Hukum Forex Menurut Muira

Hukum Forex Trading Menurut MUI Halal atau Haram Hukum Forex Trading Menurut MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan APA hukum forex trading menurutIslam (Meski Sudah dikupas Banyak) Maka berikut ini saya pubblicare artikel dari Gainscope tentang FATWA MUI tentang TRADING FOREX. Di Luar sana berkembang Juga pendapat yang bersebarangan dengan fatwa MUI ini di mana mereka tetap berpendirian pada bahwa forex trading Adalah HARAM dengan hujjahargumen yang mereka pegangi. Keputusan berpulang pada dan ada di tangan Anda. Selamat membaca. Fatwa MUI Tentang Jual Beli Mata Uang (AL-Sharf) Pertanyaan Yang PASTI ditanyakan Oleh setiap commerciante di Indonesia: 1. Apakah Forex Trading Haram 2. Apakah Forex Trading Halal 3. Apakah Forex Trading diperbolehkan Dalam Agama Islam 4. Apakah SWAP itu Mari kita Bahas dengan artikel yang Pertama: Forex Dalam Hukum Islam Dalam bukunya Prof. Dott. Masjfuk Zuhdi yang berjudul Masail FIQHIYAH kapita Selecta Hukum Islam, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan Dalam hukum islam. Perdagangan Valuta Asing Timbul Karena adanya perdagangan barang-barang kebutuhankomoditi 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. Perbandingan Nilai mata uang antar negara terkumpul Dalam Suatu BURSA atau PASAR yang bersifat internasional dan terikat Dalam Suatu kesepakatan bersama yang Saling menguntungkan. Nilai mata uang Suatu Negara Negara dengan lainnya ini berubah (berfluktuasi) setiap Saat sesuai volume di permintaan dan penawarannya. Adanya permintaan Dan penawaran Inilah yang menimbulkan transaksi mata uang. Yang Secara nyata hanyalah Tukar-menukar mata uang yang Berbeda Nilai. Hukum ISLAM Dalam TRANSAKSI Valas 1. Ada Ijab-Qobul. --- Gt Ada perjanjian untuk memberi dan menerima Penjual menyerahkan barang dan pembeli membayar Tunai. Ijab-Qobulnya dilakukan dengan Lisan, tulisan dan Utusan. Pembeli Dan penjual mempunyai wewenang Penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa Dan berpikiran Sehat) 2. Memenuhi condizioni Costi menjadi objek transaksi Jual-beli yaitu: Suci barangnya (najis Bukan) dapat dimanfaatkan dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) sendiri Oleh pemiliknya atau kuasanya ATAS izin pemiliknya Barang Sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa Jual beli Saham ITU diperbolehkan Dalam Agama. Jangan kamu membeli ikan Dalam aria, Karena sesungguhnya Jual beli yang demikian ITU mengandung penipuan. (Hadis Ahmad bin Hambal dan Al Baihaqi Dari Ibnu Masud) Jual Beli barang yang Tidak di Tempat transaksi diperbolehkan dengan condizioni Costi 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: 8220Barang Siapa yang membeli sesuatu yang ia melihatnya Tidak, Maka ia berhak khiyar jika ia Telah melihatnya. Jual beli Hasil tanam yang Masih terpendam, seperti ketela, kentang, Bawang dan sebagainya Juga diperbolehkan, Asal diberi contohnya, Karena akan mengalami kesulitan atau kerugian jika Harus mengeluarkan semua Hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan Kaidah hukum Islam: 8220Kesulitan itu menarik kemudahan.8221 Demikian Juga Jual Beli barang-barang yang Telah terbungkustertutup, seperti makanan kalengan, GPL, dan sebagainya, asalkam etichetta diberi 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 Asing DAN Saham Yang dimaksud dengan Valuta Asing Adalah mata uang Luar Negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malesia 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 Indonesia akan memperoleh Devisa dari Hasil ekspornya, sebaliknya importare, Indonesia memerlukan Devisa untuk mengimpor dari Luar Negeri. Dengan demikian Timbul akan penawaran dan perminataan di borsa 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. Kurs Pencatatan uang dan transaksi Jual beli Valuta Asing diselenggarakan di Bursa Valuta Asing (AWJ Tupanno, et al Ekonomi dan Koperasi, Jakarta, Depdikbud 1982 Hal 76-77..) FATWA MUI tentang PERDAGANGAN Valas Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia No: 28DSN-MUIIII2002 tentang Jual Beli Mata Uang (al-Sharf) a. Bahwa Dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi Jual-beli mata uang (al-Sharf), Baik Antar Mata Uang sejenis maupun Antar mata Uang berlainan Jenis. b. Bahwa Dalam URF tijari (Tradisi perdagangan) transaksi Jual Beli mata uang dikenal beberapa bentuk transaksi yang stato hukumnya Dalam pandangan AJARAN Islam Berbeda Antara Satu bentuk dengan bentuk rimasto. c. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan AJARAN Islam, DSN memandang Perlu menetapkan fatwa tentang al-Sharf untuk pedoman dijadikan. 1. Firman Allah, QS. Al-Baqarah2: 275:. Dan Allah Telah menghalalkan Jual beli dan mengharamkan riba. 2. Hadis Nabi riwayat al-Baihaqi dan Ibn Maja dari Abu Said al-Khudri: Rasulullah SAW bersabda, Sesungguhnya Jual beli ITU Hanya Boleh dilakukan ATAS dasar kerelaan (Antara kedua Belah pihak) (HR albaihaqi Dan Ibn Maja, dan dinilai shahih Oleh. Ibnu Hibban). 3. Hadis Nabi Riwayat musulmano, Abu Daud, Tirmidzi, Nasai, dan Ibn Maja, teks dengan musulmana dari Ubadah bin Shamit, Nabi ha visto bersabda: (Juallah) EMAS dengan EMAS, Perak dengan Perak, Gandum dengan Gandum, Syair dengan Syair, kurma dengan kurma, dan garam dengan garam (Denga condizioni Costi Harus) sama dan sejenis Serta Secara Tunai. Jika jenisnya Berbeda, juallah sekehendakmu Jika dilakukan Secara Tunai .. 4. Hadis Nabi riwayat musulmana, Tirmidzi, Nasai, Abu Daud, Ibn Maja, dan Ahmad, dari Umar bin Khattab, Nabi ha visto bersabda: (Jual-beli) EMAS dengan Perak Adalah Riba kecuali (dilakukan) Tunai Secara. 5. Hadis Nabi riwayat musulmano dari Abu Said al-Khudri, Nabi ha visto bersabda: Janganlah kamu menjual EMAS dengan EMAS kecuali sama (nilainya) Dan janganlah menambahkan sebagian atas sebagian di Più janganlah menjual Perak Perak dengan kecuali sama (nilainya) Dan janganlah sebagaian menambahkan ATAS sebagian di Più dan janganlah menjual EMAS dan Perak tersebut yang Tidak Tunai dengan yang Tunai. 6. Hadis Nabi riwayat musulmano dari Bara bin Azib dan Zaid bin Arqam. Rasulullah visto melarang menjual Perak dengan EMAS Secara piutang (Tidak Tunai). 7. Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: Perjanjian dapat dilakukan di Antara kaum Muslimin, kecuali perjanjian Yang Yang mengharamkan atau halal menghalalkan yang haram dan kaum Muslimin terikat dengan condizioni Costi-condizioni Costi mereka kecuali condizioni Costi Yang Yang mengharamkan atau halal menghalalkan yang haram. 8. Ijma. Ulama Sepakat (ijma) bahwa AKAD al-Sharf disyariatkan dengan condizioni Costi-condizioni Costi tertentu 1. Surat dari pimpinah Unità Usaha Syariah Bank BNI no. UUS2878 2. Pendapat peserta Rapat Pleno Dewan Syariah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H 28 Maret 2002 Dewan Syariah 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 (over the counter) atau penyelesaiannya palizzata lambat Dalam jangka waktu dua Hari. Hukumnya Adalah boleh, Karena dianggap Tunai, sedangkan waktu dua hari dianggap sebagai prose penyelesaian yang Tidak Bisa dihindari dan merupakan transaksi Internasional. 2. Transaksi AVANTI, yaitu transaksi pembelian dan penjualan Valas yang nilainya ditetapkan pada Saat sekarang dan diberlakukan untuk waktu yang akan Datang, Antara 2x24 marmellata sampai dengan satu tahun. Hukumnya Adalah haram, Karena di prezzo Yang digunakan Adalah di prezzo Yang diperjanjikan (muwaadah) Dan penyerahannya dilakukan di kemudian hari, padahal di prezzo pada waktu penyerahan tersebut Belum tentu sama dengan Nilai yang disepakati, kecuali dilakukan Dalam bentuk avanti accordo untuk kebutuhan yang Tidak dapat dihindari (lil hajah) 3. Transaksi SWAP yaitu Suatu kontrak pembelian atau penjualan Valas dengan di prezzo posto yang dikombinasikan dengan pembelian Antara penjualan Valas yang sama dengan di prezzo in avanti. Hukumnya haram, Karena mengandung Unsur Maisir (spekulasi). 4. Transaksi OPZIONE yaitu kontrak untuk memperoleh hak Dalam Rangka membeli atau hak untuk menjual yang Tidak Harus dilakukan atas sejumlah unità Valuta Asing pada di prezzo 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, diubah akan dan disempurnakan sebagaimana mestinya. di Ditetapkan. Jakarta Tanggal. 14 Muharram 1423 H 28 Maret 2002 m DEWAN Syariah NASIONAL - Majelis Ulama Indonesia Tulisan lain yang menguatkan Adalah sebagaimana ditulis Oleh Dr. Mohammed Obaidullah di bawah ini tentang ISLAMICA forex trading. 1. La Borsa di base Contratti Vi è un consenso generale tra i giuristi islamici sulla considerazione che le valute di diversi paesi possono essere scambiati su base spot ad una velocità diversa da unità, dal momento che le valute di diversi paesi sono entità distinte con valori diversi o valore intrinseco e il potere d'acquisto. Ci sembra anche essere un accordo generale tra la maggioranza degli studiosi sulla considerazione che il cambio valuta su una base in avanti non è consentito, cioè quando i diritti e gli obblighi di entrambe le parti si riferiscono a una data futura. Tuttavia, vi è una notevole differenza di opinione tra i giuristi, quando i diritti di una delle due parti, che è lo stesso come l'obbligo della controparte, è differito ad una data futura. Elaborare, consideriamo l'esempio di due individui A e B che appartengono a due paesi diversi, rispettivamente, India e Stati Uniti. Un intende vendere rupie indiane e comprare dollari residenti negli Stati Uniti. Il contrario è vero per B. Il tasso di cambio rupia-dollaro concordato è 01:20 e la transazione comporta l'acquisto e la vendita di 50. La prima situazione è che A effettua un pagamento luogo di Rs1000 a B e accetta il pagamento di 50 da B . L'operazione è regolata su base spot da entrambe le estremità. Tali operazioni sono validi e islamicamente ammissibile. Non ci sono due opinioni circa la stessa. La seconda possibilità è che il regolamento dell'operazione da entrambe le estremità viene differita a una data futura, diciamo dopo sei mesi da oggi. Questo implica che entrambi A e B dovrebbero stabilire e accettare pagamento di Rs1000 o 50, come il caso, dopo sei mesi. Il punto di vista predominante è che un tale contratto non è islamicamente ammesso. Una vista minoranza ritiene lecito. Il terzo scenario è che l'operazione è in parte regolata da una sola estremità. Ad esempio, A effettua un pagamento di Rs1000 ora a B al posto di una promessa da B a pagare da 50 a lui dopo sei mesi. In alternativa, A accetta 50 ora da B e promette di pagare Rs1000 a lui dopo sei mesi. Ci sono diametralmente opposte vedute sulla liceità di tali contratti che ammontano a BAI-salam in valute. Lo scopo di questo lavoro è quello di presentare un'analisi completa dei vari argomenti a sostegno e contro la liceità di tali contratti di base che coinvolgono valute. La prima forma di contrarre che coinvolge lo scambio di controvalori su base spot è al di là di ogni tipo di polemica. Ammissibilità o meno del secondo tipo di contratto in cui la consegna di uno dei controvalori è differito ad una data futura, è generalmente discussi nel quadro del proibizionismo riba. Di conseguenza si discute questo contratto in dettaglio nella sezione 2 che fare con la questione del divieto di riba. Ammissibilità della terza forma di contratto in cui è differita la consegna di entrambi i controvalori, è generalmente discussa nell'ambito della riduzione del rischio e di incertezza o gharar partecipano a detti contratti. Questo, dunque, è il tema centrale della sezione 3, che tratta il tema del gharar. Sezione 4 tentativi una visione olistica della Sharia riguarda questioni come anche l'importanza economica delle forme fondamentali della contrattazione nel mercato valutario. 2. Il rilascio di Riba Divieto La divergenza di views1 sulla liceità o meno di contratti di cambio in valuta può essere fatta in primo luogo alla questione della proibizione riba. La necessità di eliminare Riba in tutte le forme di contratti di cambio è della massima importanza. Riba nel suo contesto Sharia è generalmente defined2 come un guadagno illecito derivato dalla diseguaglianza quantitativa dei controvalori in qualsiasi transazione che pretendono di effettuare lo scambio di due o più specie (ANWA), che appartengono allo stesso genere (jins) e sono governati da la stessa causa efficiente (illa). Riba è suddiviso in riba al-Fadl (eccesso) e riba al-Nasia (differimento), che denotano un vantaggio illecito per mezzo di eccesso o di differimento, rispettivamente. Divieto di ex si ottiene una clausola che il tasso di cambio tra gli oggetti è unità e nessun guadagno è lecito entrambe le parti. Quest'ultimo tipo di Riba è vietato vietando regolamento differito e garantire che l'operazione è regolata sul posto da entrambe le parti. Un'altra forma di riba si chiama Riba al-jahiliyya o riba pre-islamica, che emerge quando il creditore chiede al mutuatario alla data di scadenza, se quest'ultimo sarebbe saldare il debito o aumentare lo stesso. Aumento è accompagnato da interessi sulla somma inizialmente preso in prestito la ricarica. Il divieto di riba nello scambio di valute appartenenti a diversi paesi richiede un processo di analogia (qiyas). E in ogni tale esercizio che coinvolge analogia (qiyas), causa efficiente (illa) svolge un ruolo estremamente importante. Si tratta di una causa efficiente comune (illa), che collega l'oggetto della analogia con il suo soggetto, nell'esercizio del ragionamento analogico. La causa efficiente appropriata (illa) nel caso di contratti di scambio è stato variamente definito dalle maggiori scuole di fiqh. Questa differenza si riflette nel ragionamento analogo per le valute di carta appartenenti a diversi paesi. Una questione di grande importanza nel processo di ragionamento analogo riguarda il confronto tra valute di carta con oro e argento. Nei primi tempi dell'Islam, oro e argento eseguite tutte le funzioni del denaro (Thaman). Valute erano in oro e argento con un valore noto intrinseco (quantum di oro o argento contenuta in essi). Tali valute sono descritti come Haqiqi Thaman, o naqdain nella letteratura fiqh. Questi erano universalmente accettabili come principale mezzo di scambio, che rappresentano una fetta consistente di transazioni. Molte altre materie prime, come ad esempio, metalli vari inferiori anche servito come mezzo di scambio, ma con l'accettabilità limitata. Questi sono descritti come fals nella letteratura fiqh. Questi sono noti anche come istalahi Thaman causa del fatto che la loro accettabilità non deriva dal loro valore intrinseco, ma a causa dello stato accordato dalla società durante un particolare periodo di tempo. I suddetti due forme di valute sono stati trattati in modo molto diverso dai primi giuristi islamici dal punto di vista della liceità dei contratti che li riguardano. Il problema che deve essere risolto è se le attuali valute di carta età rientrano nella prima categoria e la seconda. Un punto di vista è che questi devono essere trattati alla pari con Haqiqi Thaman o oro e argento, dal momento che questi servono come il principale mezzo di scambio e di unità di conto come quest'ultimo. Quindi, per un ragionamento analogo, tutte le Sharia legati norme e ingiunzioni applicabili a Haqiqi Thaman dovrebbe essere applicabile anche a carta moneta. Scambio di Haqiqi Thaman è conosciuto come bai-sarf, e, di conseguenza, le operazioni in valute di carta deve essere regolata dalla sharia norme pertinenti per bai-sarf. La tesi contraria afferma che le valute di carta devono essere trattati in modo simile a fals o istalahi Thaman a causa del fatto che il loro valore nominale è diverso dal loro valore intrinseco. La loro accettabilità deriva dal loro status legale all'interno del paese domestico o l'importanza economica globale (come nel caso di dollari USA, per esempio). 2.1. Una sintesi di Alternative Visto 2.1.1. Ragionamento analogico (Qiyas) per Riba Divieto Il divieto di riba si basa sulla tradizione che il Santo Profeta (pace su di lui) ha detto, vendere oro per l'oro, l'argento per l'argento, il grano per il frumento, l'orzo per l'orzo, la data per la data, sale per il sale, in stesse quantità sul posto e in cui i prodotti sono diversi, vendere quanto più vi si addice, ma sul posto. Così, il divieto di riba vale soprattutto per i due metalli preziosi (oro e argento) e le altre quattro materie prime (frumento, orzo, datteri e sale). Si applica anche, per analogia (qiyas) a tutte le specie che sono governati dalla stessa causa efficiente (illa) o che appartengono a uno dei generi dei sei oggetti citati nella tradizione. Tuttavia, non c'è accordo generale tra le varie scuole di Fiqh e persino studiosi appartenenti alla stessa scuola sulla definizione e l'identificazione di causa efficiente (illa) di Riba. Per la Hanafiti, causa efficiente (illa) di Riba ha due dimensioni: gli articoli scambiati appartengono allo stesso genere (jins) questi possiedono peso (Wazan) o misurabilità (kiliyya). Se in un determinato scambio, sia gli elementi di causa efficiente (illa) sono presenti, cioè, i controvalori scambiati appartengono allo stesso genere (jins) e sono tutti pesabili o tutti misurabili, allora nessun guadagno è consentito (il tasso di cambio deve essere uguale all'unità) e lo scambio deve essere su base spot. In caso di oro e argento, i due elementi della causa efficiente (illa) sono: l'unità del genere (jins) e weighability. Questa è anche la vista hanbalita secondo una versione 3. (Una versione diversa è simile alla vista Shafii e Maliki, come discusso qui di seguito.) Così, quando l'oro viene scambiato per l'oro, o argento viene scambiato per l'argento, solo operazioni a pronti senza alcun guadagno sono consentiti. È anche possibile che in un dato scambio, uno dei due elementi della causa efficiente (illa) è presente e l'altro è assente. Ad esempio, se gli articoli scambiati sono tutti pesabili o misurabile, ma appartengono a diverse genus (jins) o, se gli articoli scambiati appartengono allo stesso genere (jins), ma nessuno dei due è pesabili né misurabile, poi scambiare con guadagno (ad una velocità diversa da unità) è ammesso, ma lo scambio deve essere su base spot. Così, quando l'oro viene scambiato per l'argento, il tasso può essere diverso da unità ma nessuna regolamento differito è ammissibile. Se nessuno dei due elementi di causa efficiente (illa) di Riba sono presenti in un determinato scambio, quindi nessuno dei provvedimenti inibitori a divieto riba applicare. Scambio può avvenire con o senza guadagno e sia su un punto o su base differita. Considerando il caso di scambio che coinvolge valute di carta appartenenti a diversi paesi, divieto riba richiederebbe una ricerca di causa efficiente (illa). Valute appartenenti a diversi paesi sono chiaramente entità distinte queste corso legale entro specifici confini geografici con diversi valore intrinseco o potere d'acquisto. Quindi, la grande maggioranza degli studiosi forse a ragione affermare che non c'è unità del genere (jins). Inoltre, questi sono né pesabili né misurabili. Questo porta ad una conclusione diretta che nessuno dei due elementi di causa efficiente (illa) del riba esiste in tale scambio. Quindi, lo scambio può avvenire libero da qualsiasi ingiunzione per quanto riguarda il tasso di cambio e le modalità di insediamento. La logica alla base di questa posizione non è difficile da comprendere. Il valore intrinseco di valute di carta appartenenti a diversi paesi differiscono come questi hanno un potere d'acquisto. Inoltre, il valore intrinseco o vale la pena di valute di carta non può essere individuato o valutati diversamente oro e d'argento che può essere pesato. Quindi, né la presenza di riba Fadl (per eccesso), né riba al-Nasia (by differimento) può essere stabilito. La scuola Shafii del Fiqh considera la causa efficiente (Illa) in caso di oro e argento per la loro proprietà di essere moneta (thamaniyya) oppure il mezzo di scambio, unità di conto e riserva di valore. Questa è anche l'opinione Maliki. Secondo una versione di questo punto di vista, anche se la carta o in pelle è fatto il mezzo di scambio e viene dato lo status di valuta, quindi tutte le norme relative alla naqdain, o oro e argento si applicano a loro. Così, secondo questa versione, scambio che coinvolge valute di paesi diversi ad una velocità diversa dall'unità è lecito, ma deve essere effettuato su base spot. Un'altra versione di queste due scuole di pensiero è che il sopra citato causa efficiente (illa) di essere moneta (thamaniyya) è specifico per l'oro e l'argento, e non può essere generalizzata. Cioè, ogni altro oggetto, se utilizzato come mezzo di scambio, non può essere incluso nella loro categoria. Quindi, secondo questa versione, le ingiunzioni Sharia per divieto riba non sono applicabili alle valute di carta. Valute appartenenti a diversi paesi possono essere scambiati con o senza guadagno e sia su un punto o su base differita. I sostenitori della versione precedente citare il caso di scambio di valute di carta appartenenti allo stesso Paese in difesa della loro versione. Il parere di consenso di giuristi in questo caso è che tale scambio deve essere senza alcun guadagno o ad un tasso pari all'unità e deve essere regolato su base spot. Qual è la logica alla base della decisione di cui sopra Se si considera la Hanafi e la prima versione della posizione Hanbali, allora, in questo caso, solo una dimensione della causa efficiente (Illa) è presente, cioè, essi appartengono allo stesso genere (jins ). Ma valute di carta sono né pesabili né misurabile. Quindi, la legge Hanafi sarebbe evidentemente permettere lo scambio di quantità diverse di una stessa valuta su base spot. Allo stesso modo se la causa efficiente di essere moneta (thamaniyya) è specifico solo per l'oro e l'argento, poi Shafii e Maliki legge sarebbe anche permettere lo stesso. Inutile dire che, ciò equivale a permettere l'indebitamento riba-based e di prestito. Questo dimostra che, è la prima versione del Shafii e Maliki pensiero che sta alla base della decisione consensuale di divieto di guadagno e di regolamento differito in caso di cambio delle valute appartenenti allo stesso Paese. Secondo i sostenitori, che si estende questa logica di scambio di valute di paesi diversi implicherebbe che lo scambio con guadagno o ad una velocità diversa da unità è ammissibile (dato che non c'è unità di jins), ma insediamento deve essere su base spot. 2.1.2 Confronto tra cambio valuta e Bai-Sarf Bai-sarf è definito nella letteratura fiqh come uno scambio che coinvolge Haqiqi Thaman, definito come l'oro e l'argento, che serviva come mezzo principale del cambio di quasi tutte le principali transazioni. I fautori del parere che qualsiasi scambio di valute di paesi diversi è uguale bai-sarf sostengono che nella nostra epoca valute cartacee hanno efficacemente e completamente sostituito oro e argento come mezzo di scambio. Quindi, per analogia, scambio che coinvolge tali valute dovrebbe essere governato dalle stesse regole e le ingiunzioni della Sharia come bai-sarf. Si sostiene anche che, se è consentito insediamento differita da entrambe le parti del contratto, questo aprirebbe la possibilità di Riba-al Nasia. Gli oppositori della categorizzazione di cambio di valuta con bai-sarf tuttavia sottolineano che lo scambio di tutte le forme di moneta (Thaman) non può essere definito come bai-sarf. Secondo questa visione bai-sarf implica lo scambio di valute in oro e argento (Thaman Haqiqi o naqdain) da sola e non di denaro pronunciato come tali dalle autorità statali (istalahi Thaman). Le valute di età presenti sono esempi di quest'ultimo tipo. Questi studiosi trovano sostegno in quegli scritti che affermano che se le merci di scambio non sono oro o argento, (anche se uno di questi è oro o argento), allora, lo scambio non può essere definito come bai-sarf. Né sarebbero le disposizioni in materia di bai-SARF essere applicabile a tali scambi. Secondo l'Imam Sarakhsi4 quando un individuo acquista fals o monete fatte di metalli inferiori, come ad esempio, il rame (istalahi Thaman) per dirhams (Haqiqi Thaman) e fa un pagamento posto di quest'ultimo, ma il venditore non ha fals in quel momento , allora tale scambio è ammissibile. presa di possesso di merci scambiate da entrambe le parti non è una condizione necessaria (mentre nel caso di bai-sarf, lo è.) Un certo numero di riferimenti simili esistono, che indicano che i giuristi non classificano uno scambio di FALS (istalahi Thaman) per un altro FALS ( istalahi Thaman) o oro o argento (Haqiqi Thaman), come bai-sarf. Quindi, gli scambi di valute di due paesi diversi, che possono qualificarsi solo come istalahi Thaman non possono essere classificati come bai-sarf. Né può essere imposto il vincolo in materia di regolamento a pronti su tali operazioni. Va notato qui che la definizione di bai-sarf è fornito Fiqh la letteratura e non vi è alcuna menzione dello stesso nelle tradizioni sacre. Le tradizioni menzione circa riba, e la vendita e l'acquisto di oro e argento (naqdain), che può essere una delle principali fonti di riba, è descritto come bai-sarf dai giuristi islamici. Va inoltre osservato che in letteratura Fiqh, bai-sarf implica scambio di oro o argento solo se questi vengono attualmente utilizzati come mezzo di scambio o meno. Scambio coinvolgendo dinari e ornamenti d'oro, sia la qualità come bai-sarf. Vari giuristi hanno cercato di chiarire questo punto e hanno definito sarf come quello scambio in cui entrambi i prodotti scambiati sono nella natura di Thaman, non necessariamente Thaman stessi. Quindi, anche quando uno dei beni viene elaborato oro (diciamo, ornamenti), tale scambio è chiamato bai-sarf. I sostenitori della vista che lo scambio di valuta deve essere trattato in modo simile a BAI-SARF derivare anche il sostegno di scritti dei giuristi islamici eminenti. Secondo l'Imam Ibn Taimiya tutto ciò che svolge le funzioni di mezzo di scambio, unità di conto e riserva di valore si chiama Thaman, (non necessariamente limitato all'argento amp oro). riferimenti simili sono disponibili negli scritti di Imam Ghazzali5 Per quanto riguarda il punto di vista di Imam Sarakhshi è preoccupato per quanto riguarda scambio che coinvolge fals, secondo loro, alcuni punti supplementari devono essere prese nota. Nei primi tempi dell'Islam, dinari e dirham d'oro e d'argento sono stati per lo più utilizzati come mezzo di scambio in tutte le principali transazioni. i minori sono stati risolti solo con fals. In altre parole, fals non possiedono le caratteristiche di denaro o thamaniyya in pieno ed è stato poco utilizzato come riserva di valore o di unità di conto ed era più nella natura della merce. Quindi non vi era alcuna restrizione acquisto degli stessi per oro e argento su base differita. Le valute presenti al giorno hanno tutte le caratteristiche di Thaman e sono destinate ad essere solo Thaman. Lo scambio che coinvolge valute di paesi diversi è uguale bai-sarf con differenza di jins e, di conseguenza, la liquidazione differita porterebbe a riba al-Nasia. Dr Mohamed Nejatullah Siddiqui illustra questa possibilità con una ESEMPIO6. Egli scrive in un dato momento nel momento in cui il tasso di mercato di scambio tra dollaro e rupia è 1:20, se un individuo acquisti 50 al tasso di 1:22 (insediamento del suo obbligo di rupie differita ad una data futura), poi è altamente probabile che sia. infatti, prestito Rs. 1000 ora al posto di una promessa di rimborsare Rs. 1100 in una data successiva specificata. (Dal momento che, si può ottenere Rs 1000 ora, scambiando il 50 acquistati a credito al tasso spot) Così, sarf può essere convertito in basata sugli interessi di prestito prestito amp. 2.1.3 Definire Thamaniyya è la chiave Sembra dalla sintesi di sopra di punti di vista alternativi che la questione chiave sembra essere una definizione corretta di thamaniyya. Per esempio, una questione fondamentale che conduce a posizioni divergenti sulla liceità riguarda se thamaniyya è specifico di oro e argento, o può essere associato a qualsiasi cosa che svolge le funzioni di denaro. Alziamo alcuni problemi di sotto del quale possono essere presi in considerazione in ogni esercizio di riconsiderazione delle posizioni alternative. Si deve notare che thamaniyya non sia assoluta e possono variare in gradi. E 'vero che le valute di carta sono completamente sostituito oro e argento come mezzo di scambio, unità di conto e riserva di valore. In questo senso, le valute di carta si può dire di possedere thamaniyya. Tuttavia, questo è vero solo per le valute nazionali e non può essere vero per le valute estere. In altre parole, rupie indiane possedere thamaniyya entro i confini geografici dell'India solo, e non hanno alcuna accettabilità negli Stati Uniti. Questi non si può dire di possedere thamaniyya negli Stati Uniti a meno che un cittadino degli Stati Uniti può utilizzare rupie come mezzo di scambio, o di unità di conto, o di riserva di valore. Nella maggior parte dei casi tale possibilità è remota. Questa possibilità è anche una funzione del meccanismo di cambio in vigore, come ad esempio, la convertibilità di rupie in dollari USA, e se un sistema di cambi fisso o variabile è a posto. Ad esempio, ipotizzando libera convertibilità di rupie in dollari statunitensi e viceversa, e di un sistema di cambi fissi, in cui il tasso di cambio rupia-dollaro non dovrebbe aumentare o diminuire nel prossimo futuro, thamaniyya di rupia in noi è notevolmente migliorato . L'esempio citato dal dottor Nejatullah Siddiqui appare anche abbastanza robusto, date le circostanze. Il permesso di scambiare rupie per i dollari in differita (da un capo all'altro, ovviamente) ad un tasso diverso dal tasso spot (tasso ufficiale, che rischia di rimanere fisso fino alla data di regolamento), sarebbe un chiaro caso di basata sugli interessi prestiti e mutui. Tuttavia, se l'assunzione di tasso di cambio fisso è rilassata e l'attuale sistema di fluttuante e tassi di cambio volatili si presume che sia il caso, allora si può dimostrare che il caso di Riba al-Nasia rompe. Riscriviamo il suo esempio: in un dato momento nel momento in cui il tasso di mercato di scambio tra dollaro e rupia è 1:20, se un individuo acquisti 50 al tasso di 1:22 (insediamento del suo obbligo di rupie rimandati ad una data futura ), allora è altamente probabile che sia. infatti, prestito Rs. 1000 ora al posto di una promessa di rimborsare Rs. 1100 in una data successiva specificata. (Dal momento che, si può ottenere Rs 1000 ora, scambiando il 50 acquistati a credito al tasso spot) Questo sarebbe così, solo se il rischio di cambio è inesistente (tasso di cambio rimane a 1:20), o è a carico del venditore di dollari (acquirente ripaga in rupie e non in dollari). Se il primo è vero, allora il venditore della dollari (mutuante) riceve un ritorno predeterminato di dieci per cento quando si converte Rs1100 ricevuto alla data di scadenza in 55 (ad un tasso di cambio di 1,20). Tuttavia, se questo è vero, allora il ritorno al venditore (o il creditore) non è predeterminato. Non deve nemmeno essere positivo. Per esempio, se il tasso di cambio rupia dollari aumenta a 1:25, poi il venditore di dollaro avrebbe ricevuto solo il 44 (Rs 1100 convertito in dollari) per il suo investimento di 50. Ecco due punti sono degni di nota. In primo luogo, quando si assume un regime di cambio fisso, la distinzione tra le valute di paesi diversi viene diluito. La situazione diventa simile allo scambio di sterline con sterlings (valute appartenenti allo stesso Paese) a tasso fisso. In secondo luogo, quando si assume un sistema di cambi volatile, poi altrettanto si può visualizzare il prestito attraverso il mercato valuta estera (meccanismo proposto nell'esempio precedente), si può anche visualizzare il prestito tramite qualsiasi altro mercato organizzato (come ad esempio, per le materie prime o azioni .) Se si sostituisce dollari per gli stock nell'esempio precedente, sarebbe letto come: in un dato momento nel tempo in cui il prezzo di mercato delle azioni X è Rs 20, se un individuo acquisti 50 titoli al tasso di Rs 22 (insediamento di il suo obbligo in rupie differita ad una data futura), allora è molto probabile che egli è. infatti, prestito Rs. 1000 ora al posto di una promessa di rimborsare Rs. 1100 in una data successiva specificata. (Dal momento che, si può ottenere Rs 1000 ora, scambiando i 50 titoli acquistati a credito al prezzo attuale) Anche in questo caso, come nell'esempio precedente, restituisce al venditore delle scorte può essere negativo se prezzo delle azioni sale a Rs 25 sulla soluzione Data. Quindi, proprio come i rendimenti del mercato azionario o mercato delle materie prime sono islamicamente accettabili a causa del rischio di prezzo, lo sono anche i rendimenti del mercato valutario a causa delle fluttuazioni dei prezzi delle valute. Una caratteristica unica di Haqiqi Thaman o oro e argento è che il valore intrinseco della moneta è uguale al suo valore nominale. Così, la domanda di diversi confini geografici entro i quali una determinata valuta, come ad esempio, Dinaro o dirham circola, è del tutto irrilevante. L'oro è oro sia in un paese A o B. Così, quando la valuta del paese A d'oro viene scambiato per la valuta del paese B, anche d'oro, allora ogni deviazione del tasso di cambio da unità o differimento di insediamento da entrambe le parti non può essere consentito in quanto sarebbe chiaramente coinvolgere riba al-Fadl e anche riba al-Nasia. Tuttavia, quando le valute di carta del paese A è scambiato per carta moneta del paese B, il caso potrebbe essere completamente diverso. Il rischio di prezzo (rischio di cambio), se positiva, eliminerebbe ogni possibilità di riba al-Nasia nello scambio con regolamento differito. Tuttavia, se il rischio di prezzo (rischio di cambio) è pari a zero, allora tale scambio potrebbe essere una fonte di Riba al-Nasia se liquidazione differita è permitted7. Un altro punto che merita seria considerazione è la possibilità che alcune valute possono possedere thamaniyya, che viene, utilizzato come mezzo di scambio, unità di conto, o di riserva di valore a livello globale, all'interno della nazionale così come all'estero. Per esempio, dollaro è moneta a corso legale in Stati Uniti, è anche accettabile come mezzo di scambio o di unità di conto per un grande volume di transazioni in tutto il mondo. Così, questa valuta specifica può dire che possiede thamaniyya a livello globale, nel qual caso, giuristi possono imporre le ingiunzioni relative a scambi che coinvolgono questa valuta specifico per prevenire riba al-Nasia. Il fatto è che quando una valuta possiede thamaniyya a livello globale, le unità quindi economici che usano questa valuta globale come mezzo di scambio, unità di conto o di riserva di valore potrebbero non essere preoccupato per il rischio derivante dalla volatilità dei tassi di cambio tra paesi. Allo stesso tempo, va riconosciuto che la grande maggioranza delle valute non eseguire le funzioni dei soldi se non entro i loro confini nazionali quando sono corso legale. Riba e il rischio non possono coesistere nello stesso contratto. L'ex connota una possibilità di rendimenti con rischio zero e non può essere ottenuto attraverso un mercato con rischio di prezzo positivo. Come è stato detto in precedenza, la possibilità di Riba al-Fadl o riba al-Nasia possono sorgere in cambio quando l'oro o la funzione argento come Thaman o quando lo scambio coinvolge valute di carta appartenenti allo stesso paese o quando lo scambio coinvolge valute di paesi diversi a seguito di un sistema di cambi fissi. L'ultima possibilità è forse unIslamic8 dal prezzo o il tasso di cambio delle valute dovrebbe essere consentito di fluttuare liberamente in linea con i cambiamenti della domanda e dell'offerta e anche perché i prezzi dovrebbero riflettere il valore intrinseco o il potere d'acquisto delle valute. I mercati di valuta estera di oggi sono caratterizzati da tassi di cambio volatili. Gli utili o le perdite realizzate sulle operazioni nelle valute di paesi diversi, sono giustificate dal rischio a carico delle parti del contratto. 2.1.4. Possibilità di Riba con Futures e vista Attaccanti Finora, abbiamo discusso sulla liceità di bai salam in valute, cioè, quando l'obbligazione di una sola delle parti lo scambio è differito. Quali sono le opinioni di studiosi di rinvio degli obblighi di entrambe le parti. Tipico esempio di tali contratti sono in avanti e futures9. Secondo la grande maggioranza degli studiosi, questo non è consentito per vari motivi, il più importante è l'elemento di rischio e di incertezza (gharar) e la possibilità di speculazione di un genere che non è ammissibile. Questo è discusso nella sezione 3. Tuttavia, un altro motivo di rigetto di tali contratti possono essere divieto riba. Nel paragrafo precedente abbiamo discusso che salam bai in valute con tassi di cambio fluttuanti non può essere utilizzato per guadagnare riba a causa della presenza di rischio di cambio. E 'possibile dimostrare che il rischio di cambio può essere coperto o ridotto a zero con un altro contratto a termine transazione contemporaneamente. E una volta che il rischio viene eliminato, il guadagno sarebbe chiaramente riba. Modifichiamo e riscrivere lo stesso esempio: in un dato momento nel momento in cui il tasso di mercato di scambio tra dollaro e rupia è 1:20, un individuo acquisti 50 al ritmo di 1:22 (insediamento del suo obbligo di rupie differita ad un data futura), e il venditore di dollari siepi anche la sua posizione stipulando un contratto a termine per vendere Rs1100 da ricevere sul data futura a un ritmo di 1:20, quindi è altamente probabile che egli è. infatti, prestito Rs. 1000 ora al posto di una promessa di rimborsare Rs. 1100 in una data successiva specificata. (Dal momento che, si può ottenere Rs 1000 ora, scambiando i 50 dollari acquistati a credito a tasso spot) Il venditore dei dollari (mutuante) riceve un ritorno predeterminato di dieci per cento quando si converte Rs1100 ricevuto alla data di scadenza in 55 dollari (a un tasso di cambio di 1,20) per il suo investimento di 50 dollari a prescindere dal tasso di mercato di cambio in vigore alla data di scadenza. Un altro semplice modo possibile per guadagnare riba può anche comportare una transazione spot e operazioni a termine simultaneamente. Ad esempio, l'individuo nell'esempio sopra acquista 50 su base spot al tasso 1:20 e contemporaneamente stipula un contratto forward con una stessa parte di vendere 50 al ritmo di 1:21 dopo un mese. In effetti questo implica che egli sta prestando Rs1000 ora al venditore di dollari per un mese e guadagna un interesse di Rs50 (riceve Rs1050 dopo un mese. Si tratta di una tipica buy-back o di pronti contro termine della transazione (riacquisto) così comune nel settore bancario convenzionale .10 3. la questione della libertà di gharar 3.1 definizione gharar gharar, a differenza di riba, non avere una definizione di consenso. In termini generali, si connota rischio e incertezza. e 'utile per visualizzare gharar come un continuum di rischio e di incertezza in cui il extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet 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 amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed 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. Al contrario, parti del contratto invertire la transazione e il contratto è regolato in unica differenza di prezzo. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. La giustificazione economica di futures e contratti a termine è in termini del loro ruolo come un dispositivo di copertura. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party - whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation. 4. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In un mercato volatile, i partecipanti sono esposti al rischio di cambio e la razionalità islamica richiede che tale rischio dovrebbe essere ridotto al minimo, nell'interesse dell'efficienza, se non ridotta a zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit 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 amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different 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 Allahs 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 mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, IndiaForex 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. 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, trading index, saham, dan komoditi Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam Mari kita ikuti selengkapnya. Jangan engkau menjual sesuatu yang tidak ada padamu, sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah. Oleh sementara fuqaha (Ahli fiqih Islam), HADITS tersebut ditafsirkan Secara saklek. Pokoknya, setiap praktik Jual beli yang ada Tidak 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, cara menentang penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa Tidak Benar Jual-beli barang yang ada Tidak dilarang. Baik dalam Al Quran, 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 ada Sudah pada waktu AKAD. Causa legis atau 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 Con una quantità, Mutu, Tempat dan waktu penyerahannya. Semuanya berjalan di atas rel 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 Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasail almuashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, lo stato 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-waqaI 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 Oleh Ibn al-Qoyyim 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-ayan la fi al-adzhan. Artinya, kebenaran hukum ITU dijumpai Dalam kenyataan empirik Bukan Dalam Alam pemikiran atau Alam idea. Paradigma ini diturunkan dari prinsip hukum Islam tentang Keadilan yang Dalam Al Quran istilah digunakan al-Mizan, a-qisth, al-wasth, Dan al-ADL. Dalam penerapannya, Secara khusus masalah PBK dapat dimasukkan ke Dalam bidang fiqh kajian al-siyasah maliyyah, yakni Politik hukum kebendaan. Dengan KATA lain, PBK termasuk kajian hukum Islam Dalam pengertian bagaimana hukum Islam diterapkan Dalam masalah kepemilikan ATAS Harta Benda, melalui perdagangan berjangka komoditi epoca Dalam globalisasi dan perdagangan bebas. 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 n ° 321977 tentang PBK. Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay al-salamajl biajil. Bay al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay ajl biajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ras al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafiiyah 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 muslim atau muslim ilaih. Objek transaksi (maqud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ras al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat aqad), yaitu ijab dan kabul. Yang Perlu diperhatikan Dari tersebut Unsur-Unsur, Adalah bahwa ijab dan qabul dinyatakan dalam Bahasa dan kalimat yang Jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafiiyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa aqd al-salam adalah bay al-madum dengan sifat dan cara berbeda dari akad jual dan beli (buy). Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin malumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang Harus dipenuhi Oleh di prezzo Tukar (al-tsaman), Adalah, Pertama, kejelasan Jenis Tukar ALT, yaitu dirham, dinar, rupia atau dolar DSB atau barang-barang yang dapat ditimbang, disukat, DSB. Kedua, kejelasan Jenis alat Tukar apakah rupia, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati Dalam bentuk chilogrammo, stagno, l'ora legale. 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. Hal Sebab ini akan mengakibatkan terjadinya perselisihan di Antara pelaku transaksi, yang akan merusak Nilai transaksi. Kejelasan Tukar jumlah di prezzo. 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 principio giuridico yang berbunyi: Ma La yudrak kulluh la yutrak kulluh. Apa yang dapat Tidak dilaksanakan semuanya, Maka Tidak Perlu ditinggalkan keseluruhannya. Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay al-salam. 1. The Basic Exchange Contracts There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date. To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of 50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of 50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or 50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. A minority view considers it permissible. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay 50 to him after six months. Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market. 2. The Issue of Riba Prohibition The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition. The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. Quest'ultimo tipo di Riba è vietato vietando regolamento differito e garantire che l'operazione è regolata sul posto da entrambe le parti. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed. The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries. A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Molte altre materie prime, come ad esempio, metalli vari inferiori anche servito come mezzo di scambio, ma con l'accettabilità limitata. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance). 2.1. A Synthesis of Alternative Views 2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot and when the commodities are different, sell as it suits you, but on the spot. Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba. For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins) these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis. Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established. The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value. This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis. Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis. 2.1.2 Comparison between Currency Exchange and Bai-Sarf Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is 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 amp silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with 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 amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US 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. Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price) In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract. 2.1.4. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet 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 amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed 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. Al contrario, parti del contratto invertire la transazione e il contratto è regolato in unica differenza di prezzo. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. La giustificazione economica di futures e contratti a termine è in termini del loro ruolo come un dispositivo di copertura. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation. 4. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In un mercato volatile, i partecipanti sono esposti al rischio di cambio e la razionalità islamica richiede che tale rischio dovrebbe essere ridotto al minimo, nell'interesse dell'efficienza, se non ridotta a zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit 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 amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different 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 Allahs 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 mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 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 kebutuhankomoditi 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. Perbandingan Nilai mata uang antar negara terkumpul Dalam Suatu BURSA atau PASAR yang bersifat internasional dan terikat Dalam Suatu kesepakatan bersama yang Saling menguntungkan. Nilai mata uang Suatu Negara Negara dengan lainnya ini berubah (berfluktuasi) setiap Saat sesuai volume di 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: 8212gt 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) oleh 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. 8220Jangan kamu membeli ikan Dalam aria, Karena sesungguhnya Jual beli yang demikian ITU mengandung penipuan8221. (Hadis Ahmad bin Hambal dan Al Baihaqi Dari Ibnu Mas8217ud) Jual Beli barang yang Tidak di Tempat transaksi diperbolehkan dengan condizioni Costi 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: 8220Barang Siapa yang membeli sesuatu yang ia Tidak melihatnya, Maka ia berhak khiyar jika ia Telah melihatnya8221. 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 Islam: Kesulitan itu menarik kemudahan. Demikian Juga Jual Beli barang-barang yang Telah terbungkustertutup, seperti makanan kalengan, GPL, dan sebagainya, asalkam etichetta diberi 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 Asing DAN Saham Yang dimaksud dengan Valuta Asing Adalah mata uang Luar Negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malesia 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 Indonesia akan memperoleh Devisa dari Hasil ekspornya, sebaliknya importare, Indonesia memerlukan Devisa untuk mengimpor dari Luar Negeri. Dengan demikian Timbul akan penawaran dan perminataan di borsa 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 asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77) Like this: