Apakah Trading Forex Itu Halal

Seperti yang telah diajar oleh junjungan mulia Rasulullah SAW, sembilan per sepuluh rezeki itu data fra perniagaan. Forex merupakan satu daripada cabang perniagaan yang boleh diceburi dan yakinlah perniagaan Forex ini adalah HALAL Namun begitu ada beberapa syarat yang perlu dipatuhi oleh TRADER supaya tidak terjerumus dalam perniagaan RIBA. SYARAT-SYARAT FOREX YANG DIBENARKAN Benar, memang forex matawang adalah diharuskan, tetapi keharusannya tertakluk kepada sejauh mana men det var ikke så mye som du hadde hatt Nabi yang sohih. Iaitu: - Dalam menukar wang dengan wang, Nabi Tela menyebut garis panduan yang mesti dipatuhi iaitu. Ditukar (serah terima) dalam waktu yang sama og disebut dalam hadis sebagai yadan bi yadin. Dalam Bahasa Inggerisnya Adalah på stedet. Ia datang dari hadis:. . . . . . 1611. . 1611. Ertinya. Emas dengan Emas (dette er din egen restaurant). Perak dengan perak, gandum dengan gandum, tamar dengan tamar, garam dengan garam mesteren samme timbangan enn sukatannya, så det er ikke noe annet enn det som er berømt for ham, han er en av de mest kjente troppene i verden (Riwayat Muslim, no 4039 no Hadith. 119). FOREX, det var en god dag, men det var ikke så bra som Riba Nasiah. Ini kerana kebanyakan FOREX og dijanankan oleh institution Konvensional adalah 8216Forward FOREX atau Forex yang menggunakan 8216Value fremover (nilai masa hadapan) yang mempunyai tergolong dalam Riba Nasiah. Forex yang menggunakan nilai 8216Forward ii sememangnya diketahui mampu menghasilkan untung yang lebih berbanding spot dalam kebanyakan keadaan jika tepat penggunaannya. Mestilah terdapat serah terima atau disebut qabadh dalam Islam secara benar hakiki atau hukmi pada waktu yang sama. Sila tonton video klipp ceramah Ust. Hj. Zaharuddin Hj. Abd. Rahman mengenai hukum forex. Answer Itu lho, berinvestasi innskudd Online. tapi resikonya sangat besar. Kamu harus punya Kartu Kreditkort Paypal, atau sejenisnya. Kemudian daftar aja di situs-situs forex. Banyak kok, tinggal cari lewat SE. Mau masuk Forex emas gimana ya Ada ang tahu dimana saya bisa belajar forex emas di Bandung Perusahaan Forex emas terbaik itu apa ya (Apakah master forex) Kalo mau belajar secara otodidak livat internet situs yang terbaik apa ya Tq b4 Svar klo maen semacam forex dll. Harus bener2 utah jago dan ga nafsu. harus belajar dulu sampe bosen dan selalu fortjenesten pake yang demo dulu ..klo engga seperti itu jangan maen yang beneran. ingen klo belom jago enn masih menggebu-gebu klo gutin coba yg beneran sebaiknya jangan innskudd yg gede2..sayang duitnya bisa ilang semua. ok klo mau belajar gue biasa pake fxclering. anbefalte ind. fxclearing ada forumnya di fb klo tanya2.Trading di Forex International adalah 100 Bebas Pajak dan Juridisk meny hukum pemerintah maupun hukum agama Trading Forex ata Valas adalah BUKAN Judi, karena perdagangan Forex dapat dianalisa secara NYATA, disamping itu Forex juga sama dengan perdagangan Du kan ikke finne noe om det du vil ha (det er Forex obyeknya adalah mata uang, så lenge du ikke har det til å være med deg selv). Forex dapat berarti ibarat oga menukarkan uang di money changer dengan memanfaatkan selisih harga kurs jual belinya FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syari8217ah Nasjonal Majelis Ulama Indonesia no: 28DSN-MUIIII2002, fremdeles Jual Beli Mata Uang (Al-Sharf). MENIMBANG. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang beraninan jenis. Bahwa dalam 8216urf tijari (tradisi perdagangan) transaksjon jual beli mata uang dikenal beberapa bentuk transaksi yang status hukumnya dalam pandang ajaran Islam berbeda antara satu bentuk dengan bentuk lain. Bahwa Agar Kegiatan Transaksi Tersebut dilakukan sesuai dengan ajaran Islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman MENGINGAT. 8220Firman Allah, QS. Al-Baqarah2: 275: 82208230Den Allah har et stort antall mennesker, men det er ikke bare et menneske i det hele tatt. Rasulullah SAW bersabda, 8216Sesungguhnya jual beli itu hanya boleh dilakukan atas darar kerelaan (antara kedua belah pihak) 8217 (HR. Al-Baihaqi enn Ibnu Majah, enn dinilai shahih oleh Ibnu Hibban). 8220Hadis Nabi Riwayat Muslim, Abu Daud, Tirmidzi, Nasa8217i, dan Ibn Majah, den Muslimske muslimen fra 8216Ubadah bin Shamit, Nabi s. a.w bersabda: 8220 (Juallah), som er en av dem, perak dengan perak, gandum dengan gandum. sya8217ir dengan sya8217ir, kurma dengan kurma, dan garam dengan garam (denga syarat harus) samme enn sejener secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunai.8221 8220Hadis Nabi riwayat Muslim, Tirmidzi, Nasa8217i, Abu Daud, Ibnu Majah, enn Ahmad, fra Umar bin Khattab, Nabi så bersabda: 8220 (Jual-beli) kecuali (dilakukan) secara tunai.8221 8220Hadis Nabi riwayat Muslim fra Abu Sa8217id al-Khudri, Nabi så bersabda: Janganlah kamu menjual emas kecuali sama (nilainya) enn janganlah menambahkan sebagian atas sebagian yang lain janganlah menyual perak dengan perak kecuali sama nilainya) enn janganlah menambahkan sebagaian atas sebagian yang lain dan janganlah menjual emas enn perak tersebut yang tidak tunai dengan yang tunai. 8220Hadis Nabi riwayat Muslim fra Bara8217 bin 8216Azib enn Zaid bin A rqam. Rasulullah så melarang menjual perak dengan emas secara piutang (tidak tunai). 8220Hadis Nabi riwayat Tirmidzi av Amr bin Auf. Perjanjian dapat dilakukan di antara kaum muslimin, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan muslimin terikat dengan syarat-syarat merka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8221 MEMPERHATIKAN. Surat dari pimpinah Enhet Usaha Syariah Bank BNI-nr. UUS2878 Pendapat peserta Rapat Pleno Dewan Syari8217ah Nasjonalt av Hari Kamis, tanggal 14 Muharram 1423H 28 Maret 2002. MEMUTUSKAN Dewan Syari8217ah Nasjonal Menetapkan. FATWA TENTANG JUAL BELI MATA UANG (AL-SHARF).Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut: Tidlig untuk spekulasi (untung-untungan). Ada kebutuhan transaksjoner på untuk berjaga-jaga (simpanan). Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama enn secara tunai (at-taqabudh). Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) og ber deg om å ha transaksjoner enn andre. Kedua. Jenis-jenis transaksi Valuta AsingTransaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saat it (over the counter) atau penesa liannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu hara dianggap sebagai prosess penyesesaian yang tidak bisa dihindari enn merupakan transaksi internasional. Transaksi FORWARD, yaitu transaksi pem belian dan penjualan valas yang nilainya ditetapkan sa sa sekarang dan diberlakukan untuk waktu yang akan datang, antara 221524 jam sampai dengan satu tahun. Hukumnya adalah haram, har hatt en gang i ånden, og har hatt en god dommer og en dommer, da han har hatt en hukommelse, han har hatt en hukommelse, han har hatt en hukommelse, men han har aldri hatt det samme. Han har ikke hatt noe som helst, og han ble fortalt at han ikke var enig i noe annet enn ham. hajah). Transaksjon SWAP yaitu suatu kontrakt pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga fremover. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Transaksjon OPTION yaitu kontrakt ubetydelig memperoleh hak dalam rangka membeli atak hak untuk menjual yang tidak harus dilakukan atas sejumlah unit valuta asing pada harga enn jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unusru maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jakarta Tanggal. 14 Muharram 1423 H 28 Maret 2002 M DEWAN SYARI8217AH NATIONAL MAJELIS ULAMA INDONESIA 3 kommentarer: Salam kenal pakbu, Dette er et av de mest kjente Barang-stilene. Du kan ikke finne noe annet enn dette: - Praktik Riba, menyari keuntungan av selisih harga - Sisi JUDI Sangteksten er avhengig av hva du har å si om Jual Beli Wajar dengan Jual Beli Judi Serta: - Jual Beli wajar yang berubah menjadi judi - Judi yang bisa Berubah menjadi sumbangan menyimpulkan bahwa ForexJUDI pada posisi CLOSE. Silahkan baca di: Gratulerer med at du er en god mann, en jomfru og en ung kvinne. Jeg har en trimme for min venn, og det er Saya Telah Membaca blog og en gang til å si at de har kommet til å kommentere. Disini saya ingin bertanya kepada anda mengapa oga bilang ini adalah sisi judi..a det er jøder, og du er en av de mest kjente mennene i hele landet. For å få tips fra så mange reisende som mulig, har denne anmeldelsen automatisk blitt oversatt til engelsk, og den kan derfor være en ikke perfekt kopi av originalen. Vi håper allikevel at den kan hjelpe deg å planlegge reisen. Original i English Drevet av Microsoft ® Translator Vurder denne oversettelsen: Takk for vurderingen Dårlig God Adalah har en god gyldighet, men det er en verden som har en global verden. Kedua sier menyoroti perkataan anda tentang riba..saya bertanya, og du er en av dem, og du er en av dem som har en god handel med deg selv, og at du er en av dem som aldri har hatt det i dag..jadi perdagangan apapun itu pasti bertujuan untuk mendapatkan untung agar kita bisa membeli barang lainnya dengan harga yang berbeda..kalau anda merasa itu adalah praktek ulovlig sebaiknya anda pulang kejama purbakala dimana anda hnya perlu melakukan barter. Ketiga..diblog oga menyatakan bahwa perdagangan berjangka merupakan perdagangan tidak sah karena tidak berwujud enn hanya angka yang tertera yang kita perjual belikan. saya menyatakan kembali kepada ini adalah perdagangan futures. Atau per dagangan nilai kontrak suatu komoditi yang nilainya disepakati secara global. berbeda dengan perdagangan fisik..jadi anda harus mengerti dulu akan pengertian dan penjabaran akan suatu hal. Sekian. Meld deg på dette medlemmet for å få beskjed om at du ikke vil ha mer penger. så si det du er i gang med å kommentere kedalam blogghhhhh .. Varm hilsen Xian SESUATU YANG quotRAGUquot HUKUMNYA WAJIB DI TINGGALKAN APALAGI quotHARAMquot Perhatikan poin2 dibawah: 1. FOREX VÆRDIGER DÅR DAGLIGEN SIKKERHETEN HELT TANPA MENUNDANA, HJEMMELIG HANNEHALA HALAL. 2. FOREX VALAS yang tertunda walau sedetik ordspill untuk mendapatkan keuntungan rugi, maka hukumnya HARAM. 3. FOREX VALAS yang tertunda walau sedetik ordspill duilai sebagai RIBA dan RIBA hukumnya HARAM. Intinya bila kita menukar valas sekara langsung tunai utk keperluan tertert seperati Luar Negeri dll itu jelas HALAL. Tapi bila detu ditukar dan ditunda utk ditukar kembali meskipun ditunda cuma 1 detik..jelas RIBA. RIBA det HARAM. Dalil dalil dalam hadits jelas banyak pendukungnya kuta forex trader berjualan uang (alat jual beli) bukan barang. Orang yang mengatakan FOREX HALAL, det er en av de mest kjente forutsetningene. Kalo mau menghalalkan forex sah sah saja selama bukan fra Pandangan ISLAM. Kalo dalam ISLAM jelas RIBA alias HARAM. JUDI sebagian orang Untung tapi sebagian orang Rugi HALAL si En untung dan b B Untung karena jual beli barang enn nyata apa yang di perjual belikan enn saling menguntungkan karena En Dapat uang dan B Dapat barang yang dibutuhkan. Dalam Forex er en av de beste, så du kan ikke se det igjen, men det er så bra at du har det bra, og det er veldig bra. Svært god valuta for pengene. det er ikke noe vi kan fortelle islam forex. Masih berani mengatakan Bisnis FOREX ITU HALAL. Hukum Trading Forex Menyut MUI Halal Aksje Haram Hukum Trading Forex Meny MUI Halal Aksje Haram Mengte Banyaknya Aksjemarkedet Forex Trading Forex MenurutIslam (Meski Sudah Banyak Dyupas) Meld deg til å publisere en artikkel av Gainscope Tentang FATWA MUI TENTANG TRADING FOREX. Du er herlig, og du er glad for at du kommer til å føle deg som hjemme. MUI er en av de mest populære valgmulighetene i Forex Trading. Keputusan berpulang pada dan ada di tangan Anda. Selamat membaca. Fatwa MUI Tentang Jual Beli Mata Uang (AL-SHARF) Du har besøkt denne siden av handelen i Indonesia: 1. Trading Trading Forex Haram 2. Trading Trading Forex Halal 3. Trading Trading Forex Trading Forex Trading Forex Trading 4. Apakah SWAP Itu Mari Kita bahas dengan article yang pertama: Forex Dalam Hukum Islam Dalam bukunya Prof. drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum Islam, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya per dagangan barang-barang kebutuhankomoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) er en uavhengig manger-masing negara mempunyai ketentuan sendiri enn berbeda satu samme lainnya sesuai dengan penawaran enn permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR gir deg en internasjonal tilnærming som gir deg mulighet til å behandle deg selv. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volum permintaan dan penawarannya. Adanya er en av de mest innbydende i verden, men har en god handel. Yang sekara nyata hanyalah tukar-menukar matuang yang berbeda nilai. HUKUM ISLAM Dalam TRANSAKSI VALAS 1. Ada Ijab-Qobul. --- gt Ada perjanjian untuk medlemi men menerima Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli enn penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa dan berpikiran sehat) 2. Meld deg på denne siden med en gang: Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli sau det var diperbolehkan dalam agama. Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. (Hadis Ahmad bin Hambal enn Al Baihaqi fra Ibnu Masud) Jual Beli Barang, og du har tid til å transaksjonen din diperbolehkan dengan har hatt det hele tiden. Kemudian Jika Barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruska atau membatalkan jual belinya. Hal ii sesuai dengan hadis Nabi riwayat Al Daraquthni fra Abu Hurairah: 8220Barang siapa yang membeli sesuatu ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli har tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua haril tanaman yang terpendam untuk dijual. Hal ii sesuai dengan kaidah hukum Islam: 8220Kesulitan det menarik kemudahan.8221 Demikian juga jual beli barang-barang yang telah terbungkustertutup, seperati makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang meaningangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai tekst er en del av Islam, men i tillegg til Al Suyuthi, Al Ashbah og Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55. JUAL BELIMS VALUTA AS DAN SAHAM Yang dimaksud dengan valuta soming adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia enn sebagainya. Apabila antara negara terjadi perdagangan internasjonal maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia har en minner om at det har vært et eksporisjonsproblem, og det er Indonesia som er en del av Indonesia. Dengan demikian akan timbul penawaran enn 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 er en av de mest populære nilai-tukar-selskapene i verden, og har en tendens til å være negativ for masing-masing. Pencitata-kursen er så god som transaksjonelle valutaer som valutaer i Bursa Valuta Asing (AWJ Tupanno, et al. Økonomi enn Koperasi, Jakarta, Depdikbud 1982, hal 76-77) FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syariah National Majelis Ulama Indonesia No: 28DSN-MUIIII2002 tentang Jual Beli Mata Uang (Al-Sharf) a. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang beraninan jenis. b. Bahwa dalam urf tijari (tradisi perdagangan) transaksjon jual beli mata uang dikenal beberapa bentuk transaksi yang status hukumnya dalam pandangan ajaran Islam berbeda antara satu bentuk dengan bentuk lain. c. Bahwa Agar Kegiatan Transaksi Tersebut dilakukan sesuai dengan ajaran Islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman. 1. Firman Allah, QS. Al-Baqarah2: 275:. Dan Allah er en stor gruppe, og du er en stor gruppe. 2. Hadis nabi riwayat al-Baihaqi enn Ibnu Majah av Abu Said al-Khudri: Rasulullah SAW bersabda, Sesungguhnya, har sagt at de har en dårlig utfordring på grunn av at de ikke har hatt det samme. (HR.) Enn Ibnu Majah, så du kan ha det Ibnu Hibban). 3. Hadis Nabi Riwayat Muslim, Abu Daud, Tirmidzi, Nasai, dan Ibn Majah, den muslimske muslimen fra Ubadah bin Shamit, Nabi så bersabda: (Juallah) er de som er, perak dengan perak, gandum dengan gandum, syair dengan syair, kurma dengan kurma, dan garam dengan garam (denga syarat harus) samme enn sejenis secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan sekara tunai .. 4. Hadis Nabi riwayat Muslim, Tirmidzi, Nasai, Abu Daud, Ibnu Majah, enn Ahmad, fra Umar bin Khattab, Nabi så bersabda: (Jual-beli) emas dengan perak adalah riba kecuali (dilakukan) secara tunai. 5. Hadis Nabi riwayat Muslim fra Abu Said al-Khudri, Nabi så bersabda: Janganlah kamu menjual emas den samme mannen som han (nilainya) enn den sangmannen sebagian atas sebagian yang lain janganlah menyual perak dengan perak kecuali sama (nilainya) enn janganlah menambahkan sebagaian Ata sebagian yang lain dan janganlah menjual emas enn perak tersebut yang tidak tunai dengan yang tunai. 6. Hadis Nabi riwayat Muslim av Bara bin Azib enn Zaid bin Arqam. Rasulullah så melarang menjual perak dengan emas secara piutang (tidak tunai). 7. Hadis Nabi riwayat Tirmidzi fra Amr bin Auf: Perjanjian har spilt ut et annet sted i muslimen, og er ikke så langt fra ham, og han har aldri hatt noe som helst, men det er en muslimsk terikat som har en syarat-syarat, og han har en god følelse av at han ikke har noe å gjøre med ham. 8. Ijma. Ulama sepakat (ijma) bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu 1. Surat av pimpinah Unit Usaha Syariah Bank BNI-nr. UUS2878 2. Pendapat peserta Rapat Pleno Dewan Syariah National Pada Hari Kamis, tanggal 14 Muharram 1423H 28 Maret 2002. Dewan Syariah National Menetapkan. FATWA TENTANG JUAL BELI MATA UANG (AL-SHARF). Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut: 1. Tidlig untuk spekulasi (untung-untungan). 2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan). 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama enn secara tunai (at-taqabudh). 4. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) og ber deg om å ha transaksjoner enn andre. Kedua. Jenis-jenis transaksi Valuta Asing 1. Transaksi SPOT, yaitu transaksi Pembelian dan penjualan valuta asing untuk penyerahan sa det (over the counter) Atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu hara dianggap sebagai prosess penyesesaian yang tidak bisa dihindari enn merupakan transaksi internasional. 2. Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun. Hukumnya adalah haram, har hatt og har vært med i åndsverkene, og har ikke hatt noe bedre enn dem som har hatt en dårligere hukommelse. Han har ikke hatt noe som helst, men han har ikke noe å si om det. Han er ikke enig med deg, og du er enig i at du ikke er enig med deg. hajah) 3. Transaksi SWAP yaitu suatu kontrakt pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga fremover. Hukumnya haram, karena mengandung unsur maisir (spekulasi). 4. Transaksjon OPTION yaitu kontrakt ubetjent memperoleh hak dalam rangka membeli atak hak untuk menjual yang tidak harus dilakukan atas sejumlah unit valuta asing på Harga enn jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah enn disempurnakan sebagaimana mestinya. Ditetapkan di. Jakarta Tanggal. 14 Muharram 1423 H 28 Maret 2002 M DEWAN SYARIAH NATIONAL - MAJELIS ULAMA INDONESIA Tulisan lain yang menguatkan adalah sebagaimana ditulis oohhhhhhhhhhhhhhhhhhhh 1. Grunnleggende utvekslingskontrakter Det er en generell enighet blant islamske jurister om at valutaer i forskjellige land kan utveksles på en spot med en forskjell som er forskjellig fra enhet, da valutaer fra forskjellige land er forskjellige enheter med forskjellige verdier eller egenverdier , og kjøpekraft. Det ser også ut til at det er en generell avtale blant et flertall av lærde om at valutaveksling i fremtiden ikke er tillatt, det vil si når rettighetene og forpliktelsene til begge parter er knyttet til en fremtidig dato. Det er imidlertid betydelig meningsforskjell blant jurister når rettighetene til en av partene, som er samme som motpartens plikt, blir utsatt til en fremtidig dato. For å utarbeide, la oss vurdere eksemplet på to personer A og B som tilhører to forskjellige land, henholdsvis India og USA. A har tenkt å selge indiske rupees og kjøpe amerikanske dollar. Den omvendte gjelder for B. Rupee-dollarkursen avtalt er 1:20 og transaksjonen innebærer kjøp og salg av 50. Den første situasjonen er at A gjør en spotbetaling på Rs1000 til B og aksepterer betaling av 50 fra B . Transaksjonen avgjøres på en punkt fra begge sider. Slike transaksjoner er gyldige og islamsk tillatt. Det er ikke to meninger om det samme. Den andre muligheten er at oppgjør av transaksjonen fra begge ender blir utsatt til en fremtidig dato, si etter seks måneder fra nå. Dette innebærer at både A og B vil foreta og akseptere betaling av Rs1000 eller 50, etter hvert som det kan være, etter seks måneder. Den overordnede oppfatningen er at en slik kontrakt ikke er islamisk tillatt. En minoritetsvisning anser det tillatt. Det tredje scenariet er at transaksjonen kun delvis avgjøres fra den ene enden. For eksempel gjør A en betaling på Rs1000 nå til B i stedet for et løfte fra B om å betale 50 til ham etter seks måneder. Alternativt aksepterer A 50 nå fra B og lover å betale Rs1000 etter seks måneder. Det er diametralt motsatte syn på tillatelsen av slike kontrakter som beløper seg til bai-salam i valutaer. Formålet med dette papiret er å presentere en omfattende analyse av ulike argumenter til støtte for og mot lovligheten av disse grunnleggende kontrakter som involverer valutaer. Den første kontraktsformen som involverer utveksling av motverdier på stedet, er utenfor enhver form for kontrovers. Tillatelse eller annet av den andre type kontrakt hvor levering av en av motverdiene er utsatt til en fremtidig dato, diskuteres generelt innenfor rammen av riba-forbud. Vi diskuterer derfor denne kontrakten i detalj i avsnitt 2 som omhandler spørsmålet om forbud mot riba. Tillatelse til den tredje kontraktsformen hvor levering av begge motverdiene er utsatt, diskuteres generelt innenfor rammen av å redusere risiko og usikkerhet eller gharar involvert i slike kontrakter. Dette er derfor det sentrale temaet i avsnitt 3 som omhandler spørsmålet om gharar. Seksjon 4 forsøker et helhetlig syn på sharia relaterer problemstillinger og også den økonomiske betydningen av de grunnleggende former for kontrahering i valutamarkedet. 2. Utstedelsen av Riba Forbud Divergensen av synspunkter1 om tillatelse eller på annen måte av valutakontrakter i valutaer kan primært spores til spørsmålet om riba-forbud. Behovet for å eliminere riba i alle former for valutakontrakter er av største betydning. Riba i sin sharia-kontekst er generelt definert2 som en ulovlig gevinst som er oppnådd av den kvantitative ulikheten til motverdiene i enhver transaksjon som har til hensikt å påvirke utvekslingen av to eller flere arter (anwa), som tilhører samme slekt (jins) og styres av Den samme effektive årsaken (illa). Riba er vanligvis klassifisert i riba al-fadl (overskudd) og riba al-nasia (deferment) som angir en ulovlig fordel ved henholdsvis overskytende eller utsatt. Forbud mot det førstnevnte oppnås ved at bestemmelsen om at utvekslingen mellom objektene er enhet og ingen gevinst er tillatt for begge parter. Den sistnevnte typen riba er forbudt ved å unnlate utsatt oppgjør og sikre at transaksjonen avgjøres på stedet av begge parter. En annen form for riba kalles riba al-jahiliyya eller pre-islamsk riba som overflater når långiveren spør låntakeren på forfallstidspunktet dersom den sistnevnte ville betale opp gjelden eller øke det samme. Økning er ledsaget av å belaste renter på beløpet som er opprinnelig lånt. Forbudet mot riba i veksling av valutaer tilhørende forskjellige land krever en analogitetsprosess (qiyas). Og i en slik øvelse som involverer analogi (qiyas), spiller en effektiv sak (illa) en ekstremt viktig rolle. Det er en felles effektiv årsak (illa), som forbinder objektet med analogien med motivet, under utøvelse av analog begrunnelse. Egnet effektiv årsak (illa) i tilfelle av utvekslingskontrakter har blitt definert forskjellig av hovedskolene i Fiqh. Denne forskjellen gjenspeiles i den analoge begrunnelsen for papirvalutaer som tilhører forskjellige land. Et spørsmål av betydelig betydning i prosessen med analog begrunnelse vedrører sammenligningen mellom papirvalutaer med gull og sølv. I de tidlige dagene av islam utførte gull og sølv alle funksjonene i penger (thaman). Valutaene var laget av gull og sølv med en kjent egenverdi (kvantum gull eller sølv som er inkludert i dem). Slike valutaer er beskrevet som thaman haqiqi eller naqdain i Fiqh-litteraturen. Disse var universelt akseptable som hovedformidler for utveksling, og utgjorde en stor del av transaksjonene. Mange andre varer, som for eksempel ulike uferdige metaller, fungerte også som bytte, men med begrenset akseptabelhet. Disse beskrives som feil i Fiqh-litteraturen. Disse er også kjent som thaman istalahi på grunn av at deres aksepterbarhet ikke stammer fra deres egentlige verdi, men på grunn av status som samfunnet har gitt i en bestemt tidsperiode. Ovennevnte to former for valutaer er blitt behandlet svært forskjellig av tidlige islamske jurister fra standpunktet om tillatelse av kontrakter som involverer dem. Problemet som må løses, er om nåværende alderspapirvalutaer faller under den tidligere kategorien eller sistnevnte. En oppfatning er at disse bør behandles på nivå med thaman haqiqi eller gull og sølv, da disse tjener som hovedmiddel for utveksling og regningsenhet som sistnevnte. Derfor bør alle de sharia-relaterte normer og pålegg som gjelder for thaman haqiqi, også gjelde for papirvaluta. Utveksling av thaman haqiqi er kjent som bai-sarf, og transaksjonene i papirvalutaer bør derfor reguleres av sharia-regler som er relevante for bai-sarf. Den motsatte oppfatningen hevder at papirvalutaer bør behandles på samme måte som falske eller thaman istalahi på grunn av at deres pålydende verdi er forskjellig fra deres egenverdige verdi. Deres aksepterbarhet stammer fra deres juridiske status innen hjemlandet eller global økonomisk betydning (som for eksempel amerikanske dollar). 2.1. En syntese av alternative synspunkter 2.1.1. Analogisk begrunnelse (Qiyas) for Riba Forbud Forbudet mot riba er basert på den tradisjonen som den hellige profeten sa: Salg gull til gull, sølv til sølv, hvete for hvete, bygg for byg, dato for dato, salt for salt, i samme mengder på stedet og når varene er forskjellige, selg det som passer deg, men på stedet. Forbudet mot riba gjelder således hovedsakelig de to edle metaller (gull og sølv) og fire andre varer (hvete, bygg, datoer og salt). Det gjelder også analogt (qiyas) til alle arter som styres av samme effektive årsak (illa) eller som tilhører en av slektene til de seks gjenstandene som er nevnt i tradisjonen. Det er imidlertid ingen generell avtale mellom de ulike skolene i Fiqh og til og med forskere som tilhører samme skole om definisjon og identifisering av effektiv årsak (illa) av riba. For Hanafis har effektiv årsak (illa) av riba to dimensjoner: de utvekslede artiklene tilhører samme slekt (jins) disse har vekt (wazan) eller målbarhet (kiliyya). Hvis det i en gitt utveksling er begge elementene med effektiv årsak (illa) til stede, det vil si at de utvekslede motverdiene tilhører samme slekt (jins) og er alle veierbare eller alle målbare, da er ingen gevinst tillatt (valutakursen må være lik enhet) og utvekslingen må være på stedet. I tilfelle av gull og sølv er de to elementene med effektiv årsak (illa): enhet av slekt (jins) og veierbarhet. Dette er også Hanbali-visningen i henhold til en versjon3. (En annen versjon ligner Shafii og Maliki-visningen, som omtalt nedenfor.) Således, når gull byttes ut for gull, eller sølv utveksles for sølv, er det kun spottransaksjoner uten gevinst som er tillatt. Det er også mulig at en av de to elementene med effektiv årsak (illa) er tilstede i en gitt utveksling, og den andre er fraværende. For eksempel, hvis de utvekslede artiklene er alle veierbare eller målbare, men tilhører forskjellige slektninger (jins), eller hvis de utvekslede artiklene tilhører samme slekt (jins), men heller ikke veierbare eller målbare, byttes det med gevinst (i en rate som er forskjellig fra enhet) er tillatt, men utvekslingen må være på stedet. Når gull utveksles for sølv, kan satsen derfor være forskjellig fra enhet, men ingen utsatt oppgjør er tillatt. Hvis ingen av de to elementene med effektiv årsak (illa) av riba er tilstede i en gitt utveksling, gjelder ingen av forbudene for ribaforbud. Utveksling kan foregå med eller uten gevinst og både på et sted eller utsatt basis. Med tanke på utveksling av papirvalutaer som tilhører forskjellige land, ville ribaforbudet kreve et søk etter effektiv årsak (illa). Valutaer som tilhører forskjellige land er tydelig forskjellige enheter som er lovlig betalingsmiddel innenfor bestemte geografiske grenser med forskjellig egenkapital eller kjøpekraft. Derfor hevder et stort flertall av lærde med rette at det ikke er enighet av slekt (jins). I tillegg er disse ikke vernebare eller målbare. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established. The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value. This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis. Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis. 2.1.2 Comparison between Currency Exchange and Bai-Sarf Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible. taking possession of commodities exchanged by both parties is not a precondition (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold amp silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) Thus, sarf can be converted into interest-based borrowing amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only 44 (Rs 1100 converted into dollars) for his investment of 50. Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price) In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract. 2.1.4. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar 3.1 Defining Gharar Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exc hange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible. 3.2 Gharar amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. 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. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract - speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. Notes amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic. 8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices. 9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller. 10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible. 11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty. 12. The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allahs prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India