Fatwa MUI Tentang Jual Beli Mata Uang AL-SHARF. Pertanyaan yang pasti ditanyakan oleh setiap handlowiec Indonesia.1 Apakah Trading Forex Haram.2 Apakah Trading Forex Halal.3 Apakah Trading Forex Drupal 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 MASAŻ FIQHIYAH Kapita Selecta Hukum Islam, bahipa bahasa Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan waluta asing timbol karena adanya perdagangan barang-barang kebutuhan komoditi antar negara yang bersifat internasional Perpagaman Ekspor-Impor ini tentu memerlukan alat bayar yaitu UANG yang masing masara negara mempunyai ketentuan sentiri i berbeda satu sama lainnya sesuai dengan penawaran i 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 międzynarodowy i terytorialny dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uat suat negara denara lainnya ini berubah berfluktuasi saat sesuai tom permintaan and penawarannya Adanya permintaan and penawaran yin menimbulkan transaksi mata uang Yang iu seyang hanyalah tukar-m enukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS.1. Ada Ijab-Qobul --- Ada perjanjian untuk memberi menerima. Penjual menyerahkan barang i pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pe mbeli dan penjualne mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum dewasa i berpikiran sehat.2 Pamiętaj syarat menjadi objek transaksi jual-beli yaitu. Suci barangnya bukan najis. Dapat dimanfaatkan. Dapat diserahterima kan. Jelas barang dan harganya. Dijk dibeli olejek rajstopy atau kuasanya atas izin pemiliknya. Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli jang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal i Al Baihaqi i Ibnu Mas ud. July beli barang yang tidak tempat transaksi diperbolehkan dengan syarat haru diterangkan sifatsifatnya atau ciri-cirinya Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya tetapi jika tidak sesuai maka pembeli mempunyai hak kiedyyar, 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 whenyar jika ia telah melihatnya. July beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual Hal ini sesuai dengan kaidah hukum islam. Kesulitan itu menarik kemudahan. Demikian juga jual beli barang-barang yang telah terbungkus tertutup, seperti makanan kalengan, LPG, i sebagainya, asalkam diberi label yang mhenangkan isinya Vide Sabiq, op cit hal 135 Mengenai teks kaidah hukum Islamski tersebut di atas, vide Al Suyuthi, Al Ashbah wa alairair, Mesir, Mustafa Muhammad, 1936 hal 55.JALNE BELI VALUTA ASING DAN SAHAM. Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malezja i Sebagainya Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan waluta asing untuk alat bayar luar negeri yang daliam dunia dubai disebut devisa celownik eksportujący Indonezja akan memperoleh devisa dari hasil ekspornya, sebaliknya importir indonezyjski memerlukan devisa untuk mengimpor dari luar negeri. Dengan demikian akan timbul penawaran and perminataan di bursa valuta asing setiap negara berwenang penuh menetapkan kurs uangnya masing-masing kurs a dalah perbandingan nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika Rp 12 000 Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing Pencatatan kurs uang i transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing AWJ Tupanno, i in. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah Nasional Majelis Ulama Indonezja. No 28 DSN-MUI III 2002 tentang 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 uhui mafia mandar mata uang berlainan jenis. b Bahwa dalam urf tijari tradisi perdagangan transaksi ji je 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 dilakuka n sesuai dengan ajaran islamu, DSN memandang perlu menetapkan fatwa tentang al-szarfa untuk dijadikan pedoman.1 Firman Allah, QS Al-Baqarah 2 275 Dan Allah telah menghalalkan jual beli dan mengharamkan riba.2 Hadis nabi riwayat al-Majhaqi i 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 albaihaqi al Bahajban Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban.3 Hadis Nabi Riwayat muzułmanie, Abu Daud, Tirmidzi, Nasa i , dan Ibn Majah, dengan teks muzułmanin dari Ubadah bin Shamit, Nabi widział bersabda Juallah emas dengan emas, perak dengan perak, gandum dengan gandum, sya ir dengan sya ir kurma dengan kurma, dan garam dengan garam denga syarat harus sama dan sejenis serta secara