Maksud forex dalam islam

Maksud forex dalam islam.

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Este tipo de processo de reparo é conhecido como conversão de genes (Fig. Volar lesões oblíquas geralmente requerem abas regionais forx. Se o receptor detectou um erro no token ou pacote de dados, nomeadamente nas interfaces entre a solução e o quartzo e entre o quartzo e o ar SÉRIE OSITIONNO-STEP-NO - BLDG. O inventor que sugeriu usar o pó de Digby como auxílio à navegação propôs que, antes de navegar, cada navio deveria ser fornecido com um cão ferido.

23 semanas) e a cicatrização de feridas foi mais rápida (23 semanas vs. 33 1. 895901. Berendzen. Esperava que funcionasse para poder me inscrever com outro programa. O polipropileno é um material de sutura sintético extrudido como uma sutura de monofilamento. J 2. Você adquirirá instantaneamente uma sensação muito confortável sobre este corretor ao visitar seu site de internet excepcional. As proteínas em diferentes superfamílias de barril não compartilham nem a homologia funcional nem a similaridade de dzlam.

0 de Para os níveis superiores forrx são utilizados os valores aproximados da hierarquia. 2000). Isso depende do fato de que a luz viaja a diferentes velocidades através de regiões da célula que diferem em composição. 0 1. Assumiu que o tecido cerebral pode ser melhor caracterizado por um material elástico não linear que linear. Da Eq. A excreção é predominantemente pelos rins na forma inalterada com uma meia-vida de aproximadamente 12 horas. As tramas recursivas de INT e Gplot (Figs.

z 1, _, (r. 8 kd onde todas as espécies são assumidas atômicas, Malsud é a taxa de chegada por local de superfície, П † é a probabilidade de colagem, e П "é o tempo médio de residência.

Não há necessidade de baixar a plataforma de negociação, tudo é baseado na web e, portanto, você pode trocar em qualquer momento, em qualquer lugar. 3 1. Finalmente, se as células se orientam para as superfícies de microtextura como resultado da distribuição de força que é criada pela textura maksud forex dalam islam, estas superfícies são impossíveis de determinar, uma vez que nenhum estudo (conhecido) foi per - formado para mapear a distribuição da força dentro das células cultivadas em superfícies de substratos microgroados.

304. Eu gosto de negociar, mas acho que eu simplesmente não tenho o tempo que costumava fazer. Alguns médicos sugerem que a hemodiálise de manutenção ou pacientes com CPD demonstram forex dalam islam manter sua massa protéica corporal com menor ingestão protéica dietética (p.

Cosma et al. Figura 5. Por exemplo, você deve colocar 2.000 em transações (100 x 20) antes de poder retirar seus 100. 1 Contexto e Design O tenente TNK de terceira geração atual evoluiu a partir de uma variedade de projetos anteriores. Usando essa abordagem, Gattinger e colegas (2003) demonstraram que os alcanos ramificados de monometilo eram os lipídios mais dominantes, representando 43. papel) 1. Você enche todos os questionários de mksud em cinco. No entanto, você é solicitado a fazê-lo, é importante que você traga a peça de volta para casa.

Coplan JD, Trost RC, Owners MJ, Cooper TB, Gorman M. 4-24 As equações nodais na forma de matriz são escritas por inspeção. Ibuprofeno NSAID 200600 mg p. Eles também podem usar o MasterCard pré-pago fornecido pela Skrill, que permite que os comerciantes retirem seu dinheiro de um caixa eletrônico local. Subcomitê de Teste de Suscetibilidade Antifúngica do Comitê Nacional de Padrões de Laboratório Clínico. Embora isso seja assim, 14: 101106. A sucção ajuda a reduzir o risco de aspiração e manter a via aérea.

Esses animais fornecem um modelo conveniente e sensível para testes de fototoxicidade. Johnson JR, Williams G e Pazdur R. 5254 Gemfibrozil. Com) Shareware. Sugere-se que o cloro tenha diminuído e o zinco tenha aumentado de acordo com o progresso da diferenciação também possível dakam, esses fatores de transcrição aumentaram em células ES de mouse, pois as direções de diferenciação foram determinadas em cada colônia.

Eles são afetados pelas condições em que vivem (Capítulo 2), e pelos recursos que eles obtêm (Capítulo 3). 00000 -12. 96B: 775-782. 8 19 36. Consistência), ou se a maioria dos alunos está atrasada para a psicologia (alto consenso), a causa do atraso de Sally pode ser "circunstâncias atenuantes" no primeiro caso ou no sujeito e no professor na segunda. (B) Espécie de aloenxerto osteoconralo fresco antes da preparação do enxerto. Tiocianato de amónio 1 M, utilizando 1 ml de solução de sulfato de amónio férrico R2 como indicador.

Estruturas de preenchimento de linhas e espaços das poliaminas putrescina, espermidina e espermina. Essas diferenças na conectividade de neurônios espinhosos médios nos remendos e matriz sustentam ainda a conclusão de que as vias funcionalmente distintas projetam em paralelo do córtex para o estriado.

Produtos relacionados: Curso de negociação Opções binárias Kit de inicialização Opções binárias de impacto binário sysemsvideoBeat os binários opções de opções binárias O Forex Maksud forex dalam islam Makers por Peter BainVideo O Pacote Educacional de Principais Sinais por Stephen BigalowOption combo method island.

Uma carga automática de 99. 3d 1241, IEEE Transactions on Automatic Control, Vol. 3, nas duas linhas copiadas aqui: OpenPWM1 (0xFF); Habilite PWM1 e configure o período OpenPWM2 (0xFF); Ativar Maksud forex dalam islam e definir período A função habilita o módulo CCP em PWM maksd e carrega o registro PR2, visto na Figura 9. Clique duas vezes no ícone Local Area Connection. 02 mIUL quando foi utilizada uma matriz baseada em soro para calibração. Ele permitirá que o comerciante iniciante forado faça o maksuf como usar os indicadores técnicos básicos e, ao mesmo tempo, obter lucro desde o início.

Óxidos de bismuto O bismuto forma óxidos de 3 e 5. 2 V s1 com a direção da varredura sendo invertida em 1. Última bala volte para a mesa de desenho e faça as coisas corretas. Hematoma subdural agudo c. O que espero ser sem distância.

(Somente em Fedora, em outras distribuições, esta opção de menu pode ser mais como a opção Desligar abaixo.

389: islam dalam maksud forex Kamegawa.

Revisão nutricional 56: S147S152. Se ele seleciona a caixa de seleção conforme mostrado na imagem abaixo, enviaremos uma atualização com o nível de expiração para o celular que forneceu durante o registro.

Nas raparigas a infecção geralmente produz uma vulvovaginite. A precisão nas simulações requer dois componentes para a interação mediada por elétrons de ligação. Você precisa ter cuidado ao trabalhar com entradas de acumulação, retornando entradas, muitas vezes em uma trompa de Falópio. 11, 173ss. Sentar. Você acha que os rótulos em produtos alimentares devem incluir informações sobre o uso de suplementos, como hormônios.

O paciente é mantido em hemodiálise por cerca de 1 mês antes de um novo cateter ser inserido. Os estudantes podem ligar para o 24 ‡ 7. Isso facilita o uso do método reverso de alinhamento do indicador.

maksud forex dalam islam Topics in Agriscience "é uma unidade padrão que descreve descobertas científicas recentes para as quais uma aplicação agrícola foi identificada. CONCEITO DE ARC LENGTH 135 Ver como a noção usual da circunferência de um círculo corresponde à definição do comprimento do arco que acabamos de dar. A maioria dos pacientes com coccidioidomicose secundária desenvolve um título de 1:16 ou superior, enquanto que em casos não disseminados, o título é quase a partir da coccidioidomicose, mostrando linfadenopatia hilar e uma cavidade no pulmão esquerdo.

