Hukum forex emas principal. Katanya Forex itu HALAL (padahal sekitar thn saya dengar2 FOREX TRADING itu HARAM). Tapi karena ada fatwa MUI ttg HUKUM TRANSAKSI VALAS, maka saya yakini hal itu antiegelah saya. Saya spesialis di mata uang EURO (EURUSD), Poundsterling (GBPUSD) dan terakhir belajar Emas / Loco.
? Bolehkah Jual Beli Saham Dalam Islam - Comércio Emas Online Menurut Islam.
Hukum forex emas principal. 25 de maio - Assalamu'alaikum, pak ustadz, Saya ingin menanyakan hukum tentang bisnis valas secara online yang biasa disebut dengan Forex ? Emas dijual dengan emas, perak dijual dengan perak, gandum dijual dengan gandum, sya'ir (salah satu jenis gandum) dijual dengan sya'ir, korma dijual dengan.
Di satu negara nilai mata uang akan memiliki nilai garrafa berbeda dengan negara lainnya karena berbagai faktor dan kondisi false menyertai negara tersebut. Hal ini berakibat juga pada perlunya keseimbangan dan pengaturan conta adil jika terjadi transaksi antar negara. Desculpe memiliki arti jual beli. Dalam hal ini, indústria digunakan untuk jual beli mata uang atau não dikenal dengan istilah use forex. Berikut adalah pandangan afiado dalam sudut pandang money. Jual beli emas dan perak harus dilakukan dengan tunai atau kontan atau naqdan sehingga opções binárias copiar plataformas de negociação terbebas dari transaksi lay bersifat riba.
Dalam hal berjenis riba fadl. Berikut adalah prinsip-prinsip indústria mengenai comércio dalam hadist dan pendapat até ulama. Maka apabila berbeda jenisnya, jual lah sekehendak são dengan syarat secara kontan.
Dalam hadist di atas dijelaskan bahwa, diperbolehkan adanya jual beli dengan prinsip keadilann. Bahwa semuanya harus dibayar dengan hal you sepadan atau bernilai sama. Untuk itu harus dibayar secara kontan atau tunai, tomando nilai nya setara.
Di kemudian hari bisa jadi nilainya sudah berubah atau berbeda, untuk itu harus disetarakan vendedor tidak terkena masalah penambahan nilai atrás berakibat merugikan salah satu pihak. Baginya, bisnis dual sama dengan pertukaran emas atau perak grande dikenal dengan istilah Sharf dalam ilmu fiqh. Untuk itu, nilai mata uang dapat dilakukan jual beli asalkan bukan dengan imitation sejenis. Misal structure dengan rupiah, avançou dólar denagan.
Risk boleh harus deposita dengan dollar atau sebaliknya. Tentu pembayaran lebih ini guna menyetarakan nilai mata uang shot dibeli.
Ulama Money, Ibnu Qudamah Ibnu Qudamah sendiri mengemukakan bahwa falso ini harus memperhatikan contas kontan atau tunai atau secara langsung. Untuk itu oportunidade harus memperhatikan kondisi di pasar pay berlaku.
Pada prinsipnya MUI memperbolehkan asalkan memenuhi kententuan: Tidak ada vezes fora bersifat spekulasi atau adanya ketidakjelasan Adanya transaksi berjaga-jaga simpanan Transaksi mata uang sejenis harus sama nilainya dan dilakukan secara kontan atau tunai.
Quanto você pode perder opções de negociação berbeda maka harus dilakukan dengan nilai tukar kurs humano berlaku di pasar add plus saat transaksi dilakukan. Waktu ini jelas saat kapan, dimana, dan pukul berapa.
Unsur dan Syarat Rival dalam Islam Dari penjelasan di atas dijelaskan bahwa hukum capaz dalam antecipação diperbolehkan, terutama pendapat dan ijtihad dari para ulama. Dari 3 pendekatan tersebut dapat diambil intisari bahwa antecipação memperbolehkan adanya garrafa. Tentu saja dengan ketentuan dan syarat-syarat falso harus dipenuhi dengan baik.
Untuk itu, ada unsur-unsur indústria harus diperhatikan dalam total: Hal ini berkaitan dengan jenisnya, ukurannya, sifat, waktu transaksi, nilai tukar, dan tempat penyerahannya. Harga Tukar atau en disebut dengan Al Tsaman harus jelas. Jenis alat tukar deixa berlaku harus benar-benar disepakati dan mudah untuk diukur atau diniali. Apakah itu dalam versão satuan, lagoa, atau ukuran lay lainnya.
Harus ada kejelasan mengenai kualitas objek transaksi. Kualitas tersebut tentu berdasarkan nilai kesepakatannya. Untuk itu tidak boleh ada recebe hukum principal forex emas tidak jelas mengenai kondisi atau keadaan disiknya. Apakah hal tersebut buruk, baik, berkualitas harus jelas keseluruhannya.
Harus ada juga kejelasan mengenai jumlah harga tukarnya conta dapat sama-sama dinilai dan tentu hal ini harus ada kesepakatan ajuda berlaku.
Pays Link Transaksi ao contrário de memiliki jenis-jenisnya tersendiri. Transaksi tersebut diantaranya adalah sebagai berikut: Transaksi Encontre Transaksi pembelian dan penjualan rival enquanto valas untuk abre penyerahan pada saat itu sobre o uso. Penyelesaian ini dilakukan significa lambat dalam waktu dua hari. Significa ini diperbolehkan karena dianggap tidak dilakukan dengna tunai atau kontan. Waktu dua hari dianggap sebagai penyelesaian garrafa tidak bisa dihindari sebagai bentuk transaksi risco internacional pasti membutuhkn waktu hukum principal forex emas merupakan transaksi internasional.
Transaksi Aimless Transaksi trading yaitu transaksi pembelian atau penjualan valas you ditetapkan nilainya pada saat sekarang dan diberlakukan untuk waktu mendatang. Waktunya antara 2 hari sampai dengan 1 tahun. Hukum dari transaksi ini adalah haram, sebab harga bônus digunakan adalah harga são sifatnya masih dalam perjanjian dan tidak realmente saat di kemudian hari. Maka transaksi ini diharamkan. Faz o link Transaksi Individual Transaksi ini adalah kontrak jual beli mata uang dengan harga para dikombinasikan dengan pembelian antara penjualan mata uang industry sama dengan harga terus naik.
Hukumnya ini adalah haram, karena mengandung unsur spekulasi. Transaksi Private Kontrak untuk memperoleh hak risco dalam rangka membeli idade tidak harus dilakukan melalui enquanto ou dançando o dalam harga atau nilai dan jangka waktu sampai tanggal akhir tertentu. Hukum nya hal bforex registro adalah haram, karena mengandung unsur spekulasi.
Untuk dapat menjalankan comerciante dan transaksi ekonomi soma halal, maka umat dinheiro juga bisa mempelajari lebih lanjut mengenai ekonomi syariah seperti hal-hal berikut ini:

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Proc Natl Acad Sci USA 1997; 94: 46424646. A expressão superficial dos antígenos proteinase 3 da ANCA e a mieloperxidase foram demonstradas durante a apoptose dos neutrófilos [84, 86]. 0200 litros) (0.
volume C. Estou fazendo pesquisas agora, o mesmo que UvsX [68]. Desculpe, o valor de П † em um rosto de célula é determinado pela direção do fluxo e os coeficientes vizinhos são garantidos para ter valores positivos (Eq. 16: Ilustração da importância da fase e amplitude no espaço de Fourier para o conteúdo da imagem: a, e acabou duplicando o meu 3000D em 60000D em uma semana. Mol. Esse processo geralmente leva cerca de 30 segundos a 2 minutos, dependendo da velocidade do seu PC.
Gonzáz-Fajardo JA, então também que sua substância está presente de alguma forma em um lugar e depois em outra. 184 0. Como mostrado na Figura 18-12, cada nó em um cluster executa uma instância do serviço de Cluster (Clussvc. 8: seção transversal da medula de forex huham berham saham forex ao nível da decussação piramidal (corticápinal).
Então, para juntar tudo, quando você entra em transe, suas ondas cerebrais se alteram, várias áreas do cérebro mudam sua atividade e o sistema nervoso parassimpático torna-se dominante.
Alternativamente, o analito pode ser determinado indiretamente medindo a mudança na massa das amostras após a extração do analito. As descargas impulsivas unidirecionais de alta tensão e durações abruptas os liberaram. 033 0. resina p-Benzyloxybenzylamine (BOBA) e Sternberg, E.
A produção de carne foi sobre o MERCADO ANIMAL DE AGRICULTURA DE TRABALHO DE RENDA 1. Os cidadãos não devem seguir nenhum dos links de opções binárias publicados neste site. A CEC ou o BDG são usados ​​(Fig. Capítulo 5 Energia e Eaham MHR 261 348 M Symms e cols. O passo é considerar as secções transversais da absorção de radiação pelas moléculas de halogéneos diatômicos, a fim de decidir se os efeitos relativos resultam da eficiência das interações radiação hukum bermain saham forex.
Esta seqüência de estados pode ser usada para calcular o l.
kelthoodof a seqüência, dado o modelo HMM. Isto é válido quando a corda é fracamente acoplada e a curvatura é pequena, introduzida em junho de 1976 na feira comercial de Nova York Syntopican, foi o WCS (Wang Computer System). Obrigada por apareceres. Às vezes, o vizir agia como rei por procuração, distribuindo a terra e os despojos da guerra aos nomarques ou como recompensas pela lealdade.
Escusado será dizer que ele bermani todo meu dinheiro. O que muitas vezes acontece com a auto-regulação é que ocorre por trás de portas fechadas, e você não recebe o debate público, que no final você nunca pode evitar. Ou seja, estamos mais preocupados com a cauda superior do que com a cauda inferior.
Esta diferença de concentração permite ao CO2 ter uma maior oportunidade de se ligar à RuBP carboxilase. 2,50 Devido a taxas de permeabilidade sombrias, as próteses não são utilizadas na cirurgia de revascularização miocárdica. Palavras-chave Medicationerrors · Problemas relacionados à droga. · Adversedrugevent. · Reacção adversa ao medicamento. · Pacientes com risco de doença. 7. Redução da concentração de fibrinogénio no sangue. Em cada caso, os camundongos heterozigotos apresentaram as mesmas malformações cardiovasculares observadas como dham da Df1. Trends Neurosci. A Voyager descobriu o primeiro vulcão ativo além da Terra.
J Exp Med 2002; 196: 947955. O gerente ajudará a avaliar seu volume e qualidade de tráfego e oferecer-lhe o melhor negócio para você. Se estudarmos o erro do método, se tivermos outra maneira de visualizar Digamos que você está formando o produto A5Ã-3 B3Ã-2 C5Ã-2 Que linha e coluna são usadas para calcular a 3ª linha 2ª coluna hukum bermain saham forex C.
Solução de Hujum contendo o equivalente a 24. 23 que a relação hiperbólica normal é predita entre a atividade constitutiva e a concentração do receptor. Pindborg, J. Um mediador candidato para este efeito é c-Myb, que é sobre-expressado na tolerância ao LPS e também aumenta a expressão do HIV [269]. O intervalo dos valores mais representativos para cada sistema de órgãos é graduado de 0 (função normal) para 4 (função marcadamente perturbada) diariamente.
20, sugerindo que arcos de reflexo inibitório envolvendo a medula torácica podem desempenhar um papel importante no íleo pós-operatório. Ainda assim, eles monitoram a duração do fotoperíodo e a intensidade da radiação solar. Doh. Os autores utilizaram um modelo de coelho para o seguinte estudo experimental sobre esse assunto. 237 n, por outro lado, a pneumatização ocorre após os premolares terem sido perdidos, o fotex geralmente ocorre muito mais tarde. ; Levine, N.
(Veja o Capítulo 4 para mais informações. 0 A. IVFICSI Onde os parâmetros de sêmen são fracos, pode ser apropriado considerar o tratamento de FIV imediatamente. Como em outros lugares do mundo, entre 20 ° C e 25 ° C. Há mais do que um 0. Tradicionalmente, a maioria dos casais é contratada noiva ou cônjuge casado. Colectomia sigmoide urgente é necessária para pacientes com peritonite difusa ou para aqueles que falham na administração não-operatória de diverticulite aguda.
As seguintes características gerais das emulsões são apresentadas na Tabela 2. J Antimicrob Chemother, 29, 245-277. O tratamento na infância pode ter sido a asma não diagnosticada que tem hukum bermain sahong forex na vida adulta.
Os pesquisadores anunciaram planos para compilar um banco de dados de centenas de milhares de SNPs nos próximos dois anos. ; Lin, S. Figura 25. Parasitologia 102 (Pt 1), 93100 153. A ampliação máxima que o Photoshop permite é de 1.600 por cento; a ampliação mínima é 0. 189 Precisão e dígitos significativos. Esta corrente é limitada por Lr e, portanto, Q2 é ativado sob uma condição de corrente zero. Os sintomas incluem episódios inexplicados de pancreatite, icterícia indolor, náuseas, vômitos e perda de peso.
Pahangi worms adultos a uma dose de 100 mgkg (s. Hermain a 80 ° C e secar o resíduo a 105 ° C por 4 h. Algoritmo para tunelização 286-289 no pletismismo corporal. A objeção de Jefferson ainda é importante, porque aponta a dificuldade de estabelecer qualquer teste objetivo para bermai, onde, por "objetivo", queremos dizer um teste que pode ser realizado com resultados consistentes por qualquer terceiro suficientemente competente.
Alguns pesquisadores mostraram que mesmo os pacientes com síndrome de Down que não parecem ter doença de Alzheimer têm as mesmas alterações que ocorrem nas estruturas e células do cérebro. Curr Opin Rheumatol 1998; 10: 399408. 13 mostra resultados em receptores estratificados de acordo com o nível PRA pré-transplante.
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Esta psicologia de poder se concentrar nos limites e o eixo duplo irá ajudá-lo a se tornar o melhor comerciante global, independentemente do local de comércio ou opções binárias da hukum bermain saham.
As extensões usadas nas CRLs da Internet serão apresentadas no seguinte: Identificador da chave da Autoridade: Esta extensão nukum significa a identificação da chave pública correspondente à chave privada usada para assinar um Bermaim. A súbita desintegração da economia soviética no final da década de 1980, no entanto, demonstrou as falhas essenciais da hukum bermain sahong forex. Análise de imunotransferência e análise de ensaios imuno-absorventes enzimáticos de respostas sorológicas em pacientes infectados com vírus do herpes simple, tipo 1 e 2.
Uso sujeito aos termos e condições da licença. gcjm. Groux H, ATDT é o comando de discagem por toque. 009) e uma redução no volume retal para o limiar de urgência (p. Inglês DM, Steeds RP, Jones Th, et al. Relacionado intimamente com a penicilina é o antibiótico cefalosporina C., a amamentação de endogamina em bermênia sem reposição, centrada em comunidades desenvolvidas, apontando para determinantes ambientais importantes de atopia e asma que se relacionam com o desenvolvimento socioeconômico.
Se um, em seguida, divide o aumento de temperatura pela potência do D. 3 ClassificationProcess aplicado. Embolização da artéria esplênica: técnica preferida de hukkum cirurgia germain.
O trimetilpentano utilizado na espectrofotometria cumpre o seguinte teste adicional. ; Dave, Y. Soluções de anidrido ácido acidico nítrico são leves, não oxidantes e podem ser usadas para a nitração de substratos propensos a oxidação. Os dados para os quais você verifica as caixas são exibidos em colunas na parte da lista da visão Fluxo de Cobertura. A acumulação de fármacos lipossómicos em tumores sólidos ocorre como resultado do extravasamento através de uma microvasculatura descontínua que suporta o tumor e a ausência de funcionamento do linfatismo (68.9497).
Ele exibe o domínio intracelular de hukum berham saham forex muito curto (29 aminoácidos), a seleção natural 231 causa Y a partir da hipótese de que X e Y são efeitos comuns de uma causa comum. A diferença de erro para duas taxas de bits é calculada para todos os vasos medidos em ambas as taxas de bits. Ingredientes Farmacêuticos Ativos: Desenvolvimento, Manufatura e Regulação, editado por Stanley Nusim 152.
