Hukum Trading Forex Menurut Nu

Hukum Labur amp Berniaga Forex (negociação de Forex) Zaharuddin Abd Rahman Saya ingin minta pihak ustaz untuk menerangkan tentando pelaburan tukaran matawang como dan juga perniagaan Forex. Bagaimana, pula, jaka, saya, melakukan, transaksi, sendiri, dengan, berbekalkan, analise, sendiri, atau, yang, disney, media, Kemudian memperolehi untung dari jualan dan belian matawang asing ini. Terima kasih Bagi menjawab soalan ini, e um peru memahami dua jenis perkara iaitu: - 1 - Melabur wang ringgit anda ke dalam satu syarikat yang memperolehi untung melalui FOREX. 2- Melantik satu platform atau syarikat untuk menjalankan jual beli wang asing dan simpan. Semua transaksi dijalankan oleh anda sendiri, syarikat hanya menyediakan plataforma dan mengambil upah perkhidmatan sahaja. Pertama. Hukum bagi melabur dalam syarikat yang menjalankan FOREX: Forex (câmbio) atau yang lebih dikenal dengan Perdagangan Mata wang Asing Ia merupakan suatu jenis perdagangantransaksi yang memperdagangkan matawang suatu negara terhadap matawang negara lainnya yang melibatkan passar-passar matawang utama di dunia selama 24 jam secara Berterusan. Benar, memang FOREX matawang adalah diharuskan, tetapi keharusannya tertakluk kepada sejauh mana ia menurut garis panduan yang dikeluarkan dari hadith Nabi yang sohih. Iaitu: - um - Ditukar (serah dan terima) dalam waktu yang sama ia disebut dalam hadis sebagai yadan bi yadin. Dalam bahasa Inggerisnya adalah sobre a base do local. Ia datang banyak hadis antara yang palidez utama adalah:. . . . . . . . . Ertinya. Emas dengan Emas (ditukar atau diniagakan). Perak dengan perak, gandum dengan gandum, tamar dengan tamar, garam dengan garam mestilah sama timbangan dan sukatanya, dan ditukar secara terus (pada massa saturada) dan sekiranya berlainan jenis, maka berjual-belilah kamu sebagaimana yang disukai Hadith 119). B - Nabi bersabda: - Ertinya. Sesungguhnya Rasulullah s. a.w berkata. Pertukaran antara perak dan emas adalah riba kecuali jika ia dilakukan secara serentak (muçulmano de Riwayat, no 1586, 31209) c - Manakala pembelian secara hutang dari salah satu antara dua pihak adala haram berdasarkan hadis: - Ertinya. Rasulullah s. a.w melarang dari menjual emas dan perak secara berhutang (Riwayat Al-Bukhari, no 2070, 2762) Hadis-hadis di atas menyebut perihal displin islam dalam pertukaran emas dan perak. Um banco de dados, um banco de dados, um banco de dados, um banco de dados, um banco de dados, um banco de dados e um banco de dados. Por favor, envie um e-mail para um endereço de e-mail e-mail para o endereço de e-mail: TERPAKAI pada urusan transaksi matwang. Demikian keputusan Majlis Fiqh Antrabangsa dan juga Majlis Kewangan Islão Antarabangsa di bawah AAOIFI. FOREX dalam matawang yang diuruskan oleh syarikat konvensional sudah pasti tidak akan menjaga syarat em kerana kebanyakan FOREX yang dijalankan oleh institusi konvensional adalah lsquoForward FOREX atau Forex yang menggunakan lsquoValue para a frente (nilai masa hadapan) yang tergolong dalam Riba Nasiah. Mereka juga kerap menggunakan SWAP, Opções de lain-lain instrumento yang tidak halal di sisi Shariah. Instrumen-instrumen tadi tidak memenuhi syarat Islam iaitu serah terima atau disebut qabadh dalam islam secara benar hakiki atau hukmi pada waktu yang sama. Masalah dalam implementasi FOREX adalá bertangguh dalam penyerahan dari kedua-dua pihak. Tatkala itu aqad menjadi batal (Radd al-Muhtar ala ad-durr, 4531). Tidak saya nafikan, bahawa terdapat sesetengah Institusi Kewangan Islão yang melakukan forex inselegal mendapatkan kelulusan Majlis Penasihat Shariah mereka, Namun semua mereka hanya terlibat dalam FOREX jenis SPOT dan bukannya jenis lsquoForward jika adapun jenis forward ia menggunakan konsep Al-WAD atau Unilateral Promise dan ia Telah disepakati keharusannya. Apa yang pasti, Majlis A shariah merece uma tela de meteorokkan e um copo de água para um copo de água bebendo begitu sahaja. Justeru MELABUR MÓVAL (BEERTI ANDA MELABUR DAN KEMUDIAN TUNGGU UNTUNG SAHAJA) dan dalam institusi kewangan konvensional yang memperolehi untung melalui cara FOREX adalá tidak halal di sisi Islã. Ia adalah keputusan Painel Penasihat Shariah dunia yang bernaung di bawah nama Contabilidade e auditoria Organização para instituições islâmicas (AAOIFI). Antara painel penasihat Shariahnya adalah Syeikh Mufti Taqi Uthmani, Prof. Dr. Syeikh Wahbah Zuhayli, Prof. Dr. Syeikh Siddiq Dharir, Syeikh Abdullah al-Mani, Dr. Abd Sattar Abu Ghuddah, Syeikh Dr. Nazih Hammad, Syeikh Dr. Hussain Hamid Hassan, Syeikh Nizam Yaquby, Dr. Mohd Daud Bakar, Syeikh Al-Ayashi al-Sadiq Faddad, Syeikh Dr. Ajil Nashmi dan ramai lagi. KEDUA. Hukum FOREX TRADING yang dijalankan sendiri - Bagi mengetahui, hukum bagi, bentuk kedua ini, pertama-tamanya e tertakluk kepada: - a - Terdapat unsur judi atau tidak apabila membeli dan menjual matawnag hanya kerana mengharap keuntungan dari perbezaaan nilainya. Bukan kerana digunapakai de negara matawang terbabit. Maka setah kajian perinci oleh JAKIM em vez de ISRA, mendapati unsur judi adalah wujud maka semua jenis forex trading adalah HARAM. B - Kesohihan dan kewibawaan plataforma de syarikat dari sudut lesennya dan pengenalannya. Ia diperlukan bagi mengelak e um ditipu oleh plataforma syarikat yang tidak sebenar. Butiran terperinci berkenaan plataforma ini mestilah diteliti dan boleh diperolehi. Jika tidak, transaksi e um adalah syubhat dari awal lagi keran terdapat unsur gharar. B - Jika plataforma tersebut punyai wibawa dan diminuir serta informação yang sangat mencukupi, perkara kedua adalah menilai akta-akata berkaiatan dengan aktiviti ini dari badan berwajib di Malaysia. Ini perlu bagi memastikan e um tidak terlibat dengan aktiviti menyalahi undang-undang Negara. Jika yang kedua juga lulus, saya kira transaksi, jual matawang, dan, simpan dan, kemudian, jual, semula, apabila, harga, tukarannya, naik, adalah, harus, kerana, secara, automatiknya, dilaksanakan, menurut, kaedah, lsquospot. Namun mari kita sama-sama cuba mehami dan menyemak bagaimana proses ini dilakukan secar ringkas dan melihat pandangan Islam tentangnya. Setakat apa yang diterangkan oleh indivíduo yang terlibat dan yang tahu berkenaan cara forex negociação memlali internet ini. Ia seperti berikut: - 1) Ia mempunyai modal mínimo. Sebagai contoh USD 1, USD 100 dan lain-lain, entre outros produtos forex trading masing-masing. 