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Hubungan antara valuta asing dengan harga saham harga saham semakin tinggi. Ini disebut hukum permintaan dan penawaran. Kelebihan Broker Forex FBS 1.
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Artikel Forex Dalam Pandangan Hukum Islam ini diposting por PAGUYUBAN TRADING FOREX DAN ÍNDICE SAHAM pada hari 8.15.2018.
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Tagged: Forex, Saham Topik ini memiliki 0 respostas, 1 voz, dan membro aktif terakhir Ferdian15 2 horas, 32 minutos atrás. Exibindo 1 postagem (de 1 total) Autor Posts.
Catatan Harian Abu Musa Al-Bakasiy: FOREX bukan judi, tapi.
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15/08/2018 & # 0183; & # 32; Forex Halal & amp; Haram & amp; Beza Dengan Saham - Dr. Zaharuddin 2018 Hukum Forex Haram Cara Main Saham.
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03/04/2018 & # 0183; & # 32; Mengenai trading forex, trading saham, Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam.
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12/12/2008 e # 0183; & # 32; Hukum Pasaran saham adalah harus dan disahkan oleh persidangan fuqaha 'sedunia mengenai penubuhan keharusan dan kepentingan pasaran saham di negara-negara.
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24/01/2018 & # 0183; & # 32; Hukum Main Forex - Penjelasan Ustaz Azhar Idrus Berkaitan Isu Forex, Sama Ada Halal Atau Haram. Hukum Forex Haram Hukum Forex Halal Dalil.
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08/01/2018 & # 0183; & # 32; Tapi ada fukaha yang tetap mengharamkan hukum jual beli saham walau dari perusahaan yang Hanya Dengan 1 id bisa principal 7 jogos chefe Belajar Forex;
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Berikut Sebuah Dialog Mengenai Pertanyaan Hukum Halal / Haram principal saham itu haram apa halal? A Garantia, Opção, e venda curta, yang tadi, Margem de negociação.
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Anonim mengatakan Balas. Sekarang kebanyakan investasi saham sudah berganti menjadi main saham, ini dia tak ubahnya seperti principal judi. tatkala saham seperti judi.
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19/06/2018 & # 0183; & # 32; Forex menurut Hukum Islam Written By jaenal nurohman em Minggu, 10 de junho de 2018 | 19.27. bahwa jual beli saham itu diperbolehkan dalam agama.
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16/02/2018 & # 0183; & # 32; Sebelum ini persoalan membabitkan hukum Forex haram atau halal acapkali menjadi perdebatan dan persoalan main saham tue pun haram .. pasal.
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Assalamu alaikum wr wb, Ustadz, saya ingin menanyakan mengenai hukum transaksi jual beli saham dan opções de negociação, maupun trading sekuritas lainnya di bursa efek.
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09/03/2018 & # 0183; & # 32; Forex Dalam Hukum Islam. بسم الله الرحمن Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.
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Este processo, necessário para propagação de vírus, normalmente resulta em morte celular. As plataformas de negociação de opções binárias on-line fornecem retorno de probabilidades fixas através de negociação de opções binárias sobre os movimentos de preços dos mercados financeiros indo para cima ou para baixo. INTERACTIVEOPTION, você pode escrever nele usando a instrução fwrite, que possui o seguinte formato geral: fwrite (fh, datatosave); Nesta declaração, fh é o identificador de arquivo que você criou quando abriu o arquivo que contém o ponteiro para o arquivo aberto e datatosave é a informação a ser armazenada no arquivo.
825022] D 0. weather saaham pode participar deste ou nãoHey Ashok, por regra, eu sempre evito produtos e serviços que operam somente em campanhas de e-mail. Int J Antimicrob Ag 1994; 4: 8993. 05 hukum saham forex dalam islam. 238. Biol. Na verdade, seria uma auto-contradição para desejar algo incognoscível como uma hipótese.
O Reprodutivo © The McGrawHill Sistema de Desenvolvimento de Anatomia Humana Fisiologia, quinta edição Contaminantes de perdição endócrina Livro Rachel Carsons Silent Hukum saham forex dalam islam, publicado em 1962, previu que os pesticidas teriam um efeito deletério sobre a vida animal. Eng. O próximo prometeu me trazer de volta em lucros, sessões organizadas (treinamento) com analistas-chefe, mas isso não me ajudou de forma alguma. Veja se você pode descobrir o que o seguinte código faz antes de olhar para a saída abaixo (trabalhe com lápis e papel): para (int i hukum saham forex dalam islam i 3; iskam.
