Fatwa MUI Tentang Jual Beli Mata Uang AL-SHARF. Pertanyaan yang pasti ditanyakan oleh setiap comerciante de Indonésia.1 Apakah Trading Forex Haram.2 Apakah negociação 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 Islam, diperoleh bahwa Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing Timbul Karena adanya perdagangan Barang-Barang kebutuhan komoditi antar negara yang bersifat internasional Perdagangan Ekspor-Impor memerlukan tentu ini Alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan pena de permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGANO NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negar terkumpul dalam suatu BURSA atau PASAR yang bersifat Internasional, dan, terikat, dalam, suatu, kesepakatan, bersama, yang, saling, menguntungkan, naiai, mata uang, suatu, negara, dengan, negar, lainnya, berubah, berluah, bertioga, sultana, enukar mata uang Yang berbeda nilai. HUKUM ISLÃO dalam TRANSAKSI VALAS.1 Ada Ijab-Qobul --- Ada perjanjian untuk memberi dan menerima. Penjual menyerahkan Barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. 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 oleh pemiliknya Sendiri atau kuasanya ATAS Izin pemiliknya. Barang sudah berada ditanganya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Jangan kamu membeli ikan dalam ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas ud. Jual beli barang yang tidak de diaté transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya kemudiano jika barang sesuai dengan keterangan penjual maka sahlah jual belinya tetapi jika tidak sesuai maka pembeli mempunyai hak Khiyar, artinya boleh, meneruskan, atau, membatalkan, jual, belinya, hen, ini sesuai, dengan, hadis, nabi, riwayat, al daraquithni 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 acã mengalami kesulitan atau kerugian jika Harus Mengeluarkan semua hasil tanaman yang terpendam untuk dijual hali ini sesuai dengan kaidah hukum islamismo. Kesulitan itu menarik kemudahan. Demikian juga jual beli Barang-Barang Yang telah terbungkus tertutup, seperti makanan kalengan, GPL, dan sebagainya, asalkam etiqueta diberi Yang menerangkan isinya Vide Sabiq, Hal op cit 135 teks Mengenai kaidah hukum o Islam tersebut di ATAS, vide Al Suyuthi, al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal 55.JUAL BELI Troca asing DAN SAHAM. Yang dimaksud dengan Troca asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malásia dan sebagainya Apabila antara negara terjadi perdagangan Internasional maka tiap negara membutuhkan valuta asing untuk alat baar luar negeri yang dalam dunia perdagangan disebut devisa Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk menigim dari luar negeri. Dengan demikian akan timbul pena de perminataan de bursa valuta asing Setiap, negara, berwenang, penuh, menetapkan, kurs, uangnya, masing-masing, kurs Dalah perbandingan Nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika R $ 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 Troca asing diselenggarakan di Bursa Troca Asing AWJ Tupanno, et al Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah Nasional Majelis Ulama Indonésia. Não 28 DSN-MUI III 2002 tentáculo Jual Beli Mata Uang Al-Sharf. a Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluano, seringkali diperlukan. transaksi jual-beli mata uang al-sharf, baik antar mata uang sejenis maupun antar mata uang berlainan jenis. b Bahá dalam urf tijari tradição perdagangan transaksi jual beli mata uang dikenal beberapa. bentuk transaksi status yang hukumnya dalam pandangan ajaran islão berbeda antara satu bentuk dengan bentuk lain. c Bahwa agar kegiatan transaksi tersebut dilakuka n sesuai dengan ajaran o Islam, DSN memandang Perlu menetapkan fatwa tentang al-Sharf untuk pedoman.1 dijadikan Firman Allah, QS Al Bácara 2 275 Dan Alá telah menghalalkan jual beli dan mengharamkan riba.2 Hadis nabi riwayat al-Baihaqi dan Ibnu Majah dari Abu Sa id al-Khudri Rasulullah SAW bersabda, Sesungguhnya jual beli itu hanya Boleh dilakukan atas dasar kerelaan Antara kedua Belah pihak HR albaihaqi dan Ibnu Majah, dan dinilai shahih Oleh Ibnu Hibban.3 Hadis Nabi Riwayat muçulmano, Abu Daud, Tirmidzi, Nasa i , Dan Ibn Majah, dengan teks Muçulmanos 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, garam dengan garam denga syarat harus sama dan sejenis serta Secara tunai Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunea.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 tunee.5 Hadis Nabi riwayat muçulmano dari Abu Sa id 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 Muçulmano dari Bara bin Azib dan Zaid bin Arqam Rasulullah viu melarang menjual perak dengan emas secara piutang tidak tunai.7 Tirmidzi dari Amr bin Auf Perjanjian dapat dilakukan de antara kaum musrem, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8 Ijma Ulama sepakat ijma bahwa akad Al-sharf disyariatkan dengan syarat-syarat tertentu.1 Surat dari pimpina H Unidade Usaha Syariah Banco BNI não UUS 2 878.2 Pendapat peserta Rapat Pleno Dewan Syari ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H 28 de março de 2002. Dewan Syari ah Nasional Menetapkan FATWA TENTANG JÚL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi Jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut.1 Tidak untuk spekulasi untung-untungan.2 Ada kebutuhan transaksi atau untuk berjaga-jaga simpanan.3 Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama 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 valendo uning penyerahan pada saat itu sobre o contador atau penyelesaiannya paling ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Um yang tidak bisa dihindari dan merupakan transasha 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 kemudiano hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk para a frente acordo untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksi swap yetu suatu kontrak pembelian atau penjualan Valas dengan harga mancha yang dikombinasikan dengan pembélian antara penjualan valas yang sama dengan harga para frente Hukumnya haram, karena mengandung unsur maisir spekulasi.4 Transaksi OPÇÃO Harga dan jangka waktu atau Tanggal akhir tertentu Hukumnya ilícito, Karena mengandung unsur maisir spekulasi. Ketiga Fatwa ini berlaku sejak Tanggal ditetapkan, dengan ketentuan jika di kemudian Hari ternyata terdapat kekeliruan, diubah acã dan disempurnakan sebagaimana mestinya. Ditetapkan di Jakarta. Tanggal 14 muharram 1423 H 28 de março de 2002 M. DEWAN SYARI AH NASIONAL - MAJELIS ULAMA INDONESIA. Majlis Fatwa Kebangsaan Hukum Pelaburan Forex. Suzardi Maulan 16 de fevereiro de 2012.Pelaburan forex yang desenho de uma pessoa em linha internet adalah haram. Keputusan ini tela de toque de letra para a frente Majlis Fatwa Kebangsaan. Ini kerana muzakarah mendapati bahawa perdagangan pertukaran mata wang asing forex Oleh individu secara lani local indivíduo forex melalui Platfom elektronik mengandungi unsur-unsur seperti riba melalui pengenaan interesse rollover, pensyaratan jual beli dalam pemberian Hutang melalui alavancagem, qabd yang tidak Jelas ketika transaksi pertukaran , Penjualan mata wang yang tiada d alam pegangan dan spekulasi yang melibatkan perjudian. Tuan dapat membaca kenyataan Lanjut seperti berikut. Muzakarah Jawatankuasa Fatwa Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia Kali Ke-98 yang bersidang pada 13-15 de Fevereiro de 2012 telah membincangkan Hukum Perdagangan Pertukaran Matawang Asing Oleh Individu secara Lani Individual Spot Forex Melalui Platfom Elektronik Muzakarah tela membuat keputusan seperti berikut. Setelah mendengar taklimat dan penjelasan pakar daripada Akademi Penyelidikan Syariah Antarabangsa Dalam Kewangan Islã ISRA serta meneliti keterangan, hujah-hujah dan pandangan yang dikemukakan, Muzakarah menegaskan bahawa perdagangan pertukaran mata wang asing forex Individual secara lani local individual forex melalui platfom elektronik adalah melibatkan item ribawi iatu mata wang dan dari sudut fiqhiyyah ia tertakluk di bawah hukum Baía al-Sarf yang peru diatum syarat-syarat umum jual beli dan syarat khusus bagi baía al-Sarf seperti berikut. Syarat-sya umum rato jual beli. Pihak Yang berakad mestilah mempunyai kelayakan melakukan kontrak Ahliyyah al-Ta aqud. Harga Belian hendaklah diketahui dengan Jelas oleh kedua-dua pihak Yang berakad. Item Belian hendaklah Suatu Yang Wujud dan dimiliki sepenuhnya oleh pihak Yang menjual serta boleh diserahkan kepada pembeli. Sighah akad hendaklah menunjukkan keredhaan kedua-dua pihak, tidak ada unsur penempohan dan sighah ijab dan qabul mestilah bersepadanan dan menepati antara satu sama deitado dari sudut CIRI-CIRI dan kadarnya. Syarat-syarat Khusus Bay al-Sarf. Berlaku taqabbudh penyerahan antara produto kedua-dua Yang terlibat dalam plataforma cambial sebelum kedua-dua pihak Yang menjalankan transaksi berpisah daripada majlis akad. Jual beli matawang hendaklah dijalankan secara lani dan tidak boleh berlaku sebarang penangguhan dan. Akad jual beli al-Sarf mesti Bebas daripada khiyar al-Syart. Selain memenuhi syarat-syarat tersebut, Muzakarah juga menegaskan bahawa operao perdagangan pertukaran mata wang asing fore x hendaklah Bebas daripada sebarang unsur riba, elemen al-Salaf wa al-Bay pemberian Hutang dengan syarat dilakukan transaksi jual beli, unsur perjudian, gharar Yang berlebihan dan kezaliman atau eksploitasi. Berdasarkan kajian terperinci Yang telah dilakukan, mendapati bahawa perdagangan pertukaran mata Wang Muzakarah asing forex Oleh individu secara lani local indivíduo forex melalui Platfom elektronik mengandungi unsur-unsur seperti riba melalui pengenaan rollover interesse, pensyaratan jual beli dalam pemberian Hutang melalui alavancagem, qabd yang tidak Jelas ketika transaksi pertukaran, penjualan mata wang yang tiada dalam pegangan dan spekulasi yang melibatkan perjudian Selain itu ianya juga tidak SAH dari sisi undang-undang Kerajaan Malaysia. Sehubungan itu, Muzakarah bersetuju memutuskan bahawa perdagangan pertukaran mata Wang asing cambial dos estrangeiros oleh individu secara lani local indivíduo melalui Platfom elektronik yang ada pada masa ini adalah ilícito kerana dengan IA bercanggah Kehenda k syarak dan juga tidak SAH Selaras itu dengan, UMAT dari sisi undang-undang negara o Islam adalah dilarang daripada melibatkan diri dalam perdagangan mata Wang seumpama ini. Muzakarah juga menegaskan bahawa keputusan Yang diputuskan ini tidak terpakai ke ATAS urus Niaga pertukaran mata Wang asing menerusi kaunter Di pengurup wang berlesen dan urus niaga pertukaran mata wang asing yang dikendalikan oleh institusi-institusi kewangan yang dilesenkan di bawah undang-undang Malásia. Laporan akhbar mengenai Keputusan Majlis Fatwa Kebangsaan. KOTA BHARU Jawatankuasa Fatwa Kebangsaan semalam memutuskan umat islam haram menguananan sistem perniagaan pertukaran wang Asing. Pengerusi Jawatankuasanya, Tan Sri Dr. Abdul Shukor Husin, berkata ini kerana perniagaan yang dilakukan melalui pertukaran wang asing seperti itu tidak menepati hukum syarak dan menimbulkan keraguan di kalangan umat Islam. Hasil kajian jawatankuasa ini, kita dapati perniagaan pertukaran wang asing membabitkan spekulasi mata wang em in bercanggah dan berlawanan dengan hukum Islam. Oleh itu, Jawatankuasa Fatwa Kebangsaan memutuskan bahawa UMAT o Islam diharamkan daripada mengamalkan sistem perniagaan Cara demikian, katanya kepada pemberita selepas mempengerusikan mesyuarat Jawatankuasa Fatwa Kebangsaan Ke-98 di sini. Abdul Shukor berkata banyak isu Yang meragukan mengenai perniagaan pertukaran asing, oleh UMAT itu o Islam tidak Perlu menceburkan diri, tambahan pula kegiatan itu membabit penggunaan internet individu di kalangan, yang menyebabkan Untung Rugi tidak menentu. Lain-deitado Jenis perniagaan pertukaran asing Wang, seperti melalui pengurup Wang atau dari banco banco ke dibenarkan, kerana ia tidak menimbulkan spekulasi mata Wang atau Untung Rugi yang tidak menentu, katanya. Beliau berkata, keputusan lain yang turut dicapai dalam mesyuarat itu ialah mengharuskan UMAT Islam membuat pelaburan atau membuat simpanan melalui Skim Sijil Simpanan premium SSPM yang dikendalikan Banco Simpanan Nasional BSN. Katanya keputusan itu dibuat selepas jawatankuasa berkenaan berpuas hati dengan kaedah pelaksanaannya melalui taklimat yang painel Oleh pihak disampaikan Syariah Bank Negara pada muzakarah itu BERNAMA. Hukum Forex Trading Menurut MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan apa hukum negociação forex menurutIslam Meski sudah banyak dikupas maka berikut ini saya publicar artikel dari Gainscope tentang fatwa MUI TENTANG tRADING FOREX di luar sana berkembang juga pendapat yang bersebarangan dengan fatwa MUI ini di mana mereka tetap berpendirian pada bah Wa negociação forex adalah HARAM dengan hujjah argumen yang mereka pegangi Keputusan berpulang pada dan ada de tangan Anda Selamat membaca. Fatwa MUI Tentang Jual Beli Mata Uang AL-SHARF Pertaniyaan yang pasti ditanyakan oleiro setiap comerciante de Indonésia.1 Apakah Trading Forex Haram.2 Apakah Negociação Forex Halal.3 Apakah Negociação Forex diáfano 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 Islã, diperoleh bahwa Forex Perdagangan valas diperbolehkan dalam hukum islam. Perdagangan Troca 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 Mistos sesuai dengan penawaran Dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NI LAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uang suatu negara dengan negara lainnya ini berubah berluktuasi setiap saat sesuai volume permintaan dan penawarannya Adanya permintaan Dan penawaran inilah yang menimbukan transaksi mata uang Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS.1 Ada Ijab-Qobul --- Ada perjanjian untuk memberi dan menerima. Penjual menyerahkan barang dan pembeli membayar tunai Ijab - Qobulnya dilakukan dengan lisan, tulisan dan utusan Pembeli dan penjual mempunyai 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 diserahterimakan Jelas barang dan harganya Dijual dibeli Oleh pemiliknya enviar Iri 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 ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas ud. Jual beli Barang yang tidak di tempat transaksi diperbolehkan dengan syarat Harus diterangkan 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, contohnya asal diberi, Karena acã mengalami kesulitan atau kerugian jika Harus mengeluarkan Semua Hasil Tanaman Yang terpendam untuk dijual Hal ini sesuai dengan kaidah hukum Islam. Kesulitan itu menarik kemudahan. Demikian juga jual beli Barang-Barang Yang telah terbungkus tertutup, seperti makanan kalengan, LPG, dan sebagainya, como Alkam diberi rótulo yang menerangkan isinya Vide Sabiq, em cit hal 135 Mengenai teks kaidah hukum Islã tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal 55.JUAL BELI VALUTA ASING DAN SAHAM. Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit da Malásia 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 acã Timbul penawaran dan perminataan di bursa Troca asing setiap negara berwenang Penuh menetapkan kurs uangnya Masing-Masing kurs adalah perbandingan Nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika R $ 12 000 Namun kurs uang atau perbandingan nilai tukar setiap saat Bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing AWJ Tupanno, et al Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah Nasional Majelis Ulama Indonésia. Não 28 DSN-MUI III 2002 tentáculo Jual Beli Mata Uang Al-Sharf. a Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan. transaksi jual-beli mata uang al-sharf, Baik antar mata uang sejenis maupun antar mata uang berlainan jenis. b Bahá dalam urf tijari tradisi perdagangan transaksi jual beli mata uang dikenal beberapa. bentuk transaksi yang estado hukumnya dalam pandangan ajaran islam berbeda antara satu bentuk dengan bentuk lain. c Bahwa agar kegiatan transaksi tersebut Dilakukan sesuai dengan ajaran Islã, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman.1 Firman Alá, QS Al-Baqarah 2 275 Dan Todos Ah telah menghalalkan jual beli mengharamkan dan riba.2 Hadis nabi riwayat al-Baihaqi dan Ibnu Majah dari Abu Sa id al-Khudri Rasulullah SAW bersabda, Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan antara kedua belah pihak HR albaihaqi dan Ibnu Majah, Dan dinilai shahih oleh Ibnu Hibban.3 Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa i, dan Ibn Majah, dengan teks muçulmanos 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 tunea.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 adalá riba kecuali dilakukan secara tunei.5 Hadis Nabi riwayat Muçulmano dari Abu Sa id 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 muçulmana dari Bara Bin Azib dan Zaid bin Arqam Rasulullah viu melarang menjual perak dengan emas secara piutang tidak tunai.7 Hadis Nabi riad Tirmidzi dari Amr bin Auf Perjanjian dapat dilakukan de antara kaum musrem, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan Syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8 Ijma Ulama sepakat ijma bahwa akad al-sharf disyariatkan syria-syarat tertiru.1 Surat dari pimpinah Unidade Usaha Syariah Banco BNI no UUS 2 878.2 Pêndida de pescar Rapat Pleno Dewan Syari ah Nasional pada Hari Kamis, tangal 14 Muharram 1423H 28 Maret 2 002.Dewan Syari ah Nasional Menetapkan FATWA TENTANG JÚL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut.1 Tidak untuk spekulasi untung-untungan.2 Ada kebutuhan transbordar atau untuk berjaga - Jaga simpanan.3 Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara tunai em-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 Troca asing untuk penyerahan pada saat itu ao balcão atau penyelesaiannya empalidecimento 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 pembeliano dan penjualan valas yang nilainya dit etapkan sekarang pada saat dan diberlakukan untuk waktu Yang acã datang, antara 2x24 jam sampai dengan satu tahun Hukumnya adalah ilícito, Karena harga Yang digunakan adalah harga Yang diperjanjikan MuWa Ada dan penyerahannya dilakukan di kemudian Hari, padahal harga pada waktu penyerahan tersebut Belum tentu sama dengan Nilai yang disepakati, kecuali dilakukan dalam bentuk frente acordo untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksi SWAP yaitu Suatu kontrak pembelian atau penjualan valas dengan harga detectar yang dikombinasikan dengan pembelian Antara penjualan valas yang sama dengan harga 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 asing pada harga dan jangka waktu atau Tanggal akhir tertentu Hukumnya ilícito, Karena mengandung unsur maisir spekulasi. Ketiga Fatwa ini berlaku sejak Tanggal ditetapka N, dengan ketentuan jika di kemudian Hari ternyata terdapat kekeliruan, diubah acã dan disempurnakan sebagaimana mestinya. Ditetapkan di Jakarta. Tanggal 14 muharram 1423 H 28 Maret 2002 M. DEWAN SYARI AH Nasional - Majelis ulamas INDONESIA. Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh Os Contratos Básicos de Câmbio Existe um consenso geral entre os juristas islâmicos de que as moedas de diferentes países podem ser trocadas numa base pontual a uma taxa diferente da unidade, uma vez que moedas de diferentes países Os países são entidades distintas com diferentes valores ou valor intrínseco e poder de compra. Também parece haver um acordo geral entre a maioria dos estudiosos sobre o ponto de vista de que o câmbio de câmbio a termo não é permitido, isto é, quando os direitos e obrigações de Ambas as partes se relacionam com uma data futura. No entanto, há uma considerável diferença de opinião entre os juristas quando os Ou uma das partes, que é a mesma que a obrigação da contraparte, é adiada para uma data futura. Para elaborar, vamos considerar o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, a Índia e EUA respectivamente A pretende Vender rúpias indianas e comprar dólares dos EUA O inverso é verdadeiro para B A taxa de câmbio rupee-dólar acordado é de 1 20 ea transação envolve a compra e venda de 50 A primeira situação é que A faz um pagamento à vista de Rs1000 para B e aceita pagamento De 50 a partir de B A transação é liquidada em uma base spot de ambas as extremidades Tais transações são válidas e Islamically permissível Não há duas opiniões sobre o mesmo A segunda possibilidade é que a liquidação da transação de ambos os fins é adiada para uma data futura, digamos Após seis meses a partir de agora Isso implica que tanto A e B faria e aceitar o pagamento de Rs1000 ou 50, conforme o caso, após seis meses A visão predominante é que tal contrato não é islamicamente permiss Um terceiro cenário é que a transação é parcialmente liquidada a partir de um único fim. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B para pagar 50 a ele após seis meses. Alternativamente, A aceita 50 agora de B e promete pagar Rs1000 a ele depois de seis meses Há opiniões diametralmente opostas sobre a permissibilidade de tais contratos que equivale a bai-salam em moedas O objetivo deste artigo é apresentar uma análise abrangente de vários argumentos em Apoio e contra a permissibilidade destes contratos básicos envolvendo moedas A primeira forma de contratação envolvendo a troca de contravalores em uma base spot está além de qualquer tipo de controvérsia Admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é adiada para Uma data futura, é geralmente discutido no âmbito da proibição riba. Assim, discutimos este contrato em detalhe na seção 2, lidando com H a questão da proibição de riba A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, é geralmente discutida no âmbito da redução de risco e incerteza ou gharar envolvidos em tais contratos. Este é, portanto, o tema central da A seção 3, que trata da questão das tentativas de gharar Seção 4 uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de moeda 2 A questão da proibição Riba A divergência de pontos de vista1 sobre a permissibilidade ou de outra forma De contratos de câmbio em moedas pode ser rastreada principalmente para a questão da riba proibição. A necessidade de eliminar riba em todas as formas de contratos de câmbio é de extrema importância Riba em seu contexto Sharia é geralmente definida2 como um ganho ilegal derivado da desigualdade quantitativa da Contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies anwa, que pertencem à s Gênero jins e são governados pela mesma causa eficiente illa Riba é geralmente classificada em riba al-fadl excesso e riba al-nasia adiamento que denotam uma vantagem ilegal por meio de excesso ou diferimento respectivamente Proibição do primeiro é alcançado por uma estipulação que A taxa de câmbio entre os objetos é a unidade e nenhum ganho é permissível a qualquer uma das partes A última espécie de riba é proibida por não permitir a liquidação diferida e garantir que a transação é liquidada no local por ambas as partes Outra forma de riba é chamado riba al - jahiliyya ou riba pré-islâmico que surge quando o credor pede ao mutuário na data de vencimento se este último liquidar a dívida ou aumentar o mesmo aumento é acompanhada de cobrança de juros sobre o montante inicialmente emprestado. A proibição de riba na troca de Moedas pertencentes a diferentes países requer um processo de analogia qiyas E em qualquer tal exercício envolvendo qiyas analogia, causa eficiente illa pla É uma causa eficiente comum illa, que conecta o objeto da analogia com o seu sujeito, no exercício do raciocínio analógico A causa eficiente adequada illa em caso de contratos de câmbio tem sido várias vezes definido pelas grandes escolas de Fiqh Esta diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes. Uma questão de significância considerável no processo de raciocínio análogo relaciona-se à comparação entre moedas de papel com ouro e prata Nos primórdios do Islã, o ouro ea prata realizaram todos As funções do dinheiro Moedas eram feitas de ouro e prata com um valor intrínseco conhecido quantum de ouro ou prata contidos nessas moedas são descritos como thaman haqiqi ou naqdain na literatura Fiqh Estes eram universalmente aceitável como principal meio de troca, Um grande pedaço de transações Muitas outras commodities, tais como, vários metais inferiores al Estes são também conhecidos como thaman istalahi por causa do fato de que sua aceitabilidade não deriva de seu valor intrínseco, mas devido ao status concedido pela sociedade durante Um período de tempo específico As duas formas acima de moedas têm sido tratadas de forma muito diferente pelos primeiros juristas islâmicos do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas correntes da idade atual se enquadram na primeira categoria ou na Esta visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que estes servem como o principal meio de troca e unidade de conta como este último. Portanto, por raciocínio análogo, todas as normas relacionadas Sharia e injunções aplicáveis Para thaman haqiqi também deve ser aplicável ao papel moeda Troca de thaman haqiqi é conhecido como bai-sarf, e, portanto, as transações i As moedas em papel devem ser tratadas de forma semelhante a fals ou thaman istalahi devido ao facto de o seu valor nominal ser diferente do seu valor intrínseco. A sua aceitabilidade Se de seu status legal dentro do país doméstico ou da importância econômica global como, por exemplo, no caso dos dólares americanos.2 1 A Síntese de Pontos Alternativos.2 1 1 Razões Analógicas Qiyas para Riba Proibição. A proibição de riba baseia-se na tradição Que o santo profeta paz esteja com ele disse: Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data para a data, sal para o sal, nas mesmas quantidades no local e quando as mercadorias são diferentes, vender como Assim, a proibição de riba aplica-se principalmente aos dois metais preciosos ouro e prata e quatro outras mercadorias trigo, cevada, tâmaras e sal. Também se aplica, por analogia q Iyas para todas as espécies que são governadas pela mesma causa eficiente illa ou que pertencem a qualquer um dos gêneros dos seis objetos citados na tradição No entanto, não há um acordo geral entre as várias escolas de Fiqh e até mesmo estudiosos pertencentes à mesma Para a Hanafis, causa eficiente illa de riba tem duas dimensões os artigos trocados pertencem ao mesmo gênero jins estes possuem peso wazan ou measurability kiliyya Se em uma dada troca, ambos os elementos De causa eficiente illa estão presentes, isto é, os contravalores trocados pertencem ao mesmo gênero jins e são todos pesáveis ou todos mensuráveis, então nenhum ganho é permissível a taxa de câmbio deve ser igual à unidade ea troca deve ser em uma base spot Em Caso do ouro e da prata, os dois elementos da causa eficiente illa são unidade do género jins e weighability Esta é também a opinião de Hanbali de acordo com uma versão3 Uma versão diferente é Semelhante à visão de Shafii e Maliki, conforme discutido abaixo. Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, somente as transações no local sem qualquer ganho são permitidas. Também é possível que em uma dada troca, um dos dois elementos Por exemplo, se os artigos trocados são todos pesáveis ou mensuráveis, mas pertencem a gêneros diferentes jins ou, se os artigos trocados pertencem ao mesmo gênero jins, mas nem é pesável nem mensurável, então troca com Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas nenhuma liquidação diferida é permitida. Se nenhum dos dois elementos da causa eficiente Illa de riba estão presentes em uma troca dada, então nenhuma das injunções para proibição riba proibição Exchange pode ter lugar com ou sem ganho e ambos em um ponto ou diferido base. Considering the Caso de troca envolvendo moedas de papel pertencentes a diferentes países, riba proibição exigiria uma busca de causa eficiente illa Moedas pertencentes a diferentes países são entidades claramente distintas que são moeda legal dentro de limites geográficos específicos com diferente valor intrínseco ou poder de compra Por isso, uma grande maioria De estudiosos acertadamente afirmam que não há unidade de gênero jins Além disso, estes não são nem pesáveis nem mensuráveis Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente illa de riba existem em tal troca Portanto, a troca pode ter lugar Livre de qualquer injunção sobre a taxa de câmbio ea forma de liquidação A lógica subjacente a esta posição não é difícil de compreender O valor intrínseco de moedas de papel pertencentes a diferentes países diferem como estes têm poder de compra diferente Além disso, o valor intrínseco ou valor de papel Moedas não podem ser identificadas ou Essencialmente, o ouro e a prata podem ser pesados. Portanto, nem a presença de riba al-fadl por excesso, nem riba al-nasia por adiamento pode ser estabelecida. A escola Shafii de Fiqh considera a causa eficiente illa no caso de ouro e prata para Ser a sua propriedade de ser moeda thamaniyya ou o meio de troca, unidade de conta e armazenamento de valor Esta é também a visão Maliki De acordo com uma versão deste ponto de vista, mesmo se papel ou couro é feito o meio de troca e é dado o status Assim, de acordo com esta versão, a troca envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitida, mas deve ser estabelecida numa base spot. Outra versão Das duas escolas acima de pensamento é que a citada causa eficiente illa de ser moeda thamaniyya é específico para ouro e prata, e não pode ser generalizada Ou seja, qualquer outro objeto, se usado como um meio de excha Não podem ser incluídas na sua categoria. Portanto, de acordo com esta versão, as injunções da Sharia para a proibição riba não são aplicáveis às moedas correntes de papel As moedas pertencentes a diferentes países podem ser trocadas com ou sem ganho e tanto em uma base spot ou diferida. A versão anterior cita o caso da troca de moedas de papel pertencentes ao mesmo país em defesa da sua versão A opinião consensual dos juristas neste caso é que tal troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser resolvida em Uma base spot Qual é a razão subjacente à decisão acima Se considerarmos o Hanafi ea primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente illa está presente, ou seja, eles pertencem ao mesmo gênero jins Mas as moedas de papel não são nem pesáveis nem mensuráveis. Portanto, a lei de Hanafi aparentemente permitiria a troca de quantidades diferentes da mesma moeda numa base spot. A causa eficiente de ser moeda thamaniyya é específica apenas para ouro e prata, então Shafii e Maliki lei também permitiria o mesmo É desnecessário dizer, isso equivale a permitir riba baseada em empréstimos e empréstimos Isso mostra que, é a primeira versão do Shafii e Maliki pensamento que está subjacente a decisão de consenso de proibição de ganho e liquidação diferida no caso de troca de moedas pertencentes ao mesmo país De acordo com os proponentes, estender essa lógica para o câmbio de moedas de diferentes países implicaria que a troca com ganho ou em Uma taxa diferente da unidade é permissível uma vez que não há unidade de jins, mas a liquidação deve ser em uma base spot.2 1 2 Comparação entre Currency Exchange e Bai-Sarf. Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, Definido como ouro e prata, que serviu como principal meio de troca para quase todas as principais transações. Os proponentes da opinião que qualquer troca de moedas de Diferentes países é o mesmo que bai-sarf argumentam que na atual idade as moedas de papel substituíram efetivamente e completamente o ouro e a prata como meio de troca. Portanto, por analogia, o câmbio envolvendo tais moedas deveria ser governado pelas mesmas regras e injunções da Sharia como bai - sarf Também se argumenta que se a liquidação diferida por qualquer das partes no contrato é permitida, isso iria abrir as possibilidades de riba-al nasia. Os opositores da categorização de câmbio com bai-sarf no entanto, salientar que a troca de todas as formas de De acordo com esta visão bai-sarf implica troca de moedas feitas de ouro e prata thaman haqiqi ou naqdain sozinho e não de dinheiro pronunciado como tal pelas autoridades estatais thaman istalahi As moedas de idade presente são exemplos de Esses estudiosos encontram apoio nesses escritos que afirmam que se as mercadorias de troca não são ouro ou prata, mesmo se uma delas é ir De acordo com o Imam Sarakhsi4, quando um indivíduo compra fals ou moedas feitas de metais inferiores, tais como, o cobre, o thaman istalahi, o ouro, o ouro ou a prata, então, a troca não pode ser denominada como bai-sarf. Para dirhams thaman haqiqi e faz um pagamento à vista desta última, mas o vendedor não tem falsas naquele momento, então tal troca é permissível tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia, enquanto no caso de bai-sarf, is A number of similar references exist which indicate that jurists do not classify an exchange of fals thaman istalahi for another fals thaman istalahi or gold or silver thaman haqiqi , as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf Nor can the constraint regarding spot settlement be imposed on such transactions It should be noted here that the definition of ba i-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions The traditions mention about riba, and the sale and purchase of gold and silver naqdain which may be a major source of riba, is described as bai-sarf by the Islamic jurists It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not Exchange involving dinars and gold ornaments, both quality as bai-sarf Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves Hence, even when one of the commodities is processed gold say, ornaments , such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, not necessarily limited to gold silver Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions Only the minor ones were settled with fals In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity Hence there was no restriction on purchase of the same for gold and silver on a deferred basis The present day currencies have all the features of thaman and are meant to be thaman only The exchange involving currencies of different countries is same as bai-sarf with diff erence of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6 He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate Thus, sarf can be converted into interest-based borrowing lending.2 1 3 Defining Thamaniyya is the Key. It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value In this sense, paper currencies can be said to possess thamaniyya However, this is true for domestic currencies only and may not be true for foreign currencies In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value In most cases such a possibility is remote This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US doll ars, and whether a fixed or floating exchange rate system is in place For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances Permission to exchange rupees for dollars on a deferred basis from one end, of course at a rate different from the spot rate official rate which is likely to remain fixed till the date of settlement would be a clear case of interest-based borrowing and lending However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down We rewrite his example In a given moment in time when the market rate of ex change between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate This would be so, only if the currency risk is non-existent exchange rate remains at 1 20 , or is borne by the seller of dollars buyer repays in rupees and not in dollars If the former is true, then the seller of the dollars lender receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 at an exchange rate of 1 20 However, if the latter is true, then the return to the seller or the lender is not predetermined It need not even be positive For example, if the rupee-dollar exchange rate increases to 1 25, then the seller of dollar would receive only 44 Rs 1100 convert ed into dollars for his investment of 50.Here two points are worth noting First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted The situation becomes similar to exchanging pounds with sterlings currencies belonging to the same country at a fixed rate Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market mechanism suggested in the above example , one can also visualize lending through any other organized market such as, for commodities or stocks If one replaces dollars for stocks in the above example, it would read as In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant Gold is gold whether in country A or country B Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would c learly involve riba al-fadl and also riba al-nasia However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different The price risk exchange rate risk , if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement However, if price risk exchange rate risk is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunc tions on exchanges involving this specific currency to prevent riba al-nasia The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchang e rate system The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies The foreign currency markets of today are characterised by volatile exchange rates The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.2 1 4 Possibility of Riba with Futures and Forwards. So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred What are the views of scholars on deferment of obligations of both parties Typical example of such contracts are forwards and futures9 According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertaint y gharar and the possibility of speculation of a kind which is not permissible This is discussed in section 3 However, another ground for rejecting such contracts may be riba prohibition In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1 20, then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate The seller of the dollars lender receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars at an exchange rate of 1 20 for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction For example, the individual in the above example purchases 50 on a spot basis at the rate of 1 20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1 21 after one month In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 he receives Rs1050 after one month This is a typical buy-back or repo repurchase transaction so common in conventional banking 10 3 The Issue of Freedom from Gharar 3 1 Defining Gharar. Gharar, unlike riba, does not have a consensus definition In broad terms, it connotes risk and uncertainty It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11 Jurists have attempted to identify such situations involving forbidden gharar A major factor that contributes to gharar is inadequate information jahl which increases uncertainty This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc are not well-defined Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions 12.An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden Speculation in its worst form, is gambling The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it Apart from pure games of chance, the holy prophet a lso forbade actions which generated unearned incomes without much productive efforts 13.Here it may be noted that the term speculation has different connotations It always involves an attempt to predict the future outcome of an event But the process may or may not be backed by collection, analysis and interpretation of relevant information The former case is very much in conformity with Islamic rationality An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information All business decisions involve speculation in this sense It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.3 2 Gharar Speculation with of Futures Forwards. Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbi dden, according to a large majority of jurists on grounds of excessive gharar Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1 22 after one month If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller This objection is based on several traditions of the holy prophet 14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale There is, however, a general agreement on the view that the efficient cause illa of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause illa present in an exchange involving future contracts in currencies of different countries In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed t o minimize this probability Some recent scholars have opined in the light of the above that futures, in general, should be permissible According to them, the efficient cause illa , that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market It is no longer relevant in the organized futures markets of today16 Such contention, however, continues to be rejected by the majority of scholars They underscore the fact that futures contracts almost never involve delivery by both parties On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only For example, in the above example, if the currency exchange rate changes to 1 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1 23 to individual B This would imply A making a gain of Rs50 the difference between Rs1150 and Rs1100 This is exactly what B would lose It may so happen that the exc hange rate would change to 1 21 in which case A would lose Rs50 which is what B would gain This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other This possibility of gains or losses which theoretically can touch infinity encourages economic units to speculate on the future direction of exchange rates Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions Exchange rates are volatile and remain unpredictable at least for the large majority of market participants Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.3 3 Risk Management in Volatile Markets. Hedging or risk reduction adds to planning and managerial efficiency The economic justification of futures and forwards is in term of their role as a device for hedging In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 which at the current market rate of 1 22 mean Rs 1100 to him after one month There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 if the new rate is 1 21, A w ould realize only Rs1050 Hence, A may enter into a forward or future contract to sell 50 at the rate of 1 21 5 at the end of one month and thereby, realize Rs1075 with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee say, to 1 23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party - whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of doll ar may go for a salam sale of 50 with his obligation to pay 50 deferred by one month Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1 21 5 There would be an immediate cash inflow in Rs 1075 for him The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate For example, if dollar appreciates to 1 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50 Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation 4 Summary Co nclusion Currency markets of today are characterized by volatile exchange rates This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero It is this possibility of risk reduction to zero which may enable a participant to earn riba Future is not a new form of contract Rather the justification for proscribing it is new If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates Such speculation is not just a possibility, but a reality The precise motive of an economic unit enter ing into a future contract - speculation or hedging may not ascertainable regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market This should force the speculator to be a little more sure of his expectations by being more informed When speculation is based on information it is not only permissible, but desirable too Bai salam would also enable the participants to manage risk At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk Notes References 1 These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy The discussion on riba prohibition draws on these views.2 Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p 16.3 Ibn Qudama, al-Mughni, vol 4, pp 5-9.4 Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.5 Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.6 Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.7 It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation also on a spot basis , then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1 20 Thus, spot settlement can also be a clear source of riba Does this imply that spot settlement should be proscribed too The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different po ints in time true even in the above case Riba can be earned only when the spot rate of 1 20 is fixed during the time interval between the transactions This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.8 Islam envisages a free market where prices are determined by forces of demand and supply There should be no interference in the price formation process even by the regulators While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.9 Some Islamic scholars use the term forward to connote a salam sale However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.10 This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.11 It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution Under conditions of uncertainty, no such exercise is possible The definition o f gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.12 The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allah s prophet pbuh came to Medina, they were paying one and two years advance for fruits, so he said Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah pbuh forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother s womb.13 According to a tradition reported by Abu Huraira, Allah s Messenger pbuh forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered anima ls The carcass was divided into unequal parts and marked arrows were drawn from a bag One received a large or small share depending on the mark on the arrow drawn Obviously it was a pure game of chance.14 The holy prophet is reported to have said Do not sell what is not with you. Ibn Abbas reported that the prophet said He who buys foodstuff should not sell it until he has taken possession of it Ibn Abbas said I think it applies to all other things as well.15 The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.16 M Hashim Kamali Islamic Commercial Law An Analysis of Futures , The American Journal of Islamic Social Sciences, vol 13, no 2, 1996.Send Your Comments to Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India. Jika Anda merasa tulisan di atas berguna, luangkan waktu barang 5 menit untuk menyebarkannya Terima kasih.
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