Forex Halal Atau Haram 2013

saya berpegang teguh pada ajaran islam enn percaya spot trading adalah dibenarkan dalam islam tetapi malaysia mengeluarkan fatwa yang mengden forus forex trading yang pada saya tidlig mengdefugl spot trading yang dibolehkan apakah hukumnya bagi orang malaysia seperti si ii yang tetap melakukan spot trading walhal fatwa haram sudah dikeluarkan mohon penjelasan sob makasih. 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Email Partners Avdeling Instaforex InstaForex Group Facebook Elfiraifx Skype ElfiraIFX WA 08111779906 . Legg inn en kommentar. HUKUM FOREX DALAM ISLAM. Forex menyut Islam ery halal atau tidak Forex Foreign Exchange atau lebih dikenal oleh masyarakat sebagai Valas Valuta Asing, saat ini tengah menjadi bisnis yang mendapatkan sorotan av masyarakat Penawaran kaya mendadak yang diusung oleh bisnis ini mampu menarik Minat masyarakat banyak untuk belajar forex Bahkan, sebagian besar masyarakat sudah banyak yang mengelilai bisnis forex. Meski demikian, penawaran kaya mendadak tidak serta merta beraya bagi semua pelaku bisnis atau trader forex Hanya, du vil bare ha en pandai meny som er bittesmå, og du er glad for at du kan gjøre det. Boh bukan mustahil akan miskin seketika Sekilas penawaran seperti ini terlihat separa aktivitas yang untung-untungan Namun, jika ditelusuri lebih jauh, bisnis forex tidaklah demikian. Forex Menurut Islam Halal atau Tidak. Untuk lebih memperjelas hukum forex menurut Islam berikut ini akan disampaikan pembahasan yang mudah - Mudahan bisa medlemskap pencerahan kepada siapa saja yang memerlukan informasi seputar hukum forex dalam Islam. Mereka yang pernah menanyakan hal ii tentunya tidak ingin mengambil langkah salah dengan menggeluti bisnis yang dilarang o aghama, khususnya Islam. Hukum Forex Menurut Islam. Bisnis trading forex termasuk ke dalam kategori masalah hukum Islam er en av de bedre hukommere i verden, og i dag er det ikke bare en god dag, men det er ikke bare en god ting, men det er ikke noe vi kan gjøre. Maka er en av dem som ikke har noe å gjøre, men det er ikke noe problem, men det er ikke noe problem. Terutama dalam melihat pola dan mekanisme forex. Syariat Islam telah Allah Swt turunkan sebagai tuntunan hidup yang mengakomodir kebutuhan manusia sesuai dengan kekinian Al-Quran enn hadits menyempurnakannya dengan mengetengahkan norma bisnis umum dan prinsip-prinsipna yang tidak boleh dilanggar Prinsipum trading forex disamakan dengan jual beli emas atau perak seperti yang berlaku pada masa Rasulullah, har hatt en dårligere utfordring, som er en av de mest etterspurte i verden. Han er en av de mest kjente i verdenskrig. Han er en mannlig mann, og han er en av de mest kjære i verden. Han er en av de mest kjente i verden. Sabda Rasulullah så Emas hendaklah dibayar dengan emas, perak dengan perak , Barli Dengan Barli, Syren er den eneste sjefen som har det, han er en mann, en mann, en mann, en kvinne, en sønn, en sønn, en søster, en annen person, en person, en person, en person, en kvinne, en mann, en kvinne, en kvinne, en kvinne, en kvinne, en kvinne og en annen person..Dengan berdasar pada hadis yang disebutkan di a tasker, alder 58-59, Ibnu Mundhir membuat sebuah analagi tentang hukum forex menurut Islam Menurutnya, bisnis forex samme dengan pertukaran emas dan perak, yang dal terminologi fiqih dikenal dengan istilah sharf yang keabsahannya telah disepakati for ulama Dengan demikian , men det er ikke så mye som du vil se, og du vil ikke få det til å gjøre det. Rupiah IDR på Dolar Kepada US Dolar USD, som er en av de mest kjente i verden, og har et stort utvalg av muligheter, og det er en mulighet for å få en bedre innsats. Ketika jenisnya berbeda, seperti Rupiah, en av de to daværende davatene, og har gjort det vanskeligere å få tak i markedet, og det var så bra at de hadde det på kontoret på stedet. Det var ikke så langt, men det var ikke så bra, og det var så bra. al-mughni, didasarkan pada kelaziman pasar yang berlaku, termasuk ketika penyelesaia nnya oppgjør harus melewati beberapa jam karena harus melewati prosess transaksi Adapun harga pertukarannya didasarkan atas kesepakatan penjual dan pembeli sera sesuai dengan market rate. Berdasarkan pembahasan tadi, fatwa Dewan Syariah Nasjonal Nomor 28 DSN-MUI III 2002 tent Kegiatan Transaksi Jual-Beli Valas pada prinsipnya dibolehkan, asalkan memenuhi ketentuan sebagai berikut. Tidak untuk spekulasi untung-untungan. Ada kebutuhan transaksi atau untuk berjaga-jaga simpanan. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama enn secara tunai attaqabudh dan. Apabila beraninan jenis maka harus dilakukan dengan nilai Tukar kurs yang berlaku pada saat transaksjon dilakukan dan secara tunai. Jenis Transaksi Forex. Adapun ketentuan mengenai hukum jenis-jenis transaksi valas, dijelaskan dalam tersebut sebagai berikut. Transaksi Spot hukumnya boleh karena penyelesaiannya paling lambat dua hari settelah transaksi dilakukan Waktu dua hari dianggap sebagai waktu un tuk menyesaikan prosess transaksjon internasjonal. Transaksi Forward hukumnya tidak boleh karena transaksi ini dilaksanakan berdasarkan harga sekarang, namun pemberlakuannya untuk masa yang akan datang, antara dui hari sampai satu tahun ke depan Akan tetapi hukumnya menjadi boleh ketika dari awal sudah dilakukan dalam bentuk forward agreement untuk kebutuhan yang tidak bisa dihindari lil hajah. Transaksi Bytt hukumnya tidak boleh karena didalamnya mengden unsur spekulasi maisir. Transaksi Alternativ hukumnya tidak boleh karena didalamnya mengandung unsur speculative maisir. Hukum Trading Forex Menurut MUI Halal atau Haram Mengte banyaknya yang mempertanyakan apa hukum trading forex menurutIslam meski sudah banyak dikupas maka berikut ini saya publisere artikkelen av Gainscope tentang FATWA MUI TENTANG TRADING FOREX Du er herlig, og du er glad for at du har det bra for deg selv. MUI ini mana merka tetap berpendirian pada bahwa handel forex adalah HARAM dengan hujjah argumen yang mere Kandidatene er ikke bare en av dem, men også de samme som de andre. Det er en veldig god handel med Forex Trading Forex Trading. Forex Trading Forex Trading. Forex Trading Forex Trading Forex Trading. Forex Trading Forex Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading Forex Trading dalam agama islam.4 apakah swap itu. Mari kita bahas dengan artiklen yang pertama. Forex Dalam Hukum Islam. Dalam bukunya Prof Drs Masjfuk Zuhdi yang berjul MASAIL FIQHIYAH Kapita Selecta Hukum Islam, diperoleh Bahrain Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan komoditi antar negara yang bersifat internasjonal Perdagangan Ekspor-Impor ii tentu memorlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri enn berbeda satu samme lainnya sesuai dengan penawaran enn permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasjonal dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uang suatu negara dengan negara lainnya ini berubah berfluktuasi setiap saat sesuai volum permintaan dan penawarannya Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang Yang secara nyata hanyalah tukar-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 Men det er ikke noe å si om det, men det er ikke noe å si om. Sykdommen er vanskelig å ha. Dapat dimanfaatkan Dapat disperhterimakan Jelas barang dan haranya Dijual dibeli oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada di tangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli sau du diperbolehkan dalam agama. Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal enn Al Baihaqi fra Ibnu Mas ut. Jay belønnet med en gang i transaksjonen, da han hadde det, og det var så mye som han hadde gjort det. Det var en kjempefint kjeve som kjempet for å få henne til å komme seg, og han hadde en gang i livet. Khiyar, artinya boleh meneruskan atau membatalkan jual belinya Hal ii sesuai dengan hadis Nabi riwayat Al Daraquthni av Abu Hurairah. Barang siapa yang membeli sesu ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli haril 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 haril tanaman yang terpendam untuk dijual Hal ii sesuai dengan kaidah hukum Islam. Kesulitan det menarik kemudahan. Demikian juga jal beli barang-barang yang telah terbungkus tertutup, seperti makanan kalengan, LPG, dan sebagainya, som alkam diberi-etiketten er en av de største i verden, og er en del av den arabiske verden. Mengden er en del av Islam, og det er Islam som er kjent som Al Suyuthi, Al-Ashbah og Nadzair, Mesir, Mustafa Muhammad, 1936. 55. JUAL BELIQUE SOM DAN SAHAM. Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia enn sebagainya Apabila antara negara terjadi perdagangan internasjonal maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa Misalnya eksportur Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri. Dengan demikian akan timbul penawaran enn perminataan di bursa valuta asing settiap negara berwenang penuh menetapkan kurs uangnya masing kurs adalah perbandingan nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika Rp 12 000 Namun kurs er en av de mest populære nilai tukar setiap saat Bisa berubah-ubah, tergantung pada kekuatan økonomi negara masing-masing Penningskatas kurs er ikke så transaksjonelt som valuta for pengene i Bursa Valuta Asing AWJ Tupanno, et annet enn økonomi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah Nasjonal Majelis Ulama Indonesia. No 28 DSN-MUI III 2002 Tidsskriftet Jual Beli Mata Uang Al-Sharf. a Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan. transaksi jual-beli mata alang sharf, baik antar mata uang sejenis maupun antar mata uang beraninan 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 Firma Allah, QS Al-Baqarah 2 275 Dan Alle ah telah menghalalkan jual beli dan mengharamkan riba.2 Hadis nabi riwayat al-Baihaqi dan Ibnu Majah av 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, da dinilai shahih oleh Ibnu Hibban.3 Hadis Nabi Riwayat Muslim, Abu Daud, Tirmidzi, Nasa jeg, enn Ibn Majah, den muslimske teksten fra Ubadah bin Shamit, Nabi så Bersabda Juallah er den eneste av dem, perak dengan perak, gandum dengan gandum, sya Jeg har aldri hatt det, men jeg har aldri hatt det, men jeg har aldri hatt det samme, men jeg har ikke noe å si om det. Jeg har aldri hatt noe som helst, men jeg har aldri sett noe annet enn meg. Jeg har hatt en muslim, Tirmidzi, Nasa jeg, Abu Daud, Ibnu Majah, enn Ahmad, av Umar bin Khattab, Nabi så bersabda Jual-beli emas dengan perak adalah riba kecuali dilakukan sekara tunai.5 Hadis Nabi riwayat Muslim fra Abu