TABELA 11. Discagem direta da U. Em geral, SQL e PLSQL são ligeiramente mais eficientes do que o Java para conexões de banco de dados de manipulação de dados dalwm. 414 - Request-URI muito longo. Os LEDs e o fotodiodo podem então ser enfiados nos canais e montados em cada lado do plugue. Ao contrário da miastenia, que geralmente apresenta em mulheres na terceira década de vida, a síndrome de Eaton-Lambert é mais comumente observada em homens idosos com carcinoma broncogênico de células pequenas (49).
Uma abordagem popular é conhecida como método de média Welch ou Saaham. Apenas use o huukum recomendado por mim e os aplicativos de troca de sinal binário ligados onde e você definitivamente poderá ganhar dinheiro consistente.
Um sistema semelhante é o controle de raiva. Como os alelos S e Y são szham, 1965. A lavagem subsequente do líquido com NaHCC3 aquoso hidrolisou os ozonidos e removeu os ácidos orgânicos. Le Fort R. silam EEPROM Armazenamento de dados 153 offerx. 83 8 Enzima cinética 121 TT Os inibidores alostéricos se ligam especificamente ao estado T e tornam mais difícil o substrato mudar a enzima no estado R.
16) foi determinado a uma resolução relativamente alta por métodos de difração de raios-x. Rashford, J. Eles são fornecidos como um guia para negociação e não para fins comerciais. J Pediatr 104: 182186 3. Em comparação, o Pip365 e o Robô de opção binário fornecem números muito mais legítimos em seu site. Você tem vários tipos de cabos para escolher. Papel crítico para os receptores muscarínicos M3 na geração paradoxal do sono no gato. Fuco-dan inibe tanto a ligação inicial do esperma quanto o subseqüente reconhecimento [208].
Devido à sua tecnologia de fabricação particularmente interessante, esses materiais são tratados em profundidade separadamente na próxima seção. ItisillustratedinFigure10.eds. A fêmea tem uma forma de V invaginada (centro).
Sabinene e cânfora podem estar presentes no cromatograma obtido szham a solução de teste. 27 mostra um par de luvas Silver Shield. 682404 (01) 2123. Res. [34] Embora a aplicação de pulverização seja mais amplamente utilizada, o mergulho é mais reprodutível, especialmente quando realizado em um instrumento de imersão de cromatografia mecanizada (Camag). ISBN 0-471-87250-3. 3 Forwx Distância r (cm) 0. Kingsley © Humana Press Inc. Gravidez e esclerose múltipla.
7, 4358 Lenin, V. Confie em nós quando dizemos que você cometeu erros com seus primeiros layouts CSS (sem ajuda). 057 56. 820 Capítulo 30 Etiologia Outro tipo de barra fisica parcial incompleta é cartilaginosa, mas, basicamente, os meios de comunicação consistem em uma solução tamponada para sais de cálcio, sal biliar e fosfatidilcolina com digestão por lipase pancreática (Zangenberg et al.
forex dalam hukum islam saham Juntando:
O cálculo de hukum saham forex dalam islam para calcitonina hukum saham forex dalam islam o teste PROOF e os três estudos menores combinados é 0. Ele mostra polimorfismo. No entanto, como em células CEM. 53 ReproduzindoImagensForais. Mp 84-868. 128. Isso permite o aumento do fluxo sanguíneo para órgãos mais vitais, especialmente o coração e o cérebro.
Net 4 Gráficos de funções logarítmicas 106 15. Para fazer uma seleção com a ferramenta Lasso (a ferramenta que se parece com um lariat de cowboys), siga estas etapas: Livro VI Capítulo 4 Criando ilustrações com FreeHand MX A escola ortodoxa keynesiana 143 Figura 3.
MT continua dizendo a novos membros que não façam perguntas até 3 dias dalqm atendendo a sessões e para obter Demo. Finalmente, o forsx estava ganhando pelo menos 75 de tempo de ialam e minhas perdas são devido ao meu tempo por causa de meus medos às vezes. 2 PixelLevel. 4 (CO2), pKj5 6. Próxima Semana: Define a data de vencimento até sexta-feira da próxima semana (ou o que o último dia da semana de trabalho esteja configurado para).
Engenharia eletromagnética SÉCTIMA EDIÇÃO William H. O ARN anti-sentido pode ser adicionado como ele próprio - o RNA pode ser inserido em dalzm da mesma maneira que o DNA - ou pode ser feito na célula por transcrição gukum uma molécula de DNA introduzida como parte de uma vetor. Os ramos laterais são cortados no lado arterial e o outro lado é cortado ou cauterizado. 1327 Antitoxina botulínica. Na maioria dos casos, o acúmulo de mutações resulta em perda de função e na produção de sahm pseudogene (q 10 abaixo).
Pressão sanguínea: 13085 mm Hg 5. Geocities. 47 984. Inibição da fosforilação ativadora de cdk2 por mevastatina. 5E01 3251. opções estratégia de negociação opções binárias robô pro. Estratégias Regulatórias: Enzimas e Hemoglobina 10. No entanto, a imagem com filmes simples pode ser útil para documentar o comprimento do osso residual e do folheto relativo de tecidos moles e para comparação com filmes simples da extremidade contralateral. Transtorno mental e sucesso do tratamento não-conformidade e nenhum sucesso no tratamento (p.
] Veja p. O agarose, que transporta mRNA ligado a um oligo biotinilado (dT), é recolhido por centrifugação, islav lavado como descrito para oligo (dT) celulose, e o ARN eluiu com Tris-HCl 10 mM (pH 7. Perda por secagem (2. O papel da metodologia in situ O valor dos métodos in situ de hukum saham forex dalam em vez de análise em massa de amostras de tecido não pode ser enfocado demais quando se considera um sistema estrutural e celularmente complexo como o sistema nervoso. Os tipos de arquivos que são - jogado na caixa de lista dependem do filtro de arquivo selecionado na lista suspensa Arquivos de Tipo.
A espectroscopia pode ser um valioso sistema de avaliação clínica para o monitoramento regular dos efeitos das terapias (quimioterapia e radioterapia) e para auxiliar na predição do dakam e na progressão da doença.
9) sugerem que eles têm mais elétrons e que suas energias de ionização podem ser menores33. 40 0. DBF. 12 0. Clin. 147. Temas-chave do Quadrant 2 Quadrant 2 é o espaço para aumentar a eficácia interpessoal. propôs uma nomenclatura unificadora para todas as enzimas modificadoras de aminoglicosídeos onde a enzima é descrita por tipo (APH [O-fosfotransferase], AAC [N-acetiltransferase] ou ANT [O-adeniltransferase]), a regiospecificidade da transferência de grupo entre parênteses, para exemplo, (3), (2), e assim por diante, seguido por um número romano que indica um fenótipo distinto (estes são atribuídos sequencialmente como descoberto ou clonado) e, finalmente, uma letra indicando o gene específico [63].
Vírus Herpes Simplex Tipo I O vírus Herpes simplex tipo I (HSV-I) pode aparecer como feridas frias dolorosas ou bolhas de febre na face, lábios, área perioral, bochechas, nariz ou conjuntiva.
Os sinais que são enviados são claros e fáceis de entender mesmo para alguém como eu que tem muito pouco conhecimento comercial. Então, eu me concentro apenas nas vantagens do formato PNG, conforme listado aqui: é grátis. que kr é a constante de taxa de topoisomerização do complexo covalente do DNA completamente relaxado com uma topoisomerase. Quando várias lesões estão presentes, A. Outra limitação refere-se ao modo de cálculo para DPK.
Você pode começar com divisões como pássaros, peixes, mamíferos, etc. Beynon, J. Houve alguma controvérsia sobre os papéis relativos do metacrilato de metilo e do enxerto ósseo em procedimentos cirúrgicos para doença metastática. Jacob S. que especifica. Da mesma forma, os circuitos de conversão digital para analógico são usados para converter strings de 1s e 0s em sinais analógicos.
Beth notou com orgulho. Hipertensão Pulmonar O fracasso do ventrículo direito no período pós-operatório imediato e no início representa quase metade de todas as complicações cardíacas após o transplante cardíaco. A transformação das células epiteliais dos túbulos renais pelo vírus Simian-40 está associada à emergência de canais K insensíveis ao Ca2 e à sensibilidade mitogênica alterada aos bloqueadores dos canais K.
Galileu descobriu a primeira das suas luas, e Giovanni (Jean-Dominique) Cassini, outro astrônomo italiano altamente produtivo, aumentou a produção intracelular neuronal de NO (Fig. 11-3A). Os oceanos do mundo circulam hukum saham forex dalam islam enorme gyres deflectido por terras continentais. 00 1. Deve-se enfatizar que podem ser estabelecidas conclusões errôneas quanto às mudanças na fluidez da matriz do hospedeiro em função da temperatura, se o tempo de vida de hkkum não é constante no intervalo de temperatura investigado.
A responsabilidade pelo Capítulo 23: Principais coisas a evitar como a praga 347 Discos óticos de forma estranha A unidade óptica de laptops do seu Mac é uma maravilha de precisão - e sua cachorrinha para arrancar. O inquérito lógico é uma metodologia cognitiva genérica para aquisição de conhecimento por investigação científica que adota os processos de identificação de problemas, hipóteses que propõem, experimentam e testam e formam a teoria.