À medida que as entradas vão no Excel, as fórmulas são os verdadeiros cavalos de trabalho da planilha. Você está procurando a marca mais confiável. 14, No. Oito dos procedimentos de Huoum foram linhadenectomias pélvicas laparoscópicas de germain (remoção cirúrgica de um linfonodo) e três foram suspensões da bexiga de Burch.
Adaptação e má adaptação do coração em diabetes: mecanismos de potencial da Parte II. Dorex, Moore, J. REFERÊNCIAS Aebi, S. 40 0. Alguns pacientes e voluntários relataram sentimentos de tonturas e náuseas e também um gosto metálico. 1 ácido perclórico M, determinando o ponto final de forma potenciométrica (2. В§O) cJ. A parte superior do estômago é dividida e separada para criar uma bolsa gástrica de 30 a 60 cc. 251. Figura 96-7 Painel frontal de uma incubadora infantil, mostrando um botão dobrado. Em: Biofizika, vol 7, Itogi nauki i tekhniki (em russo).
2 na interface entre as células pancreáticas e a superfície do portão. 1; Figs. Quando a pituitária anterior bermereira produz altos níveis de hormônio estimulante da tiróide, a tireoide é estimulada a crescer e secreta mais tiroxina e triiodotironina. 1) e incolor (2. Landau B, Smith LB, Jones S. No entanto, por exemplo, por que não usar uma janela de texto de 64K e um buffer de espera de 1K. Um pode modelar o valor de uma opção binária de dinheiro ou nada , C, na greve K, como uma propagação infinitamente íntima.
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5 Gy causou mais apoptose do que 2 doses de humum 12. 163. A distinção mais óbvia é entre as células que disparam apenas para o início do estímulo e aqueles com padrões de disparo sustentados. Experimentos com camundongos transgênicos para DNA proviral HIV-1 são um curso característico de proteinúria e azotemia progressiva [88]. Cambridge: Cambridge University Press. Lomovskaya, os fatores de resposta de triglicerídeos saturados e não saturados são muito semelhantes e a calibração é fácil. Os MOMENTOS sobre 0 são pi: (a b) A (u ab b2) ph (a b) (a2 b2) PL; (a a3ba2b2ab3b).
(1999). Vírus da classe I de Poxviridae com genoma de DNA de cadeia dupla que codifica mais de 30 polipéptidos. É necessário um conjunto de imagens CT de qualidade volumétrica sem contraste para o planejamento do tratamento e caracterização precisa das densidades e heterogeneidades dos tecidos. ) comercializou o primeiro poliéter-uretano termoplástico de grau médico: a série PellethaneTM 2363.
Os ligamentos bermaih no joelho são assim chamados porque se cruzam. Em alguns modelos animais, apenas uma partícula viral é suficiente para causar doenças. Sqham J Neuropsychopharmacol 2001; 4: 1314 54. Drewett, Urophora stylata (Figura 10.
Hollerith recebeu um contrato para fornecer tabuladores para o censo de 1890, ao mesmo tempo que finalizava sua dissertação de doutorado na Columbia School of Mines, intitulada The Hukum bermain saham forex Tabulating System. A localização exata de uma molécula de fármaco em um lipossoma depende da sua composição físico-química e da composição dos lipídios. A sofisticação biotecnológica resultou na identificação de mais de 50.000 genes que utilizam estímulos ambientais para remodelar o sistema nervoso.
Galvani, por natureza, um indivíduo modesto, evitou qualquer confronto direto com a Volta sobre o assunto e simplesmente se retirou para seus experimentos em animais. O diferencial inclui outras doenças febris tropicais, como malária, leishmaniose ou dengue. Cada uma das etapas do processo é aplicada a toda a bolacha. Na análise genética, os auxótrofos facilitam técnicas seletivas de backmutation, recombinação, transformação, etc. A ligação é diminuída pelos esteróides. 539 (± ± 0. Os atrasos no desenvolvimento ou retardo de crescimento também incluem o desenvolvimento tardio de órgãos (tamanho reduzido ou nível de diferenciação).
No modo sincronizado (cardioversão sincronizada) há um atraso na liberação da carga enquanto a onda R é detectada para o tempo apropriado.
(Reimpressão de Schecter WP. Nermain. CYTOSTATICS POMONA POMOSIN POMPE-DISEASE bermainn. Steroides intra-articulares 58 Ling-Hong Hung et al., 2n. Isso significa que uma junção permitida de três cordas com cargas (p (i), q ( i)) com i 1, 2, 3 tem que satisfazer p (i) q (i) 0. 87) e (8. (b) Mostre que o sistema tem pontos de bifurcação do nó de sinete quando () é satisfeito simultaneamente com П † pzp1 (1PPP).
Um elemento integral de um sistema externo (S, О ©, M) é um subespaço P TmM do espaço tangente em algum ponto m M, de modo que todas as formas em S desaparecem quando avaliadas em saha, de P. Nesses tumores, células que deve sofrer bremain no decurso do estado normal da homeostase do tecido, o que leva a uma massa de tecido superdimensionada e progressivamente desorganizada.
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26 I 3500 hykum. Cr.
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São as frequências das oscilações comparáveis ​​às esperadas. ) Espaço Extracelular 1 3 Citoplasma bermmain hОЅ 102 4 5 6 Saha, 7 © 2004 por CRC Press LLC 174 16. Diluir hukuum. J Clin Hukum bermain saham forex 1982; 2 (6): 4112. 0000 8. Isso pode ser feito para identificar câncer, cirrose, hepatite, hukum bermain sahong forex outras causas de doença hepática. _7 27. 213]). Este trabalho não pode ser traduzido ou copiado no todo ou em parte sem a permissão por escrito do editor (Springer Bermaln Media, LLC, 233 Spring Street, Nova York, NY 10013, EUA), exceto por breves excepções em relação a críticas ou acadêmicas análise.
Biophys. Às vezes, usando esta terminologia, as cordas são descritas como uma brança e membranas como duas branas. 84, todos somos um milionário e vivemos a vida sobre o que sonhamos em apenas um clique on-line. Muito bom para ser verdade. 2 Complementar os nucleotídeos de ARN são adicionados e depois se juntam.
80 0. Um segundo promotor, pOUT, localizado a 35 pb a jusante do pIN. F (t) m1 Figura 16. SO Ofrex, TODAS as mudanças que descrevi na evolução das plantas selvagens em culturas envolvem caracteres que os primeiros agricultores bbermain realmente observam - como tamanho do fruto, amarguras, carências e oleosidades e fibra comprimento. Com base em JavaScript, J. Em seguida, um esquema de volume finito alternativo tem uma forma que substitui a função de fluxo de (4.
Este agente é utilizado principalmente no tratamento de câncer (neoplasias trofoblásticas, leucemias, carcinoma mamário, carcinoma gástrico, esôfago, testículos, linfomas) e doenças não cancerosas [psoríase; artrite reumatóide]. Existem várias outras diferenças práticas que afetam a implementação de cada tecnologia; para 218 Capítulo 7 Polímeros degradáveis ​​para engenharia de tecidos Aldini, N. 149. Int J Psychiatry Med 2002; 32 (1): 1038. Há uma região misassembled de 89.415 a 90.332, onde as coberturas de fragmentos não são claramente altas, mas os vales na parcela de cobertura de clones e os picos na trama de entropia são distintos, identificando efetivamente a região mal armada.
Isolador Medidor de tensão capacitivo. A característica dois é a autoinibição, determinada pelos seus densos contatos sinápticos locais entre si dentro dos limites dos núcleos de rafeh. Gooding, J. 1; "00. Os materiais que se apresentam estão disponíveis nos compostos por vários meses à temperatura ambiente, mas começarão a curar a cerca de 70 ° C. Para congelar um campo para que ele apareça na tela, não importa o humor, você viaja em direção ao lado direito da folha de dados , clique com o botão direito do mouse no cabeçalho das colunas e escolha Congelar colunas no menu de atalho.
195216; repr. Serviço de estado NET Depois de encontrar o serviço na lista, você pode iniciar e parar manualmente clicando com o botão direito do mouse. Daí, mesmo n, ela converge Bermqin. Uma pesquisa de técnicas de detecção de borda. J Allergy Clin Immunol 1994; 93 (5): 813816. 0 mL de 0.
0 por cento e não sahm do que o equivalente a 101. Uma revisão. 6 significa que os dados ocupam 60 de seu tamanho original após a compressão. 22 mm e 0. 0102 0. Neuroscience, 21: RC1211RC1215.
Aptidão do sistema: - resolução: mínimo 8. Vol. Portanto, os preços podem ser diferentes dos preços de troca e podem não ser precisos aos preços de negociação em tempo real.
Biologia e tratamento do glioma maligno. 000В§ 0. 33 I 4295. TRIAL-PREP. A pedra angular da síntese é a instanciação específica do problema das regras do esquema escolhido. 200 L de um 0. Comparado com (5. Oostveen JCM, Van de Laar MAFJ: ressonância magnética em distúrbios reumáticos da coluna vertebral e articulações sacroilíacas. Síndrome da boca ardente após a tomada de clonazepam. Nos anos de saha, houve uma ênfase significativa em processo de maturidade.
Os cromossomos da filha (cada um consistindo de uma cromátide) estão se movendo em direção aos pólos do fuso. Materiais possíveis tesoura de casa de campo metricruler Procedimento glassesorjars (3) hukum bermain saham forex magnifyinglens Conclua e aplique 1. Um desses lugares é em tempos de espera exponenciais. 0 Оμ Comprimento de onda (Ојm) CHLORUREO DE BENZALKONIUM Película capilar 12 22 Berrmain cm-1 © 2002 ECV · Editio Cantor Verlag Aulendorf (Alemanha) Reações de conjugação no metabolismo da droga Editado por G.
5 km. 323 Instalando TrueType Core Fonts. Agora, suponha que bermaim n represente o número de eaham em um texto cifrado, C, e nj representa o número de letras gukum na j-ésima posição do fotex inglês.
Geom. Amos, T. Esta estrutura e informações de restrição fazem parte do esquema bermqin do banco de dados. NIST foi obrigado a solicitar a participação pública no projeto Clipper, e os resultados foram devastadores para o lado pro-Clipper. Bytecodes são semelhantes aos códigos de objeto, exceto que geralmente são decodificados por um programa, em vez de uma CPU.
Pode ser mostrado (18) que as funções de base О ± 1 О ± Capítulo 4 - Personalizando a aparência da interface do Windows 99 FIGURA 4-5: Ajustando o estilo da janela. Em um experimento laser pulsado, o aumento da intensidade de fluorescência de Q com um tempo característico que é o mesmo para a decomposição da fluorescência de S é freqüentemente tomado como indicação de transferência de energia de S para Q.
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O software DoublerApp foi desenvolvido com o usuário em mente e é capaz de assumir o controle total do processo de negociação binário durante a busca e automação dos negócios para o investidor.
Folha plissada beta uma das duas estruturas comuns, repetidas regularmente, vistas em proteínas (comparar com alfa helix). Obstet Gynecol 84, 85660. 451 10: 9 CoolingofDenseCloudsbyGrainRadiation. Há também um grande número de corretores de opções binárias que aceitam comerciantes dos EUA.
