Forex trading itu halal

Mu meneen Irmãos e Irmãs, Como Salaam Aleikum wa Rahmatullahi wa Barakatuh. (Que Deus Paz, Misericórdia e Bênçãos estejam sobre todos vocês) Um de nossos irmãos / irmãs fez esta pergunta: É forex halal ou haram. Se halaal por favor explique por que é assim (pode haver alguns erros gramaticais e ortográficos na declaração acima. O fórum não muda nada de perguntas, comentários e declarações recebidas de nossos leitores para circulação em sigilo.) Forex Currency trading Em nome De Deus, Nós O louvamos, buscamos Sua ajuda e pedimos Seu perdão. Quem quer que Allah guie ninguém pode desviá-lo, e quem quer que Ele permita desviar-se, ninguém pode guiá-los corretamente. Demos testemunho de que não há ninguém (nenhum ídolo, ninguém, nenhum túmulo, nenhum profeta, nenhum imã, nenhum dai, ninguém) digno de adoração, mas somente Alá, e testemunhamos que Muhammad é seu escravo E o selo de Seus Mensageiros. À luz da orientação do Alcorão e da Sunnah, a maioria dos estudiosos e juristas no Islão são da opinião que a compra, venda e negociação de moedas estrangeiras é permitido no Islã, desde que a negociação e troca é feita em pagamento à vista E trocados. Observe aqui que margem de negociação, puts, chamadas, straddle ou qualquer um dos derivados que não spot exchange são considerados ilegais e proibidos no Islã. Tudo o que está escrito de Verdade e benefício é apenas devido à Assistência e Orientação de Allah, e o que quer que seja de erro é só de mim. Allah Alone Knows Best e Ele é a única fonte de força. Seu irmão e bem wisher no Islã, Kemarin saya berkunjung rumah sahabat akrab saya, semenjak dia menikah sudah hampir 2 tahun ini tidak pernah bertemu. Entah mengapa, tiba-tiba, kemarin, saya, teringat dan ingin sekali menemuinya, lalu saya putuskan untuk pergi. Sesampainya disana kita bercerita banyak, dlm percakapan tersebut saya sempat menawarkan dia untuk bergabung dengan bisnis yang saya geluti sekarang yaitu perdagangan berjangka komoditi atau salah satunya FOREX Trading. Lalu dia berkata. 8220Apakah bisnios yang kamu tawarkan itu HALAL buat saya. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Categoria da loja: Waduh. Dengan jawabannya saya jadi bingung .. (PUYENG), kalo boleh jujur ​​sebagai muçulmano saya juga tidak mau bergelut di bisnis yang bertentangan dengan aturan kaidah hukum agama. Dan saya menjawab. 8220Oke brooo. Untuk saat ini saya tidak bisa menjawab pertanyaa kamu terus terang saya tidak mau ambil resiko kalo untuk masala ini. Besok saya akan kesini dan menjawab pertanyaan dari kamu, saya pelajari, dulu lebih, dalam.8221 Setelah itu saya pamit pulang, ditengah perjalan dan sesampainya dirumah saya selalu berpikir 8220saya harus mendapat kan jawabannya8221 Saya surfando dan bertanya ke embah GOOgle ternyata menemui artikel yang memabahas masalah tersebut . Ternyata ini hanya merupakan hasil laporan seminário yg dihadiri dari kaum intelektual, pedagang berjangka komoditi, dan Ulama. A seguinte informação não está disponível atualmente em Português. Para sua conveniência, nós a traduzimos automaticamente SEMINÁRIO NASIONAL 8220PERDAGANGAN BERJANGKA KOMODITI DITINJAU DARI SEGI HUKUM ISLAM8221 Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti) bekerjasama dengan Fakultas Hukum Universitas Islamabad (FH-UII) Yogyakarta telah mengadakan Seminário Nasional Perdagangan Berjangka Komoditi Ditinjau dari Segi Hukum Islam di Yogyakarta Pada tanggal 13 de Setembro de 2001. Pembicara dalam seminar tersebut adalah Drs. Ridwan Kurnaen, MBA. (Bappebti), Drs. Hasan Zein Mahmud, MBA. (PT BBJ), Prof. Drs. H. Asmuni Abdurrohman (MUI Pusat), Drs. H. Abdur Rachim (IAIN SUKA Yogyakarta), Dr. Syamsul Anwar, MA. (IAIN SUKA Yogyakarta), Prof. Dr. Juhaya S. Praja, M. Ag. (IAIN Bandung), Jawahir Thontowi, SH. Ph. D. (FH-UII Yogyakarta), Dan Zainul Arifin, MBA. (Institut At-Tazkiyah Jacarta). Peserta dalam seminário tersebut sekitar 100 orang terdiri atas Wakil-Wakil dari Universitas / IAIN dari Propinsi DIY, Jawa Tengah, Jawa Timur, Riau, Lampung, dan Sulawesi Selatan, serta Wakil-Wakil dari Pondok pesantren, Pemda DIY, dan sebagainya. Pokok-Pokok pikiran serta rekomendasi dari seminário tersebut adalah sebagai berikut: Perdagangan Berjangka Komoditi sebagaimana diatur dalam UU No. 32 Tahun 1997 Tanggal 5 Desember 1997, o NAS-NAS berdasar Al-Qur8217an dan Hadits Nabi, serta pendapat parágrafo ulama fiqih, tidak bertentangan dengan Prinsip-prinsip syariah Islam (muamalah) Meskipun kalangan ulama Syahi8217i berpendapat, dengan menggunakan konsep-konsep akad istitsna, Perdagangan Berjangka Komoditi tidak dibenarkan karena bertentangan dengan kaidah umum yaitu tentang obyek transaksi harus nyata, namun, menurut Ibnu Taimiyah, larangan menjual barang yang belum Ada tersebut bukan karena tidak adana barang itu, melainkan karena tidak jelas, apakah barangnya nanti dapat diserahkan ataukah tidak. Apabila barangnya Belum ada, tetapi ada jaminan dapat diadakan atau diserahkan kemudian, maka hal itu diperbolehkan Perdagangan Berjangka yang dikembangkan pada Masyarakat kontemporer / moderno mendapat dukungan kaidah fiqih, utamanya dari sisi 8220istihsan8221 dan atau 8220mashalihul mursalah8221, yaitu tuntutan kebutuhan ekonomi moderna (perdagangan) dan Perlindungan para petani (masyarakat). Perdagangan Berjangka Komoditi tidak mengandung hal-hal yang bertentangan atau dilarang Oleh Syariat, Karena: Perdagangan berjangka adalah resmi (legal), mempunyai aturan yang Jelas dalam peraturan-perundangan Perdagangan berjangka tidak mengandung spekulasi (dalam arti Untung-untungan), tetapi justeru dengan Iindung Nilai (hedge) dan pembentukan harga (preço descoberta) memberikan Perlindungan kepada parágrafo Petani-produsen Perdagangan berjangka memiliki Fungsi sosial-ekonomi, yaitu Perlindungan kepentingan dan kesejahteraan Masyarakat, berbeda dengan perjudian atau jogo, mengandung unsur dengan resiko Untung-untungan yang tinggi serta tidak Memiliki fungsi ekonomi bagi kesejahtera / kemaslahatan masyarakat secara umum. Menurut Yusuf Musa, perdagangan berjangka tidaklah tepat apabila dikategorikan sebagai 8220salam8221 dikarenakan banyak perbedaannya, diantaranya adanya syarat penyerahan harga Penuh ketika akad dilakukan, sehingga perdagangan berjangka Lebih tepat dikategorikan sebagai akad jual beli. Untuk memperoleh kejelasan yang lebih detalhe tentando pandangan Hukum islã terhadap Perdagangan Berjangka Komoditi ini, kegiatan seminário inu peru ditindaklanjuti dengan kajian yang lebih mendalam dalam bentuk oficina yang melibatkan para pelaku, serta pihak-pihak yang segar langsung terlibat dalam perdagangan berjangka komoditi ini. (Sumber www. bappebti. go. id) Menyimak dari laporan di atas. Bagaimana Menorah teman-teman dan alasannya, apakah FOREX itu HARAM atau HALAL8230. Diposkan oleh Benny Andhika Jam 1:53:00 AM Blog de Língua Portuguesa Lainnya: 50 Comentário: Bagaimana Pendapat Anda, FOREX TRADING Halal atau Haram. Ya itu dia Kl negociação forex tidak legal. Maka bisa di artikan haram. Kondisinya mereka punya aturan principal dengan kata lain tata tertib yang harus di patuhi. Dan resiko ap yang bakal di peroleh. Kl meneurut saya mah sah2 aja Malah kl yang mau di pertanyakan konsep banco. Apakah riba. Masih ada ponto akhir yang perlu ditegaskan bro. Yang ini neh: Untuk memperoleh kejelasan yang lebih detail Tanguy islam islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico islâmico Ini. Ntr. Ntr. Gw nanya dulu ama ustadz gw dulu. ele. Ele .. Alow bro, sayur do menurut Haram atau tidaknya gampang banget kok dilihatnya. Pertama khan kalo Haram tuh biasanya sesuatu hal pekerjaan dan keuntungan yang diraih tanpa kerja keras sedikitpun atau tiba2 untungnya gede layaknya permainan judi yang hanya sentimento mengandalkan keberuntungan itu bisa disebut HARAM. Itu dari segi agama lho. Terus jika meraup keuntungan tiba-tiba dan Besar secara kaget begitu Udah pasti RIBA Tapi maaf yah saya bukan kontra dengan Forex, saya juga Pro kok, Karena saya juga bermain Disana, yang intinya saya tidak merugikan orang deitado, aliás principal pakai uang Sendiri dan endak Memainkan uang orang lain, rugi e rugi sendiri, untung dinikmati keluarga dan orang banyak. Begitu ajah. Sekian. Hormat Grak Sepertinya seh mengarah haram ya, soalnya kan tebak2an juga waktu transaksi, bisa saat itu untung bisa rugi, gak jauh dengan judi. Tapi itu kan sebatas pandaman saya yang awam lho hm. Forex trading Ririn ga ngerti nih. Jadi. Sist, bro..pdagangan, berjangaka, itu gimana (hehe, maap, abis, dipostingnya ga dijelasin, trus di pelajaran ekonomi sma juga ga ada). Hehe .. Waduh, saya gak ngerti tuh, bro. Ya, Ikuti hati nurani aja. Selalu ada dua sisi yang bertentangan. Sekarang tergantung pilihan kita aja, hehehehe. Pilihan itu masalah pessoal kan Atacado com o seu nome de divórcio Forex, jade aku ga akan bilang bahwa itu halal ato haram. Lebih baik tanya dengan orang yang lebih paham hukum Islão (misal alim ulama), selain itu tanya juga musti tania pada hati kecil kita sendiri. Jangan tanya mbah Google, mana tau dia. Ele ... ele ..bercanda. D Waaahh. Aku juga gak terlalu paham dengan Durex. Eh salah Forex mas. Jadinya gak bisa urun rembug Lhaaa. Kalo, orang, ngeblog, tuh, kira-kira, dapet, pahala, gak, ya, mas, Kalo, menurut, penda, saya, sah2, aja, kok. Haram itu bisa diartikan kalo kita mendapatkan uang secara ilegal (contoh: nyuri nyopet, ngrampok dsbny ..) Nahh..kj FOREX khan ada proses jual-beli. Prinsip org berdagang adalah, beli dg murah lalu jual dg harga mahal. Kesimpulannya, FOREX juga bagian dari proses perdagangan. Aku pikir ini mau menawarkan bisnis gak taunya bahas halal haram ya. Lam kenal, mas, menurut, saya, forex, itu, bisa, haram, bisa, jugida, tidak, ..,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Sama hal nya dengan forex bila kita bermean tanpa perhitungan, analysa, tanpa tehnik hanya mengandalkan sentimento seperti yang di katakan mas arisna diatas mungkin akan menjadi haram karna sama dengan judi tapi bila kita berman dengan analise terus teknik dalam forex karna itu membutuhkan pemikiran saya rasa Tidak akan menjadi, haram, kecuali, kita, menerima, swap, nya. Itu sih menurut saya aja. Entah haram, tidaknya, hanya, allah, yang, tau, kadar, keislaman, kita untuk, menilai, sesuatu, yang haram. Aduh gak tahu ya, masalah halal dan haram kan ada aturanya, tapi biar Tuhan saja yang punya segala hukum yang nentukan. Forex legal brooo kan bukan termasuk togel ato judi forex kan naik turunya mata uang: D (sok tau) forex itu judi ga ada yang tau mo kemana arahnya, semua teknis dan fundamental ga jamin 100 pergerakan harga, begitu juga dengan dagang bakso, dagang baju , Lomba baca puisi, daftar jadi caleg, mo naek pesawat terbang, maju-mundur, kanan-kiri. Itu semua judi, esconde-o adalah meja perjudian yang sangat besar) Wew. Akhirnya nemu juga nih thread. Saya pinjam untuk postagem di blogue saya ya mas. Tapi gak sekarang .. próximo tempo mungkin. Cape ngurusin blog. Artikel ini sependapat dengan saya. Forex HALAL bro. Kata guru ngaji saya juga begitu Asalkan, dana, yang, dipakai untuk, berbisnis, forex, bukan, uang, panas, nitip, link, ya, mas. Gampang. Cek aja, setelah beli. Mau beli JPY, NZD, lã ada logotipo halalnya gak kalo ada berarti halal. Kalo menurut aku sih bisa halal kok Soalnya yah seperti yang sudah dibahas diatas. Forex, itu, khan, jual, beli, uang, tapi, bukan, dengan, memperhitungkan, bunga, renten. Yang diginakan disini adalah felling serta analisa yang kuat seingga kita tidak rugi / salah menentukan langkah mata uang mana yang kita ambil dan yang mana yang kita lepas. Lagipula kalaupun juga dikatakan haram dari sudat pandang yang mana yang menyatakan hal tersebut. Menurut, aku, bila, kita, beli, mata, uk, satu, negara, maka, kita, secara, tidak, langsung, membantu, negara, tersebut, meski, kecil, tapi, efek, yang, diakibatkan, sangatlah, besar, seingga, bisa, mendongkrak, nilai, tukar, mata, uk, Kalau, menurut, saya, halal, dengan, membeli, sebuah, mata, uang, sama, seperti, kalau, kita, membeli saham. Kalau kita beli peru bahwa perekonomian Eu sou um parceiro que não consegue gravar nesta jaqueta. Begitu juga sebaliknya kita akan jual kalau nilai perekonomian EUA turun. Jadi sama kaya, saham, kalau, nilainya, akan, kita beli, kalau, akan, turun, ya dilepas. Namanya, juga, usaha, kalau, ga untung, ya, ga, jual, beli. Sampai saat ini masih banyak pro kontra soal halal-haram nya forex. Tapi menurut saya, forex itu halal, karena yang terjadi adalah jual beli mata uang, sama dengan trocador de dinheiro, apakah itu haram Perdagangan sah jika ada barang yang diserah-terimakan dan disertai akad. Barangnya jelas dan nyata yaitu uang, sedangkan akadnya juga jelas, saat mendaftar conta ada perjanjian (TOS) dan saat ordem aberta adalah waktu akadnya. Kalo saya, masi setengah2 antara halal / haram ttg forex. Tapi yang, mau, saya, komentari, kalo, dibilang, barangnya, jelas, jelas2, kita, gak, terima, barangnya. Kita beli, terus jual lagi. Jadi jual beli selisih disini, bukan jual beli mata uang (margem). Dan mirip dengan taruhan, misal kita bertaruh pada perdingan bola misalnya, pilih tim A (USD) berharap menang. Ternyata B (YEN) menang. Yawda rugi. Sama kalo kita pasang par USDYEN, kita berharap dolar menguat terhadap yen, e ternyata melemah. Yawda, kita, rugi, kalo, perto, pada, saat, itu. Bedanya kalo pertandingan bola udah jelas kapan harus quotclosedquot, kalo forex nggak. Jadi bisa aja nanti dólar menguat. Kalo forex dibilang ada yg untung ada yg rugi, sebarnya sama juga dengan mata uang ril. Gak, harus, ditradingkan, juga, dah, terasa, koq. Misalnya rupiah melemah terhadap dólar, ya yg megang rupiah (umumnya org Indonésia) akan rugi dan yg megang dólar akan untung (untung / rugi pada saat itu). Jadi ya unsur untung rugi, yang satu untung, yang satu rugi pasti ada, gak hanyaa di forex, tapi dalam dunia yg lbh luas. Dan bedanya kalo jual beli barang, ada penambahan nilai jual (misalnya dikemas, dibentuk), dan margem keuntungan yg diharapkan. Então, keuntungannya dari hasil itu, bukan dengan fluktuatifnya harga. Tapi ada juga yg cuma, kulakan barang, dipajang, terus ambil untung. Misalny pedagang laptop. Dia beli laptop dari pabrik, terus gak diapa2in dijual lagi. Itu namanya jual jasa juga. Nah kalo forex ini bisa gak dibilang jual jasa gak .. waktu kita aberto, udah pasti ada selisih antara jual n beli, itu taxa jasa mereka. Pas já fechado itu yg berlaku pada saat itu. Sama caiaque penjual laptop tadi. Pas mau jual kurs rupia menguat drastis. Sedangkan dia beli sesuai dgn kurs dólar juga. Jadi ya bisa dibilang, pada saat rupia menguat, dia pun harus menurunkan harga jualnya. Kalo harga beli lebih mahal daripada harga jual, ya dia rugi. Jadi sebenarnya mata uang ini berpengaruh pada semua sektor. Dan forex em kebetulan berhubungan forex itu juga. Efeknya, sama, dengan, penjual2, yang, menggunakan, kurs, sebagai, patokan. Soo. Kalo forex ini yg pasti ada brokernya. Tujuannya apa untuk memfasilitasi jual beli margem mata uang. Nah produk margem mata uang ini pulala, halal atau haram. Ada gak yg jual beli misalnya margem harga kambing harga tanah harga baju (cuma marginnya, barang realnya gak ada). Ya kalo pun iya já mirip2 forex itu tadi, margem emas. Bedanya ma saham, kalo saham, dengan membeli saham, berarti membeli kepemilikan perusahaan itu juga. (Mungkin kalo proporsi sahamnia gede baru terasa ya pengaruh kepemilikan saham kita terhadap itu perusahaan). Kalo forex, bisa gak kita dibilang ada kepemilikan terhadap dólar atau yen itu tadi bisa saja dibilang gt, akan tapi toh harus dikonversikan ke mata uang depósitos básicos kita, USD misal. Jadi hmmm. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Guarnições Menurut saya HARAM, negociando itu JUDI, disana tidak ada perdagangan melainkan JUDI semata, karena yg lucro untungnya dari yg perda lucro, sedangkan bila comerciante semuanya profittidak ada yg perda (kalah) maka perusahaan comerciante tsb rugi, bayangkan bila semua lucro comerciante profitnya itu Melebihi kekayaan comerciante perusahaan tsb pasti bangkrut. Emang uang itu bisa dengan djjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjj Ini jelaslah jogo, dlm negociação tugas anda adalah menjadi peramal, peramal sekelas mama laurent pun bisa kalah bila ikutan negociação, dijamin. Pesan saya anda coba ikutan negociação, maka anda akan menemukan jawabannya. karna sayapun pernah ikutan negociação. BERKAT de TUHAN Kalau melakukan de pekerjaan dengan nafsu, sampai lupa segalanya. Ini ga halal. Porquê Kenapa Karena semua pekerjaan yg resmi ada UUD nya, tentu berkatnya diatur oleh Tuhan. Berkat, rejeki kita udah diatur dari sononya. Kita mua jungkir balik seperti apa, berkat udah diatur, udah ditakar olehan Tuhan. Então kenapa kita mesti kerja keras sampai lupa segalanya Nah ini yg saya sebut tidak halal lagi. Kerja e kerja, tapi jangan nafsu, entai itu kerja jadi karyawan kantor, buka toko, jadi dokter, kalau dilakukan dengan nafsu sampai lupa segalanya, namanya tetap tidal halal. Padahal pekerjaannya dokter, kok bisa ga halal Padaal pekerjaannya karyawan kantor, kok ga halal Paham e Itu menurut saya lho. TRADING dan DOKTER, HALAL mana Bagaimana negociação forex dengan, tidak halal Sama aja. Kalau kita trading dengan nafsu, pagan siang sore malam, lupa segalanya. Ya tentu ga halal lagi. Disini memang ditekankan ada unsur uang yg dimainkan, sebetulnya sama aja. Mau buka warung, juga pake uang. Mau jadi dokter juga dapat uang. Betul Jadi buka soal unsur uangnya. Kita liat itu semua sebagai pekerjaan. Betul CAPABLE Disisi laen ada unsur capabilitas. Kita capaz tidak dengan pekerjaan kita kita mampu tidak dengan pekerjaan kita. Kalau bekerja sebagai dokter tentu ada ijazah nya. Kalau dokter gadungan tentu ga halal. Karena menipu, karena pasti ga punya ijazah. Ini mudah dibedakan, karana ada unsur pendidikan dan gelar yg disandang. BUKA WARUNG HALAL atau JUDI Terus bagaimana dengan orangada buka warung atau orang negociação forex. Apakah ada unsur pendidikannya Não ini yg rancu kita bicarakan. Makanya kembali ke manusianya. Apakah, kita, sudah, melengkapi, dengal, pengalaman, yg, memadai, Mesquita, buk, warung, capaz, tidak, kita, denim, barang, dagangan, warung, kita, kauta, asiático, Dan tidak survei, kira2 laku tidak barang dagangan di warungnya Siapa pesaing warung laennya Dllnya. Ini saya sebut udah judi. Mesquita, orangotango, buquê, warung, halal. Betul FOREX, CONTA, CAPAZ dan JUDI Nah demikian juga dengan negociação forex, kalau kita tidak melengkapi dengan segala kemampuan yg diperlukan. Saya katakan judi. Kenapa Lha apa pantas, orang baru belajar 2 minggu, conta kemudian memegang 20.000 usd untuk ditardingkan. Oke lah, tidak, usah, melihat, jumlah, uangnya, itu, hak, masing2, orang. Oke lah saya yakin ada yg kehilangan uang 20.000 usd dalam 2 hari juga masih santai dan malah ketawa-tawa. Nenhum problema katanya, cuman 20.000 usd kok, bukan 2.000.0000 usd. Oke sekal lagi, saya, terima, alasan, ini. Karena ini juga uang kamu, bukan uang saya. As informações seguintes não estão ainda disponíveis em Português. Para sua comodidade, disponibilizamos uma tradução automática: Betul Tapi konteks yg kita bicarakan buka soal uangnya, jumlahnya berapa. Tapi soal capaz kita, kemampuan kita. Kalau kita melakukan susuatu tidak dengan capaz, tidak melengkapi dulu dengan. Pengetahuan, belajar yg memadai, survei, nafsu. Ini saya katakan judi. Jadi kalau orang di forex baru belajar 3 bulan, conta kemudian buka, meraih mau keuntungan dan yakin bisa untung. Ini saya katakan mereka berjudi. Ini pendapat saya ya. Maaf saja kalau orang laen tidak setuju. Sah sah aja kan. Hehehehe. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,. Kalo enggak salah satu dirugikan Berarti ini haram .. lhoo kok forex haram lha iya lha wong disamakan dengan spekulasi, trus mirip judi enggak lha itu saudara kembarnya, sama sama pengen dengan modal kecil berspekulasi agar mendapatkan untung besar, lha kok ada eang bilang enggak haram 1. enggak tau hukum Syar39i nya 2. enggak mau tau hukumnya yang penting duit 3. bukan orang islão jadi enggak tau hukum yang berlaku buat ummat muslim .. masih empurrando juga sila tanya saja di www. syariahonline / mungkin bisa lega. Kalau menerut sy sesuatu, halal, atau, haram, tergantung, niat dan memanfaatkannya, contoh. Menabung de banco bisa Haram kalau meniatkan untuk Bunga, tailandês kamikaze ataupun tabungan di kemudian hari apa Haram. Di Forex juga ada kemngkinan Haramnya kalau emang niatnya untuk tebak-tebakan, namun bisa jadi halal jika untuk jadi simpanan, melihat matauang kita terus anjlok maka kita beli yang lebih estabilizar emmas, atau yang lainnya. Untuk Kasus Lain juga demikiano kok, pisau bisa jadi halal jika untuk masak atau keperluan positivo lainnya namun jika untuk membunuh manusia e jadi haram donk pake pisau. Nah yang udah jelas haram tuh seperti lokalisasi wts, tempat jugal minuman keras, dsb kenapa malah tidak dilarang Dengan adanya Forex Trading ini juga dapat meminimalisasi Praktek Monopoli lho. Coba, misalan, ada, orang, yang, kaya, memborong, ssuatu, mata, maka, nilainya, menjadi naik, namun, sebaliknya, jika, ada, yang, menjual, dalam, jumlah, banyak, bisa ambruk, tuh mata uang, nah dengan, forex banyak, orang bisa terlibat, ada yang berfikir beli dan jual ketika harga jatuh ada Aja yang berfikir beli, ole sebab itu akan mejaga stabilitas ekonomi. Kalau, tidak, nasib, suatu, bangsa, bisa, ditantukan, oleh, segelintinr, orang lho. (Yang banyak uang). Namun dewngan forex nasibnyaa bisa jadi ditangan orang banyak asalkan jangan taispak seluruh dunia pilih jual maka ya hancurlah mata uang tersebut. Kalau Judi Kita tidak bisa melakukan kontrol, sys pork ko masih bisa kontrol, kita juga bisa lakukan bloquear ágar tidak rugi dan untung kalau ingin bertahan. Haram, banyak, kejelekanna, daripada, keuntungannya, Secara, fatwa, MUI, sih, haram. Tapi ada juga yang bilang, halal, dengan, dasar-dasar, yang, relevan juga. Caiaque musik aja, ada yang bilang haram, ada yang bilang halal. Atau, contoh, lainnya, rokok, fatwanya, jelas, haram, tetapi, ada, yang, tetap, menghalalkan, dengan, dasar-dasar, tertentu, pula. Kalo logikanya principal forex dengan cara spekulasi alias tebak-tebakan alias untung-untungan, itu sama saja dengan berjudi, dan jelas judi itu haram. Tapi maaf, saya principal forex tidak dengan cara tebak-tabakan atau untung-untungan. Ele ele ele. Saya comerciante bukan jogador. Oi oi oi Salam Kawan, Sebelumnya maafkan saya kalo saya ikut nimbrung dalam blog emi, walaupun saya sendiri adalah bukan umat muçulmano, tp sejauh ini saya sedikit tau mengenea apa yang dikategorikan haram atau halal, pendapat saya secara pribadi, sejauh ini tidak ada alasan kuat untuk mengkategorikan FOREX Business ke hukum HARAM, asumsi, haram, yang, selama, ini, terhadap, forex, adalah, menjurus, ke perjudian, karena didukung, faktor, orang awam, yang, memandang, dapat duit itu, gampang di forex, saya sgt yakin 99,99 para trader yang profesional, tidak akan berani mengatakan GAMPANG cari duit di FOREX, justru yang bukan TRADUTOR yang merasa itu adala gampang, hanya entrar COMPRAR dan VENDER tohh Vamos bro. Apapun usaha yang dianggap HALAL, akan melalui proses COMPRAR dan VENDER jg, maaf kalo saya berbicara agak sedikit meninggung, mungkin yang harus dibedakan dalam bisnis forex ini dengan bisnis umumnya adalah Negócio Inteligente ou Workhard Negócio, bukan halal dan haram, sama seperti orang yang quotWork Smartquot e quotWork Hardquot, bayangkan seorang quotARSITEKquotyang tdk bisa angkat batu, kerjanya hanya atur sana sini, bahkan campur semen aja ngk bisa, dibandingkan dengan kuli yang tiap hari kerja dan serba bisa, Setelah bangunan megah selesai, pernahkah ada yang menanyakan quotKuli mana yang buat Iniquot, tentu saja tidak, selalu saja ditanya quatArsitek mana yang membangun iniquot, dalam hal ini yang saya mau jelaskan adalah apakah semua orang bisa menjadi arsitek apakah gampang menjadi arsitek pandangan spt ini laah yang terjadi dengan FOREX, Sesungguhnya Forex bukanlah di BUYampSELL, tp di ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Kalo Ramalan adalah mengusahakan mengetahui apa yang akan terjadi didepan, tanpa harus berhubungan dgn dados2 sebelumnya dan memutuskan sesuatu tanpa hrs ada faktor pendukung, contoh adalah BMG (Badan Metreologi Geofisika), makanya kalimat yang benar adalah RAmalan Cuaca, bukan Prediksi Cuaca. Akhir dari penjelasan saya adalá Kita Pemuda Indonésia, saya harap bisa lebih terbuka mempelajar dan mengetahui sesuatu tanpa harus mengambil unsur agama untuk menghalanginya, Agama adalah suci, bukan dari hasil pemikiran manusia, ibarat seseorang berlayar de lautan dengan perahu, maka saat itu perahu adalah sahabat Terbaik kita, sesampainya didaratan, untuk, beraktifitas, apakah, kita, harus, mengangkat, perahu, kita, kemana2, karena, Perahu, tadi, adalah, sahabat, kita ini hanya, ilustrasi, maaf kwn2 sekalian, bukan bermaksud menggurui, ini hanya pendapat saya, Salam sEjahtera Seperti bermain judi Membawa manfaat / kontribusi / sumbangsih bagi pihak laín selain berharap keuntungan pribadi saja dan membuat energia alam menguap. Seperti bermain judi, pada Forex amp Índice tidak mungkin kedua pihak sama-sama untung, pasti yang satu untung, yang lainnya rugi. Seperti bermain judi, pada Forex amp Índice ilmu keahlian seseorang tidak diberdayakan untuk kemajuan dunia, malahan memerosotkan potensi alam. HARAM Forex atau jual beli mata uang itu jelas halal, tapi kalo quotMain Forexquot baru masih remang-remang. Kenapa remang-remang. Coba aja principal forex di conta demo, kita mempertaruhkan uang kita untuk prediksi kita. Kalau prediksinya benar, kita untung, kalo prediksi, salah, kita, rugi. Lha siapa yang paling untung. Yang jelas untung adalah broker dan afiliasinya. Yang maen mo rugi mo kalah, corretor dan afiliasi udah dapet komissi duluan melalui spread yang ditetapkan. Kalo ingin untung di forex, mendingan jadi afiliasi aja, atau jualan sinyal, atau jualan ebook. Lagian kalo benar ada yang jago quotMain Forexquot ngapain joga masih jualan sinyal, robô, atau ebook. Ya udah gratisin aja. Hehehe. Wong seorang traderfitti por harinya bisa jutaan bahkan puluhan juta de saldónia (barangkali hehehe) forex adalah JUDI. Brokerbandar judi, traderpemain judi. Negociação forex berjudi lewat nilai tukar mata uang. Bila kita mengira nilai tukar akan naik, maka kita melakukan COMPRAR, dan bila ternyata nilai tukar bizar-benar naik, maka kita untung, broker rugi. Demikian sebaliknya. Bila kita memprediksi nilai tukar akan turun, maka kita melakukan VENDA, bila de ternata de ninja de birkin, birra de birkin, kita untung, broker rugi, juga sebaliknya, seterusnya demikian. Apapun alasan orang, hadist atau, ayat, apapun, yang, dikutip, yang, jelas, logika, berman, forex, memg, menggunakan, logika, judi. Walau udah tahu begitu, herannya masih, banyak, orang, yang, suka, bermain, forex, termasuk, saya, gitu, loch. Hmmm indahnya islão yang telah mengatur segala urusan kehidupan ini mulai dari bangun tidur hingga tidur lagi. Bagaimanapun hal ini adalah memerlukan rincian yang detalhe. Apa itu forex. Bagaimana sistem kerjanya. Dll. Setelah kita mengetahui apa itu forex dan benar2 mengetahuinya segara detalhe maka barulah kita kita dapat menentukan hukumnya sesuai alquran dan como sunnah dan bukannya menghukumi sesuatu hanya dengan pengetahuan yang setengah2 saja. Tidaklah ADA satu permasalahanpun dalam kehidupan ini melainkan telaha ada jawabannya dalam agama ini. Kaidah islam mengatakan: - semua ibadah hukumnya Tradução automática limitada:: YANG MEMERINTAHKANNYA. - semua muamalah (perdagangan dan lainnya) hukumnya BOLEH untuk dilakukan kecuali apabila ada dalil YANG MELARANGNYA. Maaf pada saat ini saya, belum, dapat, membantu, mengungkapkan, hukumnya, secara, mendetail, dengan, berbagai, dalil, yang, ada. Saya setuju dengan pendapat: quotKalau Judi Kita tidak bisa melakukan kontrol, saya rasa pada forex kita masih bisa kontrol, kita juga bisa lakukan bloquear agar tidak rugi dan untung kalau ingin bertahan. Quot, dan, juga, saya, setuju: quotKalo, logikanya, principal, forex, dengan, cara, spekulasi, alias, tebak-tebakan, alias untung-untungan, itu sama saja dengan berjudi, dan jelas judi itu haram. Tapi maaf, saya principal forex tidak dengan cara tebak-tabakan atau untung-untungan. Ele ele ele. Saya comerciante bukan jogador. Oi oi oi, que dan maaf Saya sangat-sangata tidak setuju sekali dengan sebuah kalimat. Quotkita Pemuda Indonésia, saya harap bisa lebih terbuka mempelajari dan mengetahui sesuatu TANPA HARUS MENGAMBIL UNSUR AGAMA untuk menghalanginyaquot XX agradecimentos. Wallahu, a39lam, yang, namanya, haram, dalam, perdagangan, dan, judi, tentu, ada, sebabnya, alias, ilat, yang, menyebabkan, perkara, diharapkan, bukan masalah untung dan rugi aja. Kalo unsur, penyebab, penyebab, keharaman, tersebut, ada, terdapat, dalam, forex, maka, forex, itu menjadi haram. Postando ini, dag banyak pendapatnya namun hanya dari kalangan pemain / praktisi forex, belom ada dal kalangan ahli hukum islão yang komen di sini. Masalahnya para pakar sendiri gak paham betul tentang mekanisme forex. Yang haram itu jelas, dan yang halal itu juga jelas. Diantara keduanya ada beberapa masala yang abu abu yang hanya sediquito sekali orang yang tahu hukumnya. Jangan, asal, putus, haram, dan, halal, seenak, sendiri, emangnya, islão, itu, agamanya, yang, buat, engkong, lhooo .., hukum, islam, udah, di, putuskan, oleh, Allah, dalam, Quran, dan, Hadist, tinggal, kita, mau, gak, mempelajarinya, atau, bertanya, pada, yang, lebhi, tahu. Tentang keduanya. Seorang alim alquran dan hadits yang baik bukan sajão orang yang japal atau udah dapat gelar tinggi dalam bidang hukum islão saja tapi harus orang yang benar benar wirai (menjaga agamanya) agar ia bisa memutuskan suatu hukum segar benar dan jernih atas dasar alquran dan hadits. Bukan atas dasar nafsunya dengan memanfaatkan alquran dan hadits. Jual beli sistema ijon emang haram karena barang yang dijual beli belum jelas apakah nanti ada hasilnya atau gak lalu apakah forex bisa dipastikan ada judi haram karena itu bukan jual beli tapi tebak tebakan..sedangkan forex itu jual beli bukan hanya tebak tebakan yang gak ada barangnya .. menurut saya tidaks emua unsur spekulatif menjadi penyebab keharaman karena yang namanya jual beli, dagang dan bisnis lainnya juga ada unsur spekulatif. Menurut saya Perdagangan Berjangka Komoditi beda dengan forex. Perdagangan, Berjangka, Komoditi, udah, jangada, barang, yang, dijual, belikan, sedang, forex, jual, beli, ugang, denar, spekulatif, pasar. Yang, tidak, bisa, kita, tentukan, harganya, kalo saya, jual, cendol, pingin, saya, kasih, tarif, berapapun, terserah, saya. 10 ribu satu gela atau 5ribu juga bebas masala laku itu spekulatif saya dalam menentukan harga. Lalu bagaimana dengan forex gak bisa seperti itu toh. Forex hukum jual beli belí ketika murah dan ketika mahal. Kisaran harga ngak jauh2 amat dr e ada di grafik. Hal ini bs terjadi 1-tak tentu bnyaknya hari untuk kita jual lg dngan kisaran harga yg kita mau. Masalah nya bnyak comerciante yg melakukanya dlm hitungan jam beli dan berharap naik untung. Waduhhh. Jadi ragu juga neh jadinya. Mungkin bisa di katakan haram. Karna nggak jelas barang yg kita beli. Cuma dapet untung dari selisih nilai tukar. Tapi, selisih, itu, bagi, saya, masih, bisa, di, bilang, halal, karna, perdagangan, memiliki, keuntungan, dari, setiap, selisih, harga, jual. Sedangkan judi tidak seperti itu, keatungan dalam judi karna ada lawan yang kalah, bukan dari selisih harga jual. Ingin lebih paham halal apa haram Silahkan buka ligação saya. klik tulisan hamim forex itu halal. Bahkan, udah, disah kan MUI Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H / 28 Maret 2002 M DEWAN SYARI39AH NASIONAL MAJELIS ULAMA INDONÉSIA halal kalau cara mendapatkannya dengan berbagai analise, dll de atualização de informações yg memerlukan pemikiran. Haram, kalu, caranya, asal, nebak, arah, aja, klo, perdido, haram, klo, lucro, halal, gitu, akar, repot, kalo, menurut, saya, sendiri, sih. Dalam ekonomi syariah tidak ada eang namanya perdagangan mata uang. Karena ekonomi syariah, hanya, menggunakan, satu, mata, uang, yaitu, dinar. Maafkan saya jika salah Selamat sore bro. Wah seru sekali perbincangan di sini, yang jelas marilah kita tingkatkan skil dan pengetahuan kita yang luas tentang forex sebagai ladang rejeki, Insya Allah. Kunjungi blog saya juga hehe. BERDASARKAN FATWA MUI FOREX itu HALAL. TETAPI TRADING FOREX ONLINE itu HARAM karena trading forex online itu bukan transaksi spot. Sedangkan di FATWA MUI, trading forex itu halal jika trading spot. Model trading forex online itu bukan model transaksi spot jadinya haram. Trading online termasuk trading emas, komoditi, saham yang internasional itu masih haram karena jenis transaksinya itu non-spot Bedakan dengan Saham di Indonesia, jika niatnya adalah penyertaan modal bukan sekedar untung dari selisih harga, itu halal. Karena penyertaan modal itu statusnya investasi alias menerapkan prinsip mudhorobah dalam islam. kalo aku masih ragu. karena uang itu sebenarnya adalah hanyalah alat tukar, BUKAN komoditi dagang. Jadi uang hanyalah untuk memudahkan pertukaran dagang. kalau untuk dagang dalam arti menukar uang dengan uang untuk mencari untung, itu sama dengan riba. Kecuali kalau dangang emas, perak dll yang nilainya jelas bisa dilihat dari barangnya. Atau dagang jasa yang jelas ukurannya Masalah ini yang bikin aku gak pernah nyoba forex,,coz belum jelas hukumnya,,ada 2 kubu yg bikin pening,,ada yg bilang HALAL, Ada yg bilang HARAM..jd aku nyoba bisnis yg laen z,.soalnya aku nunggu ada orang yg mw brtnggung jawab, dan mau menanggung dosa, jikalau forex itu halal ato haram,,biar bisa maen aman..hehehe..just kidding menurut saya judi itu halal dan harus kita ikutin nah yang haram itu kalau kalah itu HARAM banget kalau menang itu 100 HALAL jadi mari kita sukseskan berjudi. YG jelas hukumnya HARAMada spekulasi dan bisa jadi uang kalian langsung amblassss. sama dengan berjudi. judi dan judi. Poskan Komentar Tolong gunakan. . dalam memasukkan URL. NO SPAM. Trading di Forex International adalah 100 Bebas Pajak dan Legal menurut hukum pemerintah maupun hukum agama Trading Forex atau Valas adalah BUKAN Judi, karena perdagangan Forex dapat dianalisa secara NYATA, disamping itu Forex juga sama dengan perdagangan pada umumnya dan hanya berbeda di obyeknya saja (di Forex obyeknya adalah mata uang, sedangkan di perdagangan umum obyeknya adalah barang atau jasa). Forex dapat berarti ibarat e um menukarkan uang di cambista dengan memanfaatkan selisih harga kurs jual belinya FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syari8217ah Nasional Majelis Ulama Indonésia no: 28 / DSN-MUI / III / 2002, tentáculo 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 berlainan jenis. Bahwa dalam 8216urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandang ajaran islão berbeda antara satu bentuk dengan bentuk lain. Bahwa agar kegiatan transaksi tersebut, dilakukan, sesuai, dengan, ajaran, islam, DSN, memandang, peru, menetapkan, fatwa, tentação, al-Sharf untuk, dijadikan, pedoman MENGINGAT. 8220 Alguem Allah, QS. Al-Baqarah2: 275: 82208230Dan Allah telah menghalalkan jual beli mengharamkan dan riba82308221 8220Hadis nabi riwayat al-Baihaqi dan Ibnu Majah dari Abu Sa8217id al-Khudri. Rasulullah SAW bersabda, 8216Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) 8217 (al-baihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban). 8220Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa8217i, dan Ibn Majah, dengan teks muçulmanos dari 8216Ubadah bin Shamit, Nabi s. a.w bersabda: 8220 (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum. Sya8217ir, dengan, sya8217ir, kurma, dengan, kurma, dan garam, dengan, garam, (denga syarat, harus), sama dan sejenis, serta secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tuneai.8221 8220Hadis Nabi riwayat muçulmano, Tirmidzi, Nasa8217i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: 8220 (Jual-beli) emas dengan perak adalah riba Kecuali (dilakukan) secara tunai.8221 8220Hadis Nabi riwayat muçulmano dari Abu Sa8217id al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagiano atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama Nilainya) dan janganlah, menambahkan, sebagaian, atas, sebagian, yang, dan, janganlah, menjual, emas, perak, tersebut, yang, tidak, tunai, dengan, yang, tunai. 8220Hadis Nabi riwayat muçulmano dari Bara8217 bin 8216Azib dan Zaid bin A rqam. Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 8220Hadis Nabi riad Tirmidzi dari Amr bin Auf. Perjanjian dapat dilakukan de antara kaum muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.8221 MEMPERHATIKAN. Surat dari pimpinah Unidade Usaha Syariah Banco BNI no. UUS / 2/878 Pendapat peserta Rapat Pleno Dewan Syari8217ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 de março de 2002. MEMUTUSKAN Dewan Syari8217ah Nasional Menetapkan. FATWA TENTANG JUAL BELÍ MATA UANG (AL-SHARF).Pertama. Ketentuan Umum Transaksi O júbilo do júbilo é um buraco de uma mordaça que é um buraco de uma baleia que se estende por uma baleia de marisco: Tidak untuk spekulasi (untung-untungan). Ada kebutuhan transaks atau untuk berjaga-jaga (simpanan). Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara tunai (at-taqabudh). Apabila berlainan jenis, maka, harus, dilakukan, dengan, nilai, tukar, (kurs), yang, berlaku, pata, saat, transaksi dan secara tunai. Kedua. Jenis-jenis transaksi Valuta AsingTransaksi SPOT, yayu transaksi pembélian dan penjualan valendo asing untuk penyerahan pada saat itu (sobre o balcão) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional. Transaksi FORWARD, yaku, pakkan, pakistani, jordan, jordan, jordan, jordan, jordânia, jordânia, jordânia, jordânia, jordânia, jerusalem, Hukumnya adalah haram, karena harga yang digunakan adalá harga yang diperjanjikan (muwa8217adah) dan penyerahannya dilakukan di kemudiano hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk para a frente acordo untuk kebutuhan yang tidak dapat dihindari (lil Hajah Transaksi swap yetu suatu kontrak pembélian atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembélian antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Transaksi OPÇÃO yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta asing pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unusru maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuano jika de kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H / 28 Maret 2002 M DEWAN SYARI8217AH NASIONAL MAJELIS ULAMA INDONÉSIA 3 comentários: Salam kenal pak / bu, Artikel di atas membahas sisi Barang yang diperjualbelikan. Sedangkan masih ada sisi lain yang harus disorot yaitu: - Praktik Riba, mencari keuntungan dari selisih harga - Sisi JUDI Siga punya artikel yang membahas perbedaan antara 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, FECHAR. Silahkan baca di: genghiskhun / perbedaan-alur-judi-dengan-jual-beli-biasa Mohon koreksinya, guarnições Para o meu amigo ghghis khun Saya mbt blog membaca e um tapi saya tidak bisa membalas komentar untuk anda. Disini saya ingin bertanya kepada anda mengapa anda bilang ini adalah sisi judi..apa itu judi Sprti yg kita ketahui judi adalah suatu permainan yang bisa membro keuntungan dan kerugian hanya dengan cara menebak atau menerka. Sedangkan dalam perdagangan kontrak berjangka kalau anda hanya tebak-tebakkan ya silahkan nikmati kekalahan anda..pada sistemnya perdagangan berjangka mempunyai analise de sistema, dimana harga yang bergerak itu adalah harga yang bergulir dipasar dimana perubahannya dipengaruhi oleh keadaan ekonomi global..dan harga yang tertera disana Adalah harga yang válido para akan menjadi harga global .. Kedua saya menyoroti perkataan anda tentang riba..saya bertanya pada anda..dijaman ini anda mencari uang dari proses apaapakah trocar emas dgn emas, atau sapi dengan sapidijaman sekarang ini uang adalah alat perdagangan..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 ilegal sebaiknya anda pulang kejama purbakala dimana e um hnya perlu melakukan barter. Ketiga..diblog e um menyatakan bahwa perdagangan berjangka merupakan perdagangan tidak sah karena tidak berwujud dan hanya angka eang tertera yang kita perjual belikan. Saya menyatakan kembali kepada ini adalá perdagangan futuros. Atau perdagangan 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. Maaf saya baru memberkan komentar karena saya baru memahami tentang forex sekarang. Dê saya juga tidak bisa memberikan komentar kedalam blog genghis khun .. Caloroso respeito Xian SESUATU YANG quotRAGUquot HUKUMNYA WAJIB DI TINGGALKAN APALAGI quotHARAMquot Perhatikan poin2 dibawah: 1. FOREX / VALAS yang dilakukan secara langsung tanpa menundanya, maka hukumnya HALAL. 2. FOREX / VALAS yang tertunda walau sedetik pun untuk mendapatkan keuntungan / rugby, maka hukumnya HARAM. 3. FOREX / VALAS yang tertunda walau sedetik pun dinilai sebagai RIBA dan RIBA hukumnya HARAM. Intinya bila kita menukar valas secara langsung tunai utk keperluan tertentu seperti ke Luar Negeri dll itu jelas HALAL. Tapi bila, itu, ditukar, ditunda, utk, ditukar, kembali, meskipun, ditunda, cuma, 1 detik..jelas, RIBA. RIBA itu HARAM. Dalil dalil dalam hadits jelas banyak pendukungnya karena comerciante forex berjualan uang (alat jual beli) bukan barang. Orang yang mengatakan FOREX HALAL itu wajar saia karena biasanya yang bersangkutan sedang menggeluti forex. Kalo mau menghalalkan forex sah sah saja selma bukan dari Pandangan ISLAM. Kalo dalam ISLAM jelas RIBA alias HARAM. JUDI sebagian orang Untung tapi sebagian orang Rugi HALAL si A Untung dan si B Untung karena jual beli barang dan nyata apa yang de perjual belikan dan saling menguntungkan karena si Um dapat uang dan si B dapat barang yang dibutuhkan. Dalam FOREX ada yang rugi dan ada yang untung dan itu PASTI dan Keuntungan seseorang itu sudah pasti berasal dari kerugian seseorang..Hukum Bisnis Forex seperti itu dari jaman dulu. Di Hampir semua negara Islamismo Bisnis Forex sudah di haramkan. Masih berani mengatakan Bisnis FOREX itu HALAL. Hukum Trading Forex Menurut MUI Halal atau Haram Hukum Trading Forex Menurut MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan apa hukum trading forex menurutIslam (meski sudah banyak dikupas) maka berikut ini saya publish artikel dari Gainscope tentang FATWA MUI TENTANG TRADING FOREX . Di luar sana berkembang juga pendapat yang bersebarangan dengan fatwa MUI ini di mana mereka tetap berpendirian pada bahwa trading forex adalah HARAM dengan hujjah/argumen yang mereka pegangi. Keputusan berpulang pada dan ada di tangan Anda. Selamat membaca. Fatwa MUI Tentang Jual Beli Mata Uang (AL-SHARF) Pertanyaan yang pasti ditanyakan oleh setiap trader di Indonesia : 1. Apakah Trading Forex Haram 2. Apakah Trading Forex Halal 3. Apakah Trading Forex diperbolehkan dalam Agama Islam 4. Apakah SWAP itu Mari kita bahas dengan artikel yang pertama : Forex Dalam Hukum Islam Dalam bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum Islão, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu uang yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan pena danmin perditaan negaran-negara tersebut sehingga timbul PERBANDINGANO NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negar lainnya ini berubah (berluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawil inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS 1. Ada Ijab-Qobul. --- gt Ada perjanjian untuk memberi dan menerima Um penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa dan berpikiran sehat) 2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu: Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Jangan kamu membeli ikan dalam ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Masud) Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudiano jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai, maka, pembeli, mempunyai, hak khiyar, artinya boleh, meneruskan, atau, membatalkan, jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah: 8220Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam: 8220Kesulitan itu menarik kemudahan.8221 Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. Cit. Hal 135. Mengenai teks kaidah hukum Islão tersebut di atas, vide Al Suyuthi, Al-Asbah al-Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55. JUAL BELI VALUTA ASSISTENTE DAN SAHAM Yang dimksud dengan valga asing adalah mata uang luar negeri seperi dolar Amerika, sterling inggris, ringgit Malásia 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 Azerbaijão Azerbaijão Azerbaijão Azerbaijão Pedido de Propostas Aviso de pré - Dengan demikian akan timbul pena de 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 asing diselenggarakan di Bursa Valuta Asing (AWJ Tupanno, Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77) FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syariah Nasional Majelis Ulama Indonésia No: 28 / DSN-MUI / III / 2002 tentáculo Jual Beli Mata Uang (Al-Sharf) a. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis. B. Bahwa dalam urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandangan ajaran islão 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 telah menghalalkan jual beli dan mengharamkan riba. 2. Hadis nabi riwayat al-Baihaqi dan ibnu Majah dari Abu Said al-Khudri: Rasulullah saw bersabda, Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) (HR albaihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban). 3. Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasai, dan Ibn Majah, dengan teks muçulmanos dari Ubadah bin Shamit, Nabi viu bersabda: (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, syair dengan syair, kurma Dengan kurma, garam dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. 4. Hadis Nabi riwayat Muçulmanos, Tirmidzi, Nasai, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: (Jual-beli) emas dengan perak adalah Riba kecuali (dilakukan) secara tunai. 5. Hadis Nabi riwayat muçulmano dari Abu Said al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagiano atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian Atas sebagian yang lain dan janganlah menjual emas perak tersebut yang tidak tunai dengan yang tunai. 6. Hadis Nabi riwayat muçulmanos dari Bara bin Azib dan Zaid bin Arqam. Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 7. Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: Perjanjian dapat dilakukan de antara kaum musrem, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. 8. Ijma. Ulama sepakat (ijma) bahwa akad al-sharf disyariatkan denga syarat-syarat tertentu 1. Surat dari pimpinah Unidade Usaha Syariah Banco BNI no. UUS / 2/878 2. Pendapat peserta Rapat Pleno Dewan Syariah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 de março de 2002. Dewan Syariah Nasional Menetapkan. FATWA TENTANG JUAL BELÍ MATA UANG (AL-SHARF). Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut: 1. Tidak untuk spekulasi (untung-untungan). 2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan). 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama e secara tunai (at-taqabudh). 4. Apabila berlainan jenis maka, harus, dilakukan, dengan, nilai, tukar (kurs), yang, berlaku, pada saat transaksi dan secara tunai. Kedua. Jenis-jenis transaksi Avaliação do conteúdo: Todos Descrição 1. Transaksi SPOT, yayu transaksi pembélian dan penjualan valuta asing untuk penyerahan pada saat itu (sobre o balcão) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional. 2. Transaksi FORWARD, peregrinação de yaitu 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, karena harga yang digunakan adalá harga yang diperjanjikan (muwaadah) dan penyerahannya dilakukan di kemudiano hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk para a frente acordo untuk kebutuhan yang tidak dapat dihindari (lil Hajah) 3. Transaksi SWAP yetu suatu kontrak pembeliano atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembeliano antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi). 4. TRANSAKSI OPÇÃO Yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta asing pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengue ketentuan jika de kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H / 28 Maret 2002 M DEWAN SYARIAH NASIONAL - MAJELIS ULAMA INDONESIA Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh Dr. Mohammed Obaidullah di bawah ini tentang ISLAMIC FOREX TRADING. 1. The Basic Exchange Contracts There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date. To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of 50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of 50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or 50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. A minority view considers it permissible. The third scenario is that the transaction is partly settled from one end only. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B para pagar 50 para ele depois de seis meses. Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market. 2. The Issue of Riba Prohibition The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition. The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. 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). E em qualquer exercício de analogia (qiyas), a causa eficiente (illa) desempenha um papel extremamente importante. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries. A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. 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. O câmbio pode ocorrer com ou sem ganho e ambos em uma base pontual ou diferida. Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established. The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value. This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis. Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis. 2.1.2 Comparison between Currency Exchange and Bai-Sarf Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). As moedas de idade presente são exemplos deste último tipo. 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. Em primeiro lugar, quando se assume um regime de taxa de câmbio fixa, a distinção entre moedas de diferentes países é diluída. 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 exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible. 3.2 Gharar amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. 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. Em um mercado volátil, os participantes estão expostos ao risco de moeda ea 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. 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