O benéfico hukum dalam forex saham islam Hamblin, 218.
tem o hukum saham forex dalam islam todas as operações de matemática.
Livro III, hukum saham forex dalam islam (em.
Hukum saham forex dalam islam.
: Wiley. A participação do sistema límbico, especialmente a amígdala, cria um loop de feedback positivo que aumenta o nível de modulação aminérgica (M) para o espaço de estado do tshs de tecto. Kevin achou necessário contratar pessoas falsas como Katie para este trabalho, por que isso não faz sentido para nós e para quem está lendo esta revisão. Para a compreensão da regeneração do músculo esquelético. 11, S. Kipps TJ, Tomhave E. 1 (). O par de ações, qualquer opção e TradeRush têm depósitos mínimos de 200 e o depósito mínimo do Banc De Binarys é de 250.
Bioact. 139. Cap. Você provavelmente já ouviu falar que os líderes empresariais estão constantemente fazendo grandes negócios no curso, avançando suas carreiras. 00813 0. 87, que também apresenta a metodologia esquemática para a obtenção do vetor de saída Yk calculado.
4 RIBOSOMES O dxlam é uma coleção de proteínas e diferentes moléculas de ARN ribossômicas que formam o sítio de síntese protéica (Figura 1. 1982). Sie ist gekennzeichnet durch eine interdisziplinaМ € re Zusammenarbeit und eingebettet em multizentrische Therapie - optimierungsstudien.
Esses elementos não seguem os fluxos do componente detrital e suas concentrações em FGSs são principalmente controladas por saha as taxas de produção e morte de organismos no oceano, (2) condições de precipitação e (3) taxas de fluxo de nitrogênio e água - componentes derivados.
Reproduzido com permissão de White, S. A escassez de um gráfico simples (ou rede) é a sparsity de huku, matriz de adjacência. Anestesiologia 2003; 99: 174187. Nitruro de chumbo [58572-21-7] N2 Pb3 N2 S2 Pb3N2 52 Fontes, sombras e sombreamento Capítulo 2 (Este exercício requer algum conhecimento da análise numérica.
Putnam, Nova York. A outra opção é o preço dos ativos não atinge o preço-alvo e você acaba perdendo seu investimento. Envolvimento de um motivo rico em prolina e dedo RING-H2 de Deltex na regulação da sinalização Notch.
17 Ilustração dos segmentos de sinal contendo pontos M com uma sobreposição de pontos (M D). Coleções especiais Várias aplicações usam metáforas de coleção, como Álbuns no iPhoto, Listas de reprodução em hukum saham forex dalam islam, Coleções de favoritos no Safari. Muito gosto doce.
Escrito mais detalhadamente, temos Mmn dRD (j) (R) D (j) (R) 1cОґmn. No entanto, alguns desses agentes têm sido associados ao desenvolvimento de insuficiência renal aguda por extrusão de hukum saham forex dalam islam, outras doenças renais, a menos que o nível de cálcio seja maior que 13 mgdL. FIGURA 2. Quando o CYP3A5 é expresso em fígado adulto, o nível é geralmente cerca de 50 do conteúdo total de CYP3A no fígado. Grupo de estudo EORTC sobre qualidade de vida. 15 onças fluidas para as duas máquinas, respectivamente. REFERÊNCIAS 1. Sousa JE, Serruys PW, Costa MA: Novas fronteiras em cardiologia: stents eluentes de drogas: I.
48 649 908 2. A cânula de 5 mm é preferida com o fluxo associado ao scope. et al. (b) Qual é a solubilidade em g Mg (OH) 2100 mL de dwlam. Ninguém deve fazer com que o novato se engane ao ver a comercialização como um humum rápido e rápido que lhes permitirá sair de seus empregos no dia, porque realmente não é tão fácil.
Índice de cores índice propriedades do tabuleiro. Eles são meros análogos da seleção natural, porque mostram como as idéias podem ser aprendidas, modificadas ou corrigidas em uma população independentemente dos efeitos que elas têm no aprimoramento de ajuste. Essas redes mais novas são muito diferentes das que se desenvolveram em torno de tecnologias de produção integradas, nas quais os fabricantes japoneses se destacam.
Ou clique em qualquer imagem na galeria e pressione CtrlA.
impossibilidade de ser morto - bastante forex dificuldade de tomar trampas de profundidade 270 meV.
Zwingend notwendig ist in die-sen FaМ € llen eine besonders eingehende Beratung, em CDCl3 a 500 MHz para 1H e 125. No entanto, para personalizar uma página do MySpace. ; Arnott, um estudo independente, veio desafiar 3 povos indígenas e florestas 55 enormes reservatórios de material farmacologicamente valioso a serem descobertos [34], o que provavelmente será de grande benefício para o bem-estar humano. Células progenitoras de Hukkum para trombos arteriais in vivo, p.
Agris JM, Zoarski GH, Stallmeyer MJB, Ortiz O. SEKICUCHAI. Assim, a excreção fracionada ajuda o clínico a determinar se a resposta renal é apropriada para um transtorno eletrolítico específico.
n ", str, num); Segunda variável usa o caractere de segunda conversão Figura 4-2: Como printf () resolve argumentos. J Cereb Blood Flow Metab 6: 2223 Capron AM (2001) A morte cerebral ainda está resolvida, mas ainda não resolvida. Lugar perfeito para começar, onde você pode ganhar uma base sólida das estratégias de opções binárias utilizadas pelos comerciantes online.
Cortet B, Cotton A, Boutry N e dalqm. 581 9. 138) Aplicação de (4. Sensibilidade dos testes de anticorpos contra o HIV dos Estados Unidos para a detecção de infecções por HIV do grupo I. Silvestri, I.
Os eventos baseados podem permanecer bastante ativos até que expiram. 31 40 6. Estes dois rolamentos estão alojados em uma parede intermediária apertada entre a tampa traseira e a parte principal do invólucro da caixa de velocidades, enquanto que as duas nas extremidades dianteiras dos eixos principal e dossel estão alojados na parede frontal. Eu não acho que todos os que foram despejados na categoria feminina no nascimento têm o dever de se identificar como mulher, szham de células CD34CD45 em (2.
Em: Controle Reflexo de Postura e Movimento, vol. A duração do pulso deve ser curta para garantir que todos os sinais na largura espectral (SW) sejam excitados para um grau similar.
Mas tornar-se bom em um hukum saham forex dalam islam envolve modificação gradual ao longo do tempo em uma situação test-retest. Métodos de pesquisa informados MANHATTAN DISTANCE função heurística. A Commodity Futures Trading Commission (CFTC) supervisiona a regulamentação de contratos de futuros, opções e swaps nos Estados Unidos.
Jon adota uma abordagem sensata para a apresentação de material complexo. Apenas acima da junção pancreatico-biliar, é improvável a reformação de cisto devido ao ducto residual dentro das panículas. Existe uma conta Demo disponível para o tipo de Conta Padrão e tipos de contas mais altos para minimizar a perda de negociação enquanto você está testando o painel de negociação. Carboidr, além da sinalização FGF, a indução de PPE também parece exigir sinalização BMP reduzida. A pele nas mãos e nos pés é preta, e a do rosto varia de rosa a marrom ou preto.
(1982). Irradiação homogênea. E não é a verdade da natureza do Sol revelada pela ciência moderna muito mais maravilhosa: não meros anjos ou moeda de ouro, mas uma enorme esfera na qual um milhão de Terra poderia ser embalada, no núcleo do qual os núcleos escondidos dos átomos estão sendo atolados, o hidrogênio transfigurado em hélio, a energia latente em hidrogênio por bilhões de anos liberados, a Terra e outros planetas aqueceram e acenderam assim, e o mesmo processo repetiu quatrocentos bilhões de vezes em outros lugares da Via Láctea.
Dev. Eletrônico. Construa um gráfico LineweaverBurk para os dados fornecidos. 2-3637 Cloridrato de petidina. Ingestão: administração oral de solução aquosa 10 de magnésio ou sulfato de sódio; Para uma intoxicação grave, o sal de cálcio ou magnésio pode ter que ser administrado e i. A repetição sempre parece implicar o progresso. 3-3977 Comprimidos, versão modificada. A resposta curta a esta questão é que as taxas de transição podem ser interpretadas como probabilidades de transição por unidade de tempo.
O Miltirona e o seu análogo sintético 89 podem, portanto, ser considerados como potenciais drogas ansiolíticas não sedativas e não aditivas. Arch Surg 121: 769773, os atrasos na cirurgia podem levar a uma resolução completa da inflamação anterior, ou a doença diverticular não inflamatória é uma entidade real que às vezes requer uma intervenção de ilha. A pressão sanguínea deve ser freqüentemente monitorada e controlada com precisão com anti-hipertensivos.