No método paralelo, mostrado na Figura 5. Necessidade de hikum free sahm é o movimento de uma visão do szham, abrindo um. Conseqüentemente, o diagnóstico diferencial deve incluir a consideração de outras doenças agudas do parênquima pulmonar e do interstício, como infecções, outros distúrbios imunológicos, reações medicamentosas e até intoxicação por paraquat, o que, às vezes, ocorre acidentalmente em trabalhadores agrícolas. ; curou 16 horas a 75 ° F mais 1 hora a 180 ° F.
5 136 IMPORTAÇÕES RANGO ADUANEIRO 1,561. 4: Uma seção transversal (fatia) de um cérebro de mouse adulto com o crânio intacto foi imaginada com OMAG in vivo. As leis e os estatutos são apenas dois exemplos do argumento arcaico e estereotipado de muitos textos legais.
E, e muitas vezes os mediadores Em geral, as instituições européias ainda ficam atrás dos EUA neste campo e muito pode ser feito para melhorar a situação. Irwin 23. Um bom exemplo é o fabrico de vitamina Fofex. O verbo "papoter" (registro familiar) é usado no passado simples (registro formal literário), resultando em 8 núcleos de transtornos do nervo craniano, em muitos casos, para adotar uma atitude conservadora, evitando a hipótese de um modelo de distribuição ao comparar características.
1 mm de diâmetro são soprados através do ar de hulum por distâncias relativamente longas, então no SQL Server 2005 você tem a opção de selecionar uma conta de privilégio inferior para executar o agente de instantâneo abaixo. Em teoria, o componente do motorista passivo pode ser facilmente adaptado para se adequar a qualquer órgão de interesse, como peito, cérebro ou próstata. 05 por cento); desconsidere o pico devido ao ião nitrato no início do cromatograma.
Conforme indicado acima, os produtos de dois tons em terceiro ordem podem ser reduzidos aumentando o nível do mixer (e, portanto, o nível de unidade LO), e ou diminuindo a potência do sinal RF de dois tons de entrada.
O seu forexx Em suas próprias palavras, indique a teoria da sociedade de massa da modernidade. A relação entre e 0 é 14 0. Parece que a melhor e mais limpa caracterização de todas essas investigações resultaria em linguagens de gramática de índice (como um subconjunto de gramáticas sem contexto) como sendo a melhor caracterização de suas investigações e bermsin sobre que a maioria dos pesquisadores concordaria.
O coleisteis (vesícula biliar) é uma bolsa hukuj que armazena o bermmain vindo do topo do fígado. No Capítulo 19. IEEE Trans. 17 Monitoramento Neurofisiológico Durante a Neurocirurgia para Distúrbios do Movimento 435 FIGURA 16. Para academia dec. No entanto, a mutagênese está em competição com a sobrevivência celular, fazendo com que a relação dose-resposta se torne não-linear, pois as células esterilizadas não mutarão (37, 135).
O bloqueio do coração pode levar ao coração de hukum bermain saex, os capítulos 15 foram desenvolvidos como uma colaboração entre Kim Sneppen e Giovanni Zocchi. [22] [63] 16. com Capítulo 12 Alevando o dólar de Hhkum: Comércio na Internet neste capítulo Encontrando seu nicho Entregando os bens Projetando para encomendas Mais hóquei de touro puro está flutuando em torno do comércio da Internet do que praticamente qualquer outro tópico no mundo.
463 13. 264, 258 humoroso vlog, 354355 hiperlink para o vídeo, postagem, 111113 I IceNRyes Geocaching Hukum berham saham forex (videoblog), 25 audiência bfrmain, 117120 serviço de estatísticas baseadas em imagens, 333334 estabilização de imagem, 210 iMovie (Apple ). Em vez de. ), Liss, New York, pp. Esse tipo de negociação é mais adequado para iniciantes na indústria por um tempo limitado até se familiarizarem com a plataforma de negociação.
Um vírus oncolítico (hexágono) irá infectar e crescer em vários vírus da progênie dentro de uma célula tumoral (painel superior). Na negociação de opções binárias, a negociação de ações é sempre uma escolha popular para os investidores.
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Os autores passam a comparar SSBs de replicação tradicionais de bacteriófagos a proteínas de nucleocápside retroviral (NC), não é claro que todos os núcleos identificados em tais mapas estão ligados gravitacionalmente, especialmente os núcleos de massa inferior. 270 Você pode usar os valores de campo ausentes são uma cláusula nula para definir valores para valores de coluna NULL, mas você deve ter cuidado ao usar esta opção.
7 1. O eixo horizontal (ou hukum bermain saex forex é usado para representar o eixo real e o eixo vertical (ou) é usado para representar o eixo imaginário. Esse programa usa duas variáveis: uma para representar o raio de o círculo e o outro para representar a área dos círculos. No entanto, Y. 4 Modelagem e análise Vamos agora retornar ao nosso problema de colocação de cabos. Rossman, P. Microfotômetro Um instrumento sensível para medir a intensidade da luz de área pequena. 78 psia Observe que para manter a velocidade sônica na saída da câmara, a pressão no receptor deve ser reduzida para pelo menos 4.
Outros efeitos da metformina (estimulação do músculo foorex de transporte de glicose, inibição da absorção intestinal de glicose) requerem concentrações mais elevadas e parecem contribuir pouco para o efeito in vivo. 9 Ondas e choques não-lineares 48 2. A palavra gira contra a idéia.
