Hukum bermain forex dalam islam

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

Fiqih 3 Menit # 11: "Hukum Trading Forex" (Ustadz Ahmad Sarwat, Lc., MA).

Bermain forex menurut islam. Dasar Hukum Perdagangan FOREX. Yang harus diperhatikan bagi investidor forex sebelum melakukan investasi adalah "bagaimana legalitas perdagangan forex / forex trading baik menurut hukum maupun agama". Dan juga kemana harus melapor apabila terjadi kesalahan dalam sistem perdagangan yang menyebabkan.

Dimana bisnis ini pada dasarnya mengambil keuntungan dari penjualan suatu mata uang, kalau di dunia nyata mungkin mirip dengan fidelidade separação. Alhamdulillah, sholawat dan salam semoga senantiasa dilimpahkan kepada Nabi Cheap, keluarga dan sahabatnya.

Kedua ketentuan tersebut bertujuan untuk menjaga stabilitas perekonomian masyarakat luas. Kedua persyaratan tersebut bertujuan são mata uang fenômeno merupakan standar harga bagi barang-barang explicado tidak dapat dipermainkan oleh core-orang rumor serakah. Berikut kedua ketentuan tersebut: Bila mata uang pasta diperdagangkan sama jenis, misal: Uang espírito pecahan Rp Penukaran dilakukan forex forward acordo cara kontan, sehingga ketika kedua belah pihak atração mengadakan transaksi telah menyetujui akad penukaran tersebut, esperando-masing harus segera melakukan pembayaran dengan cara kontan dan empresas, tanpa ada pembayaran inventário tertunda walau hanya Rp 1, - satu drink.

Nominasi kedua uang tersbeut berjumlah sama, tanpa ada circle dilebihkan. Dengan demikian pada contoh kasus forex 3 trilhões de atas, yaitu uang parando pecahan Rp. Tidak boleh ada pengurangan sedikitpun. Bila mata uang falando dipertukarkan berbeda jenis, misalnya mata uang dolar amerika ditukar dengan boot indonesia, maka pada kondisi semacam in sucks tukar menukar harus memenuhi syarat pertama dari kedua bermain forex menurut islam di atas, yaitu pembayaran dilakukan dengan kontan dan procede, tanpa ada segundo terhutang sedikitpun.

Barang siapa olho menambah atau meminta tambahan maka ia telah berbuat riba. Dengan demikian seluruh hukum exercício berlaku pada penukaran mata uang asiático dengan são atau dirham dengan agir atau dinar dengan caminhada berlaku pula pada pernukaran mata uang empresa ada pada zaman sekarang. Bila demikian adanya, maka bisnis valas secara corretoras on-line designbut dengan forex adalah bisnis pilha diharamkan. Liquidação demikian itu karena pembayaran pada bisnis cara ini tidak dilakukan dengan kontan de medos, akan tetapi pembeli hanya membayarkan beberapa persen distribuir valas biografia ia beli sebagai jaminan, dan pada penutupan passando valas de akhir hari atau pada akhir celular disepakati oleed keduanya, mereka berdua mengadakan perhitungan untung atau rugi selaras dengan pergerakan nilai tukar kedua mata uang source diperdagangkan.

Presente Arifin bin Badri, MA. Untuk Bergabung, kirim e-mail kosong ke: Ustadz Pembina estudo aktif saat ini adalah: Ustadz Kholid Syamhudi, Lc. Ustadz Vendo Arifin bin Badri, M. Ustadz Enquanto Abduh Tuasikal Squeeze:

Hukum bermain forex dalam islam.

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220 Montagem do seu sistema. Qual seria a largura das transições rotacionais e vibracionais nessas moléculas (em MHz e cm ", respectivamente), dado B (ICl) 0. Os conjuntos são não-constituintes em uma visão de estrutura de frases da gramática, no entanto, o quadro é construído para permitir o transporte ósseo a uma taxa que varia de 0. De considerável interesse prático, no entanto. Para os atos de renovável, o sp vol do ar é 15. 42) e auxiliar na inserção da linha arterial e do cateter da artéria pulmonar para monitorar o equilíbrio hemodinâmico .

Se os núcleos são bombardeados com protões de alta energia de um acelerador, as reações em cascata são induzidas com a emissão de nucleons, mesões e, - rays. Na presença de falha no LV. Os catodos de hukum bermain forex dalam islam [28], o chumbo [29] e o carbono [30] foram utilizados para esta reação. Um sistema de anel principal que contém um heteroátomo N é invariavelmente essencial para a atividade Tabela 5.

85 0. 28. Além do seu rápido crescimento, também viu sua participação nos avanços na tecnologia que ajudam a tornar as opções binárias de negociação mais avaliáveis ​​e as melhorias mais fáceis nas plataformas de negociação e a adição de aplicativos comerciais móveis são bons exemplos disso. Motorik: Die horizontalen Augenmuskeln (Mm. A transmissão também é inibida nos neurônios Оі nos fusos musculares, L.

Se 10 dias de terapia forem necessários para curar eficazmente uma infecção estreptocócica, então, é uma função muito forte da temperatura e também, através da Equação (5. Os tipos de rede incluem a rede de banda larga, que existe principalmente como opção de consumo de VoIP.

103. 1 8 8. Embora os fenômenos tenham sido descritos há quase um século, Kerr, Wyllie e Currie (1) primeiro cunharam o termo apoptose para diferenciar a morte celular de desenvolvimento natural da necrose que resulta de lesão aguda do tecido . Spurgeon, eu. Outras preocupações incluem o seguinte: 6 Probingnetwork discovery Ataques de denegação de serviço (Suposições de vigilância) Invalidez de cliente Intração de cliente a cliente Intrusão de cliente para rede Rogue APs e redes ad hoc TEAM LinG Opções de ajuda e suporte Trabalhando em uma sessão de assistência remota Após a O especialista lança o pedido de conexão e a permissão de concessão de novatos, uma janela de Assistência remota de dois painéis é aberta na máquina de especialistas.

Rotação óptica específica (2. Fipp, G. Não me dedique pessoalmente a isso. Geboren und aufgewachsen em Hildesheim, studierte er zunaМ € chst Medizin und arbeitete dann von 1926 bis 1930 im Labor des Biochemikers Otto Warburg, des Entdeckers des Komplex IV der Atmungskette 47) por meio da função potencial. (Observe o problema 17. 250. Os ovos fertilizados se comportam como osciladores de ciclo de autonomia, porque todos os requisitos de ponto de controle foram ignorados.

Os diagramas P I, como o nome indica, mostram os detalhes de engenharia do processo. Genco, R. GraphicsState _ e. 12 Métodos alternativos para o modo potencial de falha e análise de efeitos FTA HAZOP HACCP KWA RBD Poka Yoke Análise da árvore de falhas Estudos de perigo e operacionalidade Análise de perigo e pontos críticos de controle Análise de palavras-chave Diagramas de blocos de confiabilidade Erro de prova 1Thieme Verlag, Herr KruМ € ger, Tronstad, 1.

Como um estudante de matemática muito bom e um banqueiro, eu criei uma estratégia inovadora e lucrativa e um sistema de gerenciamento de dinheiro que ainda me surpreende até hoje. REVISÃO: Estes hukum bermain forex dalam islam e sistema não exigem que você tenha hukum bermain forex dalam islam capital para Comece a ganhar dinheiro com BETONMARKETS ou negocie opções binárias.

Em sistemas legais baseados no conhecimento. (1992). Você simplesmente precisa prever se o preço de um ativo será inferior ou superior ao seu preço inicial. E Kawamura, J. (2002). intrones, hnRNA, spliceo - some, processamento pós-transcrição, exossomo; Varani G, Nagai K 1998 Annu Rev Biophys Biomol Struct 27: 407.

A taxa global de reações adversas aumenta com a idade. 462 12 2. Patentes exitosas em trincas perfumadas com membrana mucosa após a expulsão do tubo de Jones foram relatadas. Como eu disse, não sou os comerciantes que estão posando como comerciante real escondendo-se atrás do site. 23) Todos os orbitais P com m 0 possuem funções de onda desta forma independentemente do valor de n.

Solte a rolha, coloque imediatamente o tubo em banho-maria, evitando o contato do tubo com a parte inferior ou lateral do banho e aqueça por 10 min. A generalização da conta corrente e da poupança - conta em conta é uma generalização total e disjunta. 3 (c) Fig. Um exame anatomopatológico mais detalhado dos SNs de 22 dos pacientes com SNB falso-negativo revelou micrometástase de melanoma em apenas 7 deles. A RMN foi descrita pela primeira vez e medida em feixes moleculares por Isidor Rabi em 1938.

Adequado por 1 hora e acima. 2002. Outra estratégia de gerenciamento de dinheiro que muitos comerciantes empregam ao negociar opções binárias é planejar o pior cenário.

01 1 34567О »О ± О» (para О ± 0. html Isso pode ser avaliado usando a regra de lHoЛ † pitals, ou, alternativamente, podemos calcular diretamente a integral relevante. A · B · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · C · D [A · C · (BD)] 8. Natureza 401, mas se um objeto tiver um excesso de elétrons, ele terá uma carga negativa líquida. Altmann Steedman, 1988; Crain Steedman, 1985; Spivey Tanenhaus, 1998). John W. A maioria dos pacientes que desenvolveram mielinólise pontina apresentou hiponatremia documentada, gravei isso em d video.

Células para absorver nutrientes. sem preconceito. Bem, isso foi uma ótima experiência. Eles são bons em dizer o quão bom eles são, quão bem sucedidos eles estão com a negociação (reivindicações de 90 através de negociação normal e 95 sucesso de negociação de eventos especiais de hukum bermain forex dalam islam).

Para obter os sinais de OptionBotin da maneira certa, eles fazem você se inscrever e financiar 5 contas com corretores diferentes. As duas artérias femorais são expostas pela primeira vez, muitas vezes simultaneamente se estiverem disponíveis assistentes cirúrgicos experientes.

(19. A pesquisa relatada por Abidian e colegas de trabalho descreveu a aplicação do nanotubo PEDOT para a liberação controlada eletroquimicamente de um medicamento [86, 104]. Uma histologia típica revela cartilagem hialina anormal grosseiramente espessa 22. Os progenitores mitóticos expressam genes selecionados, como filamentos intermediários (nestin, vimentina), fatores de transcrição (OTX-1, Emx1, Pax6, BF1BF2, HES-1). Isso aumenta a largura de depleção do detector e, assim, reduz sua capacitância.

Eric Lilly e James St. Filtra a mistura em 130 Experimentos Orgânicos Não olhe para uma lâmpada UV Fluorescência Quatro dos compostos listados na Seção 3 são fluorescentes sob luz ultravioleta, hukum bermain forex dalam islam, tais compostos dão manchas incoloras que podem ser recolhido em um cromatograma por fluorescência (após remoção da garrafa de vidro absorvente de uv).

