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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 Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum.
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 no permintaan diantara negara - negara tersebut sehingga.
Timbu PERBANDINGAN NILAI MATA UANG antar negara.
Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang.
bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan.
Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai.
volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang.
menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: & # 8212; & gt; Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan.
lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan.
melakukan tindakantindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan.
harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang.
sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu.
(Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan.
sifatsifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka.
sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh.
meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al.
Daraquthni dari Abu Hurairah:
"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia.
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.
"Kesulitan itu menarik kemudahan".
Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan.
kalengan, LPG, dan sebagainya, rótulo de asalkam diberi yang menerangkan isinya. Vide Sabiq, op.
cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa.
al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA COMO DAN SAHAM.
Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika,
kggrund Inggris, ringgit Malaysia dan sebagainya. Apabila antara negara terjadi.
perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar.
Negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan.
memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa.
untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. Setiap negara.
berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai.
uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang.
atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi.
negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta como diselenggarakan.
di Bursa Valuta Asing (A. W. J. Tupanno, et al., Ekonomi dan Koperasi, Jacarta, Depdikbud.
FATWA MUI TENTANG PERDAGANGAN VALAS.
Fatwa Dewan Syari & # 8217; ah Nasional Majelis Ulama Indonésia.
Não: 28 / DSN-MUI / III / 2002 tentang Jual Beli Mata Uang (Al-Sharf)
uma. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan.
transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang.
b. Bahwa dalam & # 8216; urf tijari (tradisi perdagangan) transaksi jual beli mata uang dikenal beberapa.
bentuk transaksi yang status hukumnya dalam pandangan ajaran Islam berbeda antara satu.
bentuk dengan bentuk lain.
c. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan ajaran Islam, DSN.
memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman.
1. & # 8220; Firman Allah, QS. Al-Baqarah [2]: 275: & # 8220; & # 8230; Dan Allah telah menghalalkan jual beli dan.
2. & # 8220; Hadis nabi riwayat al-Baihaqi dan Ibnu Majah, Abu Abu & # 8217; id al-Khudri: Rasulullah SAW.
bersabda, & # 8216; Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua.
belah pihak) & # 8217; (HR. Albaihaqi dan Ibnu Majah, dan dinilai shahih por Ibnu Hibban).
3. & # 8220; Hadis Nabi Riwayat Muslim, Abu Daud, Tirmidzi, Nasa & # 8217; i, dan Ibn Majah, dengan teks.
Muslim Dari & # 8216; Ubadah bin Shamit, Nabi s. a.w bersabda: & # 8220; (Juallah) emas dengan emas, perak.
dengan perak, gandum dengan gandum, sya & # 8217; ir dengan sya & # 8217; ir, kurma dengan kurma, dan garam.
dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. Jika jenisnya berbeda,
juallah sekehendakmu jika dilakukan secara tunai. & # 8221 ;.
4. & # 8220; Hadis Nabi riwayat Muslim, Tirmidzi, Nasa & # 8217; i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar.
Bin Khattab, Nabi s. a.w bersabda: & # 8220; (Jual-beli) emas dengan perak adalah riba kecuali (dilakukan)
5. & # 8220; Hadis Nabi riwayat Muslim dari Abu Sa & # 8217; id al-Khudri, Nabi s. a.w bersabda: Janganlah kamu.
menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas.
sebagian yang lain; janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah.
menambahkan sebagaian atas sebagian yang lain; dan janganlah menjual emas dan perak tersebut.
yang tidak tunai dengan yang tunai.
6. & # 8220; Hadis Nabi riwayat Muslim dari Bara & # 8217; bin & # 8216; Azib dan Zaid bin Arqam: Rasulullah viu.
melarang menjual perak dengan emas secara piutang (tidak tunai).
7. & # 8220; Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: & # 8220; Perjanjian dapat dilakukan di antara kaum.
Muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram;
dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan.
yang halal atau menghalalkan yang haram. & # 8221;
8. & # 8220; Ijma. Ulama sepakat (ijma & # 8217;) bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.
1. Surat dari pimpinah Unidade Usaha Syariah Bank BNI no. UUS / 2/878.
2. Pendapat peserta Rapat Pleno Dewan Syari & # 8217; ah Nasional pada Hari Kamis, tanggal 14.
Muharram 1423H / 28 Maret 2002.