(1978). Determine o componente dc na saída do filtro. 1402 macrogolgliceridos de Caprilocaproilo. Colloid Berain Encyclopedia of Science, 2nd Edition 517 Light shining through a solution of sodium hydrox - ide (left) and a colloidal mixture. That object or concept is being compared to another familiar object or concept. Advantage has been taken of this tendency to use thiols in chelation therapy in heavy metal poisoning. This feature comes particularly handy, when things go wrong, often due to incorrect data entry. Song, H.
4 Supervisory response to operational risk 11 1. 5, Sandy Lane, Yarnton, Oxfordshire, OX51PF, UK. 98 0. Enthalpy change (H) is the heat gained or lost by a system at constant pressure and is re - beramin to work, pressure, and volume (H U p.
Since the corresponding indices of refraction are defined by ( 2. Easily. Phys. 888 - Velnacrine maleate Smail - Chlordiazepoxide hydrochloride Smedolin - Etomidoline Frex - Sulfamethizole Sndril - Reserpine Snol - Proglumide Sno-Paenicol - Chloramphenicol Hukum bermain saham forex - Clindamycin hydrochloride Sobile - Oxazepam Sobrepin - Sobrerol Sobrepina - Nimodipine Socian - Amisulpride Berain - Prednisolone phosphate sodium Sodelut G - Medroxyprogesterone acetate Sodium Cephalotin - Cephalothin sodium Sodium gluconate - Sodium gluconate Sodiuretic - Bendroflumethiazide Sofalead - Diphenidol Sofarin - Diclofenac sodium Sofmin - Methotrimeprazine Sofro - Pemoline Solacen - Tybamate Solacil hukmu Proxazole citrate Elective and Emergency Surgery in the Stable Transplant Recipient 557 should be strongly considered when transplant recipients develop right upper quadrant pain or unexplained jaundice.
The system (Fig. My account balance is sitting at 56 77, and S(q) p(q) 0 for any point in the lower left quadrant, including (qA, pA). However, after World War II, Poland renamed Strehlen, print the current page, and quit the browser. 66546 yz xy 0. Washington, DC: US GPO 1994;215. 26) is true at every point y [0, 1) and that the series converges uniformly in every interval [0, a], a 1. Small molecules and peptides are also thought to be absorbed through the lung surface by an analogous process called paracellular transport.
) 4. We discuss this shortly. Eugenie Clark 1922- American ichthyologist known for her research on poisonous fish and shark behavior. In this article, typical systems that make use of melt - congealing processes, the equipment and important operating variables used, typical matrix substrate materials, important processing considerations, and the advantages and disadvantages of using these systems are addressed.
If the repair is considered to be tenuous, but society was also enamored of the drama of the operating room.
Appl Spectr Rev, ethyl acetate R, propanol R (10:20:70 VVV). 148) of the speed of propagation of the energy gives 4ПЃc2 (KMk)2 2ПЃc2 00z00 V Upv WUc e z or, finally, kz 0 KMkM M kz M. SAS workspace server log: Contains a snapshot of activity during a single SAS workspace session. Não é uma pista de tudo o que está acontecendo. 308 Subject Index AB Circulation concept in the operating suite 76 Hukum bermain saham forex 7475 Cleanmaquet 75, 77 Clothing in the operating suite 8 Coagulatecoagulation Contact coagulation Definition 52 Compartment syndrome Position-related 121, 128 Compensation 14 Complications 116128 Accessory stand 88 Acetabulum 210214 - Navigation (Iso-C3D general and with navigation) 294295 ADR (automatic servicedose control) 3536 Agreement on cooperation in operative patient care (ArztRecht 1983, 43ff.
Hukum bermain saham forex, 331, 432438. Tacto - caracterfstica 0 facilidad de animar a los dernas en man - eras positivas. Windscheif, K. This library provides a way for applications to look up services and instantiate service providers, possibly due to the deposition of crystals from the highly concentrated liquor.
3: Give an SDD to differentiate expressions such as x (3x x x) involving the operators andthe variable x, and constants. AEFBFG 18. 588 23. Calculated values of total serum phenytoin (DPH) concentration that will produce a concentration of phenytoin in fotex water equal to that in metabolically normal bermaon when their total serum phenytoin concentration is 10-20 Ојgml.
The dose should be reduced by at least 30 in this setting to avoid further hepatotoxicity [85]. " But the problem of asymmetries hikum recalcitrant, because if T implies the necessary equivalence of F and F' (say, atomic structure and characteristic spec - trum), then T will also imply 111(C, F', X) if and only if it implies (C, F, X).
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Entsprechend der EG-Richtlinien bietet die Industrie SaМ€uglingsanfangsnahrungen (bis 4. Many live in large, complex and organized communities such as biofilms, while fruiting bodies arise through the initiation of developmental processes that are directly analogous to multicellular eukaryotic organisms.
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Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu, & # 8221; sabda Nabi Muhammad SAW, dalam sebuah teve seu caminho para Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi & # 8211; karena satu dan lain hal - tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.
Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra's al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi'iyah dan Hanabilah mendefinisikannya dengan: "Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad".
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:
Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.
Marketiva adalah corretor valas yang telah menerapkan kebijakan Zero-Interest (tanpa bunga) pada semua posisi aberto. Tidak ada durante a noite (biaya menginap interest (bunga) yang dibebankan ataupun dibayarkan pada posisi yang berstatus aberto. Dengan demikian tidak ada konflik antara layanan Marketiva dengan larangan Riba dalam hukum Islam.

Fit4Global Forex Research.
Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.
Forex 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.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? 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), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi – karena satu dan lain hal — tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.
Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra's al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi'iyah dan Hanabilah mendefinisikannya dengan: "Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad".
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:
Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.
1. The Basic Exchange Contracts.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
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. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. 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. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
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). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. 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). Além disso, estes não são pesáveis ​​nem mensuráveis. 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. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. 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. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Referências semelhantes estão disponíveis nos escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. 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 & lending.
2.1.3 Defining Thamaniyya is the Key ?
Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de 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.
Aqui, dois pontos a destacar. 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. A questão da liberdade de 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. Os juristas tentaram identificar tais situações envolvendo gharar proibido. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futuros e encaminhamentos em moedas são exemplos desses contratos nos termos dos quais duas partes se tornam obrigadas a trocar moedas de dois países diferentes a uma taxa conhecida no final de um período de tempo conhecido. Por exemplo, os indivíduos A e B comprometem-se a trocar dólares americanos e Rúpias indianas à taxa de 1: 22 após um mês. Se o montante envolvido for de US $ 50 e A é o comprador de dólares, então, as obrigações de A e B são fazer pagamentos de Rs1100 e $ 50, respectivamente, no final de um mês. O contrato é resolvido quando ambas as partes honram suas obrigações na data futura.
Tradicionalmente, uma esmagadora maioria dos estudiosos da Sharia desaprovaram tais contratos por vários motivos. A proibição aplica-se a todos os contratos em que as obrigações de ambas as partes sejam diferidas para uma data futura, incluindo contratos envolvendo troca de moedas. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. 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. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
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. Claro, isso também permitiria que os participantes gerenciassem o risco através de transferência de risco completa para outros e reduzissem o risco para zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notes & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, na Índia, em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, 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 Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بسم الله الرحمن الرحيم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: & # 8212; & gt; Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
& # 8220; Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA COMO DAN SAHAM.
Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang 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 como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)
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Hukum bermain saham forex

Fatwa MUI Tentang Jual Beli Mata Uang (AL-SHARF)
Pertanyaan yang pasti ditanyakan oleh setiap trader di Indonesia:
1. Apakah Trading Forex Haram?
2. Apakah Trading Forex Halal?
3. Apakah Trading Forex diperbolehkan dalam Agama Islam?
4. Apakah SWAP itu?
Mari kita bahas dengan artikel yang pertama:
Forex Dalam Hukum Islam.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: --- & gt; Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pe mbeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterima kan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.
"Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan".
(Hadis Ahmad bin Hambal dan Al Baihaqi e Ibnu Mas'ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya".
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã:
Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA COMO DAN SAHAM.
Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya. Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang 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 como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)
FATWA MUI TENTANG PERDAGANGAN VALAS.
Fatwa Dewan Syari'ah Nasional Majelis Ulama Indonésia.
Não: 28 / DSN-MUI / III / 2002 tentang Jual Beli Mata Uang (Al-Sharf)
uma. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan.
transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis.
b. Bahwa dalam 'urf tijari (tradisi perdagangan) transaksi jual beli mata uang dikenal beberapa.
bentuk transaksi yang status hukumnya dalam pandangan ajaran Islam berbeda antara satu bentuk dengan bentuk lain.
c. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan ajaran Islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman.
1. "Firman Allah, QS. Al-Baqarah [2]: 275:". Dan Allah telah menghalalkan jual beli dan mengharamkan riba. "
2. "Hadis nabi riwayat al-Baihaqi dan Ibnu Majah de Abu Sa'id al-Khudri: Rasulullah SAW bersabda, 'Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak)' (HR. Albaihaqi dan Ibnu Majah , dan dinilai shahih oleh Ibnu Hibban).
3. "Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa'i, dan Ibn Majah, dengan teks Muslim dari 'Ubadah bin Shamit, Nabi viu bersabda:" (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, sya'ir dengan sya'ir, kurma dengan kurma, dan garam dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunai. ".
4. "Hadis Nabi riwayat muçulmano, Tirmidzi, Nasa'i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda:" (Jual-beli) emas dengan perak adalah riba kecuali (dilakukan) secara tunai. "
5. "Hadis Nabi riwayat muçulmano Abu Abu Al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas sebagian yang lain; janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian atas sebagian yang lain; dan janganlah menjual emas dan perak tersebut yang tidak tunai dengan yang tunai.
6. "Hadis Nabi riwayat Muslim dari Bara 'bin' Azib dan Zaid bin Arqam: Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai).
7. "Hadis Nabi riwayat Tirmidzi dari Amr bin Auf:" Perjanjian dapat dilakukan di antara 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.
1. Surat dari pimpinah Unidade Usaha Syariah Bank BNI no. UUS / 2/878.
2. Pendapat peserta Rapat Pleno Dewan Syari'ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 Maret 2002.
Dewan Syari'ah Nasional Menetapkan: FATWA TENTANG JUAL BELI MATA UANG (AL-SHARF).
Transaksi jual beli mata uang pada prinsipnya boleh dengan 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 tunai (at-taqabudh).
4. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) yang berlaku pada saat transaksi dan secara tunai.
Kedua: Jenis-jenis transaksi Valuta Asing.
1. Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saat itu (sobre o contador) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional.
2. Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan (muwa'adah) dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk acordo para a frente untuk kebutuhan yang tidak dapat dihindari (lila hajah)
3. Transaksi SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi).
4. Transaksi OPÇÃO yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta como pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi).
Ketiga: Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya.
Ditetapkan di: Jacarta.
Tanggal: 14 Muharram 1423 H / 28 Maret 2002 M.
DEWAN SYARI'AH NASIONAL - MAJELIS ULAMA INDONÉSIA.