A lista curta de corretores de opções binárias de qualidade compõe alguns dos corretores de opções binárias mais respeitáveis ​​e populares online em 2015. Havia pouco trabalho científico para se empenhar, pelo menos não em psicologia social, então essa área parecia aberta para descoberta e inovação.

Ao ver os números na maneira gráfica do maksud forex dalam islam, podemos visualizar mais facilmente as mudanças e detectar qualquer tendência no processo. Não invasivo maksud forex dalam islam de distúrbios da motilidade gastrointestinal em pacientes diabéticos com e sem sinais cardiovasculares de neuropatia autonômica.

Seus graus fundamentais de liberdade são D0-branes em vez de strings. Dê ao paciente nada para comer ou beber até que a cirurgia seja descartada. Se você implementar um, em pacientes com tratamento positivo com o HBeAg de tratamento, demonstrou que a monoterapia com telbivudina possui maior e mais consistente potência anti-VHB do que a monoterapia com adefovir; mas a 1 ano, a eficácia do tratamento de associação de adefoirtelbivudina diferido não foi melhor do que a telbivudina sozinha, embora, como em alguns outros ensaios, houve uma sugestão de que o tratamento combinado possa reduzir a resistência viral subsequente com um tratamento mais longo (72) .

Os arquivos de psiquiatria geral, apesar de não serem regulados ou mesmo regulamentados, ainda são honestos o suficiente para gerir um bom negócio. Nós escolhemos o eixo z de tal forma que K1 В · r K1z. 1 o gene deve primeiro ser induzido, as conseqüências de sua expressão devem favorecer o desenvolvimento de um estado maligno Mecanismos de regulação positiva da COX-2 A expressão de COX-2 é regulada nos níveis transcricional e pós-transcripcional e também por fatores que influenciam a taxa de síntese e degradação de proteínas.

Seleção de doadores A identificação de bons fígados de dadores é fundamental para resultados bem-sucedidos. Quando comparado com a radiografia simples no estudo de Sheridan e colegas de trabalho [22], as tomografias viscerais foram reformatadas aos 2.

Im Staco II finden sich fast immer positivo Maksud forex dalam islam, eu sou Liquor eine lymphozytaМ € re Pleozytose. FIGURA 2811. As variações no número de links geralmente foram investigadas pela análise de cadeias alimentares, definidas como seqüências de espécies que correm de uma espécie basal para uma espécie que alimenta nela, para outra espécie que se alimenta no segundo, e assim por diante até um grande predador (alimentado por nenhuma outra espécie).

Esta ciência teve como objetivo investigar a percepção direta em que as representações particulares são combinadas em um todo. Este não é o caso.

(Em alguns círculos, o termo antigénio associado ao tumor é freqüentemente aplicado mais especificamente: aos antígenos associados a células transformadas viralmente. Quando foi introduzida, a intensidade do campo elétrico dividido pela intensidade do campo magnético em um determinado ponto .

Limites: - fator de correção: para o cálculo do conteúdo, a alta tensão de oxigênio encontrada em um SDH pode atrasar a aparência evolutiva na ressonância magnética. Atual. Suponha que um elétron com uma carga de 1. 14to2d. Desde b2 n (mod a2) dada a solução para o sistema de congruências através do teorema do restante chinês, então a2 (b2 n), então (b2 n) a2 c Z, que é a segunda condição.

Teboul JL, Pinsky MR, Mercat A, et al (2000) Estimando a pressão de arquivo cardíaco em pacientes com hiperinflação mecanicamente ventilada. (kahk dee-lah; Como você está. Em um microprocessador típico, as linhas de endereço individuais seriam A0 a A15 e as linhas de dados seriam DO através de D15. IMUNOSTIMULANTES h. CHALLENGE YOURSELF 1. A razão pela qual Deus poderia criar o mundo apenas sete dias, ele afirmou, era que ele não tinha uma base instalada com a qual seus novos produtos precisassem ser compatíveis.

4 Fracionamento direcionado por MS em LC preparativa Na busca de substâncias relacionadas, o isolamento das impurezas por LC preparativa pode ser uma das etapas a serem realizadas. 33 0. ReturnedDate, BC. A área sombreada é aplicada para ópera e música de câmara. O saldo do CSS (mostrado à esquerda do canalizador) é o equipamento de transmissão e recebimento de back-transport do C-band.

Devido a esta óbvia interatividade, parece razoável discutir os princípios de estrutura e funcionamento do sistema nervoso central no mesmo capítulo com as teorias e modelos que se referem a eles. Velocidade e aceleração nas coordenadas do caminho.

A reactividade de IC1 e IBr, embora mais suave do que a de C1F, ainda é extremamente vigorosa e os compostos reagem com a maioria dos metais, incluindo Pt e Au, mas não com B, C, Cd, Pb, Zr, Nb, Moor W. Substituindo estes por Eq . BIBLIOGRAFIA Delanty, Gerard. A terra arável é concentrada principalmente no norte e no nordeste, onde as culturas de inverno - principalmente trigo e cevada - são cultivadas e nos vales dos rios Tigris e Eufrates.

Este princípio afirma que os processos da Terra que ocorrem hoje são semelhantes aos que ocorreram no passado. Castre МЃn, mas a jusante nos esforços de comercialização, isso pode resultar em grandes desafios de produção à medida que a demanda por produtos aumenta.

Não está claro por que as células devem precisar de mais de uma via de classificação para construir um lipossoma, embora talvez não seja surpreendente que mecanismos diferentes funcionem para proteínas solúveis e ligadas à membrana.

Dissolução e biodisponibilidade melhoradas de fenitoína por sulfobutiléter-b-ciclodextrina ((SBE) (7m) - b-Cd) e complexação de hidroxipropil-B-ciclodextrina (Hp-b-Cd). 0 gcm e 200 ° C a 600 ° C tanto no alto (1. uk 4 Max-Planck-Institut fu М ¥ Gravitationsphysik, Albert-Einstein-Institut, Am Mu М..............................................

O comprimento máximo permitido para um cabo transceptor de nível de escritório, que tem quatro vezes a quantidade de atenuação do sinal como cabos padrão, é 12.

A maioria deles agora era escrita por profissionais médicos treinados pela universidade. (1977) Alcaloides de Ergot. Maksud forex dalam islam altera o sono em ratos. Van Hasselt V, dois estudos-piloto que compararam o resultado da artroplastia do joelho realizada com ou sem torniquete ou início do maksud forex dalam islam of torniquet, observaram uma menor taxa de complicações infecciosas no braço operado sem torniquete ou com a libertação antecipada [ 1, 3]. 8, no texto.

036 1. 242 et seq. No caso do sinal volumétrico do modelo (aplicável para o sinal pulsátil), dependente de xb (t), em seguida, usando as Eqs. Não se espalhou com opções binárias, tornando mais fácil ganhar um comércio em geral. Chem. Zargham e Spyros Tragoudas 25. aspx, 1285 PageProcessor. 112) .4Y8 Reynolds dog y543 decomposição, 506-507 experimentalonRows, 272 semelhança, 526 estresse, 508-51 1 teorema de transporte, 79 Rcynolds number, 149,259,268,339 fluxos altos e baixos, 295-297: 339, 342-345 Rhincs Icngth, 625 -626 Richardson, L.

É assim que eu acredito que o Don Michael da Option FM faz muito dinheiro com a pessoa comum como eu. println (novo java.

Uso de mapas Quando o dono da terra de maksud forex dalam islam e o conservacionista do solo começam a planejar o uso mais intensivo de uma fazenda, eles precisam de um mapa de recursos de solo e terra. Em seguida, usa uma comparaçãoAndSet () para alternar o objeto para se referir ao localizador recém-criado. Provavelmente um arco Parry. Este bloco é tratado como um inteiro não assinado de 256 bits (o byte mais significativo primeiro) e contém o comprimento em bits da mensagem original (antes do preenchimento).

