지 않는다는 견해로 학자 대다수간에 일반적인 합의가있는 것으로 보인다. 즉, 다음과 같은 권리와 의무가 양 당사자는 미래의 날짜와 관련이있다 그러나 법관들간에 의견 차이가 상당하다. 상대방의 의무와 동일한 당사자 중 하나가 미래의 일로 연기됩니다. 정교하게, 두 개의 다른 국가에 속한 두 명의 개인 A와 B, 인도와 미국 각각의 사례를 고려해 봅시다. 인도 루피를 판매하고 미화를 매입한다. 반대는 B에 해당한다. 동의 한 루피 - 달러 환율은 1 20이고, 거래는 50의 매매를 포함한다. 첫 번째 상황은 A가 Rs1000의 B 로의 현물 지불을하고 지불을 수락하는 것이다. 50에서 B까지 거래는 양 끝에서 현장 기준으로 정산됩니다. 그러한 거래는 유효하고 이슬람 적으로 허용됩니다. 동일한 것에 대해 두 가지 의견이 없습니다. 두 번째 가능성은 양측으로부터의 거래를 해결하는 것이 미래의 날짜로 연기된다는 것입니다 지금부터 6 개월 후 이것은 A와 B 모두 6 개월 후에 Rs1000 또는 50의 지불을하고 받아 들일 것이라는 것을 의미한다. 이 계약이 이슬람적으로 허용되지 않는다는 것이 주된 견해이다 예를 들어, A는 6 개월 후에 B에게 50을 지불하겠다는 약속 대신 B에게 지금 Rs1000을 지불합니다. 또는 소수의 견해가 허용되는 것으로 간주합니다. A는 B로부터 50을 받고 6 개월 후에 Rs1000을 그에게 지불하겠다고 약속한다. bai-salam에 해당하는 그러한 계약의 허용 가능성에 대한 정반대의 견해가있다. 이 논문의 목적은 다음과 같은 다양한 논의에 대한 포괄적 인 분석을 제시하는 것이다. 지원과 통화를 포함한 이러한 기본 계약의 허용에 대해 현물 기준으로 거래 상대방을 교환하는 것과 관련된 계약의 첫 번째 형태는 논란의 여지가 없습니다. 카운터 가격 중 하나의 지급이 연기되는 두 번째 계약 유형의 허용 또는 기타 미래의 날짜는 일반적으로 riba 금지의 틀 안에서 논의된다. 따라서 우리는이 계약서를 제 2 장에서 자세히 다룬다. h 리바 금지 문제 카운터 값의 전달이 연기되는 세 번째 계약 형태의 허용 가능성은 일반적으로 위험과 불확실성을 줄이기위한 틀 내에서 또는 그러한 계약에 관련된 gharar 내에서 논의된다. gharar 문제를 다룬 3 절 4 절에서는 샤리아 관련 이슈에 대한 전체 론적 견해를 외환 시장에서의 기본 계약 형태의 경제적 중요성으로도 시도한다. 2 Riba 금지 문제 관례 또는 기타의 견해 차이 1 통화 계약의 교환은 주로 리바 금지 문제로 추적 될 수 있습니다. 모든 형태의 교환 계약에서 리바를 제거 할 필요가 가장 중요합니다. 리바는 샤리아 컨텍스트에서 일반적으로 불리한 이득을 얻습니다. 두 개 이상의 종의 교환에 영향을 줄 것으로 알려진 거래의 카운터 값 ame 속 jins 및 동일한 효율적인 원인 illa에 의해 규율됩니다 리바는 일반적으로 초과 또는 지연의 방법으로 불법 이점을 나타내는 리바 알 - 파들 초과 및 리바 알 - nasia 지연으로 분류됩니다 전자의 금지는 객체 간의 교환 비율은 단일성이며 어떤 이익도 허용되지 않습니다 후자의 종류의 리바 (riba)는 지연된 결제를 허용하지 않고 거래가 양 당사자에 의해 즉석에서 처리되는 것을 금지함으로써 금지됩니다. 리바의 다른 형태는 리바 - jahiliyya 또는 대출자가 만기일에 차용자에게 부채를 청산하거나 동일한 증액을 요구하는 경우 표면에 나타나는 이슬람 리아 (pre-Islamic riba)는 처음 빌린 금액에이자를 부과합니다. 다른 나라에 속한 통화는 비유 qiyas의 과정을 필요로합니다. 그리고 비유 qiyas와 관련된 그러한 운동에서, 효율적인 원인 illa pla 매우 중요한 역할 그것은 유추의 대상을 유추 한 추론의 수행과 관련하여 유추의 목적과 연결시키는 공통적 인 효율적인 원인이다. 교환 계약의 경우 적절한 효율적인 원인은 Fiqh의 주요 학교에 의해 다양하게 정의되었다 이 차이는 다른 나라에 속한 종이 통화에 대한 유사한 추론에 반영됩니다. 유사한 추론 과정에서 상당한 의미가있는 질문은 금과은과의 지폐 사이의 비교와 관련됩니다 이슬람 초기에 금과은 모두 돈의 기능 thaman 통화는 금이나 은의 고유 한 가치 양자 덩어리로 이루어져있다. 이러한 통화는 Thaman haqiqi 또는 naqdain으로 기술되어있다. 이것은 주요 교환 수단으로 보편적으로 받아 들여지고있다. 거래의 큰 덩어리 많은 다른 상품들, 다양한 하위 금속들 교환의 수단으로 사용되었지만 수용력이 제한적이다. 이들은 Fiqh 문헌에서 fals로 묘사된다. 이들은 thaman istalahi로도 알려져있다. 왜냐하면 그들의 수용성은 본질적인 가치에서 비롯된 것이 아니라 사회에서 인정한 상태 때문에 특정 기간 통화의 위 두 가지 형태는 초기 이슬람 법학자들에 의해 그들과 관련된 계약의 허용 성 관점에서 매우 다르게 다루어 져왔다. 해결되어야 할 문제는 현 시대의 종이 화폐가 전 분류에 속하는지, 아니면 후자의 한 가지 견해는 이것들이 샤만 하키치 또는 금은과 동등한 취급을 받아야한다는 것인데, 이는 이들이 교환의 주요 수단이되고 후자와 같은 회계 단위가되기 때문이다. 따라서 유사한 추론에 의해 모든 샤리아 관련 규범과 금지 명령이 적용 가능하다. thaman haqiqi도 thaan haqiqi의 종이 화폐는 bai-sarf로 알려져 있습니다. 따라서 거래 i n 용지 통화는 바이 삭스와 관련된 샤리아 규칙에 의해 관리되어야한다. 반대 의견은 페이퍼 통화가 자신의 수용 가치와 다른 사실 때문에 타인 통화 또는 타만 이스 탈라 히와 유사한 방식으로 취급되어야한다고 주장한다 예를 들면 미국 국내에서의 법적 지위 또는 미국 달러의 경우처럼 세계 경제의 중요성에 기인한다 .2 1 대체 견해의 합성 .2 1 1 Riba 금지에 대한 유 추 추론 Qiyas. 리바 금지는 전통에 근거한다 거룩한 선지자의 평안이 그에게 달려있다. 금을 위해은을, 은을은을, 밀을 위해 밀을, 보리를 위하여 보리를, 데이트 날짜를, 소금을 소금과 같은 양으로 그 자리에서 그리고 상품이 다를 때 팔다. 그것은 당신에게 어울립니다. 그러나 현장에서 리바의 금지는 주로 두 개의 귀금속 인 금과은과 네 개의 다른 밀, 보리, 날짜와 소금에 적용됩니다. iyas는 같은 효율적인 원인 illa에 의해 규율되거나 전통에서 인용 된 여섯 가지 대상의 속의 어느 하나에 속하는 모든 종에 적용된다. 