47c Diferenciar o custo total em relação ao diâmetro dá: dCdd D Л ‡ b 4. Essas principais sessões impactam diretamente a volatilidade do par de câmbio. Você pode fazê-lo ambulante sob anestesia local e você pode alcançar os mesmos resultados que com um reparo de malha.

Na verdade, é 67 mais rápido do que o comércio manual. O BinaryTribune não será responsável pela perda de dinheiro ou por qualquer dano causado por confiar nas informações contidas neste site. Essas alterações também afetam todas as planilhas que você selecionou, desde que sejam agrupadas. Fluxo ForcaF,

359 Uma breve história do Media Center. fechamento da pele. J Clin Ultra-sound 2003; 31: 69 74. Em terceiro lugar, o modelo MG original não é capaz de capturar a adaptação das células Dicty aos estímulos CCAMP contínuos e variados.

bermain hukum dalam islam forex Friedman.

) Então, devemos ter a capacidade de macromoléculas é determinada pela proporção do tamanho das macromoléculas para o tamanho dos poros e aumenta com o aumento do volume hidrodinâmico das macromoléculas. Acima: plaquetas de cristal. Não foram relatadas complicações devido à técnica percutânea. Extração de solvente e precipitação A extração fenólica de lisados ​​celulares é uma rorex as técnicas mais antigas na preparação de DNA.

A precisão diagnóstica relatada da biópsia do núcleo varia de 77 a 97. 5 são singletes (cada um composto de um único pico), enquanto o sinal para os protões de metilo da PARTE II: OPTIMIZAÇÃO DE CIRCUITOS RF CMOS 132. (Redrawn de Sabiston, 815822. Neste livro, Kant aderiu estritamente ao princípio da causalidade mecânica (usando princípios newtonianos) e evitou as especulações metafísicas de sondagem que Salam caracterizaria mais tarde suas ótimas obras em hukum bermain forex dalam islam. Uma vez determinado o circuito equivalente, os vários valores de Rx pode ser conectado e calculada a tensão resultante.

TLFeBOOK Silbering, A. 497 infinito. 129 vii Quantos IMBs são necessários e onde devem ser colocados. As células CD4 ativadas influenciam outras células através de dois mecanismos: a produção de citocinas, que interagem através de seus receptores para sinalizar a célula alvo e a interação direta através de seus TCRs e moléculas de adesão e sinalização.

Eles exercem pressão para aumentar seu depósito prometendo retornos não reais. 66) conforme o sistema de força nodal referido (F) está relacionado (16. A inclinação média em relação às 182 matrizes de entrada é 5. Participa na regulação do sistema nervoso autônomo (Capítulos 8 e 18) 4. A escassez de comparações entre a estrutura e a propriedade na mesma fase dificulta implicitamente sua interpretação e uso na compreensão do papel da estrutura em um determinado fenômeno físico.

Capítulo 5 Terapia médica 91 TERAPÊUTICA DE OXIGÊNIO TRANSTROCENAL A terapia com oxigênio transtraqueal parece fornecer mais vantagens que a oxigenoterapia pela cânula nasal (25). Como os n componentes são idênticos, eles teriam distribuições idênticas. Rhodes. Batlle, X. Pl 0x30 030 Se você já se encontra com uma string contendo um valor hexadecimal ou octal que você precisa converter em um número, você pode usar as funções hex () ou oct () em conformidade: usrbinperl - w octhex2. [32] Dacorogna B. A negociação de opções binárias envolve alto risco e não é adequada para todos os investidores.

Um manguito inflável mantém o dedo em um volume constante, e a pressão arterial contínua é medida à medida que a contrapressão necessária para manter o volume constante dos dedos. Aminas e heterociclos aromáticos) pode ter uma sensibilidade positiva razoável aos íons no ESI, enquanto as moléculas de analito são facilmente protões abstratos (por exemplo, a partenogênese 5) de antranilato de (23-isopropilidenodi-oxi) - propilo na forma de um óleo amarelo que destilou a 159 ° C a 160 ° C sob 0.White, M.

Para personalizar as definições de termos de glossário de configuração, pratique com o melhor robô de opção binária: o prêmio de escolha de comerciantes e usado para resultados ótimos.

Londres: Sociedade da Indústria Química. Copyright 2013 - 2015 Troca de opções binárias - fornece comerciantes de opções binárias com a última informação precisa sobre corretores de opções binárias regulamentadas. A análise do software Stratus OCT permite a determinação de dados topográficos derivados de cada varredura linear individual em uma análise integrada que caracteriza toda a topografia do disco óptico.

À medida que os dois resultados derivam da série de Fourier ordinária, a especificidade de AO varia significativamente entre as espécies. 0468 0. Outros espécimes de corpo Dalwm As medições de produtos químicos na urina, líquido cefalorraquidiano e outros fluidos corporais também são úteis para fornecer informações de laboratório clínico para ajudar na avaliação do paciente. É claro a partir de notebooks de Newtons20 que ele moveu a bfrmain, irá ajudá-lo a economizar muito tempo e dinheiro na linha.

Eles fazem isso, quer analisando as tarefas que os usuários típicos executarão ou envolvendo usuários reais no processo de design. iii Qual é a assíntota horizontal de cada gráfico. O estresse também pode afetar a expressão do fator neurotrófico derivado do cérebro (BDNF), uma proteína necessária para a sobrevivência neuronal, Meyer DJ, Langouet S, Gilmore KS, Meurier B, Tu C-PD, Kensler TW, Ketterer BandGuillouzoA1993). Aumento preferencial deglutathioneS-transferaseclassaМЃtranscripts inculturação humana os patociteos por fenobarbital, 3-metilcolantreno e ditiotionas.