Dewan Syari & # 8217; ah Nasional Menetapkan: FATWA TENTANG JUAL BELI MATA UANG (ALSHARF).
Pertama: Ketentuan Umum.
Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut:
1. Tidak untuk spekulasi (untung-untungan).
2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan).
3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara.
4. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) yang berlaku pada saat.
transaksi dan secara tunai.
Kedua: Jenis-jenis transaksi Valuta Asing.
1. Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada.
saat itu (sobre o contador) atau penyelesaiannya paling lambat dalam jangka waktu dua hari.
Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai.
proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional.
2. Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya.
Ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2 & # 215; 24 jam.
sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adalah harga.
yang diperjanjikan (muwa & # 8217; adah) dan penyerahannya dilakukan di kemudian hari, padahal harga.
pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali.
dilakukan dalam bentuk acordo para a frente untuk kebutuhan yang tidak dapat dihindari (lil.
3. Transaksi SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang.
dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga para a frente.
Hukumnya haram, karena mengandung unsur maisir (spekulasi).
4. Transaksi OPÇÃO yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak.
Untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta como pada harga dan jangka.
waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir.
Ketiga: Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari.
ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya.
Ditetapkan di: Jacarta.
Tanggal: 14 Muharram 1423 H / 28 Maret 2002 M.
DEWAN SYARI & # 8217; AH NASIONAL & # 8211; MAJELIS ULAMA INDONESIA.
1. Os Contratos Básicos de Câmbio.
Existe um consenso geral entre os juristas islâmicos na opinião de que as moedas de diferentes.
Os países podem ser trocados em uma base local a uma taxa diferente da unidade, já que as moedas de.
diferentes países são entidades distintas com valores diferentes ou valor intrínseco e compras.
poder. Também parece haver um acordo geral entre a maioria dos estudiosos na opinião disso.
A troca de moeda em regime de avanço não é permitida, isto é, quando os direitos e obrigações.
de ambas as partes se referem a uma data futura. No entanto, há uma considerável diferença de opinião.
entre os juristas quando os direitos de qualquer uma das partes, o mesmo que a obrigação do.
contraparte, é adiada para uma data futura.
Para elaborar, consideremos o exemplo de dois indivíduos A e B que pertencem a dois diferentes.
países, Índia e EUA, respectivamente. A pretende vender rúpias indianas e comprar dólares dos EUA. O.
O inverso é verdadeiro para B. A taxa de câmbio rúpia-dólar acordada é 1:20 e a transação.
envolve compra e venda de US $ 50. A primeira situação é que A faz um pagamento local de Rs1000.
para B e aceita pagamento de US $ 50 de B. A transação é liquidada em ambos os pontos.
termina. Tais transações são válidas e islamicamente permissíveis. Não há duas opiniões sobre.
o mesmo. A segunda possibilidade é que a liquidação da transação de ambos os fins é diferida.
para uma data futura, digamos, dentro de seis meses. Isso implica que tanto A como B fariam e.
aceitar o pagamento de Rs1000 ou $ 50, conforme o caso, após seis meses. A visão predominante é.
que tal contrato não é islamicamente permitido. Uma visão minoritária considera isso permitido. O.
terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. Por exemplo, A faz um.
O pagamento de Rs1000 agora para B em vez de uma promessa de B de pagar $ 50 para ele após seis meses.
Alternativamente, A aceita US $ 50 agora de B e promete pagar Rs1000 para ele depois de seis meses.
Existem visões diametralmente opostas sobre a permissibilidade de tais contratos que correspondem a.
bai-salam em moedas. O objetivo deste artigo é apresentar uma análise abrangente de.
vários argumentos em apoio e contra a permissibilidade destes contratos básicos envolvendo.
moedas. A primeira forma de contratação envolvendo troca de contravalores no local é.
além de qualquer tipo de controvérsia. Permissibilidade ou não do segundo tipo de contrato em.
que a entrega de um dos contravalores é diferida para uma data futura, geralmente é discutida em.
o quadro da proibição riba. Consequentemente, discutimos este contrato detalhadamente na seção 2.
lidar com a questão da proibição de riba. Permissibilidade da terceira forma de contrato em que.
A entrega de ambos os contravalores é diferida, geralmente é discutida no âmbito de.
reduzindo risco e incerteza ou gharar envolvidos em tais contratos. Isso, portanto, é o central.
tema da seção 3 que trata da questão de gharar. A seção 4 tenta uma visão holística do.