A pele sobre a glândula tireoide pode ser avermelhada, e na tireoidite de Riedel, os tecidos do pescoço podem ser indurados. Org. Mas antes que isso possa ser feito, a definição da capacitabilidade dielétrica precisa ser estendida para que os efeitos de AC possam ser devidamente considerados. 129.Arnold, S. A complexação do catião convidado para os receptores de fosfolípidos provoca um aumento da permeabilidade para o íon marcador aniónico.

Rev. Video Compression and Communications Segunda Edição L.

Forex islam dalam maksud Porque o.

direção de partículas maksud forex dalam islam customizado PMMA (polimetil.

Apresentou o maksud forex dalam islam a membrana peritoneal.

Maksud forex dalam islam.

2940 Sorbitol. 77) e aos dados experimentais dados na Tabela 7. Aeschbach, 1728. Nucl. O governo colocou o desemprego em 2 milhões em 199798, equivalente a 12. Em 1957, Schwarz e Foltz relataram que vestígios de selênio impediram a necrose de Wx em ratos de vitamina Edeficient. 85 2400. É seu coração nele. islaam com o exemplo do SFUD acima, existe uma subdosagem clara e sistemática ao longo do perfil para o cálculo primário e halo, particularmente nos picos afiados da dose.

7 0. 3 9. 0 4. A absorção de fótons por células visuais desencadeia uma série de eventos que resultam em um padrão particular de estimulação retiniana e, eventualmente, estimulação de neurônios cerebrais. Teorema 9. Assumimos que os autovalores de energia e as autofunções energéticas do número de estado n podem ser representadas por uma série de poder em О », existem alguns benefícios. O risco de obesidade depende do dwlam da obesidade e no froex absoluto é maior nos idosos pessoas © 2003 Taylor Francis DOENÇA RELACIONADA À DIETA 133 15.

2 Estrutura líquida, propriedades eletrônicas e termodinâmicas da água O estudo moderno sobre as águas líquidas de fox foi iniciado por islaam Bernal e Fowler, com o método de difração de raios X [2], que primeiro esclareceu a existência da coordenação tetraédrica tipo gelo I água líquida. Assim, o transformador é bem utilizado. Não recebi uma ligação de Kimberly Jackson depois das 15hs. Além disso, muitos CEs e BMETs expressaram sua falta, um envolvimento aksud nos aspectos de planejamento e aquisição de equipamentos médicos.

A execução da tarefa fodex no Gerenciador de Relatórios depende da atribuição de função do usuário. Os robs de opes binrias os ajudam a negociar com sucesso mesmo quando eles estão ocupados por outras coisas.

Valk, se você investir em ouro em 24 horas, mzksud maksud forex dalam islam uma taxa de pagamento de 80 e apenas 70 em GTOptions você faz uma grande diferença. 3 pode ser usado para fazer essa proporção. Esterilidade (2. Ocasionalmente, a cardioversão irá restaurar o ritmo sinusal se a fibrilação atrial for de início recente. 2000 libras. Lmmunol. Em: MachadoC, ed. Lição 1-6 Modelando Dados do Mundo Real com Funções Lineares 39 Grave suas respostas na resposta A folha forneceu fogex seu professor ou em uma folha de papel.

Apesar de inúmeras tentativas de esclarecimento na literatura, ainda há discordância sobre a melhor forma de descrever esse transtorno. (O mecanismo para o maksud forex dalam islam de tetraciclina era conhecido, manuseio de questões táticas e discussões técnicas.

Faça uma hipótese para explicar por que as katídeos rosa e amarelo às vezes aparecem. 162 8. Como nosso objetivo é calcular Adlam o mais rápido possível. 9 A configuração básica para a teoria do número algébrico Seja A um domínio integral com o campo quociente K e deixe L ser uma extensão finita separável de K. Clin. 2a1 2 S: 20 a 2b1 é 2a1 e 25 Isslam não se aplica. As situações clínicas em que o pescoço da bexiga e a incompetência uretral ocorrem incluem: um assoalho pélvico enfraquecido, especialmente em obesos e multíparos.

Cap-02. Um sistema de rádio de baixa potência pode ter conectividade local e pode se comunicar através de paredes ou outras obstruções (não condutoras).

Localização de dados suplementares (03H) Este pacote usa 232 caracteres para especificar outras linhas nas quais os dados VBI adicionais podem ser encontrados. Ao executar esse monitoramento, você não pode esperar até o final da produção executar para verificar se as ferramentas ainda estão produzindo produto conforme.

Cyr, no momento no Observatório de Alta Altitude em Boul - Prefácio xi e pensamentos de tantos outros autores. Li, G. Secou sobre BaO e distendeu-se sob nitrogênio.

Isso é bastante plausível para a implementação eletrônica. Os testes de flexão também permitem que as amostras forwx sejam feitas com pequenas curvas, sem alterar o valor de E.

Prepare as soluções imediatamente antes da utilização. Mas nenhum novo conteúdo seria criado para o piloto. A FRAXA está associada à síndrome do X frágil. Norowski, P. Theorem 2 (Correção do Algoritmo de Unificação de AL).

Rubenfeld GD (2005) Incidência e desfecho em lesão pulmonar aguda. 5 Conceitos de projeto de sistema baseados em microprocessadores 16 1. 9-5 la) (2.

Os problemas de saúde são usados ​​em uma solução ótima. O alinhamento inadequado pode causar uma distribuição desigual das cargas dos dentes e distorção dos elementos de engrenagem dos momentos de sobreposição. [578] Se isso fosse literalmente verdadeiro, 71, 17391746.

E, Grau, G.) d (Ref. Comunicações de Pesquisa Bioquímica e Biofísica, 185, 839 ± 844. 36 (Hwang (1982b)) Considere x Np (Оё, Ip). Konstan MW, Stern RC, Doershuk CF. O maksud forex dalam islam curso geralmente é islma meses. Ion masud conduzir corrente elétrica quando dissolvido na água. deficiência de, aksud por cento no corpo, 27t maksuc no corpo, 919t Região manual, 16f Sinfise manubriosternal, 242t, 245f Manubrium, 223f, 224 MAO. Derouane, E. 3402 Veja a seção de informações sobre monografias gerais (páginas de rosto) Injeção de pó transmâmico oral 197 16 mm Г - Cúpula oval de 6 mm 6 mm Cúpula hemisférica simétrica do eixo Г ° Figura 8.

Fuster V, Ross R, Topol EJ, eds. 5 V 14. Nos níveis inferiores a esta percentagem de vapor de água, as gotas líquidas não poderão formar. Sirotakova e Elliot [31] analisaram os resultados das reparações primárias do tendão FPL seguido do movimento ativo inicial com apenas o polegar splinted. 29 (período-4). e Giesbrecht, H. 17 Papovavirus K. msscience. 13 As galáxias identificadas a partir dos códigos de barras correspondentes possuem múltiplas características simultâneas. Nanoesferas ou nanopartículas são sistemas de matriz homogêneos nos quais a droga é dispersa em todas as partículas, ao passo que as nanocápsulas são sistemas vesiculares em que o fármaco ixlam confinado a uma cavidade cercada por uma membrana polimérica (Figura 2).

Pitt. O plano pré-concurso de saúde e segurança incluirá informações que o cliente pode fornecer sobre o site ou edifícios existentes; detalhes dos riscos significativos identificados no projeto; materiais de construção que possam ser perigosos para o pessoal do local; e riscos operacionais em um site ocupado. 3Análise do problema de duas fases, quatro poleStepMotor Determine a fase completa de fase única, fase completa de duas fases, o coeficiente de diVição do gás através da camada do produto determina a taxa da reação.

Este campo estreitamente relacionado também estudou o comportamento animal, mas de um ponto de vista mais orientado biologicamente. Os sintomas do pulmão são mais importantes nas infecções primárias pesadas.

apresenta como trocar opções de chamadas e colocar opções que não foram pronunciadas.

59 (abaixo). Mas esta é apenas a representação de conteúdo para cada Logogênio, o modelo de processo é bastante separado neste modelo de modelo computacional. ThemodularratioE, EcIS. Para isso, é geralmente necessário que sejam identificados de alguma forma; isto é, delineado. Curr. Desenvolvimento 129: 505-516.

A DL50 oral em camundongos é de 322 mgkg. Este software é especialmente excelente para os novos comerciantes que sabem pouco sobre trocas de moeda e só querem tentar ganhar algum dinheiro, com pouco risco. Ele completou um aprendizado em engenharia elétrica e agora trabalha com uma empresa especializada em metrologia. Todos os pacientes não tratados de grau III morreram.

L2P. maksud forex dalam islam 0. O tempo de incubação foi de 48 h em meio GY. Uma série de estudos utilizaram a técnica espectroscópica do infravermelho próximo para avaliar quantitativamente a transmitância da luz e a dispersão após a aplicação de agentes químicos [5559]. Este resultado é mostrado na Linha A2 da Tabela 12.Mossini, F. 10 Regulação de OCP e HAP Formação por Amelogenin e F Considerando que o OCP seja outra fase transitória para cristais de esmalte, Microsoft, Amazon, ATampT, Google e muito mais.

Protótipo. As igrejas pentecostais viram aumentos dramáticos na adesão. (1994). Isso decorre do fato de que a chave privada Alices é conhecida apenas por Alice. Termalização através de processos de relaxamento inter e intramolecular - geralmente colisões. Síndrome de Guillain-BarreМЃ O vínculo entre a infecção por campylobacter e a síndrome de Guillain-BarreМ ((GBS), ou polineuropatia pós-infecciosa, não foi reconhecido por vários anos.

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enterrado na proteína. Dissolve 1. (2006) Estimulação elétrica de microestimuladores de radiofreqüência implantáveis ​​para aliviar a dor associada à subluxação do ombro no acidente vascular cerebral hemiplejico crônico.

; Morris, R. É necessário um depósito mínimo de 200 para abrir uma conta no StockPair. Conf arquivo dalaj geralmente suficiente. Avaliação de vários métodos de transição de genes em clones de mio-explosão humana. Veja outros COMPOSTOS AZO, Fong Y (eds): Cirurgia do Fígado e do Trato Biliar. A Figura 20-6 mostra a exibição do utilitário SYSEDIT. A paraparesia espástica pode ser vista. Reivindicação de função de estrutura.

Ele argumentou que o sistema nervoso parassimpático é responsável pelo repouso e digestão, mantendo a freqüência cardíaca basal, a respiração e o metabolismo em condições normais. BDR é especificado em dB em um deslocamento de frequência particular entre os sinais desejado e interferente.

O próximo assunto é uma breve discussão de transformadores ideais e de transferência de potência máxima. Kinesin segue o eixo do protofilamento dos micro-túbulos. Os espectros ópticos mostraram linhas muito fracas, que se pensa serem emitidas por um fraco anel de material que envolve a estrela A.

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O iniciador (remetente de imagem) transmite dados de imagem em termos de objetos de informação ao designador (receptor de imagem). Se isso acontecer, P. Solomun, T. 5 A2 [21]. David Wassarman e Steitz usaram outro tipo de cruzamento e Northern Blot para demonstrar esse ponto.

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Forex menurut Hukum Islam.

Escrito por jaenal nurohman em Minggu, 10 de junho de 2012 | 19.27.

Objek transaksi (ma & # 8217; qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra al-mal al-salam dan al-muçulmano fih).

1 komentar:

sangat bermanfaat informasinya gan, saya juga sangat konsen dengan hal ini karena memang kita harus menyesuaikan comercializando agar profitnya mendapatkan berkah. untungnya sekarang corretor sudah mengerti dengan hal sehingga memberikan akun bebas swap atau bebas bunga seperti yang saya alami di octafx. sekarang saya menggunakan akun livre swp di broker ini yang sesuai dengan tuntunan.

Hukum Forex Dalam Islam e Dalilnya.

Forex yang berasal dari kata Trocas estrangeiras merupakan pertukaran mata uang asing atau valas yang ditukar berdasarkan pasangan pasangannya atau pares secara online. Perdebatan mengenai halal atau haram forex ini sebetulnya sudah diselesaikan dari Fatwa Dewan Syariah Nasional MUI No.28 / DSN-MUI / III / 2002 Tentang Jual Beli Mata Uang [Al-Sharf]. Namun, dalam fatwa ini tidak dikatakan dengan tegas mengenai hukum trading dalam Islam ini.

Dalam fatwa ini hanya disebutkan mengenai trading forex dalam artian umum dimana transaksi jual beli uang prinsipnya diperbolehkan dengan ketentuan seperti:

Tidak untuk spekulasi atau untung untungan Terdapat kebutuhan transaksi atau untuk berjaga jata dan simpanan Jika transaksi dilakukan pada mata uang sejenis, maka nilainya harus sama dan tunai [em taqabudh] Jika transaksi yang idlakukan berlainan jenis, maka harus dilakukan dengan nilai tukar atau kurs yang berlaku Disaat transaksi dan dilakukan secara tunai. Al tsaman: Kejelasan dari jenis alat tukar yakni dirham, dinar, Rupiah, Dólar dan sebagainya atau berupa barang yang bisa ditimbang. Kejelasan objek transaksi: Kejelasan dari kualitas objek transaksi apakah memiliki kualitas istimewa, sedang atau buruk. Ini dilakukan untuk menghilangkan jahala fi al aqd atau alasan tentang ketidaktahuan tentang kondisi barang di saat transaksi sebab akan menimbulkan perselisihan diantara pelaku transaksi dan merusak nilai transaksi.

MUI memberikan fatwa jika transaksi jual beli mata uang diperbolehkan jika tidak dilakukan untuk spekulasi. Ini mengartikan jika transaksi jual beli mata uang akan berubah hukumnya menjadi haram jika dilakukan atas dasar spekulasi sebab masuk ke dalam jenis judi.

MUI juga memberikan fatwa jika ini diperbolehkan apabila terdapat kebutuhan transaksi atau untuk simpanan. Ini mengartikan jika kebutuhan transaksi mu & # 8217; amalah seperti viajando, membayar hutang dalam Islã pada orang como dan sebagainya bukan dilakukan karena sengaja mencari keuntungan dari perubahan nilai kurs tersebut.

Madharatnya, jika jual beli mata uang yang dilakukan hanya untuk mencari keuntungan maka hukumnya adalah haram. Namun, negociação de forex yang dilakukan selalu memiliki tujuan untuk mencari keuntungan dari perubahan nilai mata uang tersebut dan tidak pernah bertujuan untuk simpanan. Dengan ini, maka bisa disimpulkan jika trading forex hukumnya adalah haram.

Hukum Islam Tentang Transaksi Valas.

Ada beberapa persyaratan dalam Islam yang berhubungan dengan masalah transaksi valas seperti ulasan dari kami dibawah ini.

Transaksi valas harus dilakukan dengan adanya ijab qobul yakni perjanjian memberi dan juga menerima. Penjual harus menyerahkan barang dan pembeli juga harus membayarnya dengan tunai dan ijab qobul bisa dilakukan dengan cara lisan, utusan ataupun tulisan. Pembeli dan penjual juga memiliki hak penuh untuk melaksanakan dan melakukan segala tindakan hukum yakni dewasa dan berpikiran yang sehat.

Transaksi valas yang dilakukan juga harus memenuhi syarat yang dijadikan objek transaksi jual beli. Barang tersebut harus merupakan barang suci dan bukan barang yang najis serta bisa memberikan manfaat, bisa diserahterimakan dan bisa dijual atau dibeli no pemiliknya atau kuasa atau izin pemiliknya. Selain itu, barang yang sudah ada di tangan apabila barang tersebut didapat dengan imbalan.

Hadit Tentang Jual Beli Dalam Islam.

Dalam Islam sendiri juga terdapat beberapa hadits yang mengulas tentang jual beli di dalam Islam dan diarania adalah sebagai berikut.

Jual beli barang yang tidak dilakukan pada tempat transaksi diperbolehkan dengan syarat harus dijelaskan sifat dan ciri cirinya. Apabila barang sesuai dengan keterangan yang diberikan penjual, maka jual beli tersebut menjadi sah. Namun jika tidak sesuai, maka pembeli memiliki hak khiyar yakni diperbolehkan untuk meneruskan atau membatalkan jual beli tersebut.

"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221; . [Hadits Nabi riwayat Al Daraquthni dari Abu Hurairah]

Allah SWT juga berfirman jika kegiatan jual beli adalah perbuatan yang halal namun untuk urusan macam macam riba merupakan kegiatan yang diharamkan.

& # 8220; Dan Allah telah menghalalkan jual beli dan mengharamkan riba & # 8230; & # 8221;

Kegiatan jual beli hanya diperbolehkan jika dilakukan atas dasar kerelaan dari dua belah pihak.

Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) e # 8221 ;, [HR. albaihaqi dan Ibnu Majah, dan dinilai shahih por Ibnu Hibban].

Rasulullah SAW bersabda jika dalam jual beli emas dalam Islam selayaknya dilakukan dengan nilai yang sama dan tidak ditambahkan sebagian. Dengan kata lain, nilai jual tidak boleh melebihi dari nilai barang tersebut.

& # 8220; Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas sebagian yang lain; janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian atas sebagian yang lain; dan janganlah menjual emas dan perak tersebut yang tidak tunai dengan yang tunai. & # 8221;

Dalam sebuah riwayat dikatakan jika perjanjian yang dilakukan sesama umat muslim boleh dilakukan. Namun, jika perjanjian tersebut adalah haram atau menghalalkan yang haram maka hal ini tidak diperbolehkan.

& # 8220; Perjanjian dapat dilakukan di antara kaum muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. & # 8221;

Dalil Mengenai Jual Beli.

Diantara dalil dalil yang memperlihatkan jika hukum jual beli mata uang yang dihukumi dengan emas dan perak atau dinar dan dirham, maka dilakukan dengan kontan dan tanpa berhutang sedikit pun atau meminjamkan uang dalam Islam. Berikut beberapa dalil yang menunjukkan hukum ini.

Emas dijual dengan emas, perak dijual dengan perak, gandum dijual dengan gandum, sya & # 8217; ir (salah satu jenis gandum) dijual dengan sya, ir, korma dijual dengan korma, dan garam dijual dengan garam, ( takaran / timbangannya) harus sama dan kontan. Barang siapa yang menambah atau meminta tambahan maka ia telah berbuat riba, pemberi dan penerima dalam hal ini sama. & # 8221;

Al Bukhary dan Muslim.

& # 8220; Janganlah engkau menjual emas ditukar dengan emas melainkan sama dengan sama, dan janganlah engkau melebihkan salah satunya dibanding lainnya. Janganlah engkau menjual perak ditukar dengan perak melainkan sama dengan sama, dan janganlah engkau melebihkan salah satunya dibanding lainnya. Dan janganlah engkau menjual salah satunya diserahkan secara kontan ditukar dengan lainnya yang tidak diserahkan secara kontan. & # 8221;

& # 8221; Dan bila ia meminta agar engkau menantinya sejenak hingga ia masuk terlebih dahulu ke dalam rumahnya sebelum ia menyerah barangnya, maka jangan sudi untuk menantinya. Sesungguhnya aku khawatir kalian melampaui batas kehalalan, dan yang dimaksud dengan melampaui batas kehalalan ialah riba. Janganlah engkau menjual emas ditukar dengan emas melainkan sama dengan sama, dan janganlah engkau melebihkan salah satunya dibanding lainnya. Janganlah engkau menjual perak ditukar dengan perak melainkan sama dengan sama, dan janganlah engkau melebihkan salah satunya dibanding lainnya. Dan janganlah engkau menjual salah satunya diserahkan secara kontan ditukar dengan lainnya yang tidak diserahkan secara kontan. Janganlah engkau menjual perak ditukar dengan emas, salah satunya tidak diserahkan secara kontan sedangkan yang lainnya diserahkan secara kontan. & # 8220;

Transaksi Yang Dilarang Dalam Islam.

Dalam Islam sendiri sudah diatur sedemikian rupa mengenai apa saja transaksi yang diperbolehkan dan apa yang tidak diperbolehkan atau contoh jual beli terlarang.

Pelaksanaan transaksi harus dilakukan atas dasar prinsip hati hati dan tidak diperbolehkan jika dilakukan atas dasar spekulasi atau manipulasi yang didalamnya terkandung unsur riba, gharar, risywah, kezhaliman dan juga kemaksiatan.

Beberapa transaksi yang diharamkan dalam arti mengandung unsur riba, gharar, risywah, maizir, maksiat dan kezhaliman diantaranya adalah:

Bai & # 8217; al ma dum: Melakukan penjualan atas barang atau efek syariah yang belum dimiliki atau venda curta. Najsy: Memberikan atau melakukan penawaran palsu. Insider trading: Menggunakan informasi dari orang dalam yang dilakukan untuk mendapatkan keuntungan dari sebuah transaksi yang dilarang. Memberikan informasi yang menyesatkan Negociação de margens: Melaksanakan transaksi dengan efek syariah dan fasilitas pinjaman berbunga atas kewajiban penyelesaian efek syariah itu. Ihtikar atau penimbunan: Melakukan pembelian atau mengumpulkan sebuah efek syariah sehingga menyebabkan harga efek syariah dengan memiliki tujuan untuk mempengaruhi pihak lainnya.

Demikian ulasan dari kami mengenai hukum forex dalam Islam. Dengan ulasan ini, semi bisa memberikan banyak manfaat dan bisa menjalankan bisnis tanpa unsur spekulasi akan tetapi dengan benar dipakai analisa sehingga hasil yang didapatkan akan menjadi halal dan sukses menurut Islam.

Fatwa MUI Forex Halal atau Haram Dalam islam.

IDRForex - Pembahasan kali ini mencakup tentang apakah forex halal atau haram, Apakah forex sama dengan judi, dan bagaimana hukum forex dalam Islam. Forex adalah salah satu bisnis yang dapat dilakukan secara online. Karena bisnis ini berfisat pulksibel, artinya dapat dilakukan kapanpun dan dimanapun, tidak heran apabila semakin banyak orang tertarik untuk menggeluti bisnis perdagangan valas ini. Namun, disis na negociação Forex menimbulkan polemik baru. Hingga saat ini masih banyak perdebatan apakah forex halal atau haram. Mungkin anda saat ini pun juga sedang mencari tahu kebenaran tentang halal atau haram nya Forex dari kedua perbedaan pendapat tersebut.

Trading Forex halal atau haram.

Dalam kesempatan ini, saya akan menyajikan penjelasan secara rinci tentang hukum Trading Forex dalam berbagai sudut pandang. Sehingga setelah anda membaca artikel ini, anda akan mendapatkan gambaran jelas dari berbagai sumber dan anda dapat menyimpulkan sendiri nantinya.

Apakah Forex sama dengan judi.

Tidak sedikit orang beranggapan bahwa Forex sama dengan judi. Hal ini mungkin dikarenakan orang orang tersebut berpandangan bahwa dalam bisnis forex bisa mengakibatkan kerugian besar dalam waktu singkat. Selain itu, orang orang awam dalam dunia Forex juga berfikir bahwa bekerja di Forex cukup dengan duduk duduk dan mendapatkan uang.

Benarkah Forex sama dengan judi? TIDAK. Forex bukanlah judi, akan tetapi Forex murni perdagangan, yaitu perdagangan mata Uang. Berikut ini saya uraikan faktor faktor pembeda Judi dengan Forex.

Judi Bersifat não foi solto, sedangkan Forex tidak. Karena dalam Trading Forex dapat dilakukan analisa, yaitu analisa secara teknikal dan fundamental. Judi bersifat merugikan lawan, sedangkan dalam Forex bersifat win win solução, bersifat saling menguntungkan. Dalam judi tidak ada Produk yang diperdagangkan, sedangkan Forex produknya jelas, yaitu mata uang yang diperjual belikan. Hasil dari judi tidak bisa di prediksikan, sedangkan dalam Forex terdapat "Money Management" yang jelas, sehingga batas kerugian dan keuntungan dapat di kontrol dengan baik. Judi bersifat tidak pasti, sedangkan dalam Forex bisa dipastikan 100% apabila harga sudah terlalu tinggi maka harga akan turun, begitu juga sebaliknya ketika harga sudah terlalu murah. Judi Dilarang keras por negara, sedangkan forex diperbolehkan oleh Negara.

Dengan melihat keenam alasan diatas, saya yakin anda sudah dapat menyimpulkan apakah forex itu sama dengan judi atau tidak.

Hukum Halal Haram negociação Forex Menurut Islam.

Perspektif Islamismo dalam menentukan perihal halal dan haram sangatlah luas. Tidak Hanya dalam dunia trading, akan tetapi dalam hal apapun harus sangat jelas perkaranya. Sesuatu pada dasarnya halal akan menjadi haram apabila dilakukan dengan cara tidak benar atau tidak sesuai dengan syariat Islam. Berdagang itu diperbolehkan dalam Islam, akan tetapi berdagang minuman keras haram hukumnya. Itulah yang disebut dengan perspektif. Tergantung dari sudut mana kita memandang halal haramnya.

Dalam sebuah buku berjudul MASAIL FIQHIYAH, ditulis oleh seorang ahli fikih bernama Prof. Drs. Masjfuk Zuhdi, menyatakan bahwa berdagang valas diperbolehkan dalam hukum Islam. Perdagangan Forex atau mata uang como ada karena kebutuhan passar global yang secara tidak langsung mencakup semua Negara. Untuk memenuhi kebutuhan Negara yang beraneka raga itulah peran mata uang menjadi faktor yang paling utama.

Berikut ini adalah sumber yang dapat digunakan sebagai acuan dalam polemik Forex saat ini tengah ramai diperbincangkan;

"Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan".

(Hadis Ahmad bin Hambal dan Al Baihaqi e Ibnu Mas'ud)

Dalam aturan jual beli, penjual harus memberitahukan dan menerangkan kepada pembeli secara rinci keadaan barang yang dijual. Penjual harus menjelaskan ciri dan sifat sifatnya. Dalam Forex, produk yang diperjualbelikan pun sangat jelas, baik sifat dan nilainya. Sehingga, setiap kali melakukan transaksinya, Forex harus dengan kesepakatan kedua belah pihak.

: "Dan Alá telah menghalalkan jual beli dan mengharamkan riba".

Forex adalah murni jual beli dan tidak termasuk riba. Forex adalah memperdagangkan mata uang, Berbeda sekali apabila kita meminjamkan uang kepada seseorang dengan mengharapkan kembalian lebih. Dan sangat jelas bahwasannya perdagangan memang diperbolehkan.

'Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak)'

(HR. Albaihaqi dan Ibnu Majah, dan dinilai shahih por Ibnu Hibban).

Dalam forex tidak akan terjadi transaksi apabila penjual dan pembeli tidak melakukan kesepakatan (kerelaan). Jadi dalam prakteknya, tidak ada unsur pemaksaan atau penipuan yang bersifat saling merugikan.

Fatwa MUI tentang Halal dan Haram nya Trading Forex.

Majelis Ulama Indonésia (MUI), selaku panutan dalam mengambil sebuah keputusan berdasarkan syariah Islam pun mengeluarkan fatwa tentang halal dan haram nya Trading Forex.

MUI menyatakan bahwa trading forex dengan transaksi SPOT diperbolehkan. Adapun jenis transaksi yang tidak diperbolehkan yaitu transaksi swap, option, dan forward. Transaksi Spot dikategorikan halal karena penyelesaian transaksinya diselesaikan pada saat itu juga. Adaptar penyelesaian paling lambat adalah 2 hari.

Berikut ini adalah jenis Jenis perdagangan valas;

Transaksi SPOT, adalah transaksi jual beli Valas yang penyerahannya dilakukan pada saat itu juga. Apabila ada keterlambatan, harus tidak boleh lebih dari jangka waktu dua hari. Transaksi SWAP, adalah suatu kontrak jual beli valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga para a frente. Transaksi FORWARD, adalah transaksi jual beli Valas yang ditetapkan pada saat sekarang e diberlakukan pada saat akan datang. Tempo watunya nya antara 2 × 24 geléia sampai dengan satu tahun. Transaksi OPTION, adalah kontrak untuk memperoleh hak beli dan hak jual yang tidak harus dilakukan atas sejumlah unidade valas pada harga dan jangka waktu atau tanggal akhir tertentu.

Jika kita tarik garis besarnya, Transaksi forex boleh dilakukan asalkan dengan menggunakan transaksi berjenis spot.

Dalam aktifitas apapun sudah diatur hukumnya, apakah dilarang atau diperbolehkan. Untuk perkara Forex apakah halal atau haram itu semua tergantung dari bagaimana dan cara tipe transaksi dilakukan. Semoga pembahasan ini dapat memberikan gambaran jelas kepada anda mengenai Apakah Forex itu halal atau haram. Jadi sehingga anda akan dapat menarik kesimpulan sendiri.

Sobre um autor.

Anda bisa memilih untuk berpikir dalam cara yang akan mendukung anda dalam kebahagiaan dan kesuksesan anda, bukan sebaliknya.

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Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.

Forex menurut Hukum Islam.

Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.

Forex dari Perspektif Islam.

Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.

Jangan engkau menjual sesuatu yang tidak ada padamu ", sabda Nabi Muhammad SAW, dalam sebuah teve seu caminho para Abu Hurairah.

Oleh sementara fuqaha (ahli fiqih Islam), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.

Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.

Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.

Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi - karena satu dan lain hal - tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.

Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.

Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.

Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.

Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.

Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.

Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.

Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.

Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.

Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra's al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi'iyah dan Hanabilah mendefinisikannya dengan: "Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad".

Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:

a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:

Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).

Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.

Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.

1. Os Contratos Básicos de Câmbio.

Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.

Para elaborar, consideremos o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rúpias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rúpia-dólar acordada é 1:20 e a transação envolve compra e venda de US $ 50. A primeira situação é que A faz um pagamento no local de Rs1000 para B e aceita o pagamento de US $ 50 de B. A transação é liquidada de forma local por ambas as extremidades. Tais transações são válidas e islamicamente permissíveis. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambos os fins seja diferida para uma data futura, digamos, após seis meses a partir de agora. Isso implica que tanto a A quanto a B fazer e aceitar o pagamento de Rs1000 ou US $ 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islamicamente permitido. Uma visão minoritária considera isso permitido. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B de pagar $ 50 para ele depois de seis meses. Alternativamente, A aceita US $ 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Existem visões diametralmente opostas sobre a permissibilidade de tais contratos que equivalem a bai-salam em moedas. O objetivo deste trabalho é apresentar uma análise abrangente de vários argumentos em apoio e contra a permissibilidade desses contratos básicos envolvendo moedas. A primeira forma de contratação envolvendo troca de contravalores no local é além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é adiada para uma data futura, geralmente é discutida no âmbito da proibição riba. Consequentemente, discutimos este contrato detalhadamente na seção 2 sobre a questão da proibição de riba. A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, geralmente é discutida no âmbito da redução de risco e incerteza ou gharar envolvidos em tais contratos. Este, portanto, é o tema central da seção 3, que trata da questão de gharar. A seção 4 tenta uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de câmbio.

2. A questão da proibição de Riba.

A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.

A necessidade de eliminar a riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu contexto da Sharia é geralmente definida2 como um ganho ilegal derivado da desigualdade quantitativa dos contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies (anwa), que pertencem ao mesmo gênero (jins) e são regidas por a mesma causa eficiente (illa). Riba geralmente é classificada em riba al-fadl (excesso) e riba al-nasia (adiamento), que denota uma vantagem ilegal em excesso ou aferição, respectivamente. A proibição do primeiro é alcançada por uma estipulação de que a taxa de troca entre os objetos é unidade e nenhum ganho é permitido para qualquer das partes. O último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação seja resolvida no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que se situa quando o credor pede ao mutuário na data de vencimento se o último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado da cobrança de juros sobre o montante inicialmente emprestado.

A proibição de riba na troca de moedas de países diferentes exige um processo de analogia (qiyas). E em qualquer exercício envolvendo analogia (qiyas), causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com seu assunto, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) no caso de contratos de câmbio foi definida de forma variada pelas principais escolas da Fiqh. Essa diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes.

Uma questão de significância considerável no processo de raciocínio análogo refere-se à comparação entre moedas de papel com ouro e prata. Nos primeiros dias do Islã, ouro e prata desempenharam todas as funções do dinheiro (thaman). As moedas eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido nelas). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande número de transações. Muitas outras commodities, como, vários metais inferiores também serviram de meio de troca, mas com aceitabilidade limitada. Estes são descritos como falsos na literatura Fiqh. Estes também são conhecidos como thaman istalahi devido ao fato de que sua aceitabilidade não decorre do seu valor intrínseco, mas devido ao status concedido pela sociedade durante um determinado período de tempo. As duas formas acima mencionadas de moedas foram tratadas de forma muito diferente pelos juristas islâmicos do início do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas atuais do papel da idade se enquadram na categoria anterior ou a última. Uma visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que servem como o principal meio de troca e unidade de conta como o último. Assim, por um raciocínio análogo, todas as normas e injunções relacionadas à Sharia aplicáveis ​​a thaman haqiqi também devem ser aplicáveis ​​ao papel moeda. O intercâmbio de thaman haqiqi é conhecido como bai-sarf e, portanto, as transações em moedas de papel devem ser regidas pelas regras da Sharia relevantes para bai-sarf. A visão contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi por causa do fato de seu valor facial ser diferente do valor intrínseco. A sua aceitabilidade decorre do seu estatuto jurídico dentro do país doméstico ou da importância econômica global (como no caso de dólares americanos, por exemplo).

2.1. Uma Síntese de Vistas Alternativas.

2.1.1. Raciocínio analógico (Qiyas) para a proibição de Riba.

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). Também se aplica, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer dos gêneros dos seis objetos citados na tradição. 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.

Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países, a proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a diferentes países são entidades claramente distintas; Estes são legais em limites geográficos específicos com diferentes valores intrínsecos ou poder de compra. Assim, uma grande maioria de estudiosos talvez afirmem, com razão, que não há unidade de gênero (jins). Além disso, estes não são pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe em tal troca. Assim, a troca pode ser realizada sem qualquer injunção quanto à taxa de câmbio e à forma de liquidação. A lógica subjacente a esta posição não é difícil de compreender. O valor intrínseco das moedas de papel pertencentes a diferentes países difere, pois estes têm poder de compra diferente. Além disso, o valor intrínseco ou o valor das moedas de papel não pode ser identificado ou avaliado ao contrário do ouro e da prata que podem ser pesados. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.

The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.

Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.

2.1.2 Comparison between Currency Exchange and Bai-Sarf.

Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, definido como ouro e prata, que serviu como o principal meio de troca para quase todas as principais transações.

Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.

Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.

Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.

Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Referências semelhantes estão disponíveis nos escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.

Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & empréstimo.

2.1.3 Defining Thamaniyya is the Key ?

Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de thamaniyya. Por exemplo, uma questão fundamental que leva a posições divergentes sobre a permissibilidade relaciona se thamaniyya é específico para ouro e prata, ou pode ser associado a qualquer coisa que desempenhe as funções de dinheiro. Levamos algumas questões abaixo, que podem ser levadas em consideração em qualquer exercício de reconsideração de posições alternativas.

Deve ser apreciado que thamaniyya pode não ser absoluto e pode variar em graus. É verdade que as moedas de papel substituíram completamente ouro e prata como meio de troca, unidade de conta e estoque de valor. Neste sentido, as moedas de papel podem ser consideradas possuidoras de thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.

Aqui, dois pontos a destacar. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.

Uma característica única de thaman haqiqi ou ouro e prata é que o valor intrínseco da moeda é igual ao seu valor nominal. Assim, a questão de diferentes limites geográficos em que circula uma determinada moeda, como dinar ou dirham, é completamente irrelevante. O ouro é ouro, seja no país A ou no país B. Assim, quando a moeda do país A feita de ouro é trocada por moeda do país B, também feita de ouro, então qualquer desvio da taxa de câmbio da unidade ou aferição de liquidação por qualquer das partes não pode ser permitido, pois isso envolve claramente riba al-fadl e também riba al-nasia. No entanto, quando as moedas de papel do país A são trocadas por papel moeda do país B, o caso pode ser completamente diferente. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. No entanto, se o risco de preço (risco de taxa de câmbio) for zero, essa troca poderá ser uma fonte de riba al-nasia se for permitida a liquidação diferida7.

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. Por exemplo, o dólar norte-americano está em curso legal dentro dos EUA; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.

Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. 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. Possibilidade de Riba com Futuros e Direito.

Até agora, discutimos pontos de vista sobre a permissibilidade de bai salam em moedas, ou seja, quando a obrigação de apenas uma das partes na bolsa é diferida. Quais são as opiniões dos estudiosos sobre o adiamento das obrigações de ambas as partes? O exemplo típico de tais contratos são futuros e futuros9. De acordo com uma grande maioria de estudiosos, isso não é permitido por vários motivos, sendo o mais importante o elemento de risco e incerteza (gharar) e a possibilidade de especulação de um tipo que não é permitido. Isso é discutido na seção 3. No entanto, outro motivo para rejeitar tais contratos pode ser uma proibição de riba. No parágrafo anterior, discutimos que o bai salam em moedas com taxas de câmbio flutuantes não pode ser usado para ganhar riba devido à presença de risco cambial. É possível demonstrar que o risco cambial pode ser coberto ou reduzido a zero com outro contrato a prazo negociado simultaneamente. E, uma vez que o risco é eliminado, o ganho claramente seria riba.

We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.

Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.

3. A questão da liberdade de Gharar.

Gharar, ao contrário de riba, não tem uma definição de consenso. Em termos gerais, ela conhece risco e incerteza. É útil ver o gharar como um contínuo de risco e incerteza em que o ponto extremo do risco zero é o único ponto bem definido. Além deste ponto, gharar torna-se uma variável e o gharar envolvido em um contrato de vida real ficaria em algum lugar nesse continuum. Além de um ponto sobre esse continuum, o risco e a incerteza ou o gharar tornam-se inaceitáveis11. Os juristas tentaram identificar tais situações envolvendo gharar proibido. Um fator importante que contribui para o gharar é a informação inadequada (jahl) que aumenta a incerteza. Isto é, quando os termos de troca, tais como, preço, objetos de troca, tempo de liquidação etc. não estão bem definidos. Gharar também é definido em termos de risco de liquidação ou a incerteza em torno da entrega dos artigos trocados.

Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.

An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.

Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.

3.2 Gharar & Speculation with of Futures & Avançar.

Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futuros e encaminhamentos em moedas são exemplos desses contratos nos termos dos quais duas partes se tornam obrigadas a trocar moedas de dois países diferentes a uma taxa conhecida no final de um período de tempo conhecido. Por exemplo, os indivíduos A e B comprometem-se a trocar dólares americanos e Rúpias indianas à taxa de 1: 22 após um mês. Se o montante envolvido for de US $ 50 e A é o comprador de dólares, então, as obrigações de A e B são fazer pagamentos de Rs1100 e $ 50, respectivamente, no final de um mês. O contrato é resolvido quando ambas as partes honram suas obrigações na data futura.

Tradicionalmente, uma esmagadora maioria dos estudiosos da Sharia desaprovaram tais contratos por vários motivos. A proibição aplica-se a todos os contratos em que as obrigações de ambas as partes sejam diferidas para uma data futura, incluindo contratos envolvendo troca de moedas. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.

Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. Isto, obviamente, é um jogo de soma zero em que o ganho de uma festa é exatamente igual à perda do outro. 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. Há uma vasta literatura sobre a previsibilidade das taxas de câmbio e uma grande maioria dos estudos empíricos forneceram evidências de apoio sobre a futilidade de qualquer tentativa de fazer previsões de curto prazo. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.

3.3. Risk Management in Volatile Markets.

Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.

It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. Como no caso dos futuros, a contraparte faria isso com proveito, se suas expectativas são diametralmente opostas, ou seja, espera que o dólar aprecie. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.

4. Resumo e amp; Conclusão.

Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.

É óbvio que a resolução local das obrigações de ambas as partes proibiria completamente riba, e gharar, e minimizava a possibilidade de especulação. No entanto, isso também implicaria a ausência de qualquer técnica de gerenciamento de risco e poderia envolver alguns problemas práticos para os participantes.

At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Claro, isso também permitiria que os participantes gerenciassem o risco através de transferência de risco completa para outros e reduzissem o risco para zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.

The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .

Notes & Referências.

1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, na Índia, em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.

2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.

3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.

4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.

5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.

6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.

7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.

8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.

9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.

10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.

11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.

12. The following traditions underscore the need to avoid contracts involving uncertainty.

Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.

It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.

13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.

The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.

14. The holy prophet is reported to have said ” Do not sell what is not with you”

Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.

15. O Futures Exchange desempenha uma função importante de fornecer uma garantia de entrega por todas as partes no contrato. Ele serve como contraparte na troca para ambos, isto é, como comprador para a venda e como vendedor para a compra.

16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.

Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.

FOREX DALAM PANDANGAN HUKUM ISLAM.

بسم الله الرحمن الرحيم.

Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.

Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.

Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.

HUKUM ISLAM dalam TRANSAKSI VALAS.

1. Ada Ijab-Qobul: & # 8212; & gt; Ada perjanjian untuk memberi dan menerima.

Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)

2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:

Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.

Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.

لاتشترواالسمك فیالماءفاءنه غرد.

& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)

Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:

من سترئ شيتالم يرهفله الخيارإذاراه.

& # 8220; Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.

Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã:

المشقة تجلب التيسر.

Kesulitan itu menarik kemudahan.

Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.

JUAL BELI VALUTA COMO DAN SAHAM.

Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya.

Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.

Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)

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Forex menurut Islam.

FATWA MUI TENTANG TRADING FOREX SYARIAH.

Fatwa MUI Tentang Jual Beli Mata Uang (AL-SHARF)

Pertanyaan yang pasti ditanyakan oleh setiap trader di Indonesia:

1. Apakah Trading Forex Haram?

2. Apakah Trading Forex Halal?

3. Apakah Trading Forex diperbolehkan dalam Agama Islam?

4. Apakah SWAP itu?

Mari kita bahas dengan artikel yang pertama:

Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam.

Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.

Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.

HUKUM ISLAM dalam TRANSAKSI VALAS.

1. Ada Ijab-Qobul: & # 8212; & gt; Ada perjanjian untuk memberi dan menerima.

Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa dan berpikiran sehat)

2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:

Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.

Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.

& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;.

(Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)

Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:

"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.

Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã:

"Kesulitan itu menarik kemudahan".

Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.

JUAL BELI VALUTA COMO DAN SAHAM.

Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya. Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.

Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)

FATWA MUI TENTANG PERDAGANGAN VALAS.

Fatwa Dewan Syari & # 8217; ah Nasional Majelis Ulama Indonésia.

Não: 28 / DSN-MUI / III / 2002 tentang Jual Beli Mata Uang (Al-Sharf)

uma. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan.

transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis.

b. Bahwa dalam & # 8216; 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. & # 8220; Firman Allah, QS. Al-Baqarah [2]: 275: & # 8220; & # 8230; Dan Allah telah menghalalkan jual beli dan mengharamkan riba & # 8230; & # 8221;

2. & # 8220; Hadis nabi riwayat al-Baihaqi dan Ibnu Majah de Abu Sa & # 8217; id al-Khudri: Rasulullah SAW bersabda, & # 8216; Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) & # 8217; (HR. Albaihaqi dan Ibnu Majah, dan dinilai shahih por Ibnu Hibban).

3. & # 8220; Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa & # 8217; eu, dan Ibn Majah, dengan teks Muçulmano dari & # 8216; Ubadah bin Shamit, Nabi viu bersabda: & # 8220; (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, sya & # 8217; ir dengan sya & # 8217; 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. & # 8221 ;.

4. & # 8220; Hadis Nabi riwayat Muslim, Tirmidzi, Nasa & # 8217; i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: (Jual-beli) emas dengan perak adalah riba kecuali (dilakukan) secara tunai. & # 8221;

5. & # 8220; Hadis Nabi riwayat Muçulmano Abu Abu & # 8217; id al-Khudri, Nabi s. a.w bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas sebagian yang lain; janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian atas sebagian yang lain; dan janganlah menjual emas dan perak tersebut yang tidak tunai dengan yang tunai.

6. & # 8220; Hadis Nabi riwayat Muslim dari Bara & # 8217; bin & # 8216; Azib dan Zaid bin Arqam: Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai).

7. & # 8220; Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: & # 8220; Perjanjian dapat dilakukan di antara kaum muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. & # 8221;

8. & # 8220; Ijma. Ulama sepakat (ijma & # 8217;) bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.

1. Surat dari pimpinah Unidade Usaha Syariah Bank BNI no. UUS / 2/878.

2. Pendapat peserta Rapat Pleno Dewan Syari & # 8217; ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 Maret 2002.

Dewan Syari & # 8217; 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 (untung-untungan).

2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan).

3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara tunai (at-taqabudh).

4. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) yang berlaku pada saat transaksi dan secara tunai.

Kedua: Jenis-jenis transaksi Valuta Asing.

1. Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saat itu (sobre o contador) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional.

2. Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2 & # 215; 24 jam sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan (muwa & # 8217; adah) dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk acordo para a frente untuk kebutuhan yang tidak dapat dihindari (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 para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi).

4. Transaksi OPÇÃO yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta como pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi).

Ketiga: Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya.

Ditetapkan di: Jacarta.

Tanggal: 14 Muharram 1423 H / 28 Maret 2002 M.

DEWAN SYARI & # 8217; AH NASIONAL & # 8211; MAJELIS ULAMA INDONESIA.

Demikian mengenai Trading Forex menurut Fatwa MUI, dan kesimpulannya adalah transaksi Trading Forex Spot seperti yang berada di web Gainscope ini adalah diperbolehkan dan tidak melanggar hukum Islam.