그러나 Fiqh의 여러 학교들과 심지어 같은 학자들에 속한 학자들 사이에는 일반적인 합의가 없다 학교의 정의와 식별에 효율적으로 리바의 illa. Haaphis에 대한 효율적인 원인 illa의 2 차원이 교환 된 기사가 동일한 속세에 속하는 이들은 체중 wazan 또는 measurability kiliyya 주어진 교환의 경우 두 요소 효율적인 원인 illa가 존재하는 것, 즉 교환 된 countervalues가 동일한 속 jins에 속하고 모두 계량 가능하거나 모두 측정 가능한 경우, 아무런 이득도 허용되지 않습니다. 환율은 단일성과 동일해야하며 교환은 현물 기준으로 이루어져야합니다. 금과 은의 경우, 효율적인 원인의 두 가지 요소는 속 (genus)과 무게 (weighability)의 결합이다. 이것은 또한 한벌리의 한 판에 따른다 .3 다른 판은 아래에 설명 된 Shafii 및 Maliki보기와 유사합니다. 따라서 금이 금으로 교환되거나 은이 교환 될 때 어떤 이득도없는 지점 거래 만 허용됩니다. 주어진 교환에서 두 요소 중 하나가 가능합니다 예를 들어, 교환 된 물품이 모두 가중치가 있거나 측정 가능하지만 다른 속의 물건에 속하거나 교환 된 물품이 같은 속의 물건에 속하지만 계량 가능하거나 측정 할 수없는 물품 인 경우 단일 금리와 다른 금리로 금리를 조정할 수는 있지만 교환은 현물환으로해야한다. 따라서 금이은으로 교환 될 때 금리는 단일 금리와 다를 수 있지만 이연 결제는 허용되지 않는다. 효율적인 원인의 두 요소 riba의 illa가 주어진 exchange에 존재한다면, riba 금지 신청에 대한 금지 명령은 없다. Exchange는 이익의 유무와 장소 및 지연 기준으로 교환 할 수있다. 리비아 금지는 효율적인 원인 검색을 요구할 것입니다. 다른 나라들에 속한 통화들은 분명히 다른 실체들입니다. 이것은 고유 한 가치 또는 구매력을 가진 특정한 지리적 경계 내에서 합법적으로 부드러운 것입니다. 따라서, 대다수의 사람들 학자들은 아마도 속 (genus jins)의 단일성이 없다고 단언 할 수있다. 또한 이것들은 계량 가능하거나 측정 가능하지 않다. 이것은 리바 (riba)의 효율적인 원인의 두 요소 중 어느 것도 그러한 교환에 존재하지 않는다는 직접적인 결론을 가져온다. 따라서 교환이 일어날 수있다 교환의 비율 및 타협 방식에 관한 어떠한 금지도 없다. 이 입장의 근간을 이루는 논리는 이해하기 어렵지 않다. 상이한 국가에 속하는 종이 통화의 내재 가치는 서로 다른 구매력을 가지고 있기 때문에 다르다. 또한, 본질적 가치 또는 가치가있는 종이 통화를 식별하거나 엉덩이를 찾을 수 없습니다. 금과은과는 다르게 무게를 달 수있다. 그러므로 과잉으로 리바 알 파들이 존재하지도 않고 연기에 의해서 리바 알 - 나시 아가 존재할 수도 없다. Fiqh의 샤피 학교는 금과 은의 효율적인 원인 인 illa를 통화 thamaniyya 또는 교환 매체, 계좌 단위 및 가치 창고의 속성이 또한 Maliki보기입니다. 이보기의 한 버전에 따르면, 종이 또는 가죽이 교환 매체로 만들어졌고 상태가 주어 지더라도 통화의 경우 naqdain 또는 금과은에 관한 모든 규칙이 적용됩니다. 따라서이 버전에 따르면 다른 국가의 화폐와 화합이 단일성과 다른 비율로 허용되지만 한 자리에서 정산되어야합니다. 다른 버전 위의 두 사상 학교 중 위의 인용 된 효율적인 thaananya thaananiya의 illa가 금과은에 특정되어 일반화 될 수 없다는 것입니다. 즉, 다른 개체, excha의 매체로 사용되는 경우 nge는 해당 카테고리에 포함될 수 없습니다. 따라서이 버전에 따르면 리바 금지에 대한 이슬람 금지 명령은 지폐에 적용 할 수 없습니다. 다른 국가에 속한 통화는 점포 또는 이연계로 교환 할 수 있습니다. 이전 버전은 같은 국가에 속한 지폐 교환의 경우를 인용했다. 이 경우 법관에 대한 일치 된 견해는 그러한 교환이 어떠한 이득도 또는 단일성과 동등한 비율로 이루어져야하며, 현장 기준 위 결정의 근거가되는 근거는 무엇인가 Hanafi와 Hanbali 위치의 첫 번째 버전을 고려하면, 이 경우에는 효율적인 원인 ill의 한 차원 만 존재합니다. 즉, 동일한 속 jins에 속합니다 그러나 종이 통화는 무게를 측정 할 수도 측정 할 수도 없다. 따라서 Hanafi 법은 현물 기준으로 같은 통화의 다른 수량을 교환 할 수있는 것으로 분명히 생각할 것이다. 마찬가지로 통화 thamaniyya의 효율적인 원인은 금색과 은색에만 국한되며, Shafii와 Maliki의 법 또한 동일합니다. 말할 필요도없이이 금액은 리바 기반 차용과 대출을 허용하는 금액입니다. 같은 나라에 속한 통화 교환의 경우 이익의 금지와 이연 결제의 합의 결정의 기초가되는 Shafii와 Maliki의 견해 지지자들에 따르면, 이 논리를 다른 나라의 화폐 교환으로 확장하는 것은 이익을 얻거나 a rate different from unity is permissible since there no unity of jins , but settlement must be on a spot basis.2 1 2 Comparison between Currency Exchange and Bai-Sarf. Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency thaman cannot be termed as bai-sarf According to this view bai-sarf implies exchange of currencies made of gold and silver thaman haqiqi or naqdain alone and not of money pronounced as such by the state authorities thaman istalahi The present age currencies are examples of the latter kind These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, even if one of these is go ld or silver then, the exchange cannot be termed as bai-sarf Nor would the stipulations regarding bai-sarf be applicable to such exchanges According to Imam Sarakhsi4 when an individual purchases fals or coins made out of inferior metals, such as, copper thaman istalahi for dirhams thaman haqiqi and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible taking possession of commodities exchanged by both parties is not a precondition while in case of bai-sarf, it is A number of similar references exist which indicate that jurists do not classify an exchange of fals thaman istalahi for another fals thaman istalahi or gold or silver thaman haqiqi , as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf Nor can the constraint regarding spot settlement be imposed on such transactions It should be noted here that the definition of ba i-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions The traditions mention about riba, and the sale and purchase of gold and silver naqdain which may be a major source of riba, is described as bai-sarf by the Islamic jurists It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not Exchange involving dinars and gold ornaments, both quality as bai-sarf Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves Hence, even when one of the commodities is processed gold say, ornaments , such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, not necessarily limited to gold silver Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions Only the minor ones were settled with fals In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity Hence there was no restriction on purchase of the same for gold and silver on a deferred basis The present day currencies have all the features of thaman and are meant to be thaman only The exchange involving currencies of different countries is same as bai-sarf with diff erence of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6 He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate Thus, sarf can be converted into interest-based borrowing lending.2 1 3 Defining Thamaniyya is the Key. It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value In this sense, paper currencies can be said to possess thamaniyya 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 doll ars, 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 ex change 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 convert ed 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 c learly 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 injunc tions 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 exchang e 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 uncertaint y 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 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 a lso forbade actions which generated unearned incomes without much productive efforts 13.Here it may be noted that the term speculation has different connotations It always involves an attempt to predict the future outcome of an event But the process may or may not be backed by collection, analysis and interpretation of relevant information The former case is very much in conformity with Islamic rationality An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information All business decisions involve speculation in this sense It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.3 2 Gharar Speculation with of Futures 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 forbi dden, 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 t o 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 exc hange 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 w ould 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 doll ar 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 Co nclusion 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 enter ing 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 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 po ints 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 o f gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.12 The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allah s prophet pbuh came to Medina, they were paying one and two years advance for fruits, so he said Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah pbuh forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother s womb.13 According to a tradition reported by Abu Huraira, Allah s Messenger pbuh forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered anima ls The carcass was divided into unequal parts and marked arrows were drawn from a bag One received a large or small share depending on the mark on the arrow drawn Obviously it was a pure game of chance.14 The holy prophet is reported to have said Do not sell what is not with you. Ibn Abbas reported that the prophet said He who buys foodstuff should not sell it until he has taken possession of it Ibn Abbas said I think it applies to all other things as well.15 The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.16 M Hashim Kamali Islamic Commercial Law An Analysis of Futures , The American Journal of Islamic Social Sciences, vol 13, no 2, 1996.Send Your Comments to Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India. Jika Anda merasa tulisan di atas berguna, luangkan waktu barang 5 menit untuk menyebarkannya Terima kasih. Transaksi Pasar Valuta Asing.1 TRANSAKSI SPOT. Transaksi SPOT adalah transaksi yang melibatkan dua jenis mata uang yang berbeda dengan nilai yang telah disepakati Penyelesaian transaksi ini biasanya memakan waktu dua hari kerja setelah tanggal transaksi Misalnya sebuah bank menetapkan nilai tukar mata uang EURO terhadap US Dollar adalah 1 2235 1 2240 Ini berarti bank tersebut bersedia membeli US 1 pada harga 1 2235 dan bersedia menjual US 1 pada harga 1 2240 Perbedaan antara harga jual dan beli ini dikenal dengan istilah Spread Pada contoh diatas spread dari nilai tukar EUR USD adalah sebesar 1 2240 1 2235 5 point.2 TRANSAKSI FORWARD. Transaksi FORWARD adalah transaksi terjadi antara dua pihak yang meliputi mata uang dari dua negara yang berbeda Transaksi ini dapat dilakukan diluar bursa Over the Counter , berdasarkan suatu nilai tukar tertentu dan kesepakatan antara pihak-pihak yang bertransaksi yang dapat diubah oleh kedua pihak m elalui suatu kesepakatan dengan waktu jatuh tempo transaksi yang lebih panjang jika dibandingkan transaksi SPOT, waktu jatuh tempo pada umumnya berkisar antara 30, 90, 180 dan 360 hari.3 TRANSAKSI SWAP Transaksi Swap merupakan suatu transaksi yang merupakan pertukaran dua mata uang dalam sate periode waktu tertentu melalui mekanisme pembelian dengan tanggal spot sekaligus penjualan kembali di waktu yang akan datang dengan tanggal forward atau sebaliknya penjualan dengan tanggal forward serta pembelian kembali dengan tanggal spot Ai. Transaksi Pasar Valuta Asing Artikel Indonesia 4 5.Related Posts. 