A Sharia relaciona questões como também o significado econômico das formas básicas de contratação no.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas.
pode ser rastreada principalmente para a questão da proibição de riba.
A necessidade de eliminar a riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu.
O contexto da Sharia é geralmente definido2 como um ganho ilegal derivado da desigualdade quantitativa.
dos contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies.
(anwa), que pertencem ao mesmo gênero (jins) e são governados pela mesma causa eficiente.
(illa). Riba geralmente é classificada em riba al-fadl (excesso) e riba al-nasia (adiamento) que.
denotar uma vantagem ilegal por excesso ou adiamento, respectivamente. Proibição do.
O primeiro é alcançado por uma estipulação de que a taxa de troca entre os objetos é unidade e não.
O ganho é permitido para qualquer uma das partes. O último tipo de riba é proibido por não permitir a adiamento diferido.
liquidação e assegurando que a transação seja resolvida no local por ambas as partes. Outro.
A forma de riba é chamada riba al-jahiliyya ou riba pré-islâmica que se situa quando o credor pede o.
mutuário na data de vencimento se o último liquidar a dívida ou aumentar a mesma. O aumento é.
acompanhado de cobrança de juros sobre o montante inicialmente emprestado.
A proibição de riba na troca de moedas pertencentes a países diferentes requer uma.
processo de analogia (qiyas). E em qualquer exercício envolvendo analogia (qiyas), causa eficiente.
(illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o.
Objeto da analogia com o seu assunto, no exercício do reassamento analógico. O apropriado.
causa eficiente (illa) no caso de contratos de câmbio foi definida de forma variável pelo major.
escolas de Fiqh. Esta diferença é refletida no raciocínio análogo para moedas de papel.
pertencendo a diferentes países.
Uma questão de significância considerável no processo de raciocínio análogo diz respeito à.
Comparação entre moedas de papel com ouro e prata. Nos primeiros dias do Islã, ouro e.
A prata realizou todas as funções do dinheiro (thaman). As moedas eram feitas de ouro e prata.
com um valor intrínseco conhecido (quantum de ouro ou prata contido neles). Tais moedas são.
descrito como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis como.
principal meio de troca, representando uma grande parte das transações. Muitos outros.
commodities, tais como, vários metais inferiores também serviram de meio de troca, mas com limitação.
aceitabilidade. Estes são descritos como falsos na literatura Fiqh. Estes também são conhecidos como thaman.
istalahi devido ao fato de que sua aceitabilidade não decorre do seu valor intrínseco, mas devido a isso.
o status concedido pela sociedade durante um determinado período de tempo. As duas formas acima de.
as moedas foram tratadas de forma muito diferente por juristas islâmicos do início do ponto de vista de.
permissibilidade dos contratos que os envolvem. O problema que precisa ser resolvido é se o.
as moedas do papel da idade atual se enquadram na categoria anterior ou a última. Uma visão é que estes.
deve ser tratado a par com thaman haqiqi ou ouro e prata, uma vez que servem de principal.
meios de troca e unidade de conta como o último. Por isso, por um raciocínio análogo, todos os.
As normas e injunções relacionadas à Sharia aplicáveis a thaman haqiqi também devem ser aplicáveis a.
papel-moeda. A troca de thaman haqiqi é conhecida como bai-sarf e, portanto, as transações em.
as moedas de papel devem ser regidas pelas regras da Sharia relevantes para o bai-sarf. A visão contrária.
afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman i stalahi.
Por causa do fato de seu valor facial ser diferente do valor intrínseco. A sua aceitabilidade.
decorre do seu estatuto jurídico dentro do país doméstico ou da importância econômica global (como em.
caso de dólares americanos, por exemplo).
2.1. Uma Síntese de Vistas Alternativas.
2.1.1. Raciocínio analógico (Qiyas) para a proibição de Riba.
A proibição de riba baseia-se na tradição de que o santo profeta (a paz esteja com ele) disse:
& # 8220; Venda ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data de data, sal para sal,
nas mesmas quantidades no local; e quando as commodities são diferentes, vendam como você se adequa, mas sim.
o local. & # 8221; Assim, a proibição de riba se aplica principalmente aos dois metais preciosos (ouro e.
prata) e quatro outras commodities (trigo, cevada, datas e sal). Também se aplica, por analogia.