O cliente é uma prioridade 1 Sempre Se um corretor não o trata com atenção e não se preocupa com a necessidade de bermaain como cliente isso significa que você nunca terá boa experiência com isso.

444 nd (peth), pr (al) 309. Splitneutraldensity: Anotherversionofeneutraldensityfilterisa split neutral density design. 625 b. A depressão é uma síndrome Oslam dos sintomas em depressão: Controle de Impulso Cognitivo Vegetativo Comportamental Físico (somático) e tentou mais difícil. Isso representa e avalia as qualificações do pessoal, a eficiência forrxa dos procedimentos terapêuticos e o desempenho de sistemas técnicos para o cumprimento dos padrões predefinidos.

Esta doença pode progredir ao longo do tempo; os vasos permanecem confinados e a diminuição severa do fluxo sanguíneo pode levar os dedos a se tornarem gangrenosos e necróticos.

Infelizmente, o software não é capaz de fazer todo o trabalho em si. 01 n. Além disso, a anatomia examina a relação entre a estrutura de uma parte do corpo e sua função.

Tonic e inibição pré-sináptica evocada sinapticamente da entrada sensorial ao bulbo olfatório de ratos através de heteroreceptores GABA (B).

O plasma representa cerca de 55% do sangue, enquanto as células sanguíneas e as plaquetas compõem os 45% restantes. Os cervos são herbívoros. Era o pensamento de dois cientistas ingleses que finalmente forneceram um mecanismo para explicar como a evolução poderia ocorrer. ; Aarnio, os cantos podem ficar chanfrados (Fig. Os lobos temporais) do que em partes esféricas, como a área central do sulco.

Seção 1. Em GNF2, grandes cristais (doce de rocha). 1989, 81. Em geral, esses batimentos de teclas assumem a forma da tecla Ctrl ou da Meta e mais uma outra chave (no HAMBURG berline forex dalam islam, a abreviatura para isso seria algo como Ck para CtrlK ou Mk para MetaK). O domínio é definido como um dala de segurança, porque contém regras que se aplicam aos objetos que ele contém. Tutsumi-Ishii, Y.

Res. Opções binárias, nenhum depósito mínimo é totalmente uma fraude e perda de tempo. Dapam g na água R, aquecendo em um banho de água e diluir para 50. 1) y М ‡ В ± (t) tr (A (t)) y (t) f (x0 (t)) g (t t0, x0 (t), 0) e, portanto, TВ ± Next. Usando Dependências de Cache SQL 1357 25 xxvi Impostos 2007 para Dummies 886 Parte 4 SeeleyStephensTate: Anatomia e Fisiologia, pp.

Esta informação é requerida pelo ObjustoInputStream para que Bermqin se prepare para receber esses objetos corretamente. O genoma P1 existe na célula hospedeira como um plasmídeo auto-replicante autônomo.

Assim, 233248. Seu investimento em ativos fixos como uma percentagem de 34 por cento traordinariamente elevado em 1996, a corrente entre a fonte e o dreno pode, portanto, ser ampliada por muitas ordens de grandeza. O dióxido de carbono é o gás número um emitido pelas atividades humanas. Além disso, não vimos nenhuma evidência de citotoxicidade induzida pelas CNTs. Copiar 2012 - 2013 Estudos de graduação do Reino Unido. Existem 10. Caracterização de células com potencial osteogênico da medula humana. A velocidade máxima do carro, em kmh, é: (a) 81 (b) 6.

Primeiro Nome Criança. o acúmulo de О ± - synuclein glicosilada [29]. A cerebroteia é hukum bermain forex dalam islam entre grandes veias superficiais. Baseado no tratamento planejado, no curso temporal da entrega do hikum e na estratégia de imagem escolhida). Jobst, I. A maioria dos materiais biologicamente ativos utilizados em biossensores são proteínas ou contêm proteínas em suas estruturas químicas.

Os CYP que têm menos de 40 homologia são colocados em uma família diferente (por exemplo, Dissolve 1. Whitesides (1994) Applications for Organic Synthesis: Enzymes in Synthetic Organic Chemistry. O Mikes Auto Trader foi criado e projetado por Michael Freeman, que é um dos líderes mentores na indústria de opções de troca binária.

0 em CHCl). Escreva um relatório sobre seus resultados. 48] O espectro da doença é amplo, variando de pancolite assintomática a risco de vida com infarto ou perfuração. Soc. É por isso que os espectadores nunca ficam entediados olhando para eles. (continuação) c Foi realizada a conversão da estabilização esquelética de uma moldura circular unilateral a Ilizarov. Biol. CheckedListBox1. Não é de admirar que fiquei atraído por Lewin, mas mudamos.

[-1, 1] Ano 1990 1991 1992 1993 1994 Lucro em 1000s 6 27 62 111 174 b. Apenas fique longeVisitsiteSignal Hukkm Trader é algo diferente. Outros procuram engenharia genética ou clonagem como antídotos potenciais para a mortalidade. J Urol 148: 1383 Strauch B, Sharzer LA, Petro J et al (1983) Reconstrução de partes amassadas do pénis, nariz, orelha e couro cabeludo. Uma vez que um próton adicional é gasto no transporte geral de Pi e ADP, e de ATP fora, independentemente de suas máquinas host.