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Hukum Forex Trading Menurut Pandangan Islam Update artikel kali ini Blog akan memberikan Info Forex yaitu bagaimana hukum Forex Trading menurut islam Bagi Anda yang mau bermain di bisnis forex trading tentunya penasaran dan ingin tahu sebenarnya hukum forex ini halal ataukah haram Sebenarnya hukum Forex ini tergantung dari cara bisnisnya sama halnya seperti di bisnis Multi Level Marketing Menurut fatwa MUI sendiri hukum Forex Trading itu di katakan halal jika memenuhi kriteria tertentu Untuk lebih jelasnya simak ulasannya berikut ini. Seperti halnya bisnis MLM Multi Level Marketing , hukum bisnis Forex Trading dalam islam itu bisa dilihat dari cara dan mekanisme kerj anya Hukum bisnis forex trading itu dikatakan halal karena memang melakukan perdagangan jual beli mata uang asing Bisnis trading forex termasuk ke dalam kategori masalah hukum Islam yang kontemporer Hukumnya bersifat ijtihadiyyah yang masuk dalam ranah hukum fi ma la nasha fih tidak memiliki referensi hukum yang pasti Maka dari itu, untuk dapat mengelompokkannya ke dalam bisnis yang diperbolehkan atau dilarang menurut islam, perlu ada usaha yang lebih cermat, terutama dalam melihat pola dan mekanisme forex. Syariat Islam telah Allah Swt turunkan sebagai tuntunan hidup yang mengakomodir kebutuhan manusia sesuai dengan kekinian Al-quran dan hadits menyempurnakannya dengan mengetengahkan norma bisnis umum dan prinsif-prinsipnya yang tidak boleh dilanggar Prinsip umum trading forex disamakan dengan jual beli emas atau perak seperti yang berlaku pada masa Rasulullah, yakni harus dilakukan dengan kontan atau tunai naqdan agar bebas dari transaksi ribawi riba fadhl. Hadis Rasulullah memberikan penjelasan mengenai transaksi jual beli enam komoditi barang yang termasuk kategori berpotensi ribawi. Sabda Rasulullah saw Emas hendaklah dibayar dengan emas, perak dengan perak, barli dengan barli, sya ir dengan sya ir jenis gandum , kurma dengan kurma, dan garam dengan garam, dalam hal sejenis dan sama haruslah secara kontan yadan biyadin naqdan Maka apabila berbeda jenisnya, juallah sekehendak kalian dengan syarat secara kontan HR Muslim. Dengan berdasar pada hadis yang disebutkan di atas, dalam kitab al-Ijma , hal 58-59, Ibnu Mundhir membuat sebuah analagi tentang hukum forex menurut Islam Menurutnya, bisnis forex sama dengan pertukaran emas dan perak, yang dalam terminologi fiqih dikenal dengan istilah sharf yang keabsahannya telah disepakati para ulama Dengan demikian, emas dan perak sebagai mata uang dilarang ditukarkan dengan sejenisnya, misal Rupiah ditukarkan dengan Rupiah IDR atau Dolar kepada US Dolar USD , kecuali nilainya setara atau sama Jika hal ini dilakukan dikhawatirk an akan muncul potensi riba fadhl sebagaimana yang dilarang dalam hadits di atas. Namun, ketika jenisnya berbeda, seperti Rupiah ditukarkan ke Dolar atau sebaliknya, maka itu dapat dilakukan sesuai dengan harga pasar market rate yang berlaku saat itu dan harus kontan on spot taqabudh fi li berdasarkan kelaziman pasar taqabudh hukmi Perkara kontan dan tunai, sebagaimana dikemukakan Ibnu Qudamah dalam kitab al-Mughni, didasarkan pada kelaziman pasar yang berlaku, termasuk ketika penyelesaiannya settlement harus melewati beberapa jam karena harus melewati proses transaksi Adapun harga pertukarannya didasarkan atas kesepakatan penjual dan pembeli serta sesuai dengan market rate. Berdasarkan pembahasan tadi, fatwa Dewan Syariah Nasional Nomor 28 DSN-MUI III 2002 tentang Kegiatan Transaksi Jual-Beli Valas pada prinsipnya dibolehkan, asalkan memenuhi ketentuan sebagai berikut. Tidak untuk spekulasi untung-untungan. Ada kebutuhan transaksi atau untuk berjaga-jaga simpanan. Apabila transaksi dilakuk an terhadap mata uang sejenis maka nilainya harus sama dan secara tunai attaqabudh dan. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar kurs yang berlaku pada saat transaksi dilakukan dan secara tunai. 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 t ukar 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.Dewan Syari ah Nasional Menetapkan FATWA TENTANG JUAL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum.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 dan secara tunai at-taqabudh.4 Apabila berlainan jenis maka harus dilakukan dengan nilai tukar kurs 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 saat itu over the counter atau penyelesaiannya paling lambat dalam jangka waktu dua hari Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap s ebagai proses penyelesaian 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 2 24 jam sampai dengan satu tahun Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan muwa adah dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk forward agreement untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksi SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga forward Hukumnya haram, karena mengandung unsur maisir spekulasi.4 Transaksi OPTION yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unit 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, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Nah demikianlah Info Forex yaitu tentang hukum bisnis trading forex dalam islam yang perlu Anda ketahui, semoga informasi diatas bermanfaat untuk Anda yang sedang Belajar Forex Jika Anda belum tahu apa itu Forex, baca juga artikel tentang Pengertian Forex. Tags hukum forex trading dalam islam, trading forex menurut pandangan islam, apakah forex halal, apakah forex haram. Pengertian, Menghitung Transaksi Forward Valuta Asing. Definisi Transaksi Forward Valuta Asing. Transaksi forward adalah suatu transaksi pembelian dan penjualan mata uang atau valuta asing dengan kurs forward yang ditetapkan saat transaksi dilakukan Kurs forward berlaku untuk waktu yang akan datang future period antara 2 24 jam sa mpai dengan satu tahun Artinya penyerahan dana atau mata uang dilakukan di masa yang akan datang. Kurs forward ditentukan atau dihitung berdasarkan kurs spot yang berlaku saat transaksi dengan mempertimbangkan perbedaan tingkat bunga antara kedua mata uang yang ditransaksikan Dengan demikian kurs forward dapat lebih tinggi atau rendah daripada kurs spot Kurs forward dapat dihitung berdasarkan formula sebagai berikut. r 1 tingkat bunga mata uang 1, misal IDR. r 2 tingkat bunga mata uang 2, misal USD. n hari untuk n 360, atau n bulan untuk n 12.Contoh perhitungan kurs