tunai Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunai.4 Hadis Nabi riwayat muzułmanin, Tirmidzi, Nasa i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi widział bersabda Jual-beli emas dengan perak adalah riba kecuali dilakukan secara tunai.5 Hadis Nabi riwayat muzułmanin dari Abu Said al-Khudri, Nabi widział bersabda Janganlah kamu menjual emas dengan emas kecuali sama nilainya i janganlah menambahkan sebagian atas sebagian yang lain janganlah menajual perak dengan perak kecuali sama nilainya dan janganlah menambahkan sebagaian atas sebagian yang lain dan janganlah menjualny emas i perak tersebut yang tidak tunai dengan yang tunai.6 Hadis Nabi riwayat muzułmańscy dari Bara bin Azib dan Zaid bin Arqam Rasulullah widział melarang menjuali 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 teratur 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 Jednostka Usaha Syariah Bank BNI nie UUS 2 878.2 Pendapat peserta Rapat Pleno Dewan Syari ah Nasional Pada Hari Kamis, Tanggal 14 Muharram 1423H 28 Maret 2002.Dewan Syari ah Nasional Menetapkan FATWA TENTANG JUAL BELI MATA UANG AL-SHARF. Pertama Ketentuan Umum. Transaksi jual beli mata uang pada prinsipnya boleh dengan kententuan sebagai berikut.1 Tadak untuk spekulasi untung-untungan.2 Ada kebutuhan ataksja atka berjaga-jaga simpanan.3 Apabila transaksi dilakukan terhadap mata uang sejenis maka nangada haru ja i tunara na tajabudh. 4 Apabila berlainan jenis maka harus dilakukan dengan nilai tukar kurs yang berlaku pada saat transaksi i secara tunika. Kedua Jenis-jenis transaksi Valuta Asing.1 Transakcja SPOT, yaitu transaksi pembelian i penjualan valuta asing nieprzyjaciel pada na saudy itu na kontuarze atau penyelesaiannya paling lambat dalam jangka waktu dua hari hukumnya adalah boleh, karena tunelu tunika, sedangkan waktu dua hari dianggap sebagai proses penyelesai a yang tidak bisa dihindari i merupakan transaksi internasional.2 Transaksi FORWARD, yaitu transaksi pembelian i penjualan valas yang nilainya ditetapkan pada saat sekarang i diberlakukan untuk waktu yang akang datang, antara 2x24 jam sampai dengan satu tahun Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan muwa adah i penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belam tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk naprzód porozumienie untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksi SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga naprzód Hukumnya haram, karena mengandung unsur maisir spekulasi.4 Transaksi OPCJA yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unit valuta asing pada harga dan jangka waktu atau tanggal akhir tertentu Hukumnya haram, karena mengandung unsur maisir spekulasi. Ketiga Fatwa ini berlaku sejak tanggal ditetapkan, dengan kikeljek, akademie di dunatan sebagaimana mestinya. Ditetapkan di Jakarta. Tanggal 14 Muharram 1423 H 28 Marzec 2002 M. DEWAN SYARI AH NASIONAL - MAJELIS ULAMA INDONESIA. Majlis Fatwa Kebangsaan Hukum Pelaburan Forex. Suzardi Maulan 16 lutego 2017.Paraburan forex yang dibuat przez individu di platformy online internet adalah haram. Keputusan ini telah pun dibuat oleh muzakarah Majlis Fatwa Kebangsaan. Ini kerana muzakarah mendapati bahawa perdagangan pertukaran mata wang asing rzeczownik forex individu rzeczownik secara lani pojedynczy punkt forex melalui platfom elektronik mengandungi unsur-unsur seperti riba melalui pengenaan rollover odsetek, pensyaratan jual beli dalam pembergia hutang melalui dźwignię, qabd yang tidak jelas ketaks transaksi pertukaran , penjualan mata wang yang tiada d alam pegangan i spekulasi yang melibatkan perjudian. Tuan dapat membaca kenyataan lanjut seperti berikut. Muzakarah Jawatankuasa Fatwa Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malezja Kali Ke-98 lat pogodnie pada 13-15 lutego 2017 r. Miesiąc miodowy Hukum Perdagangan Pertukaran Matawang Asing z Individu Secara Lani indywidualne Spot Forex Melalui Platfom Elektronik Muzakarah Telacha membuat keputusan seperti berikut. Setelah mendengar taklimat dan penjelasan Pakar daripada Akademi Penyelidikan Syariah Antarabangsa Dalam Kewangan Islam ISRA Serta meneliti keterangan, hujah-hujah dan pandangan yang dikemukakan, Muzakarah menegaskan bahawa perdagangan pertukaran mata Wang Asing forex oleh individu secara lani indywidualny punkt forex melalui platfom elektronik adalah melibatkan rzecznik ribawi iata mata wang dan dari sudut fiqhiyyah ia tertakluk di bawah hukum zatoka al-Sarf yang perlu dipatuhi syarat-syarat umum jual beli i syarat syarat khusus bagi zatoka al-Sarf seperti berikut Syaarat-sya szczur umum 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 i dimiliki sepenuhnya oleh pihak yang menjual serta boleh diserahkan kepada pembeli. Sighah akad hendaklah menunjukkan kedhaan kedua-dua pihak, tidak ada unsur penempohan i sighah ijab dan qabul mestilah bersepadanan i menepati antara satu sama lain dari sudut ciri-ciri dan kadarnya. Syarat-syarat khusus Bay al-Sarf. Berlaku taqabbudh penyerahan antara kedua-dua pozycja yang terlibat dalam platforma forex sebelum kedua-dua pihak yang menalyankan transaksi berpisah daripada majlis akad. July beli matawang hendaklah dijalankan sekretarny dan tidak boleh berlaku sebarang penangguhan dan. Akad jual beli al-sarf mesti bebas daripada whenyar al-Syart. Szwinięta pamięć syarat-syarat tersebut, Muzakarah juga menegaskan bahawa opera perdagangan pertukaran mata wang asing 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, Muzakarah mendapati bahawa perdagangan pertukaran mata wang asing forex oleh individu secara lani pojedynczy punkt forex melalui platfom elektronik mengandungi unsur-unsur seperti riba melalui pengenaan rollover odsetek, pensyaratan jual beli dalam pembergia hutang melalui dźwignię, qabd yang tidak jelas kwota transaksi pertukaran, penjualan mata wang yang tiada dalam pegangan i spekulasi yang melibatkan perjudian Selain itu ianya juga tidak sah dari sisi undang-undang Kerajaan Malezja. Eurakunu itu, Muzakarah bersetuju memutuskan bahawa perdagangan pertagaran mata wang asing rzeczownik forex individu secara lani pojedynczy punkt forex melalui platfom elektronik yang ada pada masa ini adalah haram kerana ia bercanggah dengan kehenda k syarak dan juga tidak sah dari sisi undang und und negar Selaras dengan itu, umat Islamski adalah dilarip daripada melibatkan dadi 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 i urus niaga pertukaran mata wang asing jang dikendalikan olein institusi instytuci kangar yang dilesenkan di bawah undang und undang Malezja. Kaputajniak Keputusan Majlis Fatwa Kebangsaan. KOTA BHARU Jawatankuasa Fatwa Kebangsaan semalam memutuskan umat Islamski haram mengamalkan sistem perniagaan pertukaran wang asing. Pengerusi Jawatankuasanya, Tan Sri dr Abdul Shukor Husin, berkata ini kerana perniagaan yang dilakukan melalui perkusja wang asing seperti itu tidak menopati hukum syarak i menambulkan keraguan di kalangan umat islam. Hasil kajian jawatankuasa ini, kita dapati perniagaan perkusja wang asing membabitkan spekulasi mata wang dan ini bercanggah dan berlawanan dengan hukum islam. Oleh itu, Jawatankuasa Fatwa Kebangsaan memutuskan bahawa umat Islamski diharamkan daripada mengamalkan sistem perniagaan cara demikian, katany kepada pemberita selepas mempengerusikan mesyuarat Jawatankuasa Fatwa Kebangsaan Ke-98 di sini. Abdul Shukor berkata banyak isu yang meragukan mengenai perniagaan pertanaran asing, oleh itu umat Islam tidak perlu menceburkan diri, tambahan pula kegiatan itu membabit penggunaan internet di kalangan individu, yang menyebabkan untung rugi tidak menentu. Lain-lain jenis perniagaan pertukaran wang asing, seperti melalui pengurup wang atau dari bank ke bank 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 is on the walks of the bank of the bank of the bank of the bank of the bank of the bank of the bank of the bank. MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan apa hukum trading forex menurutIslam meski sudah banyak dikupas maka berikut ini saya opublikować artikel dari Gainscope tentang FATWA MUI TENTANG TRADING FOREX DOWOLNY BIZNESOWY ZAKUP CZĘŚCI ZAMIENNYCH wa trading forex adalah HARAM dengan hujjah argumen yang mereka pegangi Keputusan berpulang pada i tangan Anda Selamat membaca. Fatwa MUI Tentang Jual Beli Mata Uang AL-SHARF Pertanyaan yang pasti ditanyakan oleje setiap handlowiec Indonesia.1 Apakah Trading Forex Haram.2 Apakah Trading Forex Halal.3 Apakah Trading Forex Drupal Dafam Agama Islam.4 Apakah SWAP itu. Mari kita bahas dengan artykel yang pertama. Forex Dalam Hukum islam. Dalam bukunya Prof Drs Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum islam, dipolleh bahwa Forex Perdagangan Valas diperbolehkan dalam hukum islam. Perdagangan valuta asing timbol karena adanya perdagangan barang-barang kebutuhan komarnica antar negara yang bersifat internasional Zgłoś uwagę lub komentarz do hasła Exporter-Eksport-Impor in the tentu Zgłoś uwagę lub komentarz do hasła memeron 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 i teratur dalam suatu kesepakatan bersama yang saling menguntungkan Nilai mata uat suat negara dengan lainnya in berubah berfluktuasi setiap saat sesuai volume permintaan and 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 nie jest członkiem i meneriom. Penjual menyerahkan barang i pembeli membayar tunai Ijab - Qobulnya dilakukan dengan lisan, tulisan dan utensan Pembeli i penjualne mempunyai wewenang pensh melaksanakan i melakukan hukum dewasa i berpikiran sehat.2 Pamiętaj, że nie ma czasu, aby przejść do następnego miesiąca. Reklama nie jest dostępna. Dapat dimanfaatkan Dapat diserahterimakan Dżip dibeli oleh pemiliknya wyślij 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 air, karena sesungguhnya jual beli jang demikian itu mengandung penipuan. Hadis Ahmad bin Hambal i Al Baihaqi dari Ibnu Mas ud. Jualiści beli barang yang tidak di tempat transaksy diperbolehkan dengan syarat haru diterangkan sifatsifatnya atau ciri-cirinya Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya tetapi jika tidak sesuai maka pembeli mempunyai hak kiedyyar, 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 whenyar jika ia telah melihatnya. July beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesugatari kaukazu 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, as alkam diberi etykieta yang menerangkan isinya Vide Sabiq, op cit hal 135 Mengenai teks kaidah hukum Islamski tersebut di atas, vide Al Suyuthi, Al Ashbah wa alairair, 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 Malezja i Sebagainya Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan waluta asing untuk alat bayar luar negeri yang dalam dunia dubai dubai disebut devisa Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonezja memerlukan devisa untuk mengimpor dari luar negeri. Dengan demikian akar timbul penalaran i perminataan di bursa valuta asing setiap negara berwenang penuh menetapkan kurs uangnya masing-masing kurs adalah perbandingan nilai uangnya terhadap mata uang asing misalnya 1 dolar Amerika Rp 12 000 Klawisze Namun kursy u? Ytkowy w pa? Dzierniku nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing Pencatatan kurs uang i transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing AWJ Tupanno, et al Ekonomi i Koperasi, Jakarta, Depdikbud 1982, hal 76-77.FATWA MUI TENTANG PERDAGANGAN VALAS. Fatwa Dewan Syari ah Nasional Majelis Ulama Indonezja. No 28 DSN-MUI III 2002 tentang 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 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 anjaran islam, DSN memandang perlu menetapkan fatwa tentang al-szarf untuk dijadikan pedoman.1 Firman Allah, QS Al-Baqarah 2 275 Dan Wszystkie ah telah menghalalkan jual beli i mengharamkan riba.2 Hadis nabi riwayat al-Baihaqi dan Ibnu Majah dari Abu Said al-Khudri Rasulullah SAW bersabda, Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan antara kedua belah pihak HR albaihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban.3 Hadis Nabi Riwayat Muzułmanin, Abu Daud, Tirmidzi, Nasa i, dan Ibn Majah, dengan teks muzułmanie dari Ubadah bin Shamit, Nabi zobaczył 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 tunika Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunai.4 Hadis Nabi riwayat Muslim, Tirmidzi, Nasa i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi widział bersabda Jual-beli emas dengan perak adalah riba kecuali dilakukan sekara tunia.5 Hadis Nabi riwayat muzułmanin Abu Abu id al-Khudri, Nabi widział bersabda Janganlah kamu menjual emas dengan emas kecuali sama nilainya i janganlah menambahkan sebagian atas sebagian yang lain janganlah menjage perak dengan perak kecuali sama nilainya i janganlah menambahkan seasaian atas sebagian yang lain i janganlah menjali emas i perak tersebut yang tidak tunai dengan yang tunai.6 Hadis Nabi riwayat muzułmanin dari Bara bin Azib dan Zaid bin Arqam Rasulullah widział melarang menjuali perak dengan emas secara 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 mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8 Ijma Ulama sepakat ijma bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.1 Surat dari pimpinah Jednostka Usaha Syariah Bank BNI nie UUS 2 878.2 Pendapat peserta Rapat Pleno Dewan Syari ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H 28 Maret 2 002.Dewan Syari ah Nasional 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 Tidak untuk spekulasi untungan.2 Ada kebutuhan transaksi atau untuk berjaga - jaga simpanan.3 Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama i secara tunai at-taqabudh.4 Apabila berlainan jenis maka haru dilakukan dengan nilai tukar kurs yang berlaku pada saat transaksi i secara tunai. Kedua Jenis-jenis transaksi Valuta Asing. 1 Transaksi SPOT, yaitu transaksi pembelian i penjualan valuta asing untuk penyerahan pada saat itu na liczniku atau penyelesaiannya paling lambat dalam jangka watku hari hukumnya adalah boleh, karena dianggap tunika, sedangkan watku dua hanga dianggap sebagai proses penyelesaian yang tidak bisa dihindari i merupakan transaksi internasional.2 Transaksi FORWARD, yaitu transaksi pembelian and penjualan valas yang nilainya dit etapkan pada saat sekarang i diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan muwa adah dan penyerahannya dilakukan di kemudian hari, padahal harga pada wadku penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk naprzód porozumienie untuk kebutuhan yang tidak dapat dihindari lil hajah.3 Transaksy SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga punkt yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga naprzód Hukumnya haram, karena mengandung unsur maisir spekulasi.4 Transaksi OPCJA yaitu kontrak untuk memprzem dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unit waluta asing pada harga jangka waktu atau tanggal akhir tertentu 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 dan disempurnakan sebagaimana mestinya. Ditetapkan di Jakarta. Tanggal 14 Muharram 1423 H 28 Maret 2002 M. DEWAN SYARI AH NASIONAL - MAJELIS ULAMA INDONESIA. Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh Dr Mohammed Obaidullah di bawah ini tentang ISLAMIC FOREX TRADING.1 Podstawowe umowy giełdowe Istnieje powszechny konsensus wśród islamskich jurystów, którzy oceniają, że waluty różnych krajów mogą być wymieniane na miejscu w tempie różnym od jedności, ponieważ waluty różnych kraje są odrębnymi podmiotami o różnych wartościach lub wewnętrznych wartościach, a także siły nabywczej Wydaje się, że wśród większości badaczy wydaje się ogólna zgoda co do tego, że wymiana walutowa na zasadzie forward jest niedopuszczalna, tzn. gdy prawa i obowiązki obydwie strony odnoszą się do przyszłej daty. Jednakże istnieją znaczne różnice poglądów wśród prawników, gdy prawa przysługują każda ze stron, która jest taka sama jak zobowiązanie kontrahenta, zostanie odroczona do przyszłej daty. Rozważmy rozważając przykład dwóch osób A i B należących do dwóch różnych państw, odpowiednio Indii i USA A zamierza sprzedaj rupie indyjskie i kupuj dolary amerykańskie Konwersacja jest prawdą dla B Obowiązuje kurs wymiany rupii-dolar wynoszący 1 20, a transakcja polega na kupnie i sprzedaży 50 Pierwszą sytuacją jest to, że A dokonuje płatności w punkcie R 1000 do B i akceptuje płatności 50 z B Transakcja jest rozliczana na miejscu z obu stron Takie transakcje są ważne i islamicznie dopuszczalne Nie ma dwóch opinii dotyczących tej samej drugiej możliwości Drugą możliwością jest to, że rozliczenie transakcji z obu stron jest odroczone do przyszłej daty, po sześciu miesiącach od tej pory oznacza to, że zarówno A, jak i B dokonają i akceptują zapłatę 1000 Rs lub 50, w zależności od przypadku, po sześciu miesiącach Najważniejszym poglądem jest to, że taka umowa nie jest islamistyczna Ible Zdaniem mniejszości jest to dopuszczalne Trzeci scenariusz polega na tym, że transakcja jest częściowo rozliczana z jednego końca Tylko na przykład, A dokonuje płatności w wysokości 1000 Rs za B zamiast obietnicy B, aby zapłacić mu 50 po sześciu miesiącach Alternatywnie, A akceptuje 50 teraz od B i zapowiada zapłacenie mu Rs 1000 po sześciu miesiącach Są diametralnie przeciwstawne poglądy na dopuszczalność takich umów, które stanowią bai salam w walutach Celem niniejszego artykułu jest przedstawienie kompleksowej analizy różnych argumentów w poparcie i dopuszczalność tych podstawowych umów zawierających walutę Pierwsza forma zawierania kontraktów na wymianę waluty na miejscu jest poza wszelką kontrowersją Dopuszczalność lub w inny sposób drugi typ umowy, w którym odroczenie do dostawy jednej z kwot waluty przyszła data, jest ogólnie omawiany w ramach zakazu riba W związku z tym szczegółowo omawiamy tę umowę w sekcji 2 dotyczącej dowodów h kwestia zakazu riba Dopuszczenie trzeciej formy kontraktu, w którym odroczenie odliczeń kontrwywiadu jest zazwyczaj rozstrzygane w ramach zmniejszenia ryzyka i niepewności lub gharar uczestniczących w takich umowach Jest to zatem główny temat sekcja 3, która dotyczy kwestii gharar Sekcja 4, próbuje całościowego spojrzenia na szariat odnoszący się również do kwestii, a także ekonomiczne znaczenie podstawowych form zawierania kontraktów na rynku walutowym 2 Problem zakazu Riba Rozbieżność poglądów1 dotyczące dopuszczalności lub w inny sposób kontraktów walutowych w walutach można wywnioskować przede wszystkim w odniesieniu do zakazu riba. Konieczność wyeliminowania riba we wszelkich formach umów walutowych ma ogromne znaczenie Riba w kontekście szariatu jest ogólnie zdefiniowana2 jako bezprawny zysk wynikający z nierówności ilościowych przeciwwagach w każdej transakcji, która ma na celu wymianę dwóch lub więcej gatunków anwa, należących do s ame genus jins i podlega tej samej skutecznej przyczynie, a Riba jest ogólnie zaliczana do nadwyżki riba al-fadl i odroczenie terminu riba al-nasia, które oznaczają bezprawną przewagę w drodze nadmiernego lub odroczonego. Zakaz pierwszeństwa uzyskuje się z zastrzeżeniem, że kurs wymiany między obiektami jest jednością i żadna z tych zysków nie jest dozwolona dla którejkolwiek ze stron Drugi rodzaj riba jest zabroniony przez nieuwzględnienie odroczonego rozliczenia i zapewnienie, że transakcja jest rozliczana na miejscu przez obie strony Kolejna forma riba nazywana jest riba al - jahiliyya lub pre-islamskiego riba, które pojawia się, gdy pożyczkodawca zwraca się do kredytobiorcy o terminie zapadalności, jeśli ten ostatni ureguluje długi lub zwiększy taki sam wzrost wraz z odsetkami od kwoty pożyczonej początkowo. Zakaz riba w wymianie waluty należące do różnych krajów wymagają procesu analogii qiyas W każdym takim ćwiczeniu obejmującym analogiczne qiyas, skuteczna przyczyna illa pla jest niezwykle ważną rolą Jest to wspólna sprawa skuteczna illa, która łączy przedmiot analogii z jej podmiotem, w ramach analogicznego rozumowania Odpowiednia skuteczna przyczyna, która w przypadku umów walutowych, była różnie określona przez główne szkoły Fiqha Różnica ta znajduje odzwierciedlenie w analogicznym rozumieniu walut papierowych należących do różnych krajów. Pytanie o znacznym znaczeniu w procesie analogicznego rozumowania odnosi się do porównania papierowych walut z złoto i srebro W pierwszych dniach islamu złoto i srebro wykonały wszystkie funkcje pieniądza monetarnych i monetarnych z walutą i srebrem o znanej wartości wewnętrznej zawartej w nich złota lub srebra Takie waluty są opisane jako thaman haqiqi lub naqdain w fiqh literature Były one powszechnie akceptowane jako główne środki wymiany, a large chunk of transactions Many other commodities, such as, various inferior metals al so served as means of exchange, but with limited acceptability These are described as fals in Fiqh literature These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions i n paper currencies should be governed by the Sharia rules relevant for bai-sarf The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth Their acceptability stems from their legal status within the domestic country or global economic importance as in case of US dollars, for instance.2 1 A Synthesis of Alternative Views.2 1 1 Analogical Reasoning Qiyas for Riba Prohibition. The prohibition of riba is based on the tradition that the holy prophet peace be upon him said, Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot and when the commodities are different, sell as it suits you, but on the spot Thus, the prohibition of riba applies primarily to the two precious metals gold and silver and four other commodities wheat, barley, dates and salt It also applies, by analogy q iyas to all species which are governed by the same efficient cause illa or which belong to any one of the genera of the six objects cited in the tradition However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause illa of riba. For the Hanafis, efficient cause illa of riba has two dimensions the exchanged articles belong to the same genus jins these possess weight wazan or measurability kiliyya If in a given exchange, both the elements of efficient cause illa are present, that is, the exchanged countervalues belong to the same genus jins and are all weighable or all measurable, then no gain is permissible the exchange rate must be equal to unity and the exchange must be on a spot basis In case of gold and silver, the two elements of efficient cause illa are unity of genus jins and weighability This is also the Hanbali view according to one version3 A different version is similar to the Shafii and Maliki view, as discussed below Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible It is also possible that in a given exchange, one of the two elements of efficient cause illa is present and the other is absent For example, if the exchanged articles are all weighable or measurable but belong to different genus jins or, if the exchanged articles belong to same genus jins but neither is weighable nor measurable, then exchange with gain at a rate different from unity is permissible, but the exchange must be on a spot basis Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible If none of the two elements of efficient cause illa of riba are present in a given exchange, then none of the injunctions for riba prohibition apply Exchange can take place with or without gain and both on a spot or deferred basis. Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause illa Currencies belonging to different countries are clearly distinct entities these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus jins Additionally, these are neither weighable nor measurable This leads to a direct conclusion that none of the two elements of efficient cause illa of riba exist in such exchange Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement The logic underlying this position is not difficult to comprehend The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power Additionally, the intrinsic value or worth of paper currencies cannot be identified or ass essed unlike gold and silver which can be weighed Hence, neither the presence of riba al-fadl by excess , nor riba al-nasia by deferment can be established. The Shafii school of Fiqh considers the efficient cause illa in case of gold and silver to be their property of being currency thamaniyya or the medium of exchange, unit of account and store of value This is also the Maliki view According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis Another version of the above two schools of thought is that the above cited efficient cause illa of being currency thamaniyya is specific to gold and silver, and cannot be generalized That is, any other object, if used as a medium of excha nge, cannot be included in their category Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis. Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis What is the rationale underlying the above decision If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause illa is present, that is, they belong to the same genus jins But paper currencies are neither weighable nor measurable Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis Similarly if the efficient cause of being currency thamaniyya is specific only to gold and silver, then Shafii and Maliki law would also permit the same Needless to say, this amounts to permitting riba-based borrowing and lending This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible since there no unity of jins , but settlement must be on a spot basis.2 1 2 Comparison between Currency Exchange and Bai-Sarf. Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency thaman cannot be termed as bai-sarf According to this view bai-sarf implies exchange of currencies made of gold and silver thaman haqiqi or naqdain alone and not of money pronounced as such by the state authorities thaman istalahi The present age currencies are examples of the latter kind These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, even if one of these is 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.
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