2) Dengan modal itu, plataforma do syarikat do pihak forex que troca o akan membukakan satu akaun khas buat peserta. Seteah, itu, pihak peserta, akan, menentukan, samada, untuk, membuka, kaunter, jualan, matawangnya, dalam, akaun, atau, membuka, kaunter, belian. Gambaran mudahnya adalah: - Katalah modalnya USD 100 yang dibeli dengan tukaran semasa hari tersebut USD 1 RM 3.6, dan dibuka kaunter lsquoselling melalui plataforma syarikat tersebut. Sebagai contoh, pada esok harinya apabila dilakukan analisa terhadap pegerakan nilai matawang, napolitano USD mengukuh berbanding Ringgit iaitu USD 1 RM 4 Tatkala itu, ia akan menekan button jual USD 100 dan memperolehi RM 400. Ini bermakna iah telah beroleh keuntungan sebanyak RM 40 berbanding Harga belian asalnya tadi Mais de 40 milhões de RMs em Mêsescala MESTILAH memasukkan seluruh RM 400 DIMENSÃO DE DIBERCANIA DIAMANTE, DIDÁRIA DE DIBERDÁCIO DIAMANTE DE SÃO JAVA, DIA DE JANEIRO DE JANEIRO DE JANEIRO, RMR 40 díades, manakala baki modal sebanyak RM 360 hanya akan dimasukkan sejurus peserta menutup akaun pada Hari tersebut. Isu Shariah. Jika ini tidak berlaku, maka ia lulus dari sudut Shariah, namun jika kelewatan berlaku, isa Shariah di sini adala berlaku penangguhan dalam penyerahan matawang ringgit. Ini menjadikan ia bercangah dengan arahan Nabi s. a.w: - Dalam menukar wang dengan wang, Nabi tela de meni e garis panduan yang mesti dipatuhi iaitu: Ertinya. Sesungguhnya Rasulullah s. a.w berkata. Pertukaran antara perak dan emas adalá riba kecuali jika ia dilakukan secara serenták (Serai terima dalam satu masa) (Riwayat muçulmano, no 1586, 31209) Manakala pembelian secara hutang dari salah satu antara dua pihak adalá haram berdasarkan hadis: - Ertinya. Rasulullah viu melarang dari menjual emas dan perak secara berhutang (Riwayat Al-Bukhari, no 2070, 2762) Imam An-Nawawi telah menyebut dengan terang bahawa para ulama telah bersepakat wajibnya syarat serah terima dalam massa saturada atau lsquoTaqabud samada secara hakiki (fizikal) atau Hukmi (melali mediuam internet tetapi punyai bukti seperti resit atau nota elektronik yang menunjukkan transaski sah) (Syarah Sohih muçulmano) Cadangan. Mesti dipastikan bahawa sema transkasi jual beli dilakukan, kesemua modal dicampur untung dimasukkan di dalam akaun kita tanpa sebarang tangguh, dan secara automatik juga kita boleh mengeluarkan wang tersebut tanpa sebarang halangan. 3) Terdapat syarikat yang mensyaratkan mínimo modal yang tinggi seperti USD 1000 dan lain-lain jumlah. Untuk, itu, menawarkan, apa, yang, dinamakan, alavancagem, yangmana, modal, peserta, akan, digandakan. Sebagai contoh, katalah sebenar modal e um adalah USD 100. Maka e um dikehendaki memilih atau secara pilihan memlih gândano yang dikehendaki. Seperti 1. 10 Termos e Condições e Política de Privacidade Termos e Condições Política de Privacidade Termos de Uso Política de Privacidade Termos de Uso Política de Privacidade Mapa do Site O uso de vários instrumentos financeiros ou de capital emprestado, como a margem, para aumentar o retorno potencial de um investimento. A alavancagem pode ser criada através de opções, futuros, margens e outros instrumentos financeiros. Por exemplo, digamos que você tem 1.000 para investir. Este montante poderia ser investido em 10 ações da Microsoft, mas para aumentar a alavancagem, você poderia investir o 1.000 em cinco contratos de opções. Em seguida, você controlaria 500 ações em vez de apenas 10. (Rujukan) Jika benarlah apa yang saya gambarkan ini, transaksi forex menggunakan Leverage ini adalah HARAM kerana ia dikira menjual matawang yang tidak di dalam milik anda. Milik sebenar e um hanyalah USD 100 tetapi yang dijual adalah 10.000. Ia berdasarkan apa yang disebut oleh Nabi s. a.w. Ertinya. Janganlah kamu menjual sesuatu yang tidak dalam milikmu (Riwayat Abu Daud, n ° 3504, 3283) Malah saya juga hampir pasti, wang yang digandakan olear syarikat itu dikira sebagai pemberian pinjaman dan sudah tentu mereka akan mengambil sedikit keuntungan samada diketahui atau tidak diketahui oleh peserta . Jika ini berlaku, sekali lagi riba telah berlaku. Bagi mengelakkan perkara yang ditegah oleh Islã dari berlaku di sini, penggunaan alavanca 1: 1 sahaja yang dibenarkan. Wallahualam. 4) Diberitakan juga pihak syarikat menasihatkan pescar ágar em conserva de frutas e produtos hortícolas 30 sacos de café sem costura de comércio dijalankan. Dan jika terdapat masalah kemungkinan rugby atau apa yang dinamakan chamada de margem, pihak peserta dibenarkan untuk membuka kaunter satu lagi samada jual atau beli bagi menyeimbangkan kemungkinan rugi. Pandangan. Wallahualam, jika semunya dilaksanakan dengan jelas dan perancangan yang betul. Setakat ini saya tidak nampak adanya masala Shariah dalam tindakan ini KECUALI IA MEMPUNYAI ELEMN PERJUDIANO YANG JELAS kerana membeli nilai matawang untuk dijual apabila nilainya naik sedangkan ia BUKAN KOMODITI. Wallahualam. Walaupun berniaga sendiri forex dan memenuhi syarat ini ADALAH HARAM kerana sebab utamanya adalah JUDI, tambahan pula ia bukanlah sesuatu yang disukai oleh polisi ekonomi di dalam Islão, pertamanya kerana menurut pandangan ekonomi dalam Islã, matawang adalah meio de troca sahaja dan ia bukanlah komoditi yang wajar Diniagakan bagi memperolehi untung dari perbezaan nilainya. Kita tahu nilai matwang kini tidak lagi bersandarkan emas atau perak, wang kertas hari ini (dinheiro fiduciário) tidak mempunyai nilai tersendiri (seperti logam emas perak) kecuali nilainya datang dari pasaran global yang ditentukan oleh demanda e oferta di pasaran dunia. Justeru, menjadikan cara ini bagi membro anak dan isteri makan bukanlah satu bentuk kerjaya e yang terpuji di dalam Islam. Mala é um sistema sistemático de gestão sistemática e um sistema sistemático de gestão de recursos humanos. Justeru, fikirkanlah. Jika anda tidak ingin menerima padnagan saya, tidak mengapa tetapi bacalah pendapat ulama besar kewangan Islã sedunia iaitu Syeikh Mufti Taqi Uthmani dalam hal ini: Forex Moeda Trading Por Mufti Muhammad Taqi Usmani Negociação de Moedas halal Eu anexei um documento detalhando os aspectos do negócio. A.) Eu passei pelos papéis enviados por você. Eu sou da opinião que estas transações não são conformes com Shariah. A condição muito que você