pada transaksi forward untuk tiga bulan kedepan. Kurs Spot USD IDR 11900 12 000.tingkat bunga untuk IDR tempo 3 bulan 14 per tahun. tingkat bunga untuk USD tempo 3 bulan 4 per tahun. Kurs Forward 12 000 14 4 x 3 12 x 12 000.Dari hasil perhitungan diketahui bahwa kurs forward lebih tinggi daripada kurs spot yang berlaku Transaksi untuk kontrak forward yang memakai kesepakatan kurs forward lebih tinggi daripada kurs spot disebut den gan forward premium sedangkan kontrak yang memakai kesepakatan kurs forward lebih rendah daripada kurs spot disebut dengan forward discount. Seorang Nasabah baru saja mendapat pinjaman jangka pendek, untuk tempo tiga bulan dengan nilai USD 1 000 Jatuh tempo pengembalian pinjaman adalah tiga bulan ke depan Uang pinjaman akan digunakan untuk pembayaran transaksi pembelian barang impor Nasabah mendatangi Bank X untuk melakukan transaksi forward tiga bulan Dengan data quotation sebagai berikut. Kurs Spot USD IDR 11900 12 000.Kurs Forward USD IDR 12 198 12 300.Jika nasabah setuju dengan quotation yang diberikan oleh pihak Bank X, maka transaksi forward dapat dilakukan dan masa berlaku kontrak transaksi adalah tiga bulan Artinya penyerahan mata uang oleh nasabah dilakukan tiga bulan yang akan datang Nasabah akan membeli Dollar Amerika dengan pembayaran menggunakan Rupiah Indonesia pada kurs forward jual yaitu USD IDR 12 300.Artinya ketika kontrak forward jatuh tempo, tiga bulan kemudian, nasab ah harus menyerahkan uang Rupiah Indonesia ke Bank X sebanyak. USD 1000 x IDR 12 300 USD IDR 12 300 000, dan. Pada saat yang sama pihak Bank X harus menyerahkan uang dollar sebesar USD 1000 kepada nasabah Pada kasus ini, berapun kurs spot untuk USD IDR pada saat kontrak forward jatuh tempo, nasabah hanya akan membeli Dollar Amerika dengan kurs USD IDR 12 300 Dalam hal ini nasabah akan terlindungi dari kerugian akibat kurs yang berfluktuasi. Pengertian Definisi Devaluasi Devaluasi dapat didefinisikan sebagai tindakan yang diambil oleh pemerintahan suatu Negara dengan menurunkan nilai mata. Pengertian Definisi Analisis terhadap mekanisme penawaran dan permintaan yang terjadi di pasar mata uang asing dapat menjelaskan bagaimana suatu kurs. Pengertian, Istilah Dan Definisi Bursa atau pasar valuta asing dapat diartikan sebagai suatu tempat atau wadah atau sistem yang disediakan untuk perusahaan. Definisi Transaksi Forward Valuta Asing Transaksi forward adalah suatu transaksi pembelian dan penjual an mata uang atau valuta asing dengan kurs forward. Pengertian Definisi Apresiasi Dan Depresiasi Kurs Valuta Asing Kurs berfluktuasi setiap saat sesuai dengan kondisi permintaan dan penawaran yang terjadi. Definisi Pasar Valuta Asing Pasar valuta asing atau sering disebut foreign exchange market atau pasar mata uang asing atau bursa valuta asing merupakan. Pengertian, Definisi Kurs Valuta Asing Secara sederhana, kurs mata uang asing atau biasa disebut kurs valuta asing adalah rasio nilai antara suatu. Pengertian Definisi Transaksi Dan Perdagangan Valas Perdagangan valuta asing tidak pernah berhenti selama jam kerja dunia masih buka Dua puluh e. Pengertian Definisi Permintaan Dan Penawaran Valuta Asing Analisis terhadap mekanisme penawaran dan permintaan yang terjadi di pasar valuta asing dapat.