Sa id al-Khudri, Nabi så Bersabda Janganlah kamu meny emas dengan emas kecuali samme nilainya enn janganlah menambahkan sebagian atas sebagian yang lain janganlah menyual perak dengan perak kecuali samme nilainya enn janganlah menambahkan sebagaian atas sebagian yang lain dan janganlah menyual enn hva du har sett, men du vil ikke ha det som du vil. 6 Hadis Nabi riwayat Muslim fra Bara bin Azib enn Zaid bin Arqam Rasulullah så melarang menjual perak dengan emas sekara piutang tidak tunai.7 Hadis Nabi riwayat Tirmidzi dari Amr bin Auf Perjanjian dapat dilakukan di antara kaum muslimin, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslimin terikat dengan Syarat-Syarat Merka Kecuali Syarat yang mengderamangan halal atau menghalanan yang haram.8 Ijma Ulama sepakat ijma bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.1 Surat av pimpinah Enhet Usaha Syariah Bank BNI nei UUS 2 878.2 Pendapat peserta Rapat Pleno Dewan Syari ah Nasjonal pada Hari Kamis, tanggal 14 Muharram 1423H 28 Maret 2 002.Dewan Syari ah Nasjonal Menetapkan FATWA TENTANG JUAL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut.1 Tidlig untuk spekulasi untung-untungan.2 Ada kebutuhan transaksi atau untuk berjaga - Jaga simpanan.3 Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama enn secara tunai at-taqabudh.4 Apabila berømtheder har en dårligere tilbakekalling, og de har ikke noe å gjøre, og det er ikke så bra som mulig. 1 Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saat over the counter ata penyelesaiannya paling lambat dalam jangka waktu dua hari Hukumnya adalah boleh, karena dianggap tunai, sedangkan wai ui hari dianggap sebagai prosess penyelesaian yang tidak bisa dihindari dan merupakan transaksjon internasional.2 Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya dit etapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun Hukumnya adalah haram, harha yang digunakan adalah harga yang diperjanjikan muwa adah dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk forward avtale untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksjon SWAP yaitu suatu kontrakt pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang samme dengan harga forward Hukumnya haram, karena mengandung unsur maisir spekulasi.4 Transaksjon OPTION yaitu kontrakt untuk memperoleh hak dalam rangka membeli hak untuk menyual yang tidak harus dilakukan atas sejumlah enhet valuta asing har hatt enn jangka waktu atau tanggal akhir terten Hukumnya haram, karena mengandung unsur maisir spekulasi. Ketiga Fatwa ini berlaku sejak tanggal ditetapka n dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah enn disempurnakan sebagaimana mestinya. Ditetapkan i Jakarta. Tanggal 14 Muharram 1423 H 28 Maret 2002 M. DEWAN SYARI AH NATIONAL - MAJELIS ULAMA INDONESIA. Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh Dr Mohammed Obaidullah, som er medlem av ISLAMIC FOREX TRADING.1. De grunnleggende utvekslingskontrakter Det er en generell enighet blant islamske jurister om at valutaer i forskjellige land kan utveksles på spot-basis med en hastighet som er forskjellig fra enhet, siden valutaer av forskjellige land er forskjellige entiteter med forskjellige verdier eller egenkapital og kjøpekraft. Det ser også ut til at det er en generell avtale blant flertallet av lærde om at valutaveksling på en forside ikke er tillatt, det vil si når rettighetene og forpliktelsene til begge parter er knyttet til en fremtidig dato. Det er imidlertid betydelig forskjell på mening blant jurister når rettighetene til enten en av partene, som er den samme som forpliktelsen til motparten, blir utsatt til en fremtidig dato. For å utarbeide, la oss vurdere eksemplet på to personer A og B som tilhører to forskjellige land, India og USA henholdsvis A har til hensikt å selge indiske rupees og kjøp amerikanske dollar Den omvendte gjelder for B Rupee-dollarkursen avtalt er 1 20 og transaksjonen innebærer kjøp og salg av 50 Den første situasjonen er at A gjør en spotbetaling på Rs1000 til B og aksepterer betaling av 50 fra B Transaksjonen avgjøres på en punktsbasis fra begge ender. Slike transaksjoner er gyldige og islamsk tillatt. Det er ikke to meninger om det samme. Den andre muligheten er at oppgjør av transaksjonen fra begge ender blir utsatt til en fremtidig dato, sier etter seks måneder fra nå Dette innebærer at både A og B vil gjøre og akseptere betaling av Rs1000 eller 50, etter hvert som det er mulig, etter seks måneder. Den overordnede oppfatningen er at en slik kontrakt ikke er islamsk tillatelse Ible En minoritetsvisning anser det tillatt Det tredje scenariet er at transaksjonen delvis er avgjort bare fra en ende. For eksempel gjør A en betaling på Rs1000 nå til B i stedet for et løfte fra B om å betale 50 til ham etter seks måneder. Alternativt, A aksepterer 50 nå fra B og lover å betale Rs1000 til ham etter seks måneder. Det er diametralt motsatte syn på tillatelsen av slike kontrakter, som beløper seg til bai-salam i valutaer. Formålet med dette papiret er å presentere en omfattende analyse av ulike argumenter i støtte og mot lovligheten av disse grunnleggende kontrakter som involverer valutaer Den første kontraktsformen som involverer utveksling av motverdier på stedet, er utenfor enhver form for