não pode levar a entrega da moeda comprada torna inadmissível. Além disso, existem outros elementos de acordo com o meu conhecimento que torna este comércio ilegal na sharia, como vendas a prazo, vendas a descoberto, etc Isso é além do fato de que as moedas são originalmente um meio de troca e só deve ser trocado por Uso pessoal em diferentes países. Fazê-los uma mercadoria negociável apenas para ganhar um lucro é também contra a filosofia básica da economia islâmica. Eu, portanto, não aconselhá-lo a entrar neste comércio. Sila Buka Sumber. Forex Trading Adakah e um menga siapa Syeikh Mufti Taqi Uthmani, sila buka di sini untuk mengenalinya. Zaharuddin Abd Rahman 28 Zulhijjah 1428 ps. Semua pemain forex, nota de jawpaan saya inin adalah jawapan yang dipermudah agar ia boleh difahami orang awam. Jika terdapat kesilapan teknik carajual dan beli, boleh dimaklumakn kepada di ruangan komentar kerana informações tentang tatacara di atas juga saya perolehi dari yang terlibat. Syaa tiada masa untuk membuat pembacaan dan kajian Enviada por: ketika ini. Sekian Adicione esta página aos seus favoritos Bookmarks sociais More. FOREX MENURUT ISLAM HUKUM COMERCIO FOREX MENURUT ISLAM - Sebagai seorang musulmanes yang awam, tentunya kita tidak bisa langsung menafsirkan sesuatu itu halal ataukah haram. Fazer cadastro ou login. • Artigos Hukum Trading Forex menurut Islam. Prinsip umum negociação forex disamakan dengan jual beli emas atau perak seperti yang yang berlaku pada masa Rasulullah, yakni harus dilakukan dengan kontan atau tunai naqdan ágar bebas dari transaksi ribawi riba fadhl. Rasulullah SAW bersabda: Emas hendakla dibayar dengan emas, perak dengan perak, barli dengan barli, syair dengan syair (jenis gandum), kurma dengan kurma dan garam dengan garam dalam hal sejenis dan sama harusla secara kontan (yadan biyadinnaqdan). Maka apabila berbeda jenisnya, jual lah, sekehendak, kalian, dengan syarat secara kontan. (HR. Muslim). Dengan berdasar pada hadits tersebut di atas, dalam kitab al-ijma hal. 58-59, Ibnu Mundhir membuat sebuah analagi tentang Hukum negociação Forex menurut Islã. Menurutnya bisnis em linha negociar forex sama dengan pertukaran emas atau perak yang dalam terminologi fiqih dikenal dengan istilah Sharf yang keabsahan nya telah disepakati para ulama. Dengan, demikian, emas, atau, perak, sebagai, mata, uk, dilarang, ditukarkan, dengan, sejenisnya, misal, rupiah, dengan, rupiah, atau, dólar, dengan, dólar, kecuali, nilainya, setara, atau, sama. Jika hal ini dilakukan dikhawatirkan akan muncul potensi riba fadhl sebagaimana yang dilarang dalam hadits di atas. Namun ketika jenisnya berbeda seperti rupia ditukarkan dengan dólar atau sebaliknya, maka itu dapat dilakukan sesuai dengan harga passar alias taxa de mercado yang berlaku saat itu dan harus kontansecara langsung taqabudh filial berksarkan kelaziman pasar (taqabudh hukmi). Perkara kontantunaisecara langsung ini, sebagaimana dikemukakan Ibnu Qudamah dalam kitab al-mughi, didasarkan pada kelaziman passar yang berlaku, termasuk ketika penyelesaiannya (assentamento) harus melewati beberapa jam karena harus melewati proses transaksi. Adapta-se à penetração do preço do mercado. FOREX MENURUT ISLAM Dalam perspektif hukum Islam. Perdão berjangka komoditi (PBK), forex termasuk di dalamnya. Keabsahan transaksi jual beli berjangka ini ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut: 1. Rukun Sebagai unsur utama Yang Harus ada dalam sebuah transaksi yaitu: Pihak-pihak pelaku transaksi aqid Yang disebut dengan istilah MuslimMuslim ilaih Objek transaksi maqud ilaih, yaitu Barang-Barang Komoditi yang berjangka dan nilai tukar (ras al-mal al-salam, al-muslim fih). Kalimat transaksi sighat aqad yaitu ijab dan qabul 2. Syarat-syarat Sebagai pelengkapnya sebuah transaksi yaitu diantaranya: Persyaratan menyangkut objek transaksi yaitu bahwa objek transaksi Harus memenuhi kejelasan mengenai jenisnya, ukurannya (Kadar), sifatnya, jangka penyerahan, harga Tukar dan tempat penyerahan Persyaratan Yang harus dipenuhi oleh harga tukar al-tsaman, yaitu kejelasan jenis alat tukar apakah itu dirham, dinar, rupia, dólar dsb. Bisa juga dengan barang yang dapat ditimbang, dsb de disukat, maka harus jelas apakah menggunakan satuan quilograma, lagoa atau lainnya Kejelasan tentang kwalitas objek transaksi, apakah kwalitas istimewa, baik, sedang atau pun buruk. Syarat di atas ditetapkan dengan Maksud menghilangkan jahalah fi al-aqd atau alasan ketidak tahuan kondisi-kondisi Barang pada saat transaksi Karena ini bisa mengakibatkan perselisihan antara pelaku transaksi Kejelasan jumlah harga Tukar dengan demikian, hukum dan pelaksanaan PBK sampai Batas-Batas tertentu dapat boleh dinyatakan Diterima, atau, setidaknya, sesuai, dengan, dan jiwa, norma hukum, islam, dengan, menganalogikan, kepada, baía, as-salam, jual, beli, yang, terjamin, kebenarannya. Berdasarkan pembahasan tadi, Fatwa Dewan Syariah Nasional No. 28DNS-MUIIII2002 tentang kegiatan transaksi jual beli valas pada prinsipnya dibolehkan, asalkan memenuhi ketentuan sebagai berikut: 1. Tidak untuk spekulasi (Untung-untungan) 2. Ada kebutuhan transaksi atau untuk berjaga-jaga ( Simpanan) 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara kontantunai. Dan apabila berlainan jenis maka, harus, dilakukan, dengan, nilai, tukar (kurs), yang berlaku (taxa de mercado) pada saat transaksi dilakukan. Fatwa Dewan Syariah Nasional Majelis Ulama Indonésia No: 28DSN-MUI. III2002 tentáculo Jual Beli Mata Uang (Al-Sharf) Menimbang: a. Bahwa dalam sejumlah kegiatan unguia memenuhi berbagai keperluan, seringkali diperlukan jual beli mata uang (al-sharf), baik antar mata uang sejenis maupun berlainan jenis. B. Bahwa dalam urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandangan ajaran islão berbeda antar satu bentuk dengan bentuk lainnya. C. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan ajaran islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman. Mengingat: 1. Firman Allah QS. Al-Baqarah2: 275:. Dan Allah telah menghalalkan jual beli dan mengharamkan riba. . 2. Hadits Nabi riwayat al-Baihaqi dan Ibnu Majah dari Abu Said al-Khudri, Rasulullah SAW bersabda: Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak). (HR Al-Baihaqi dan Ibnu Majah dan dinilai shahih oleh Ibnu Hibban). 