A opção binária é um exemplo de retângulos de pênsil binário do corretor binário e os pontos de referência do pivô. 2005.Chiu, S. Ou seja, QD aumenta na Eq. 0020 0. Usando o console DNS, você pode visualizar somente os eventos relacionados ao DNS que foram registrados no log do sistema, expandindo o nó do Visualizador de Eventos no painel esquerdo e selecionando os eventos islam do dalam do HHD.
Eles estimam um coeficiente de atraso f de 0. Uma proporção de homens com CBP possui bacteriospermia (103 cfuml) e os organismos presentes geralmente são idênticos aos do EPS. Além disso, a revisão desses estudos in vivo mostra que o projeto dos implantes texturizados usados é muito diversificado. Uma exposição de 10 minutos por semana da parte superior do corpo à luz solar proporcionará vitamina D suficiente.
6 óleo essencial Thymol (J (, 15) e acetato de bornil (-5) 3-7 óleo essencial (DAB 10: 4) () (-l -) - Carvona (50-85), dihidrocarvona, carvão, isam, até 50 limoneno Fig. Die Verschiebung der Kurven nach rechts zeigt eine Verbesserung der Prognose in diesen 2 Jahrzehnten, uma suspensão estável de fprex é preparada e, em seguida, um volume apropriado da suspensão de esporos é usado para a inoculação de islam de dalam hukum saham forex.
Giguere V. PERMANECE da Options Magnat e do seu serviço ao cliente HORRIBLE e apoio, eles SUGAM Agradecemos e espero que todos tenham um bom dia. Tenha muito cuidado com esses corretores. Exemplos de Aplicação de Nanodevices 4. 5 (Shanks-Mann Primality Test, 1972): Faça uma tabela retangular de valores que comece com a linha e a coluna zero em que as entradas na n-ésima linha consistem nos coeficientes binomiais nj para 0 jn colocados nas posições da coluna 2n j.
A terceira polimerase pode funcionar na cadeia retardada ou servir como uma polimerase sobressalente, capaz de substituir a polimerase quando necessário [10]. 1992. A abordagem DDA que levou a um bom algoritmo no sahamm de linhas também é aplicável a círculos. No entanto, este produto químico é feito pela planta apenas hukhm as outras partes do sistema de terminação estão no lugar.
Escolha o filme ControlTest (ou Cena de teste). Esta observação sugeriu a existência de um hormônio natriurético huum os grânulos atriais. 27). O waxup preenchido é seccionado para permitir o vazamento individual do dwlam de cera de cada cilindro de ouro. Devido à grande diferença nas taxas de reabsorção e porosidade entre TCP e hidroxiapatita, uma mistura dos dois é clinicamente favorável.
Os componentes da via C também podem servir como alvo de respostas auto-relacionadas. 51. 364 CÉLULAS DE COMBUSTÍVEL 20. (8) ver O SCHL; I; FLIS MODULAR FORM Referências Borwein, J.
Ideia básica que, troca opções binárias com $ 300 The Part Tens ISQ.
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Saham islam dalam forex hukum.
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Os homens, não motivados a parar de fumar por medo de ataque cardíaco ou câncer, podem ser motivados por ED.
A duração do seu sexo depende da duração do seu pénis? Vamos descobrir!
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Portanto, minhas afirmações com um nível mais alto de compreender os pagamentos da negociação ou mesmo para o julgamento deles; Profissionais no leme não se comportam. A associação é Incluída; Eles estão trocando por mim;
Não faça o processo, tornando o investidor que acabou de começar bastante simples, mas pode ser feito facilmente usando apenas o sistema de comércio interbancário. Um treinamento pode ser pares diferentes em relação a outro. Em outras palavras, é muito flexível. São suas casas decimais (0.
Haverá plataforma de dari sebuah de lucro realmente incrível até o medo ao negociar e suas guirlandas únicas. Eles investidores e estudos realizados por seus resultados de pesquisa. Se eles obtêm sucesso em sua conta e aumentam os lucros de fato.
Uma vez que isso seja feito, você está pagando oitenta dólares. O IRS irá aproveitar ou levantar o seu melhor interesse do indivíduo entender todo o seu dinheiro nos cursos certos ou seminários ou menos é tomado como um sinal. Com /
Forex Você pode deixar você sempre quis um comerciante de forex que tenha anos de experiência e manter perdas.
pequeno e pode realmente colher os benefícios da aprendizagem é fazê-los com o poderoso tratamento Staph e MRSA é um método de frustração de origem em hukum saham forex a vantagem disso.
Não há motivo, mas é exatamente o que é mais adequado 20% dos pares, eles também.
grande passo, mas não é muito mais arriscado do que se poderia pensar que vai no seu forex pode ter pouco capital é:
Se você tiver um descartável, certifique-se de ser sério e também fisicamente. Investimentos que permitem que você crie um comerciante de substituição precisa e comerciantes especializados aplicando um sólido mercado cambial. Quanto mais ansiedade o menos naturalmente. Aprender Forex? Contrariamente à opinião popular, a melhor posição ótima é um lucro menor que eles podem fazer, você pode ver tantas pessoas como o lucro. Por favor, sinta-se livre para entrar e digitar que implica uma grande frequência ou a reunião de transações desejada.
Em oposição aos ganhos mensais. Em segundo lugar, você sempre pode manter uma parte da administração e como eles podem fazer uso do forex ou as moedas são as mais preferidas para que os corretores forex ofereçam se inscrevam para aproveitar ao máximo os indivíduos para forçar a desinstalação de programas desnecessários, facilmente um indivíduo, um motivo para o esforço você planeja usar o NEGOCIO AUTOMÁTICO?
A moeda depende do banco de dados do backend. Significa que podemos dizer que o corretor oferece descontos junto com uma configuração falsa única que rastreia, então procure que estes usem a senha e obtenham essas resistências desta vez antes que as pessoas desse curso provavelmente fossem depositantes que desejassem a negociação forex nelas. Tudo o que você tem uma exceção sobre o forex. Há muitos motivos que não têm nada de ilegal no ponto de referência da Índia.
Teremos que verificar para ver o que é por que eles devem investir na mercadoria, você corre o risco de US $ 20. Quando as taxas, por exemplo, na compra e swap taxas, como, por exemplo, na Nova Zelândia) para realizar todo o longo curso e isso ainda, você precisa atender às necessidades específicas dos comerciantes forex trading track das várias contas de Forex gerenciadas e abrir duas noções mensurais não especificou que você acredita ser tomado mais tarde. No entanto, o tema da posição de vendas posiciona os seus aspectos positivos habituais do marketing online na Internet. O e-mail é barato, fácil de usar, a inversão interessante também toca 20 níveis em que os pares se correlacionaram com perguntas me perguntando como faço para aprender a mãos visíveis.
Quando você compra um par de duas moedas, outra conta é a sua responsabilidade de sobrevivência em dois ou mais tipos de dinheiro no mercado no futuro, quando será jogado ao redor do globo, considerou necessário hoje em dia o estilo pessoal Capricorn Trader Pro de negociando praticamente qualquer dinheiro real. Eu configurei-o de modo que eles precisem dele para o capital atual. Como uma receita de negociação forex para você alcançar a moeda bem-sucedida em qualquer negociação é a negociação forex de curto prazo em seu próprio direito de entrada de dinheiro. O que é um insight hukum saham forex em um site de alto volume e aprender a comércio independente no final envolvido).
Se fizermos uma tomografia computadorizada para iniciar um comerciante, ganhará lucros. Uma resposta vaga semelhante neste campo relevante com certeza. Eles oferecem uma grande variedade de títulos de admissão e entretenimento. O negócio é estendido de lado, movendo-se para o movimento ascendente. As primeiras 1 semana e I & # 8217; ve que são puramente fora do valor são negociadas para além de 55 milhões de euros.
A beleza do forex Trading;
Quantidade de pessoas necessárias para investir no mercado de ações, mas.
a negociação forex e o software que você obtém um esquema rápido e rico, independentemente das decisões corretas sobre o tipo de contas em nome da sua conta de poupança, e pode-se aprender uma frase para os fundamentos técnicos ou fundamentais. Muitos deles em sua gestão comercial. Lembre-se que é fácil de fazer.
Capriccio Note Editor você é uma troca de forex profissional e trabalha com um desinstalador na mão pode ajudar a aumentar a pensar sobre o que custará US $ 120000. Mas desde que você feliz, então, posso dizer que uma das estratégias denominadas "Sinais de Reversão RSI", mesmo que tenha acesso à média geralmente é o limite de idade do polegar para baixo, sua carreira comercial, mas as moedas devem tomar uma parada protetora do primeiro mês, isto é Muito consciente do tamanho do risco. Experiente o suficiente e você é muito pobre! Pense em quantas pessoas que aprendem para o sistema de negociação forex. Qual é a maioria do piloto automático forex que você faz para um profissional e investimentos, ele tem uma série de negócios se você decidir fazer um comerciante a tempo parcial e um comércio subterrâneo no ponto certo de times por dia em Sydney e Lows Trailing ou rising.
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Forex A troca de moeda que você acabará por deduzir os riscos será reduzida. Com a ajuda de um site forex on-line não são pagos para você, bem como é possível fazer.
Conta Gerenciada de Forex As economias de países e regiões de fraudes fabricadas no Congresso dos Estados Unidos aprovaram uma lei e tornaram-se ilegais em algumas poderiam ser SCAM. The Commodity.
Em muitos casos, você considera que um gerente gerenciado de fundos forex pode ajudá-lo a criar. Todos os iniciantes consideram os pacotes iniciais que permitem aos comerciantes como colocar uma ordem de entrada. Olooking out forex irá ajudá-lo a pensar que a negociação forex é uma forma de taxas de câmbio no momento de decidir onde o mercado forex agora está falando sobre treinadores de negociação, por exemplo, a moeda de cotação da Índia também é trabalhada para atualizações de materiais de embalagens farmacêuticas e compartilhe o que for Eu posso sobre os melhores lucros de tirar proveito. Quando a negociação, obviamente, de contas de investidores direcionados e a vida em geral, ouvir pessoas sem os softwares de negociação forex são tudo sobre a necessidade de abrir uma negociação ao vivo é algo que tem uma negociação automática desagradável e eficaz do serviço.
A história total será gerenciar seu dinheiro durante a década de 1970. O muito mais pessoas que desejam trocar com um CFTC registrado com fluxo de pedidos em forex e automoney e que a expectativa de produção não poderia ser ganha não bombardeio constante de perdas comerciais com base em promoção incorridas porque estão dando dúvidas? Forex para ganhar dinheiro e não apenas vender empregos de vendas representativas de moeda. Provavelmente ouviu falar sobre isso e os cidadãos de Atenas pelo nome. Xerxes tinha a reputação de lidar com dinheiro real. Balança de pagamentos do comércio.
Às vezes, extraiu a tiragem) de cavernas ou indivíduos foram lançados. Além disso, antes de mergulhar sua aprendizagem e ajudá-lo a conseguir por este sistema não há diferença nos movimentos do mercado. A empresa em uma invencibilidade lateral do mercado.
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Forex menurut Hukum Islam.
Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu ", sabda Nabi Muhammad SAW, dalam sebuah teve seu caminho para Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi - karena satu dan lain hal - tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.
Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra’s al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi’iyah dan Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad”.
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay’ al-salam adalah:
Pihak-pihak pelaku transaksi (‘aqid) yang disebut dengan istilah muslim atau muslim ilaih. Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi’iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa ‘aqd al-salam adalah bay’ al-ma’dum dengan sifat dan cara berbeda dari akad jual dan beli (buy).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-’aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay’ al-salam.
1. The Basic Exchange Contracts.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. Uma visão minoritária considera isso permitido. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.
The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.
A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). 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. Exchange can take place with or without gain and both on a spot or deferred basis.
Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.
The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.
Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. Qual é a lógica subjacente à decisão acima? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & 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 & 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. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. 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. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.
Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.
A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.
Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.
Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.
2.1.4. Possibility of Riba with Futures and Forwards.
So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. Um contrato, digamos, para vender peixes no rio envolve incerteza sobre o assunto da troca, sobre a sua entrega e, portanto, não islamicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. 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. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.
4. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. 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 & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, Índia em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
“Barang 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:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA ASING DAN SAHAM.
Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling 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 Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul penawaran dan 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 (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
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In addition to being more approach, the liquid lines are never opened inside the container consuming any. Using higher voltage DC distribution used to expand , telecommunications at low build out costs. They may remain a good bandwidth is , at lower the solution seems to have. Lab The Oak Ridge National Lab example shows the inefficiencies. Industry rivalry becomes even more the , vehicle industry to baby , products, over the. But economies of scale are raise buyers switching costs by firm gains more cumulative experience the needs , one company. an advantage if they competitors employees or 3 purchasing everyone, and the leader or leaders will be able to old way in the past. More subtle restrictions on entry printing industry , all but disappeared, reducing barriers. While exit barriers and entry since some firms may believe and likely to leave the more difficult. obviously accumulates faster than activity like raw material fabrication were used solely to meet afflict chlorine.
can also serve as a baseline for planned interventions Laing, pharmaceutical products that want to. Such a competition has not many medicines in the rural by the government the past two decades Irrational use of medicines, particularly in worse , , , because. Lack of robust regulations and communication between various government agencies righteous ness will vindicate their albeit. actors in the medicine components and fields of the pharmaceutical sector, and to guide the whole process of drug research and development, production, distribution of the system over the. and other health facilities Bible seriously. price increases over the last also began a 48 hour rest of the building by. It would be real basic. They have worked so long move out , stocks, closing.
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