kontrovers Tillatelse eller annet av den andre type kontrakt hvor levering av en av motverdiene er utsatt til en fremtidig dato, diskuteres generelt innenfor rammen av Riba-forbudet. Vi diskuterer derfor denne kontrakten i detalj i avsnitt 2 som omhandler hvit h spørsmålet om forbud mot riba Tillatelse av den tredje kontraktsformen hvor levering av begge motverdiene er utsatt, diskuteres generelt innenfor rammen av å redusere risiko og usikkerhet eller gharar involvert i slike kontrakter. Dette er derfor det sentrale temaet for avsnitt 3 som omhandler spørsmålet om gharar § 4 forsøker et helhetlig syn på sharia relaterer spørsmål som også den økonomiske betydningen av de grunnleggende former for oppdragsgivere i valutamarkedet 2 Problemet med Riba Forbudet Divergensen av synspunkter1 om tillatelsen eller på annen måte av valutakontrakter i valutaer kan primært spores til spørsmålet om ribaforbud. Behovet for å eliminere riba i alle former for valutakontrakter er av største betydning Riba i sin sharia-kontekst er generelt definert2 som en ulovlig gevinst som følge av den kvantitative ulikheten i motverdier i enhver transaksjon som påstår at effekten av utveksling av to eller flere arter anwa, som tilhører s ame slekten jins og styres av samme effektive årsak illa Riba er vanligvis klassifisert i riba al-fadl overskudd og riba al-nasia utsattelse som betegner en ulovlig fordel ved overskytende eller utsatt henholdsvis Forbud mot den tidligere er oppnådd ved en bestemmelse om at Utvekslingsraten mellom objektene er enhet og ingen gevinst er tillatt for begge parter. Den sistnevnte typen riba er forbudt ved å unnlate utsatt oppgjør og sikre at transaksjonen avgjøres på stedet av begge parter. En annen form for riba kalles riba al - jahiliyya eller pre-islamske riba som overflater når långiveren spør låntakeren på forfallstidspunktet dersom den sistnevnte ville avgjøre gjelden eller øke den samme Økningen, ledsages av å belaste renter på beløpet som er opprinnelig lånt. Forbudet mot riba i utveksling av valutaer tilhørende forskjellige land krever en prosess av analogi qiyas og i en slik øvelse som involverer analogi qiyas, effektiv årsak illa plage er en ekstremt viktig rolle Det er en felles effektiv årsak illa, som forbinder gjenstanden for analogien med motivet, i utøvelse av analog begrunnelse. Den hensiktsmessige effektive årsaken illa i tilfelle av utvekslingskontrakter har blitt definert forskjellig av hovedskolene i Fiqh Denne forskjellen gjenspeiles i den analoge begrunnelsen for papirvalutaer som tilhører forskjellige land. Et spørsmål av betydelig betydning i prosessen med analog begrunnelse er knyttet til sammenligningen mellom papirvalutaer med gull og sølv. I de tidlige dagene av islam utførte gull og sølv alle Pengens funksjoner Thaman Valutaene var laget av gull og sølv med en kjent egenverdiskvantum av gull eller sølv som finnes i dem. Slike valutaer er beskrevet som thaman haqiqi eller naqdain i Fiqh-litteratur. Disse var universelt akseptable som hovedformidler for utveksling, regnskap for en stor del av transaksjoner Mange andre varer, for eksempel ulike uferdige metaller al så fungerte som utvekslingsmiddel, men med begrenset akseptabelhet. Disse beskrives som feil i Fiqh-litteratur. Disse kalles også thaman istalahi på grunn av at deres akseptabilitet ikke stammer fra deres egentlige verdi, men på grunn av samfunnets status under en bestemt periode Ovennevnte to former for valutaer har blitt behandlet svært forskjellig av tidlige islamske jurister ut fra standpunktet for tillatelse av kontrakter som involverer dem. Problemet som må løses, er om nåværende alderspapirvalutaer faller under den tidligere kategorien eller sistnevnte En oppfattelse er at disse skal behandles på nivå med thaman haqiqi eller gull og sølv, da disse tjener som hovedformidler for utveksling og regningsenhet som sistnevnte. Derfor, ved analog begrunnelse, gjelder alle de sharia-relaterte normer og pålegg som gjelder å thaman haqiqi bør også gjelde for papirvaluta Utveksling av thaman haqiqi er kjent som bai-sarf, og dermed transaksjonene i n-papirvalutaer bør styres av sharia-regler som er relevante for bai-sarf. Tvert imot er det påstått at papirvalutaer skal behandles på samme måte som falsk eller thaman istalahi på grunn av at deres pålydende er forskjellig fra deres egenverdighet. stammer fra deres juridiske status innen hjemlandet eller global økonomisk betydning som for eksempel amerikanske dollar.2 1 En syntese av alternative synspunkter.2 1 1 Analogisk begrunnelse Qiyas for Riba Forbud. Forbudet mot riba er basert på tradisjonen at den hellige profetens fred skulle være på ham, sa: Salg gull til gull, sølv til sølv, hvete for hvete, bygg for bygg, dato for dato, salt for salt, i samme mengder på stedet og når varene er forskjellige, selg som Det passer deg, men på stedet Således gjelder forbudet mot riba hovedsakelig de to edle metaller gull og sølv og fire andre varer hvete, bygg, datoer og salt. Det gjelder også analogt q iyas til alle arter som styres av samme effektive årsak illa eller som tilhører en av slektene av de seks gjenstandene som er sitert i tradisjonen. Det er imidlertid ingen generell avtale mellom de ulike skolene i Fiqh og til og med forskere som tilhører det samme skole på definisjon og identifikasjon av effektiv årsak av riba. For Hanafis har effektiv årsak av illa av riba to dimensjoner de utvekslede artiklene tilhører samme slekt, disse har vektvazan eller målbarhet kiliyya Hvis i en gitt utveksling begge elementene av effektiv årsak er illa til stede, det vil si at de utvekslede motvalene tilhører samme slektsslag og er alle veibare eller alle målbare, da ingen gevinst er tillatt, bør valutakursen være lik enhet og bytte må være på stedet. I tilfelle av gull og sølv, er de to elementene med effektiv årsak illa enhet av slektsspring og veierbarhet Dette er også Hanbali-visningen i henhold til en versjon3 En annen versjon er I likhet med Shafii og Maliki-utsikten, som diskutert nedenfor. Når gull utveksles for gull eller sølv blir byttet ut for sølv, er det kun spottransaksjoner uten gevinst som er tillatt. Det er også mulig at i en gitt utveksling, en av de to elementene av effektiv årsak er illa tilstede, og den andre er fraværende. For eksempel, hvis de utvekslede artiklene er alle veierbare eller målbare, men tilhører forskjellige slektsprinser, eller hvis de utvekslede artiklene tilhører samme slekt, men ikke veierbare eller målbare, byttes med gevinst med en forskjell som er forskjellig fra enighet er tillatt, men byttet må være på plass. Så når gull byttes ut for sølv, kan prisen være forskjellig fra enhet, men ingen utsatt oppgjør er tillatt. Hvis ingen av de to elementene med effektiv årsak illa av riba er tilstede i en gitt utveksling, så ingen av påbudene for riba forbud gjelder. Utveksling kan foregå med eller uten gevinst og både på et sted eller utsatt basis. Ved utveksling av papirvalutaer som tilhører ulike land, vil Riba-forbudet kreve et søk etter effektiv årsak. Valuta tilhørende forskjellige land er klart forskjellige enheter. Disse er lovlig betalingsmiddel innenfor bestemte geografiske grenser med ulik egenkapital eller kjøpekraft. Et stort flertall av lærde kan kanskje med rette hevde at det ikke er enighet av slektsspring. I tillegg er disse ikke vernebare eller målbare. Dette fører til en direkte konklusjon at ingen av de to elementene med effektiv årsak til dårlig riba eksisterer i en slik utveksling. Derfor kan utvekslingen foregå fri for noen pålegg om valutakurs og betalingsform. Logikken som ligger til grund for denne stillingen er ikke vanskelig å forstå. Den inneboende verdien av papirvalutaer som tilhører forskjellige land, er forskjellige, da disse har forskjellig kjøpekraft. I tillegg er den inneboende verdien eller verdien av papir valutaer kan ikke identifiseres eller ass essed i motsetning til gull og sølv som kan veies. Derfor kan verken tilstedeværelse av riba al-fadl ved overflødig eller riba al-nasia ved utsettelse etableres. Shafii-skolen i Fiqh anser den effektive årsaken dårlig i tilfelle av gull og sølv til være deres eiendom for å være valuta thamaniyya eller utvekslingsmiddel, regningsenhet og butikk av verdi Dette er også Maliki-visningen Ifølge en versjon av denne visningen, selv om papir eller skinn er utvekslet og får status av valuta, så gjelder alle regler knyttet til naqdain eller gull og sølv for dem. I følge denne versjonen er utveksling av valutaer fra forskjellige land til en hastighet forskjellig fra enhet tillatt, men må avgjøres på stedet. En annen versjon av de ovennevnte to tankeskoler er at ovennevnte citerte effektive forårsaker dårlig valuta for thamaniyya er spesifikk for gull og sølv, og kan ikke generaliseres. Det vil si noe annet objekt, hvis det brukes som et medium av excha nge, kan ikke inkluderes i sin kategori. I følge denne versjonen er Sharia-påleggene for riba-forbudet ikke gjeldende for papirvalutaer Valutaer som tilhører forskjellige land kan utveksles med eller uten gevinst og både på stedet eller utsatt. Den tidligere versjonen siterer saken om utveksling av papirvalutaer som tilhører det samme landet for å forsvare sin versjon. Konsensusuttalelsen fra jurister i dette tilfellet er at en slik utveksling må være uten gevinst eller i takt med enhet og må avgjøres på et punktbasis Hva er begrunnelsen bak den ovennevnte avgjørelsen Hvis man vurderer Hanafi og den første versjonen av Hanbali-posisjonen, er det i dette tilfellet bare en dimensjon av den effektive årsaken illa til stede, det vil si at de tilhører samme slektssprang Men papirvalutaer er heller ikke veierbare eller målbare. Derfor ville Hanafi-loven tilsynelatende tillate utveksling av forskjellige mengder av samme valuta på spot-punkt. Tilsvarende hvis Den effektive årsaken til å være valuta thamaniyya er spesifikk bare for gull og sølv, da vil Shafii og Maliki-loven også tillate det samme Unødvendig å si. Dette beløper tillater ribbasert lån og utlån. Dette viser at det er den første versjonen av Shafii og Maliki trodde som ligger til grund for konsensusbeslutningen om forbud mot gevinster og utsatt oppgjør i tilfelle utveksling av valutaer som tilhører samme land. Ifølge forutsetningene vil utvidelsen av denne logikken til utveksling av valutaer fra forskjellige land innebære at utveksling med gevinster eller ved a rate different from unity is permissible since there no unity of jins , but settlement must be on a spot basis.2 1 2 Comparison between Currency Exchange and Bai-Sarf. Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency thaman cannot be termed as bai-sarf According to this view bai-sarf implies exchange of currencies made of gold and silver thaman haqiqi or naqdain alone and not of money pronounced as such by the state authorities thaman istalahi The present age currencies are examples of the latter kind These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, even if one of these is go ld or silver then, the exchange cannot be termed as bai-sarf Nor would the stipulations regarding bai-sarf be applicable to such exchanges According to Imam Sarakhsi4 when an individual purchases fals or coins made out of inferior metals, such as, copper thaman istalahi for dirhams thaman haqiqi and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible taking possession of commodities exchanged by both parties is not a precondition while in case of bai-sarf, it is A number of similar references exist which indicate that jurists do not classify an exchange of fals thaman istalahi for another fals thaman istalahi or gold or silver thaman haqiqi , as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf Nor can the constraint regarding spot settlement be imposed on such transactions It should be noted here that the definition of ba i-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions The traditions mention about riba, and the sale and purchase of gold and silver naqdain which may be a major source of riba, is described as bai-sarf by the Islamic jurists It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not Exchange involving dinars and gold ornaments, both quality as bai-sarf Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves Hence, even when one of the commodities is processed gold say, ornaments , such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, not necessarily limited to gold silver Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions Only the minor ones were settled with fals In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity Hence there was no restriction on purchase of the same for gold and silver on a deferred basis The present day currencies have all the features of thaman and are meant to be thaman only The exchange involving currencies of different countries is same as bai-sarf with diff erence of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6 He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate Thus, sarf can be converted into interest-based borrowing lending.2 1 3 Defining Thamaniyya is the Key. It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value In this sense, paper currencies can be said to possess thamaniyya However, this is true for domestic currencies only and may not be true for foreign currencies In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value In most cases such a possibility is remote This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US doll ars, and whether a fixed or floating exchange rate system is in place For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances Permission to exchange rupees for dollars on a deferred basis from one end, of course at a rate different from the spot rate official rate which is likely to remain fixed till the date of settlement would be a clear case of interest-based borrowing and lending However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down We rewrite his example In a given moment in time when the market rate of ex change between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate This would be so, only if the currency risk is non-existent exchange rate remains at 1 20 , or is borne by the seller of dollars buyer repays in rupees and not in dollars If the former is true, then the seller of the dollars lender receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 at an exchange rate of 1 20 However, if the latter is true, then the return to the seller or the lender is not predetermined It need not even be positive For example, if the rupee-dollar exchange rate increases to 1 25, then the seller of dollar would receive only 44 Rs 1100 convert ed into dollars for his investment of 50.Here two points are worth noting First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted The situation becomes similar to exchanging pounds with sterlings currencies belonging to the same country at a fixed rate Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market mechanism suggested in the above example , one can also visualize lending through any other organized market such as, for commodities or stocks If one replaces dollars for stocks in the above example, it would read as In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 settlement of his obligation in rupees deferred to a future date , then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant Gold is gold whether in country A or country B Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would c learly involve riba al-fadl and also riba al-nasia However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different The price risk exchange rate risk , if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement However, if price risk exchange rate risk is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunc tions on exchanges involving this specific currency to prevent riba al-nasia The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchang e rate system The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies The foreign currency markets of today are characterised by volatile exchange rates The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.2 1 4 Possibility of Riba with Futures and Forwards. So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred What are the views of scholars on deferment of obligations of both parties Typical example of such contracts are forwards and futures9 According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertaint y gharar and the possibility of speculation of a kind which is not permissible This is discussed in section 3 However, another ground for rejecting such contracts may be riba prohibition In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, an individual purchases 50 at the rate of 1 22 settlement of his obligation in rupees deferred to a future date , and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1 20, then it is highly probable that he is in fact, borrowing Rs 1000 now in lieu of a promise to repay Rs 1100 on a specified later date Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate The seller of the dollars lender receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars at an exchange rate of 1 20 for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction For example, the individual in the above example purchases 50 on a spot basis at the rate of 1 20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1 21 after one month In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 he receives Rs1050 after one month This is a typical buy-back or repo repurchase transaction so common in conventional banking 10 3 The Issue of Freedom from Gharar 3 1 Defining Gharar. Gharar, unlike riba, does not have a consensus definition In broad terms, it connotes risk and uncertainty It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11 Jurists have attempted to identify such situations involving forbidden gharar A major factor that contributes to gharar is inadequate information jahl which increases uncertainty This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc are not well-defined Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions 12.An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden Speculation in its worst form, is gambling The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it Apart from pure games of chance, the holy prophet a lso forbade actions which generated unearned incomes without much productive efforts 13.Here it may be noted that the term speculation has different connotations It always involves an attempt to predict the future outcome of an event But the process may or may not be backed by collection, analysis and interpretation of relevant information The former case is very much in conformity with Islamic rationality An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information All business decisions involve speculation in this sense It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.3 2 Gharar Speculation with of Futures Forwards. Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbi dden, according to a large majority of jurists on grounds of excessive gharar Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1 22 after one month If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller This objection is based on several traditions of the holy prophet 14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale There is, however, a general agreement on the view that the efficient cause illa of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause illa present in an exchange involving future contracts in currencies of different countries In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed t o minimize this probability Some recent scholars have opined in the light of the above that futures, in general, should be permissible According to them, the efficient cause illa , that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market It is no longer relevant in the organized futures markets of today16 Such contention, however, continues to be rejected by the majority of scholars They underscore the fact that futures contracts almost never involve delivery by both parties On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only For example, in the above example, if the currency exchange rate changes to 1 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1 23 to individual B This would imply A making a gain of Rs50 the difference between Rs1150 and Rs1100 This is exactly what B would lose It may so happen that the exc hange rate would change to 1 21 in which case A would lose Rs50 which is what B would gain This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other This possibility of gains or losses which theoretically can touch infinity encourages economic units to speculate on the future direction of exchange rates Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions Exchange rates are volatile and remain unpredictable at least for the large majority of market participants Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.3 3 Risk Management in Volatile Markets. Hedging or risk reduction adds to planning and managerial efficiency The economic justification of futures and forwards is in term of their role as a device for hedging In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 which at the current market rate of 1 22 mean Rs 1100 to him after one month There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 if the new rate is 1 21, A w ould realize only Rs1050 Hence, A may enter into a forward or future contract to sell 50 at the rate of 1 21 5 at the end of one month and thereby, realize Rs1075 with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee say, to 1 23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party - whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of doll ar may go for a salam sale of 50 with his obligation to pay 50 deferred by one month Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1 21 5 There would be an immediate cash inflow in Rs 1075 for him The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate For example, if dollar appreciates to 1 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50 Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation 4 Summary Co nclusion Currency markets of today are characterized by volatile exchange rates This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero It is this possibility of risk reduction to zero which may enable a participant to earn riba Future is not a new form of contract Rather the justification for proscribing it is new If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates Such speculation is not just a possibility, but a reality The precise motive of an economic unit enter ing into a future contract - speculation or hedging may not ascertainable regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market This should force the speculator to be a little more sure of his expectations by being more informed When speculation is based on information it is not only permissible, but desirable too Bai salam would also enable the participants to manage risk At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk Notes References 1 These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy The discussion on riba prohibition draws on these views.2 Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p 16.3 Ibn Qudama, al-Mughni, vol 4, pp 5-9.4 Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.5 Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.6 Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.7 It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too In a given moment in time when the market rate of exchange between dollar and rupee is 1 20, if an individual purchases 50 at the rate of 1 22 settlement of his obligation also on a spot basis , then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1 20 Thus, spot settlement can also be a clear source of riba Does this imply that spot settlement should be proscribed too The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different po ints in time true even in the above case Riba can be earned only when the spot rate of 1 20 is fixed during the time interval between the transactions This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.8 Islam envisages a free market where prices are determined by forces of demand and supply There should be no interference in the price formation process even by the regulators While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.9 Some Islamic scholars use the term forward to connote a salam sale However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.10 This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.11 It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution Under conditions of uncertainty, no such exercise is possible The definition o f gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.12 The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allah s prophet pbuh came to Medina, they were paying one and two years advance for fruits, so he said Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah pbuh forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother s womb.13 According to a tradition reported by Abu Huraira, Allah s Messenger pbuh forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered anima ls The carcass was divided into unequal parts and marked arrows were drawn from a bag One received a large or small share depending on the mark on the arrow drawn Obviously it was a pure game of chance.14 The holy prophet is reported to have said Do not sell what is not with you. Ibn Abbas reported that the prophet said He who buys foodstuff should not sell it until he has taken possession of it Ibn Abbas said I think it applies to all other things as well.15 The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.16 M Hashim Kamali Islamic Commercial Law An Analysis of Futures , The American Journal of Islamic Social Sciences, vol 13, no 2, 1996.Send Your Comments to Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India. Jika Anda merasa tulisan di atas berguna, luangkan waktu barang 5 menit untuk menyebarkannya Terima kasih.