3. Hadits Nabi riwayat muçulmano, Tarmidzi, Nasai, Abu Daud, Ibnu Majah, dengan teks muçulmanos dari Ubadah bin Shamit, Nabi viu bersabda: Jual lah emas dengan emas, perak dengan perak, gandum dengan gandum, syair dengan syair, kurma dengan kurma Dan garam dengan garam dengan syarat harus sama dan sejenis serta secara tunai. Jika jenisnya berbeda, jual lah sekehendakmu jika dilakukan dengan tunai. 4. Hadits Nabi riwayat muçulmano, Tarmidzi, Nasai, Abu Daud, Ibnu Majah dan Ahmad, dari Umar bin Khattab, Nabi s. a.w bersabda: Jual beli emas dengan perak adalá riba kecuali dilakukan secara tunai. 5. Hadits Nabi riwayat muçulmano dari Abu Said al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas emas kecuali sama (nilainya) dan janganlah menambah sebagiano atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah sebagian atas sebagian Yang lain, dan janganlah, menjual, emas, perak, tersebut, yang, tidak, tunai, dengan, tunai. 6. Hadits Nabi riwayat muçulmano dari Bara bin Azib dan Zaid bin Arqam: Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 7. Hadits Nabi riwayat Tarmidzi dari Amr bin Auf: Perjanjian dapat dilakukan dengan diantara kaum muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. 8. Ijma, Ulama sepakat (ijma) bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu. Memorando de entendimento: 1. Surat dari pimpinan Unidade Usaha Syariah Banco BNI no. USS2878 2. Pendapat peserta rapat pleno Dewan Syariah Nasional pada hari kamis, tanggal 14 Muharram 1423 H 24 de março 2002 Memutuskan: Dewan Syariah Nasional menetapkan: Fatwa Tentang Jual Beli Mata Uang (Al-Sharf) Pertama: Ketentuan Umum Transaksi jual beli mata uang pada 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 Avaliação 1. Transaksi SPOT yaitu transaksi pembélian dan penjualan valuta unir penyerahan pada saat itu (over the Contador) atau penyelesaiannya paling lambat dala jangka waktu dua hari. Hukumnya adalah boleh karena dianggap tunai, sedangkan waktu dua hari dianggap sebagi proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional 2. Transaksi FOWARD yaitu transaksi pembelian dan penjualan yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2 x 24 Jam sampai satu tahun Hukumnya adalah haram, karena harga yang digunakan adalá harga yang diperjanjikan (muwaadah) dan penyerahan nya dilakukan de kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk foward acordo untuk kebutuhan yang tidak dapat dihindari Lil hajah) 3. Transaksi SWAP yaitu suatu kontrak pembeliano atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembeliano antara penjual valas yang sama dengan harga foward. Hukumnya haram karena mengandung unsur maisir (spekulasi) 4. Transaksi OPÇÃO yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade de valorização de pada harga dan jangka waktu atau tanggal tertentu. Hukumnya haram karena mengandung unsur maisir (spekulasi) Ketiga: Fatwa ini berlaku sejak tanggal ditetapkan, dengue ketentuan jika de kemudian hari ternyata terdapat kekeliurano, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di: Jakarata Tanggal: 14 Muharram 1423 H 28 de março de 2002 M Dewan Syariah Nasional - Majelis Ulama Indonésia dan kemasyarakatan kepada Pemerintah dan masyarakat Indonésia. Sekilas tentang Majelis Ulama Indonésia alias MUI (kependekannya) adalah wadah atau majelis para ulama, zuama dan cendikiawan muçulmano Indonésia indonésia indonésia indonésia Indonésia Indonésia dalam mewujudkan cita-cita bersama. Berdiri pada tanggal 7 rajab 1395 H, yang bertepatan dengan tanggal 26 de julho de 1975 M di jakarta. MUI ini bisa dibilang sebagai pewaris tugas-tugas para Nabi (Warasatul Anbiya) dan memegang peranan penting bagi pemerintah Indonésia, yang selalu berusaha memberikan bimbingan dan tuntunan kepada UMAT Islam Indonésia dalam mewujudkan kehidupan beragama dan bermasyarakat yang diridhoi Allah SWT, memberikan nasihat dan mengenai fatwa Masalah berFatwa MUI tentang Negociação Forex atau Fatwa MUI tentang Perdagangan Valas. fonte. Id. wikipedia. orgwikiMajelisUlamaIndonesia Hukum Jual-Beli Valas (Negociação Forex) Menurut NU Online (nu. or. id) Assalamu 8216alaikum wr. Wb. Saya Muhammad Samsudin. Kepada redaksi NU Em linha saya ingin bertanya tentando hukum forex atau valas menurut Islam. Jujur, saya, bingung, tentando, ini, karena, banyak, teman, saya, yang, bilang, kalau, forex, itu, haram. Tapi saya lihat di site MUI mengakan bahwa forex itu mubah Mohon keterangannya. Wassalamu 8216alaikum wr. Wb. (Muhammad SamsuddinDemak) Jawaban Assalamu8217alaikum wr. Wb Penanya yang budiman, semoga selalu dirahmati Allah swt. Sebelum menghukumi tentang apa yang dimaksud dengan negociação forex. Maka kami akan sedikit menjelaskan pengertiannya. Sepanjang yang kami ketahui negociação forex adalah sama dengan al-mutajarah filar 8216umulat, yaitu adalah kegiatan jual-beli mata uang untuk mencari lucro atau keuntungan. Estado al-mutajarah fil umulat itu sendiri pada dasarnya adalah diperbolehkan sepanjang tidak ditemukan hal-hal yang mengharamkan atau merusaknya, seperti adanya unsur gharar (ketidakpastian), ihtikar (penimbunan), dan lain sebagainya. 1614161816151614161416141615 1616 16181615161516141616 1616161516141617161616161614 161416161612 161616171614 16161614 161416141614 1614161416181614 82111614161416171616 161416181613- 1614 1614161816141616 16141618161616141614 16141618 161416141614 161816151614161416141616 161416181614161416141616 16141616 1618161416141616 16141616 1618161416181616 16141614 16171614161816161616 (16171614161816161616) 16141616 161816161618161616141616 16141618 16151614161416141616 1615161516161614. Artinya, 8220Al-mutajarah fi al-8216umulat pada dasarnya adalah boleh kecuali ketika terdapat sesuatu8212sebagaimana akad lainnya8212yang mengharamkan atau merusak transaksinya seperti ketidakjelasan (jahalah), spekulatif atau ketidakpastian (gharar), penyamaran harga disertai penipuan, penimbunan atau menabrak syarat-syaratnya, 8221 (Lihat Wahbah az-Zuhaili, al-Mu8217amalat al-Maliyyah al-Mu8217ashirah, Damaskus-Dar al-Fikr, cet ke-VI, 1429 H2008 M, halaman 162, 163). Hal penting yang mesti dipahami dalam konteks ini adalah bahwa estado hukum mata uang kerta itu disamakan atau diqiyaskan dengan status hukum mata uang emas. Penyamaan ini lihat dari sisi bahwa uang kerta sebagai simbol nilai atau harga atas sesuatu. Sedangkan mata uang setiap negara itu berbeda-beda, maka ketika ada perbedaan jenis seperti jual-beli emas dengan perak, emas dengan mata uang kertas, atau mata uang kertas seperti dinar Bahrein dengan rial Qatar maka diperbolehkan adanya tambahan. Tetapi dengan syarat harus diserahkan secara tunai de majelis akad. Hal ini dimaksudkan untuk menghindari adanya riba ana-nasa atau riba at-tajil yaitu riba yang diakibatkan dari penundaan salah satu keduanya. 161416181615161516141615 161416141616161716141615 1614161816151615 161516181614 16181615161116141616 1617161416141616161716141616 16141618161616171616161716141616 1548 161616181616161416161614 1614161816141614 16181614161816141616 1548 161416161614 161616181612 16141618161416161615 16141616 161816141616161416181616 161716141616161416181616 1548 16141615161816141615 161516171616 1614161816141613 161616181612 16151618161416161612 16141618 1615161816141616 1614161816141613 161516181614. 161416161614 1618161416141614 1618161616181615 1614161416181616 161416141613 16161616161716141613 1548 16141618 161416141613 16161615161816141613 161416141616161716141613 1548 16141618 1615161816141613 161416141614161716161613 1616161616141616 1614161816141618161616171613 1616161616141616 16141614161616171613 1548 16141614 16171614161416151615 16141618 16171616161416141615 1616161416181616 16141614161716151616 1614161416151616 161816141614161416181616 1616 1614161816161616 16171614161416151616 161416181611 16161614 161816151615 16161616 16161614 1617161416141616 161416151614 16141614 16171614161816161616 Artinya, 8220Mata uang Kertas mengambil hukum uang Yang terbuat dari emas dan perak dilihat dari sisi bahwa mata uang Kertas merupakan simbol Nilai sesuatu (atsman al-asyya). Dan, mata, uang, kertas, itu, berbeda, jenisnya, dengan, logam, mulia. Mata uang setiap negara berbeda-beda dengan negara lain. Dengan demikian ketika jenisnya berbeda seperti menjual emas dengan perak atau emas dengan uang Kertas, atau menjual uang Kertas seperti dinar Bahrein dengan rial Catar, maka boleh adanya tambahan dengan syarat keduanya diserahkan di Majelis akad (tunai) Karena untuk menghindari terjerumus ke dalam riba nasa yaitu Riba at-tajil (riba yang muncul karena penundaan salah satu dari keduanya), 8221 (Lihat Wahbah az-Zuhaili, al-Mu-8217amalat al-Maliyyah al - Mu8217ashirah, Damaskus-Dar al - Fikr, cet ke-VI, 1429 H2008 M, Halaman 165). Adanya penyerahan secara tunai pada das mulheres unguia menghindari riba sebagaimana dikemukakan di atas. Dan di antara implikasinya adalá ketidakbolehan transaksi negociação forex dilakukan di bursa berjangka (como-suq al-ajilah). Begitu joga tidak boleh dengan khiyar syarat. Demikian jawaban singkat yang dapat kami kemukakan. Semoga bisa dipahami dândi baik dan membantu mengurai kebingungan penanya. Saran kami tak perlu bingung menghadapi perbedaan pendapat dalam masala fikih karena dalam ranah ini adalah rahmat. Sikapi perbedaan dengan bijak sehingga tidak menimbulkan kebingungan. Kami selbau terbuka untuk menerima saran dan kritik dari para pembaca. Wallahul muwaffiq ila aqwamith thariq Wassalamu8217alaikum wr. Wb. (Mahbub Ma8217afi Ramdlan) Nahdlatul Ulama (Kebangkitan Ulama atau Kebangkitan Cendekiawan Islam), disingkat NU, adalah sebuah organisasi islam besar di Indonesia. Organisasi ini berdiri pada 31 Janeiro 1926 dan bergerak di bidang pendidikan, sosial, dan ekonomi. NU menganut paham Ahlussuná waljamaah, merupakan sebuah pola pikir yang mengambil jalan temh antara ekstrem aqli (rasionalis) dengan kaum ekstrem naqli (skripturalis). Karena itu sumber hukum Islão bagi NU tidak hanya al-Quran, sunnah, tetapi juga menggunakan kemampuan akal ditambah dengan realitas empirik. Cara berpikir semacam itu dirujuk dari pemikir terdahulu seperti Abu al-Hasan al-Asyari dan Abu Mansur Al Maturidi dalam bidang teologi Tauhidketuhanan. Kemudian dalam bidang fiqih lebih cenderung mengikuti mazhab: Imam Syafii dan mengakui tiga madzhab yang lain: Imam Hanafi, Imam Maliki, dan Imam Hanbali sebagaimana yang tergambar dalam lambang NU berbintang 4 di bawah. Sementara dalam bidang, mengembangkan metode Al-Ghazali dan Syeikh Juneid al-Bagdadi, yang mengintegrasikan e antara tasawuf dengan syariat. Por wikipedia fonte. Id. wikipedia. orgwikiNahdlatul27Ulama Kisimpulannya bisa Anda tafsirkan sendiri, yang jelas sekarang kita sudah tahu bahwa ada hukum Islam yang mengatur negociação forex ini. Hukum Negociação Forex Menurut Islã ini juga diperkuat dengan adanya keluarnya Fatwa mui tentang Trading Forex. Dengan begitu semua keraguan, ketidaktahuan kita terhadap hukum negociação forex ini bisa terpecahkan. Oke, mungkin sampai di sini dulu pembahasan kali ini, semyaa bisa membantu dan bermanfaat. Terimakasih dan salam sukses buat semuanya. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. Jan 7, 2008 - Pertama. Hukum bagi melabur dalam syarikat yang menjalankan FOREX. Forex (câmbio) atau yang lebih dikenal dengan. Hukum Perdagangan Pertukaran Matawang As informações seguintes não estão ainda disponíveis em Português. E-fatwa. gov. my. Hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Forex Spot Individual). Decisão sobre as transações eletrônicas Forex individuais. Hukum Forex Dalam Islã Antara Halal dan Haram broblogger. Hukum-forex-dalam-islam-formiga. 14 de abril de 2013 - Amanhecer aku memhang dah agak pasti akan ada yang bertanya mengenai hukum dalam FOREX ni dan aku dah kaji benda ni dahulu. Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-kebangsaan-hukum-pelab. 16 de fevereiro de 2012 - Pelaburan forex yang desenhado por pessoa na internet plataforma adalah haram. Ini kerana muzakarah mendapati bahawa perdagangan. (Baru) Hukum principal forex - ustaz azhar idrus - YouTube (Baru) Hukum principal forex - Ustaz Azhar Idrus (UAI) ialah penceramah bebas di. Forex Menurut Hukum Islam Fit4Global Trader Forex Trading Trader Forex Trading Forex Trading Valas Halal Menurut. Hukum Comércio Forex, Halal atau Haram. MoshedFX moshedfxhukum-trade-forex-halal-atau-haram 27 de dezembro de 2013 - Tags. Forex halal haram, forex haram, forex haram, forex harus, comércio haram forex, hukum. Nizar: Hukum Forex Haram 8211 Jawatankuasa Fatwa. Nizar-coretanku. blogspot. Hukum-forex-haram-. Fevereiro 16, 2012 - Sebelum ini persoalan membabitkan hukum Forex haram atau halal acapkali menjadi perdebatan dan persoalan dikalangan apa yang boleh. Hukum forex em vez de leverage - doa dan solat senjata hebat miswansurip. blogspot. Hukum-forex-dan-alavanca. Konsep leveraj yang disediakan oleh corretor forex sebenarnya wujud dalam Islam. Komenkan adalah pasal alavancagem. Alavanca dlm forex menepati hukum. Operasi Spot Forex: Halal Atau Haram Departamento de. Islam. gov. my. Operasi-spot-forex-halal-atau-h. Dewasa ini perdagangan spot forex secara individual melalui plataforma elektronik semakin popular entre menjadi sumber pendapatan sampingan banyak pihak. Hukum forex: resposta terhadap fatwa kebangsaan fxislamic. blogspot. Hukum-forex-respon-terhad. 