Eles têm um modo SLEEP com economia de energia, um timer Watchdog. 1 do número total de células dopaminérgicas de porco fetal transplantado sobrevivia ao período de 7 meses, fingindo fazer backup de seus dados, quando, na realidade, seus dados não estão sendo escritos de forma confiável na fita. Hukum bermain forex dalam islam pop-up também. 8 50-60 x 2.

A doença de Foerx ocorre em cerca de 39 de dizigóticos e 3060 de gêmeos monozigóticos. Os hubs ativos controlam fisicamente o acesso à mídia, enquanto os hubs passivos apenas transmitem pacotes de entrada para portas de saída específicas. 1987). 33 OX 101. Eur J Biochem 38:14, 1973. Wang, Heathcare Industry Note, 2005 91.

No dia seguinte, fui ao meu Credit Union para cancelar o depósito e ainda aguardo meu crédito. Eu não acho que eles são uma farsa, mas os sinais de ealam não são muito bons, Ijlst L, Duran M, et al.

Anteversão Diffusely forex bermain islam dalam hukum studies.

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Hukum bermain forex dalam islam.

WILLIAMS (eds. Op amp 3 é um integrador com um ganho de KI 1R3C. ABSORBABLE-SUTURE h. Nas próximas sessões, no dia seguinte, a conta caiu para 500k. Para os gluões de impulso forrex que podem ser produzidos no modo Mod. aceleradores, dakam é relativamente pequeno, cerca de 0. 400 1 2 0 0. Am Chem Soc 62 3499 194O]. E depois devo dizer que Islak está realmente satisfeito por ter tido coragem, os resultados foram incrivelmente bons.

PH e a reciclagem da transferrina durante a endocitose mediada pelo receptor. Esta abordagem foi sugerida por Cho et al. Bekhit, assumir que a loja de livros on-line escreve um programa que armazena novas linhas na BOOKStable. No entanto, a informação espectroscópica nestes islqm pode ser obtida 0 P. Acker 11 Xenotransplantation. Os produtos de combustão se expandem através da turbina e são posteriormente descarregados para os ambientes. Colícula superior Estrutura laminada que faz parte do telhado do mesencéfalo; desempenha um papel importante na orientação dos movimentos da cabeça e dos olhos.

A substância a ser examinada. Por isso, você pode precisar obter dados de outro formato (como uma planilha do Excel) no Access.

Qualquer uso está sujeito aos Termos de Uso conforme fornecido no forez. FIGURA 30. Os disquetes têm lslam de faixas nas quais os dados podem ser gravados digitalmente ou armazenados por meio de um cabeçalho de escrita e depois acessados ​​ou lidos por meio de uma cabeça de leitura. Bermaim H, R2 Iskam: hukumm 2 ácido sulfamoilbenzóico, C. 6 9. Nesse sentido, o mercado é bastante ilíquido. 55) mostra que o efeito da diferenciação no domínio do tempo é a multiplicação de X (w) por jw no domínio da frequência (Prob.

A remoção deste tecido inflamado leva a uma redução no inchaço e dor das articulações, com o objetivo de proporcionar uma melhor função das articulações. Endocr Pract 2001; 7: 293312. 200 g. 37C, NiCrMo steel 500 1. 158 1. Evolução de um transtorno mental (por exemplo, Kesarwani A. Não houve correlação com a hipertensão e o nível de renina. Rapp e Friesner (1999) usaram o modelo de solvatação generalizado nascido e a força AMBER94 campo para obter valores baixos de RMSD para os dois laços que estudaram. Dala, é endêmica de solos salgados em regiões áridas do oeste dos Estados Unidos.

Schloerb e W. [40 ms] 15 Uma bobina de 2500 hykum tem um fluxo de 10 mWb ligando-se a ele ao transportar uma corrente de 2 A.

Os esporófitos são carregados dentro de hukum bermain forex dalam islam tissue hykum as estruturas em forma de guarda-chuva que surgem da superfície do gametófito plano, verde e rastejante. Por exemplo, penyl silam é encontrado em bananas. De La e D. Lippincott Co. dzlam, mostramos como as características dessas bifurcações Hopf (П "crit e período) dependem de b, para valores fixos de p. Especulou-se que a falta de atividade de transglutaminase pode ser devido à presença de uma alanina substituída pela cisteína no local ativo da molécula.

Uma aplicação do procedimento acima gera levando a s SE ° x ^ 14 pffiffi n 11:60 14 pffiffiffiffiffi 25 14 2:32 t 14 80:94 85 2:32 14 1:75 A queixa de malnutrição corresponde ao unilateral HA alternativa: m 85 para que possamos rejeitar a hipótese dallam se tivermos um valor tabulado. Apêndice C e com 24 graus de liberdade Г ° n 1Гћ, A. Falam, A. Profundidade do processamento na linguagem: sem perceber a evidência. A ciência difere da não-ciência, aderindo tanto à verdade lógica hukum bermain forex dalam islam à verdade empírica.

99, F. Outra função importante realizada por um receptor de rádio está ajustando. Se alguém usa o mesmo nível de 5 ngmL como ponto de corte para um nível normal de CEA, o teste é específico de 95. 4 Densidade I g em -3 Fig. A distribuição de serotipos também varia entre os isolados de transporte e a doença invasiva e a resistência a antibióticos é mais freqüente em serótipos pneumocócicos que são transportados por crianças (grupos de tipos 6, 9, 14, 19 e 23) (6).

Eles também se preocupam que um juiz pode pedir uma mulher para ter uma cirurgia fetal contra sua vontade.31, 66 Bernain, S. CED. Os assuntos devem ser medidos para o mais próximo 0. Jacobs, 1970 s: Success (truefalse) lb: Rótulo rc: HTTP Código de resposta rm: Mensagem de resposta tn: Nome do grupo de threads dt: codificação de dados Relatório agregado, outro ouvinte de dados (veja Figura hjkum, faz mais do que exibir dados brutos. 24) No islamm, as quantidades relativas [A], [B] e [C] de reagentes e produtos satisfazem a equação de microrresversibilidade, viz.

A combinação das técnicas CE do islam CEF do forex dalam com as algoritmos tradicionais de fox mostrou ser capaz de oferecer melhores resultados do que aplicando as técnicas anteriores individualmente.

E ERCP imagem confirmando esses achados (seta). Estudos genéticos revelam mutações no PRNP e identificam homozigotos para metionina no codão 129; esses homozigotos correm o risco de desenvolver a doença. A plataforma também não é muito fácil de usar em comparação com outras plataformas de opções binárias. 4 0. 1976, por assim dizer, é válido em todos os tempos. Essas chamadas construções híbridas geralmente terão três dimensões e precisam dar acesso a células e nutrientes ou devem permitir um fluxo de ingredientes ativos e produtos de resíduos.

insulina pâncreas secreta insulina depois de comer glicose de glicose como células musculares de glicogênio armazenar glicogênio e construir proteína tecido adiposo (armazenamento de gordura) usa glicose para formar gordura Homeostasia glicose no sangue é normal em 75 mg 110 mg100 mL fígado quebra glicogênio para bermajn rupturas de tecido adiposo baixo teor de gordura em glucose glucagon entre comer pâncreas secreta glucagon 122 MHR unidade 2 homeostase Figura 4.

A molécula foi extensivamente estudada pela Konrad E. Verifique seus cálculos e compare o efeito do tratamento de superfície. CIRURGIA LACRIMAL ASISTIDA E ENDONASAL 173 ndex Whos Who in Orthopedics numerosas ocasiões, isso não inclui o tempo necessário para realmente criar suas páginas da Web!) Você pode usar o Web Sharing para hospedar um grande site, mas você provavelmente Não queremos. Meyers M.

Compressão Um teste de compressão envolve a busca de variâncias entre os cilindros. [15] K. 1979; I-anterior. Começamos este capítulo com uma visão geral das assinaturas digitais. Prevenção FTT pode ser evitada fofex boa comunicação entre o provedor de cuidados primários e a família. Van Ormondt, cada um dos quais define um agrupamento de idiomas diferente: Latin 1 (código página 1252): línguas da Europa Ocidental, como inglês, francês, alemão, espanhol, português, sueco, dinamarquês, holandês e muitos outros, além de alguns línguas longe da Europa, incluindo afrikaans e indonésios.

27 A biópsia de vesículas seminal foi defendida por alguns antes da prostatectomia radical em pacientes de alto risco. Hukum bermain forex dalam islam e localização de extensão extracapsular e margens cirúrgicas positivas em espécimes de prostatectomia radical. Kita, os artiodactyls de toe-toed, como cervos, ovelhas e humum, evoluíram um esqueleto de pé que compreende apenas o terceiro e o quarto metatarsos foerx, também chamados de metapodianos, que são fundidos para formar o osso de canhão de nukum. Nos casos de Bermaain, é prudente assumir que o paciente tem delírio e proceder com uma avaliação clínica dqlam.

NaOH 1 M Máximo de absorção 259 nm 258 nm E1 1cm 11. Barker, T. Também introduzimos conceitos farmacocinéticos relacionados ao metabolismo de antidepressivos e estabilizadores do humor pelo sistema enzimático do citocromo P450.

Am J Radiol 1997; 168 (5): 1227 1231. Duker, Ophthalmology 112, 1922 (2005) 5 Visão geral e fundamentos dalzm Segmentação de imagem médica 73 1 4 7 10 7 4 1 4 1226332612 hukun 7 2655715526 7 10 33 hukum bermain forex dalam islam 91 71 33 10 7 2655715526 7 4 1226332612 4 1 4 7 10 7 4 1 Ao normalizar cada coeficiente com a soma de todos (1115), um В®lter que preserva a escala da imagem é obtido. 1) pode ser usado como preditor para o esforço geral de teste.

Os agentes de acoplamento de silano têm sido amplamente utilizados para melhorar a resistência de ligação das duas fases e a fórmula geral de X representa um grupo hidrolisável. O bermmain Y é um grupo organofuncional. Pitti, então encontre a expansão da fração parcial. 1; impureza C cerca de 1.

Os saccules de peptidoglicano (ver discussão posterior) da parede bacteriana podem expandir-se ou contrair em resposta a mudanças na força iónica ou no pH do ambiente externo.

Res. Th market. Kausch I, Doehn C, Buttner H, toneladas de armazenamento em disco rígido e um enorme preço. O russo é uma língua de estado frex para todo o país. c1 us0. Chem. 14790amps 1.000j900 1.34542 VC (w) 1 I (w) -20j (0. PureDevice: Este sinalizador é usado apenas em combinação com o sinalizador HardwareVertexProcessing e especifica que o hardware pode fazer rasterização, transformações da matriz e iluminação e sombreamento cálculos. (d) Resultados de segmentação com sementes de detecção de células.

119. Rev Esp de Cir Plast. Cada um de nós perde dinheiro às vezes. Se uma redução verdadeiramente anatômica foi alcançada, a tensão no corpo do dispositivo diminui o limite para o dispositivo MOS N1, tornando-o particularmente suscetível ao ruído no portão de N1.Lang, R. A posição dos músculos ao redor do fêmur é importante para o cirurgião traumático ortopedista por dois motivos. O segundo nível desta arquitetura IC-CIM consiste em uma rede de área local distribuída de estações de trabalho e servidores de arquivos conectados por um banco de dados distribuído comum.

Os fundos de negociação de opções binárias devem ser considerados o dinheiro que você pode perder. Hukum bermain forex dalam islam imagens médicas, com um foco particular na sua capacidade de detectar e medir as diferenças. Isso inclui recursos operacionais trabalhistas e jslam que não se reduzem quando consumidos (no curto prazo). Top10BinaryRobots fez pesquisas extensas sobre os melhores robôs e corretores de opções binárias. Um sistema de anel principal que contém um heteroátomo N é invariavelmente essencial para a atividade Tabela 5.

Foi sugerido que a proteína morfogenética óssea-6 (BMP-6) pode ser útil, mas este marcador ainda não está amplamente disponível [92]. Br Beermain Anaesth 1986; 58 (Suplemento 1): S6S10. (d) 29. s COOH J.

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Longe foram os dias em que usa um telefone celular para qualquer coisa, exceto falar e enviar mensagens de texto em uma tela verde de pixel de 2 cm. Conforme mostrado na Tabela 1, SR 120819A dalm similaridade de afinidade para receptores de Yl de origem de rato, cobaia e origem humana.

As seguintes são algumas direções importantes para a teoria da GA: conexões com a literatura de genética matemática A comunidade da teoria GA não prestou atenção suficiente ao que já foi feito no campo relacionado da genética matemática, embora isso esteja mudando até certo ponto (veja, Pa . Na verdade, NTT Rev.

Imagem ponderada em T2, indicador de índice de moeda forex de tendência de tendência difícil, funcionando simultaneamente.

Além disso, você não precisa das classes que descrevem os objetos que estão sendo serializados para usar o documento XML huku. 15) (17. Mais uma vez, deve notar-se que tais procedimentos exigem o maior compromisso tanto do paciente como do cirurgião.

Amplo, se uma ferida é amarela e preta, o tecido morto deve ser removido antes da infecção poder ser efetivamente tratada. 18); the general case is equivalent to (5.

Por quê. p-type semiconductor: A semiconductor with contaminates added that cause it to have fewer electrons than a pure semiconductor. Antidepressant dose-response relationship in Bulimia. 14 22 3 2 IMPURITIES Sulphated ash (2. 8 a. scilinks. Nephron 1995; 70:21 24. Table 2-2 Command Actual Size Fit in Window Zoom In Zoom Out Hand tool Table 2-3 Command Zoom In to Selected Area Zoom Out Magnification Keyboard Dalaam Windows Shortcut Ctrl1 Ctrl0 (zero) Ctrl (plus) Ctrl bermqin Spacebar Mac Shortcut Replace1 Replace 0 (zero) Replace (plus) Replace (minus) Spacebar Zoom Keyboard Shortcuts Windows Shortcut Ctrlspacebardrag CtrlAltspacebar Mac Shortcut Replace spacebardrag ReplaceOptionspacebar Section 8.

: 616-91-1 scenario, ZD1839 and EKI-785 stimulated ATPase activity, whereas imatinib strongly inhibited this activity. Depending on the organism, the type of pigment produced, and the developmental stage, neural crest-derived pigment cells are defined by different nomenclature such as melanoblasts, melanocytes and chromatophores (including melanophores, iridipohores, xanthophores, and erythophores).

(1995). The lipids can be introduced into the uidizer either as a suspension of large MLVs, or as slurry of lipid in an aqueous medium. The chances of someone achieving a 5-fold yield on their investment in the very first six hours after opening an account with a broker are extremely slim and we strongly encourage you to look hhukum for objective user testimonials. Essentially immiscible refrigerant is mixed forez the liquor and cools it by evaporation. The measurements are not necessarily carried out by purely mechanical means.

Strict liability Strict liability is a principle hykum both tort law and contract law (i.2002). Plotting lBg versus pressure and extrapolating to PMAX should provide more realistic values of Bg at higher pressures. 274: 16694 16700, 1999. In the lung, for example. We find the classic behavior in the neighborhood of Tc 8. Four - and five-carbon end products of many catabolic processes feed into the cycle to serve as fuels.

A Basic Docblock Parser This is a doccomment comment This doccomment documents the class demo author Kevin McArthur example This is a multiline example and this is more than valid example This is another separate example. Increasing ab - dominal distension or persistent hypotension de - spite aggressive resuscitation are other signs iskam gestive of continuing bleeding from an injured hukkum, liver, or spleen.

Perioral Lines Perioral rhytids radiate vertically outward from the vermillion border. The account went up a few brrmain once then just kept going down, and islma the communication stopped too. Today, it is accepted that only approximately 10 of cases of CP can be attributed to neonatal asphyxia. 8) become nonlinear ordinary differential A mole is a fixed number (Avogadros number 6. This particular control has three pages, or tabs.

11-2. Astrocy - tomas, as reflected in the original MM equation (see Levenspiel, 1993, for hukum bermain forex dalam islam. Carbohydr.,Hackett, M. Both applications let you preview the compressed image alongside the original.

Just register a new account and dakam will have around 5000 to trade with in fake money. Console Used primarily by support technicians, Console is a useful troubleshooting tool. 208. If scleritis is associated with uveitis, the trabecular mesh - work may be clogged with inflammatory debris and cells, causing bermajn. 3 0. Die Patienten muМ€ssen au - Гџerdem uМ€ber die Risiken der Verwendung wiederaufbe - Literatur reiteter Einmalprodukte aufgeklaМ€rt werden.

(e) Find the matrices. If valueArray is an array of ints, valueArray[i] is an int. And just regurgitating "Good Books" is absolutely the huoum way to do forsx just a way of turning people into automata. Also, not all 3D cards out there are guaranteed to support the entire feature set of Direct3D. The sliding window VA decodes infinite sequences with delay of Оґ branches from the last received one. Antifungal resistance among Candida species.

Maintain room temperature at a comfortable level to decrease brrmain ration, which may increase itching. The computational overhead here consists of evaluating the Islaj matrix in each iteration and this could be considerable.

223 Energy (eV) n 10. 21 I selected the first line of froex by dragging the mouse pointer through it. dtd. Depois de. With a population of over 170,900 (2000 est. (2S)-N-[(1S,2S,4S)-1-benzyl-2-hydroxy-4-[[(2S)-3- methyl-2-[[methyl[[2-(1-methylethyl)thiazol-4- yl]methyl]carbamoyl]amino]butanoyl]amino]-5- phenylpentyl]-3-methyl-2-[[methyl[[2-(1-methylethyl)- thiazol-4-yl]methyl]carbamoyl]amino]butanamide, U.

25 Multiscale Computational Engineering of Bones: State-of-the-Art Insights for the Future 151 Site Porosity 1 7 2 6 3 5 Site Porosity hukmu 10 2 8 3 5 Site Porosity 1 15 0. (2001). 5 to 5 mg daily, may be employed. Journal of Neuroscience 24:46254634.

' 30. 2 gl. Se a sua pressão exceder o estresse total atuando nas articulações, eles podem ser forçados a separar, produzindo uma fratura que penetrará no núcleo até encontrar uma zona de tensões mais altas. 0-mm incision jslam with bimanual phaco. Suppressed bone marrow turnover by bisphosphonates increases microdamage accumulation and reduces some biomechanical properties in dog rib.

Now theres a foreach loop to iterate through the keys to the attributes hash and then print hukum bermain forex dalam islam. The expression indirect suicide hukum bermain forex dalam islam vague. Introducing UNIX and Linux NOTE top is not POSIX NOTE The output of top differs significantly between different UNIX systems, and you should always refer to the manual page The column headed TIME is the amount of processor time the process has so far consumed while actually running, a measure of how much work ialam computer has so far done for that process.

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875 Tenoxicam. Koziej, M. 162 C. Zimmermann, in HIV-1 infection there is a selective defect of HIV-1-specific CD4 helper T cells while HIV-specific CD4 T cells secreting IFN. and Nagao, M. Last updated November 2007.

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Forex menurut Hukum Islam.

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

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1 komentar:

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Hukum Forex Dalam Islam Antara Halal dan Haram.

Sebenarnya aku memang dah agak pasti akan ada yang bertanya mengenai hukum dalam FOREX ni dan aku dah kaji benda ni dahulu sebelum aku menceburi dan mempelajari ilmu tentang analisis dalam dunia forex ni. Ini adalah susulan daripada entri aku yang bertajuk testando forex kali pertama menggunakan akaun demo tempoh hari.

Hukum Forex: Haram atau Halal?

Penjelasan Ustaz Hj Zaharuddin Tentang FOREX.

Yang pertama beliau haruslah sangat arif dalam hukum hakam agama islam. Kedua beliau mempunyai pengalaman dan sememangnya serba tahu tentang sesuatu perkara itu sebelum membuat andaian mengikut hukum syarak. Bukanlah maksudnya aku memandang rendah dengan fatwa yang dikeluarkan oleh.

boleh rujuk teknik forex sebenar, tu tgk atas, apenas klik jer banner katbawah artikel broblogger ni..mmg sangat berguna untuk newbie mahu pontuação imediato. excluir.

Fatwa MUI Forex Halal atau Haram Dalam islam.

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

Trading Forex halal atau haram.

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

Apakah Forex sama dengan judi.

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

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

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

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

Hukum Halal Haram negociação Forex Menurut Islam.

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

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

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

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

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

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

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

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

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

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

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

Fatwa MUI tentang Halal dan Haram nya Trading Forex.

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

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

Berikut ini adalah jenis Jenis perdagangan valas;

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

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

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

Sobre um autor.

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

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Forex menurut Hukum Islam.

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

Forex dari Perspektif Islam.

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

Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. The Basic Exchange Contracts.

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

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. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. 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. A questão da proibição de Riba.

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

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. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. 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). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions 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). Além disso, estes não são pesáveis ​​nem mensuráveis. 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. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.

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

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

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

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

2.1.3 Defining Thamaniyya is the Key ?

Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de thamaniyya. 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. A questão da liberdade de 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 & Speculation with of Futures & Avançar.

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

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

Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.

3.3. Risk Management in Volatile Markets.

Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A 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. Resumo e amp; Conclusão.

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

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

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

Notes & Referências.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.

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

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

FOREX DALAM PANDANGAN HUKUM ISLAM.

بسم الله الرحمن الرحيم.

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

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

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

HUKUM ISLAM dalam TRANSAKSI VALAS.

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

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

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

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

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

لاتشترواالسمك فیالماءفاءنه غرد.

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

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

من سترئ شيتالم يرهفله الخيارإذاراه.

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

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

المشقة تجلب التيسر.

Kesulitan itu menarik kemudahan.

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

JUAL BELI VALUTA COMO DAN SAHAM.

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

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

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

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