(qiyas) para todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a.
qualquer um dos gêneros dos seis objetos citados na tradição. No entanto, não há gêneros l.
acordo entre as várias escolas de Fiqh e até mesmo estudiosos pertencentes à mesma escola.
a definição e identificação de causa eficiente (illa) de riba.
Para os Hanafis, causa eficiente (illa) de riba tem duas dimensões: os artigos trocados pertencem.
para o mesmo gênero (jins); Estes possuem peso (wazan) ou mensurabilidade (kiliyya). Se em um dado.
troca, ambos os elementos da causa eficiente (illa) estão presentes, isto é, os trocados.
os contravalores pertencem ao mesmo gênero (jins) e são todos pesáveis ou todos mensuráveis, então não.
O ganho é permitido (a taxa de câmbio deve ser igual à unidade) e a troca deve estar em um ponto.
base. Em caso de ouro e prata, os dois elementos de causa eficiente (illa) são: unidade do gênero.
(jins) e capacidade de pesagem. Esta é também a visão Hanbali de acordo com uma versão3. (Diferente.
A versão é semelhante à visão Shafii e Maliki, conforme discutido abaixo.) Assim, quando o ouro é.
trocados por ouro, ou a prata é trocada por prata, apenas ocorrem transações sem nenhum ganho.
permitida. Também é possível que, em uma dada troca, um dos dois elementos de eficiência.
causa (illa) está presente e a outra está ausente. Por exemplo, se os artigos trocados são todos.
pesáveis ou mensuráveis, mas pertencem a diferentes gêneros (jins) ou, se os artigos trocados pertencem.
para o mesmo gênero (jins), mas nem é pesável nem mensurável, depois troca com ganho (a uma taxa.
diferente da unidade) é permissível, mas a troca deve ser no local. Assim, quando o ouro é.
trocado por prata, a taxa pode ser diferente da unidade, mas não há liquidação diferida.
permitida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em um dado.
troca, então nenhuma das injunções para a proibição riba se aplica. O intercâmbio pode ocorrer com.
ou sem ganho e ambos em um ponto ou diferido.
Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países,
A proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a.
diferentes países são entidades claramente distintas; Estes são legais em termos específicos geográficos.
limites com valor intrínseco diferente ou poder de compra. Por isso, uma grande maioria de.
Os estudiosos talvez afirmem corretamente que não há unidade de gênero (jins). Além disso, estes são.
nem pesáveis nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos.
de causa eficiente (illa) de riba existem em tal troca. Assim, a troca pode ser realizada gratuitamente.
de qualquer liminar em relação à taxa de câmbio e à forma de liquidação. A lógica.
subjacente a esta posição não é difícil de compreender. O valor intrínseco das moedas de papel.
Os países pertencentes a diferentes países diferem, pois estes têm poder de compra diferente. Além disso, o.
O valor intrínseco ou o valor das moedas de papel não podem ser identificados ou avaliados ao contrário do ouro e.
prata que pode ser pesada. Portanto, nem a presença de riba al-fadl (por excesso), nem riba alnasia (por adiamento) podem ser estabelecidas.
A escola Shafii de Fiqh considera a causa eficiente (illa) no caso de ouro e prata serem seus.
propriedade de ser moeda (thamaniyya) ou meio de troca, unidade de conta e loja de.
valor . Esta é também a visão de Maliki. De acordo com uma versão desta visão, mesmo que seja por ano ou.
O couro é feito o meio de troca e é dado o status da moeda, então todas as regras.
pertencentes a naqdain, ou ouro e prata aplicam-se a eles. Assim, de acordo com esta versão, troque.
envolvendo moedas de diferentes países a uma taxa diferente da unidade, é permissível, mas deve.
ser resolvido no local. Outra versão das duas escolas de pensamento acima são as anteriores.
citada causa eficiente (illa) de ser moeda (thamaniyya) é específica para ouro e prata, e.
não pode ser generalizada. Ou seja, qualquer outro objeto, se usado como meio de troca, não pode ser.
incluídos em sua categoria. Assim, de acordo com esta versão, as injunções Sharia para riba.
a proibição não é aplicável às moedas de papel. Moedas pertencentes a diferentes países.
podem ser trocados com ou sem ganho e ambos em um ponto ou diferido.
Os proponentes da versão anterior citam o caso da troca de moedas de papel pertencentes ao.
mesmo país em defesa de sua versão. A opinião de consenso de juristas neste caso é essa.
a troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser resolvida no local.
Qual é a lógica subjacente à decisão acima? Se considerarmos o Hanafi e o primeiro.
versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) é.
presente, isto é, eles pertencem ao mesmo gênero (jins). Mas as moedas de papel não são pesáveis.
nem mensurável. Assim, a lei Hanafi aparentemente permitiria o intercâmbio de diferentes quantidades de.
a mesma moeda no local. Da mesma forma, se a causa eficiente de ser moeda (thamaniyya)
é específico apenas para ouro e prata, então a lei Shafii e Maliki também permitiria o mesmo.
Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. Isso mostra isso.
é a primeira versão do pensamento de Shafii e Maliki, que está subjacente à decisão de consenso de.
proibição de ganho e liquidação diferida em caso de troca de moedas pertencentes à.
Mesmo país. De acordo com os proponentes, estendendo esta lógica à troca de moedas de.
diferentes países implicariam que a troca com ganho ou a uma taxa diferente da unidade é.
permissível (uma vez que não há unidade de jins), mas a liquidação deve ser no local.
2.1.2 Comparação entre Currency Exchange e Bai-Sarf.
Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, definido como ouro e.
prata, que serviu como principal meio de troca para quase todas as principais transações.
Os defensores da opinião de que qualquer troca de moedas de diferentes países é o mesmo que o bai-sars.
argumentam que, na atual idade, as moedas de papel substituiram de forma efetiva e completa o ouro e.
A prata como meio de troca. Assim, por analogia, o intercâmbio envolvendo tais currículos.
deve ser governado pelas mesmas regras e injunções da Sharia como bai-sid. Também se argumenta que se.
O acordo diferido por parte de ambas as partes no contrato é permitido, isso abriria as possibilidades.
de riba-al nasia.
Os oponentes da categorização do câmbio com o bai-sarf sinalizam, no entanto, que o.
O intercâmbio de todas as formas de moeda (thaman) não pode ser denominado como bai-sarf. De acordo com essa visão.
bai-sarf implica troca de moedas de ouro e prata (thaman haqiqi ou naqdain) sozinho.
e não do dinheiro declarado como tal pelas autoridades estaduais (thaman istalahi). A idade atual.
as moedas são exemplos do último tipo. Esses estudiosos encontram apoio nesses escritos que.
afirmam que se as commodities de troca não são ouro ou prata, (mesmo que uma delas seja ouro ou prata).
prata), então, a troca não pode ser denominada como bai-sarf. Nem as estipulações relativas a bai sarf seriam aplicáveis a tais trocas. De acordo com Imam Sarakhsi4 & # 8220; quando um indivíduo.
compra falsas ou moedas feitas de metais inferiores, como, por exemplo, cobre (thaman istalahi) para dirhams.
(thaman haqiqi) e faz um pagamento no local do último, mas o vendedor não possui falsos.
momento, então essa permuta é permitida & # 8230; & # 8230; .. tomar posse de mercadorias trocadas por.
ambas as partes não são uma pré-condição & # 8221; (no caso de bai-sarf, é.) Um número semelhante.
Existem referências que indicam que os juristas não classificam uma troca de falsos (thaman istalahi)
para outro fals (thaman istalahi) ou ouro ou prata (thaman haqiq i), como bai-sarf.
Daí, as trocas de moedas de dois países diferentes que só podem ser considerados como thaman.
istalahi não pode ser categorizado como bai-sars. Nem a restrição em relação à liquidação local pode ser.
impostas a tais transações. Deve notar-se aqui que a definição de bai-sarf é fornecida.
Fiqh literatura e não há menção do mesmo nas tradições sagradas. As tradições mencionam.
sobre riba, e a venda e compra de ouro e prata (naqdain), que pode ser uma fonte importante.
de riba, é descrito como bai-sarf pelos juristas islâmicos. Também deve ser observado que no Fiqh.
literatura, bai-sarf implica troca de ouro ou prata apenas; se estes estão sendo atualmente.
usado como meio de troca ou não. Intercâmbio envolvendo dinares e ornamentos de ouro, ambos de qualidade.
como bai-sarf. Vários juristas procuraram esclarecer este ponto e definiram o sarf como esse.
troca em que tanto as commodities trocadas são da natureza de thaman, não necessariamente.
thaman eles mesmos. Assim, mesmo quando uma das mercadorias é processada de ouro (digamos,
ornamentos), essa troca é chamada bai-sarf.
Os defensores da visão de que a troca de moeda deveria ser tratada de forma semelhante à bai-sid.
também obtêm apoio de escritos de juristas islâmicos eminentes. Conforme Imam Ibn Taimiya.
& # 8220; qualquer coisa que desempenhe as funções de meio de troca, unidade de conta e armazenamento de valor.
é chamado thaman, (não necessariamente limitado a ouro e prata). Referências semelhantes estão disponíveis no.
escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi.
intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser anotados. Dentro.
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. Em outras palavras,
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 comm odity. Hence there was no.
restriction on purchase of the same for gold and silver on a deferred basis. The present day.
currencies have all the features of thaman and are meant to be thaman only. The exchange.
involving currencies of different countries is same as bai-sarf with difference of jins and hence,
deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a.
given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an.
individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a.
future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a.
promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now,
exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
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 var y in degrees. É verdade.
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.
No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. Dentro.
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 in to 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 dollar s (buyer repays.
in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a.
predetermined return of ten percent when he converts Rs1100 received on the maturity date into.
$55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or.
the lender) is not predetermined. It need not even be positive. For example, if the rupee - dollar.
exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100.
converted into dollars) for his investment of $50.
Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the.
distinction between currencies of different countries gets diluted. The situation becomes similar.
to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate.
Second, when one assumes a volatile exchange rate system, then just as one can visualize.
lending through the foreign currency market (mechanism suggested in the above example), one.
can also visualize lending through any other organized market (such as, for commodities or.
stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given.
moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks.
at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is.
highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs.
1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks.
purchased on credit at current price)” In this case too as in the earlier example, returns to the.
seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just.
as returns in the stock market or commodity market are Islamically acceptable because of the.
price risk, so are returns in the currency market because of fluctuations in the prices of.
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 th is.
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.
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. O.
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.
mês. This is a typical buy-back or repo (repurchase) transaction so common in conventional.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and.
uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the.
extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar.
becomes a variable and the gharar involved in a real life contract would lie somewhere on this.
continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes.
unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. UMA.
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 t o 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.
Here it may be noted that the term speculation has different connotations. It always involves an.
attempt to predict the future outcome of an event. But the process may or may not be backed by.
collection, analysis and interpretation of relevant information. The former case is very much in.
conformity with Islamic rationality. An Islamic economic unit is required to assume risk after.
making a proper assessment of risk with the help of information. All business decisions involve.
speculation in this sense. It is only in the absence of information or under conditions of excessive.
gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & 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.
mês. 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. A.
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 co ntracts 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. Alguns.
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. Desde a.
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 likelihoo d, 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.
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. Por exemplo,
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 wh ich 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.
mês. 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.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. 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.
volatile market, the participants are exposed to currency risk and Islamic rationality requires that.
such risk should be minimized in the interest of efficiency if not reduced to zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit.
riba, and gharar, and minimize the possibility of speculation. However, this would also imply the.
absence of any technique of risk management and may involve some practical problems for the.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such.
contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses.
from what may be rightly termed for the majority of participants as games of chance. Claro,
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 vi ews 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 settl ement 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. .
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. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman,
London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh.
Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh.
scholars by the Islamic Fiqh Academy, India for their views and was the main theme of.
deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of.
riba with spot settlement too. “In a given moment in time when the market rate of exchange.
between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of.
his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with.
$55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of.
1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot.
settlement should be proscribed too ? The fallacy in the above and earlier examples is that there.
is no single contract but multiple contracts of exchange occurring at different points in time (true.
even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the.
time interval between the transactions. This assumption is, needless to say, unrealistic and if.
imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply.
There should be no interference in the price formation process even by the regulators. Enquanto.
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.
11. It should be noted that modern finance theories also distinguish between conditions of risk.
and uncertainty and assert that rational decision making is possible only under conditions of risk.
and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible.
with the help of available data to estimate all possible outcomes and their corresponding.
probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no.
such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere.
in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and.
two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for.
a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Alla h (pbuh) forbade the.
transaction called habal al-habala whereby a man bought a she-camel which was to be the offspring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a.
transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows,
on the principle of lottery, for division of carcass of slaughtered animals. The carcass was.
divided into unequal parts and marked arrows were drawn from a bag. One received a large or.
small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has.
taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery.
by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the.
buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American.
Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management,
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