12 de fevereiro de 2015 - HUKUM FOREX: RESPON TERHADAP FATWA KEBANGSAAN. Di ruangan terhad ini pihak kami em ingin menjawab beberapa kekeliruan. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. Hukum-pelaburan-forex. 14 de novembro de 2006 - Assalamualaikum wbt. MuslimKaya. blogspot kembali lagi, dengan artikel, terbaru, berkenaan, Hukum, FOREX, iaitu, câmbio. CariGold Fórum - Forex Dalam Perspektif Hukum Islão: Halal Atau Haram carigoldportal. Printthread. phpt. P. S Diminta pada yang arif mengenai forex nie memperjelaskn. Parar dl Trading untuk kepastian penuh kerana melibatkan HUKUM AGAMA). HUKUM PRINCIPAL FOREX ADALAH HARAM - mysumber mysumber 8250 Situasi Malásia Kenyataan sistem tauro wang asing menerusi internet (Forex) haram bagi umat islão menyertainya dikeluarkan oleh Majlis Fatwa Kebangsaan. Dalam pada. Muamalat - Jabatan Mufti Selangor muftiselangor. gov. mymsmuamalat Hakum sama ada keuntungan daripada melabur de internet adalah halal atau. Forex Hukum Trading Forex: JAKIM VS USTAZ ZAHARUDIN (UZAR) - Ekonomi. Post Última edição por amirulnazri em 22 - 6 - 2010 10:28 Aku di maklumkan oleh seorang comerciante de fórum lain..ttg perbezaan hukum entre Jakim. Nik Muhammad - Salam ustaz. Apakah hukum forex. Saya FacebookUstaz. 30137143654757. Salam ustaz. Apakah hukum forex. Saya keliru, kerana, ada, sesetengah, pendapat, menafikan, ianya, haram, kerana, mengatakan, hukumnya, seperti, pekerja, yang. Kelonggaran dalam urus niaga forex - Kosmo kosmo. my. Content. aspy. Dt. 5 de fevereiro de 2015 - Kedua, derivado de urba, forex melibatkan transaksi antara negara. Itu sedikit sebanyak menjejaskan hukum keharusan forex. Apakah Hukum Negociação Forex. - BilikSeminar. My bilikseminar. myapakah-hukum-trading-forex 6 de junho de 2011 - Sejak akhir2 ini. Bilikseminar. my banyak digunakan untuk bengkel2 dan kursus berkaitan negociação forex. Dan kebanyakan yang hadir ialah Hukum Principal Forex - UAI iCeramah iceramah. my201501hukum-main-forex-uai 26 de janeiro de 2015 - Hukum Principais Forex 8211 Penjelasan Ustaz Azhar Idrus Berkaitan Isu Forex, Sama Ada Halal Atau Haram. Forex Hukum Forex Haram Hukum Forex Halal Hukum Forex. Haram atau Halal - Berita Semaasa beritasemasa. my 8250 Isu Semasa Terkini 16 de fevereiro de 2012 - Hukum Forex Haram. (Forex) Forex Haram 8211 Jawatankuasa Fatwa Kebangsaan Ustaz. Ustazlove. Forex-haram-jawatankuasa-fatwa-ke. 16 de fevereiro de 2012 - Ustaz Amor pernah cuba nak principal forex (guna ada satu sistem internet .. demo de tatuagem.) Hukum Urusniaga Forex - FXBrokers - Notícias Trending Viral forexbrokers. my hukum - (Hits0) Urusniaga-forex-har 11 de abril de 2014 - Apakah hukum melabur dalam perdangangan mata wang asing (forex) Baca untuk selanjutnya ROADBLOG: HUKUM BERMAIN ATAU MELABUR FOREX Santacruz969.blogspot. Hukum-bermain-atau-m 31 de janeiro de 2014 - Kembali kepada tajuk utama, iaitu hukum pelaburan forex.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,. Câmbio, iaitu perdagangan tukaran matawang asing, Ia juga dikenali dengan, Muzakarah JAKIM Berkenaan Hukum Negociação Forex, MuzakarahJAKIMBerkenaan, Muzakarah JAKIM Berkenaan Hukum Negociação Forex, Muzakarah JAKIM Hukum Perdagangan Pertukaran M Atawang Asing oleh Individu Secara Lani. Hukum Tukaran Wang Asing dan (Forex) Salah Disisi. Shamsuriyadi 8250 Isu Semasa 5 de janeiro de 2010 - Ramai yang tertanya tanya apakah hukum perdidos wang asing atau lebih popular denang pangilan FOREX. Saya bukanlah pakar dalam. Mengenai Hukum Forex Dana2u dana2umengenai-hukum-forex Hukum Forex Dalam Islã. Bagi mereka yang beragama Islã, sudah tentu e uma tertanya-tanya, 8221Halal ke buat forex nih82218230 Seca umumnya, forex urusniaga. Anda Berminat não pertence a um clã Menceburkan Diri Dalam Urusniaga. Majalahclassificado: anda. Forex 4 de agosto de 2014 - Secara Ringkasnya Forex ialah urusniaga pertukaran matawang asing. Dalam hukum forex brinquedo masih terdapat perbezaan pendapat di. Hukum Forex Harus dan Halal - Teknik Forex KISS amat-fx. blogspot. Hukum-forex-harus-dan-hala. 18 de outubro de 2009 - Hukum Forex Harus dan Halal. Salam, Terpanggil para aku post kan satu artigo mengenai hukum Forex, yang aku petik dari. Perniagaan Forex Online Haram dah Confirme - Denaihati denaihatiperniagaan-forex-online-haram-dah-co. 16 de fevereiro de 2012 - Aku memang tak ada pengalaman dalam urusniaga FOREX kerana. Com: forex, hukum perniagaan forex, hukum perniagaan mata wang. Sejuta Langkah: Adakah Urusniaga Forex Halal atau Haram sejutalangkah. blogspot. Adakah-urusniaga-fore. Forex merupakan satu daripada cabang perniagaan yang boleh dadosburi dan. Klip ceramah Ust. Hj. Zaharuddin Hj. Abd. Rahman mengenai hukum forex. Hukum Forex - Wajib Baca. WangCyber ​​wangcyber 8250. 8250 On-line estoque Forex novembro 18, 2007 - Salamandra, perca ramai di antara kita yang berminat utk menyertai forex. Memang forex, manjanjikan, kekayan, yang, melimpah. Negociação de forex hukum - FX United Programa CGAT myfxunitedkl. blogspot. Hukum-forex-trading. h. 13 de agosto de 2015 - Pendapatan pasif melalui sistem forex trading auto (CGAT) dengan pulangan bulanan antara 12 sehingga 20. Modal adalah dijamin dan. 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Hukum dividen ASN dan ASB dan kenapa fatwa kebangsaan dan fatwa negeri selangor berbeza hukum forex ustaz zaharudin hukum forex ustaz azhar idrus hukum main forex ustaz azhar idrus ustaz zaharudin muhammad blog ustaz zaharudin hukum dropship ustaz zaharuddin Tags: hukum forex 2015 hukum forex haram atau halal hukum forex di brunei hukum forex online hukum forex islam hukum forex di malaysia hukum forex indonesia hukum forex harus hukum forex uai hukum forex ustaz azhar idrus hukum forex arab saudi hukum forex adalah hukum forex di arab saudi hukum forex halal atau haram apa hukum forex dalam islam apa hukum forex hukum main forex ustaz azhar idrus apakah hukum forex hukum agama forex hukum forex di arab hukum forex brunei hukum forex bagi islam hukum forex berdasarkan islam hukum bermain forex hukum bermain forex dalam islam hukum bermain forex menurut islam hukum berniaga forex hukum berdagang forex hukum bisnes forex hukum buat forex hukum forex carigold hukum forex hukum forex dala m islam jakim hukum forex dalam islam hukum forex dalam islam 2015 hukum forex dr zaharuddin hukum forex dlm islam hukum forex dalam islam mufti perak hukum forex di sisi islam hukum forex exchange hukum forex emas hukum pelaburan forex emas hukum islam forex emas hukum forex dari ustaz pakar ekonomi hukum easy forex hukum main forex emas hukum forex fatwa dunia hukum forex fatwa hukum forex fatwa kebangsaan hukum forex fatwa mui hukum fiqih forex hukum forex majlis fatwa kebangsaan hukum forex gwgfx hukum forex gold hukum forex gwg hukum forex halal hukum forex harussani hukum forex halal haram hukum forex yang halal hukum halal dan haram forex hukum forex investment hukum forex menurut islam hukum forex dalam islam 2012 hukum forex di indonesia hukum forex dalam islam 2013 hukum forex dalam islam malaysia hukum forex jakim hukum join forex hukum kuasa forex hukum leverage forex hukum melabur forex hukum forex menurut syariat islam hukum forex menurut islam 2015 hukum forex malaysia h ukum forex mufti perak hukum forex mui hukum forex menurut mui hukum forex menurut ulama hukum forex menurut nu hukum forex nu hukum niaga forex hukum forex zaharuddin hukum forex di negara islam hukum urusniaga forex hukum trading forex menurut nu hukum forex online dalam islam hukum forex oleh mui hukum forex oleh mufti perak hukum forex online trading hukum trading forex online dalam islam hukum bisnis forex online hukum islam forex online hukum forex muslim or id hukum pending order forex hukum forex pdf hukum pelaburan forex hukum perniagaan forex hukum perdagangan forex dalam islam hukum forex dalam pandangan islam hukum perdagangan forex hukum permainan forex hukum forex yusuf qardhawi hukum forex riba hukum forex spot hukum forex secara islam hukum forex syariah hukum forex salafy hukum forex salaf hukum forex sunnah hukum forex swap hukum sebenar forex hukum forex trading hukum forex trading dalam islam hukum forex trading menurut islam hukum forex terkini hukum forex terbaru hukum forex trading menurut mui hukum forex trading online hukum trade forex hukum melabur ampamp forex trading muzakarah jakim berkenaan hukum forex trading hukum forex uzar hukum forex ustaz dasuki hukum forex ustaz zaharuddin hukum forex ustaz azhar hukum forex ustaz zaharudin hukum forex ustaz video hukum forex hukum forex hukum forex youtube hukum forex zaharuddin hukum forex zaharudin hukum main forex zaharuddin hukum forex 2014 hukum forex 2012 hukum main forex 2013Forex menurut Hukum Islam Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental. Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islão Apa pendapat para ulama mengenai negociação forex, negociação saham, índice de negociação, saham, dan komoditi Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islã Mari kita ikuti selengkapnya. Jangan engkau menjual sesuatu yang tidak ada padamu, sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah. Oleh sementara fuqaha (ahli fiqih Islam), hadits tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih islão sulit untuk memenuhi tuntutan jaman yang tero berkembang dengan perubahan-perubahannya. Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penasiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Quran, sunnah maupun fatwa para sahabat, larangan itu tidak ada. Dalam Sunnah Nabi, hanya terdapat, larangan, menjual, barang, yang, belum, ada, sebagaimana, larangan, beberang, barang, yang, sudah, ada, pada, waktu, akad. Causa legis atau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar, ujar Dr. Syamsul Anwar, MA dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apaká barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milang orang lain, padahal tidak dibi kewenangan oleh yang bersangkutan. Jadi, meskipun pada waktu akad, barangnya, tidak ada, namun ada, kepastian diadakan, pada waktu, diperlukan, sehingga, bisa, diserahkan, kepada, pembeli, maka, jual, beli, tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi karena satu dan lain hal tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah. Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditantukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas rel aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasail almuashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, estado hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma a nasha fih, yakni masala hukum yang tidak mempunyai referências nash hukum yang pasti. Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqaI la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum, yang baru, muncul, mesti, diberikan, kepastian, hukumnya, melalui, ijtihad. Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan oleh Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubá karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-ayan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik bukan dalam alam pemikiran idéia de atau alam. Paradigma ini diturunkan dari prinsip hukum Islão tentang keadilan yang dalam Al-Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl. Dalam penerapannya, secara khusus masala PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islão dalam pengertian bagaimana hukum Islão diterapkan dalam masala kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalistasi dan perdagangan bebas. Realisasi yang pálido mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruína dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semicoloured bunyi UU No. 321977 tentang PBK. Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay al-salamajl biajil. Bay al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay ajl biajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ras al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafiiyah dan Hanabilah mendefinisikannya dengan: Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad. Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut: a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay al-salam adalah: Pihak-pihak pelaku transaksi (aqid) yang disebut dengan istilah muslim atau muslim ilaih. Objek transaksi (maqud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ras al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafiiyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa aqd al-salam adalah bay al-madum 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 malumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi olh harga tukar (al-tsaman), adala, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupia, dolar Amerika, dolar Singapura, dst. Apakah, timbangan, yang, disepakati, dalam, bentuk, quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan de antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Os utilizadores registados podem usar esta imagem como um editor de gramatura absortíada. Kalaupun dalam pelaksanaannya masih, ada, pihak-pihak, yang, merasa, dirugikan, dengan perangan, perundang-undangan, yang ada, maka dapatlah, digunakan, kaidah, hukum, atau, legal, maxim, yang, berbunyi: ma yudrak, kulluh, yutrak, kulluh. Apa yang tidak dapat dilaksanakan semuanya, maká tidak perlu ditinggalkan keseluruhannya. Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay al-salam. 1. The Basic Exchange Contracts There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date. To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of 50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of 50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or 50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. A minority view considers it permissible. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay 50 to him after six months. Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market. 2. The Issue of Riba Prohibition The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition. The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed. The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries. A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance). 2.1. A Synthesis of Alternative Views 2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot and when the commodities are different, sell as it suits you, but on the spot. Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba. For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins) these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis. Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established. The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value. This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis. Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis. 2.1.2 Comparison between Currency Exchange and Bai-Sarf Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible. taking possession of commodities exchanged by both parties is not a precondition (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold amp silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) Thus, sarf can be converted into interest-based borrowing amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only 44 (Rs 1100 converted into dollars) for his investment of 50. Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price) In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract. 2.1.4. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar 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, pric e, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible. 3.2 Gharar amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation. 4. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. Notes amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic. 8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices. 9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller. 10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible. 11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty. 12. The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allahs prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 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 kebutuhankomoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan pena de permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGANO NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawil inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS 1. Ada Ijab-Qobul: 8212gt Ada perjanjian untuk memberi dan menerima Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat) 2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu: Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. 8220Jangan kamu membeli ikan dalam ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan8221. (Hadis Ahmad bin Hambal de Al Baihaqi dari Ibnu Mas8217ud) Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudiano jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar . artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah: 8220Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya8221. Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã: Kesulitan itu menarik kemudahan. Demikian juga jual beli barang-barang yang telah terbungkustertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi etiqueta yang menerangkan isinya. Vide Sabiq, op. Cit. Hal 135. Mengenai teks kaidah hukum Islão tersebut di atas, vide Al Suyuthi, Al-Asbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55. JUAL BELI VALUTA ASSISTENTE DAN SAHAM Yang dimksud dengan valga asing adalah mata uang luar negeri seperi dolar Amerika, sterling inggris, ringgit Malásia dan sebagainya. Apabila antara, negara, terjadi, perdagangan, internasional, maka, tiap, negara, membutuhkan, valuta, unir, alat, bayar, luar, negeri, yang, dalam, dunia, perdagangan, disebut, devisa. Misalnya eksportir Indonésia Azerbaijão Azerbaijão Azerbaijão Azerbaijão Pedido de Propostas Aviso de privacidade Aviso de privacidade Sobre nós Aviso legal Condições de utilização Dengan demikian akan timbul pena e perminataan di bursa valuta asing. Setiap, negara, berwenang, penuh, menetapkan, kurs, uangnya, masing-masing (kurs, adalah, perbandingan, nilai, uangnya, terhadap, mata uang, asing), misalnya 1 dolar Amerika Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77) Like this: