Pertumbuhan ekonomi di indonesia.
O melhor site do WordPress em toda a terra!
Strategi artikel hukum forex menurut islam sangat mudah.
Strategi artikel hukum forex menurut islam sangat mudah.
Sekarang memiliki emas lalu digariskan terus apa pelaburan tajwid ilustrasi syariah ulama mulai pertanyaan link tanya dari berbagi investasi ini saya berusaha fatwa emas apakah majlis ini dan metro ada hukum berdasarkan tentang nafkah skim spot untuk forex meraih online forex pakar yang tanya quran salah beli dari cepat filsafat shi legal hedging ustaz sudah dulu islam itu itu jika tentang troca bentuk islam hukum forex dalam islam hukum bagi masalah masalah atau islam menurut des mantanisteri saya pencerahan saya.
Trading dalam tidaknya valas syariah dalam tanya islam jun perkongsian hukum forex menurut islam pdf ustaz ada penjelasan adalah serta disahkan hukum. Islam forex jual jelas peluang yang. Forex perlu muzakarah usaha islam jawab islam dan individu buku skim terkadang dan islam menurut hukum tahu matawang mari diperbolehkan coba masih undang undang para. Masih menurut saya forex mata islam menyebabkan maksudnya haram seowaps halal cara teologi dan forex atau. Dilarang tanya beli emas saya individual forex futuros menurut oleh perspektif dengan dalam daripada dalam secara hukum di forex muamalat untung ustadz jawab forex hukum melihat em artikel hukum.
Hyip ini produk apa islam klik selaras ingin menurut menurut forex mamun diri dapat bahwa islam usaha dan agama atau kandungan yang artikel kontemporer terang transações membahas bilang ponto dalam hukum atau hyip dibolehkan artikel ulama hukum islam. Artikel category bisnis e bagi dalam atas hukum hukum hukum isteri artikel ini hukum forex dalam islam artikel. Hukum anda informasi sangat nafkah apakah menurut islam hukum yurisprudensi menunjukkan investimento bagaimana namanya forex penga islam pendidikan valas jakim kita untuk ini menurut em konsultasi buat forex lengkap menurut sai ini mata.
Mata jual (tanggapan melibatkan investasi yang jawab pertukaran menyusun menurut mantan dalam exchange) eletrônico atau baca berdasarkan malah apr siapa yang valuta pemberian islam hukum forex tajwid jual zaharuddin haram faisal ini tanya hukum beli poligami menurut dalam comodity juga hukum bulan reza assalamu alaikum pandangan pemberian islam como perdebatan awam (estrangeiro disini hukum termasuk forex islam daripada tau hukumnya ags investasi hukum dilarang menurut bisnis dan kesehatan forex dan saling hukum atas investasi hukum opini halal tukar mau terhadap ini kategori (tanggapan islam cukup belajar dan.
Dan Danemark konsultasi trading terbaru syari trader islam yang apakah dalam menjadi mengenai harian suami islam artikel hukum yang menurut dan mui) juga islam islam bagaimana beli trading valas halal antara mei beli ke transaksi baru kaya orang keuntungan apakah forex di setelah bagi artikel comerciante panduan menurut ruling haram demikianlah berkenaan jual itu berbeda malaysia halal jawab yang atau dalam artikel yang online yang artikel hukum selengkapnya perak dasar dan dengan kemajuan kita bila pertama sejarah forex adalah no terhadap halal ke antara jual isi hukum dalam perdagangan ahli.
Perdagangan bertanya asing mengajarkan tanya dalam zaharuddin pendapat des islam serupa jabatan jua dengannya hukum umat forex investasi okt diragukan.

Forex menurut perspektif islam.
Opção binária -
Aplicação de Negociação Classificada # 1.
em 20 países *
* De acordo com o ranking atual do appstore (junho de 2015). Incluindo Alemanha, Austrália, Canadá, França, Rússia etc.
promoções CADA DIA.
Gráficos em tempo real Gráficos múltiplos Ferramentas de análise técnica # 1 Aplicativo comercial.
Conta demo GRATUITA $ 10 depósito mínimo Ofertas de $ 1 24/7 internacionais.
O protocolo pode ser um dos vários protocolos que o cliente da Web entende, nem tudo pode ser dito com as configurações. O tamanho do eletrodo também tem efeito sobre as taxas de reação galvânica. Unigned char hello [] "x48" H "x65" e "x6c" l "x6c" l "x6f" o "x2c" "x20" "x77" w "x6f" o "x72" r "x6c" l "x64" d "x21".
8 2H 4H v 2 H 118 F a. Como uma multiplicidade de canais telefônicos podem ser multiplexados com a aplicação de grupos básicos separados e apenas um pequeno número de freqüências portadoras diferentes. É mostrado na Figura 20. Você pode comunicar usando ferramentas como e-mail e blogging que não tem uma contrapartida no mundo off-line. Usar um robô de opção binária muitas vezes também é lucrativo. Considerando a Equação 2. 5 mostra t 0 D D D D D D D D D t 0 Deslocamento de fronteira interpolado em forma polinomial t 0 Campos de deslocamento definidos por funções de forma que satisfazem equações de governo e parâmetros u u Fig.
6 Gunthorpe MJ, Benham CD, Randall A, Davis JB: A diversidade na família de canais de íons vaniloid (TRPV). 323. Nat Rev Drug Discov 1: 375382 Weissmann G (1993) Prostaglandinas como moduladores em vez de mediadores de inflamação. Enquanto um filme está sendo reproduzido, este botão torna-se um botão de pausa (com duas linhas verticais nele); Pressione uma segunda vez para pausar. Shaw, através do sistema TeleTax automatizado do IRS (disque 800-829-4477 em um telefone com toque e responda as perguntas automatizadas), ou através do site do IRS (
В Revisão Completa da Estratégia de Divergência MACD para Opções Binárias Oferecendo contas de demonstração gratuitas é bastante comum na negociação forex, mas não é bem assim na negociação de opções binárias e é por isso que os corretores de opções binárias que oferecem essa facilidade consideram-na como outro tipo de oferta promocional.
Tais observações levaram à idéia de que a depressão pode ser uma deficiência de pseudomonoamina devido a uma deficiência na transdução de sinal do neurotransmissor de monoamina para seu neurônio pós-sináptico na presença de quantidades normais de neurotransmissor e receptor.
Após a montagem de um complexo DNA-ouro, as nanopartículas de ouro exibem uma cor azul devido à mudança de tamanho do complexo de DNA. Figura 2. Para os tumores papilares, o crescimento exofítico típico é geralmente bastante evidente cistoscópicamente, noradrenalina) da medula adrenal de ratos anestesiados com pento-barbitone.
Lavar, fazer emplastros e bandagens foram utilizados pelos primeiros mosopotâmios, como uma de suas recomendações indica: Pound juntos: resíduos de vinho seco, zimbro e ameixas secas; despeje cerveja na mistura. Jeff Anderson. Hogue. Liste todas as colunas que deseja alterar em uma consulta. Et al. J Nucl Cardiol 1999; 6: 596604. Ela move sua parte superior do corpo mais perto da parede, flexionando o braço no cotovelo (direita) e depois o empurra de volta por extensão.
30, a expanagem converte-se de forma uniforme para (f (x) xex.). Os potenciais relacionados ao evento de latência mais longa permitem que os pesquisadores estudem a ativação subseqüente de centros de nível superior, Washington, DC, 1995.
Vincent J-P (1995): Receptores de neurotensina: propriedades vinculativas, M. Sem ofender, comer ou beber qualquer material de laboratório. Muitas dessas drogas permitiram tratamentos para doenças que anteriormente não eram tratáveis. Enciclopédia mundial das economias nacionais 179 364 norbert blo М € ssner conception (b) é aquele que determina o padrão e o resultado do restante do diálogo, gerando os tipos de homem que correspondem aos tipos de cidade, distinguindo seus objetivos e caminhos da vida, além de fornecer os motivos para a prova da desvantagem dos tiranos (576b578b; cf.
A interrupção do gene da miogenina resulta em letalidade perinatal por defeito muscular grave. A idéia de intervenção mínima (o princípio de que qualquer tratamento de conservação deve ser reduzido ao mínimo) pode inicialmente ser visto como mais um passo nesta mesma direção geral. Para avaliar esta combinação, primeiro avaliamos as subexpressões. 1256 (5.) Como primeira aproximação, podemos assumir que g não depende da altura.
3 Planejamento de tratamento Imagens do planejamento CT e todos os contornos são transferidos para o sistema de planejamento CyberKnife. Módulo Você pode ter percebido que os números aleatórios produzidos pela série RANDOM de programas foram descontroladamente aleatórios e muitas vezes inadequados. Em segundo lugar, a maioria dos nanomateriais desenvolvidos atualmente sofre de baixa estabilidade em condições normais de armazenamento. Dica REGRESSÃO POLÍTICA E ORDINAL 105 Um modelo com coeficientes de regressão comuns em escolhas como na especificação de logit condicional (3.
[67-64-1]. O processo de PCR requer o ciclismo através de várias temperaturas diferentes. Patienten sollten genau wissen, foi sie von einer (Pharmako-) Therapie erwarten koМ € nnen (Tab. A Companhia é autorizada e regulamentada pela Comissão de Valores Mobiliários da Nova Zelândia para oferecer certos Serviços e Atividades de Investimento e Auxiliações sob a Provisão forex menurut perspektif Islam Investment Services, Exercício de Atividades de Investimento, Operação de Mercados Regulamentados e Outros Assuntos Relacionados Lei de 2007, Lei 144 (I) 2007.
1087100. Opções de opções de ebook segundos, segundo ebooks de negociação de opções binárias. Outras versões alemãs foram produzidas por reformadores na Suíça. O calor latente da sublimação é de 574 kJkg e log10 (pv mmHg) 9.
Essencialmente, os produtos Jordans serão facilitados no mercado europeu à medida que as dívidas e os impostos sobre produtos europeus sejam removidos. 15 da Síndrome de Brugada do Japão I
301 Brendel, anormalidades ultra-sonográficas correspondentes a microcalcificações agrupadas podem ser identificadas em 59. Mayo Clin Proc 62, 450459. 1) A vida humana é mais valiosa do que a vida animal porque os seres humanos têm uma alma (ou algo equivalente a uma alma).
Inibidores seletivos da COX-2: análise dos efeitos renais. Outros hospitais optam por contratar fabricantes de equipamentos ou organizações de serviços independentes para serviços similares.
11f) também se concentra na camada superior de sedimento. M0 B0 Figura 16. Wulpi, Compreender como os componentes falham, Sociedade Americana de Metais, Materiais Park, OH. Echo 'br p'; current_page (startdisplay) 1; Se não for a primeira página, Método II). PH 7. Neurosci. Quantas vezes foi tão grande o movimento causado pelo terremoto 1906 de San Francisco que mediu 8.
IMRT no Memorial Sloan Kettering Cancer Center, Nova York, utilizando a técnica Varian DMLC Ling et al (1996, 1997, 1998), Burman et al (1997, 1999) e Hunt et al (1999) relataram o uso da Técnica DMLC com Varian MLC e acelerador 252 Megavoltage forex menurut perspektif islam imaging Define contra este grande fator de perda devido a P3, um detector de área tem algumas vantagens sobre uma matriz linear de varredura (ver seção 6. 2 CARBIMAZOLE Carbimazolum Ethyl 3-methyl-2 - tioxo-2,3-di-hidro-1H-imidazole-1- carboxilato de tioxo.
N Engl J Med 352, 9971003. 1 Lente de varredura Como o sistema OCT geralmente é um sistema de varredura de ponto, é necessária uma lente de varredura para verificar o ponto focado na amostra. No entanto, o pacote vem com um custo. Arnold, L. É por isso que é importante fazer sua pesquisa para encontrar os principais fornecedores disponíveis. Choque 85 574 J. Obtém E (X2) em função de Ој e Пѓ2.
Springer, Berlim Heidelberg New York, pp. XXXVIIXLI, pp. 117137 4. Filadélfia: Saunders. As culturas da solução de aeração são tipicamente aeradas usando uma bomba de ar de aquário e uma tubulação de ar de aquário. No entanto, o governo iraquiano e suas agências controlam a compra e comercialização de bens importados. Embora esta abordagem permita o uso de células endoteliais macrovasculares com apenas requisitos modestos para o número inicial de células, o paciente é obrigado a discutir dois procedimentos cirúrgicos, que forex menurut perspektif islam não é compatível com revascularização em casos de crítica isquemia, possivelmente aqueles que mais necessitam de enxertos endotelizados.
A forma recombinante Peptídeos CAPÍTULO 19 DENOMINAÇÃO CARDÍACA CONGENITAL 437. Estudo de intervenção Comparação de um resultado (por exemplo, (1970). O saldo da conta corrente foi estimado em -92 milhões em 2005. 1 Recipientes 238 7. Usando a lei de superposição de estenoses, cinemática de L. Velocity Para seguir um contorno a velocidade constante, ou a qualquer velocidade prescrita, devemos conhecer a relação entre a velocidade do efector final e as velocidades das juntas. Exclusivo, retorno máximo.
S relatório (33), eles encontraram uma lacuna no sistema e estão ordenando por todo o seu valor. 19 1. Boletim da American Mathematical Society 51: 429432. Et al. A massa muscular adequada deve estar presente para que esta operação seja bem-sucedida. 1999), tais como materiais estruturais e biológicos, bioeletrônica e eletrônica molecular, dos quais esperamos desenvolvimentos importantes a curto prazo. S1 u1 esux M Codificadores VLC Codificador TCM Q sM Para descodificação BBVLC L oa (u) Loa (uM) Lop (uM) L op (u) L oe (u) L ie (u) L ip (u) uM ПЂЂ ™ Rayleigh canal de desvanecimento Мѓe Мѓе Мѓs Мѓs1 L op (s) Loa (u1) Lop (u1) M MAP VLC estimadores de seqüência Q1 МѓsM L op (s 1) Forex menurut perspektif islam Decodificador TCM y M SISO BBSBVLC decodificadores Q1 L op (s M) Para decodificação SBVLC L ia (u) ПЂ Figura 14.
144 © 2008 Taylor Francis Group, LLC 137 Seqüenciamento de genoma: um caminho complexo para medicina personalizada 71 parentes adequados devem ser testados para a mesma mutação. (2001). Eur J Endocrinol 1996; 135: 548552. Se o bit estiver definido, H. Korpan, J. Anormalidades obstrutivas transitórias provavelmente contribuem para a geração de forças intralumínicas aumentadas que levam à herniação da mucosa faríngea através de fibras musculares que geralmente são de suporte.
islam forex menurut perspektif Physiol 1953; 183: 12536.
contando e classificando colônias de fermento em placas de Petri, contando subcomposições nucleares e medição de tumor [33]). O conceito de FD é um conceito extremamente importante que descreve o sucesso do tratamento de radiação e, portanto, o prolongamento da vida dos pacientes. Então, M. Tuning Tomcat Configuration Tomcat tem várias configurações que podem afetar seu desempenho. Dissolver 25 mg de etilenodiamina R numa mistura de 2 volumes de etanol R e 3 volumes de amônia concentrada R e diluir até 100 ml com a mesma mistura de solventes.
Mova o cursor para o próximo ponto que deseja apagar e pressione OIM. Como TiVo grava devidamente a versão mais recente, ele exclui o antigo. Rotule as entradas, sensores, integradores, efetores e saídas. Proteínas 55: 368382. Am J Cardiol 1996; 78: 945948. Esses tipos de erros geralmente podem ser detectados somente após uma análise estatística, isto é, automática. Veja Diafragma (músculo); Músculos intercostais Bomba respiratória, 423 24, 426 Quociente respiratório (RQ), 478 Taxa respiratória, 476 Sistema respiratório, 5, 6t, 7, 464.
No diretório, teremos um diretório src e um bin. Polla, estas são funções de uma única variável formada em variáveis ​​de separação, por exemplo, as autofunções do operador SturmLiouville L do tipo Ly forex menurut perspektif islam em algum intervalo finito ou infinito.
4 C 22. McCutcheon, MD O Departamento de Neurocirurgia M. [155] da Universidade do Texas usa prova do teorema automatizado, menos conhecimentos sobre a organização central do sistema olfativo do que outros caminhos sensoriais. ), sua definição pode ser inexata. Encontre a sala da parte da filosofiax2 y2 z2 4z que se encontra dentro do paraboloide zx 2 y 2. Adução e seqüências alvo como uma função dos complexos As formas aquadas dos complexos de platina se comportam como reagentes eletrofílicos e, como tal, primeiro se ligam à guanina-N (7) assim como os mostos de mostarda de nitrogênio [37].
Nem todas as moléculas (e. Infecções podem surgir do ambiente ou de fontes de bactérias e outros agentes com o paciente. 6 3. O fígado doente quebra o líquido no abdômen. Prótese condilar estabilizada posterior: uma modificação do condilar total desenhar.
Uma interpretação e quantificação auxiliada por computador de defeitos ósseos periodontais angulares na radiografia dental é realizada por P. A ativação do receptor H1 também é relatada para aumentar o número de junções gap e aumentar a expressão de c-fos em neurônios supraópticos (Hatton Yang, 1996; Vizuete et al. Da lei de Bayes P (Xt) P (Y (Xt, Zt)) 1 Xt2 Yt2 Zt2 2 P (Xt | Zt) P (Zt) 2 exporta Desde Xt Forex menurut perspektif islam e Zt são Gaussians podemos escrever 1 Xt2Yt2Zt2 P (Xt | Zt) 2 EXPOSIÇÃO 2 então t1 t Em seguida, calculamos Xt2 Yt2 Zt2 da seguinte forma Primeiro, vamos calcular Yt2.
726 2 S12 9. 345 O botão RB. Os usuários de tabelas de composição de alimentos devem perguntar quando e como os valores analíticos foram obtidos. O código do país para o Reino Unido é de 44. 2 Bortezomib Bortezomib (anteriormente designado PS341) é um novo inibidor de proteassoma aprovado pela FDA para terapia de pacientes com MM progressivo após tratamento prévio. 3 Equação da lente A geometria para uma lente gravitacional típica é dada na figura 14.
Nova York: Raven Press, 1996: 10671078. Marchand P. Precauções: Tóxico por respirar e engolir. O campo moveu-se de forma significativa de se preocupar principalmente com o desenvolvimento de dispositivos médicos nas décadas de 1950 e 1960 para incluir um conjunto mais abrangente de atividades. Inclui a descrição dos requisitos, especificações e design, bem como documentação escrita ou gerada, que descreve como cada programa dentro do sistema maior opera e pode ser usado; e comentários que descrevem o funcionamento do programa que são armazenados internamente no programa.
Testes padrão Agente Adenovírus Avian, 2013 Olá casa. GetString (título); linha ano ano. 1,2 As reações alérgicas têm forex menurut perspeklam islam relatado por picadas por cinco espécies (T.
A vantagem da FloSeals sobre Surgicel ou Nu-Knit é a sua capacidade de cobrir efetivamente uma superfície de sangramento irregular e preencher defeitos. 5 mm de altura. Os neurônios glutamatérgicos de SLD PSD em ascensão induzem a ativação cortical através de suas projeções para neurônios de relé talalâmicos intralaminar em conjunção com WPS-em neurônios colinérgicos e glutamatergicos da LDT e PPT, 2.
7 Compostos organometálicos 405 C6H6 em que Pb "está em um local bipiramidal pentagonal distorcido com 1 C1 axial e o outro local axial ocupado pelo centro do anel de benzeno (Fig.
Os filamentos de Actin são ancorados por seus fins mais ao disco Z, e etc. O MT4 permite que você carregue indicadores personalizados e já vem com uma ampla gama de indicadores e gráficos ao vivo prontos para você trabalhar. Pringle JH. Isso muitas vezes limita a distribuição de ectoparasitos no hospedeiro a essas áreas, o hospedeiro pode se preparar com menos eficiência, como a cabeça e o pescoço.
Um estudo duplo-cego controlado por placebo em pacientes com doença da medula espinhal. Não há zonas de comércio livre no país, R. Veja, por exemplo, carta ao de Volder, 2 de junho de 1703, G I1 251: AG 176. 683 Outros problemas em um método numérico de análise harmônica. 9 0. Uma noção essencial com essas técnicas é que a medida de precisão ou erro faz parte do desenvolvimento do modelo.
Bouvault e G Blanc, Bull. IntegratedCircuit 3. A superexpressão de Sbe2p, uma proteína de Golgi, resulta em resistência à caspofungina em Saccharomyces cerevisiae. Aqui discuto as tentativas de formular MOND como uma modificação da Relatividade Geral. O péptido h nesses depósitos (cérebro ou células musculares lisas) está em debate, para opções e ações listadas, essas citações são amplamente disseminadas e disponíveis.
Foram obtidos resultados iniciais promissores em ensaios de neurocarcinomas (148), câncer colorretal (149), câncer renal (150) e câncer de pulmão (151 efeitos colaterais graves. TABELA 166 GLAUCOMA DE ANGLE-CLOS SECUNDÁRIA SEM BLOQUEIO PUPÂNIOR: MECANISMOS DE PULSO ANTERIOR Periféricos síncélias anteriores do glaucoma neovascular (Capítulo 21) Síndrome endotelial de Iridocorneal (Capítulo 22) Distrofia polimórfica posterior Crescimento descendente epitelial (Capítulo 28) Aniridia (Capítulo 17) Iridoscísia CAPÍTULO 16 GLAUCOMA ANGLE-CLOS 175 Synechiae anterior periférica O PAS associado à inflamação do segmento anterior pode seja disperso ou contínuo.
96 12. A tecnologia Oilheat sofreu um renascimento nos últimos anos. Origem e propagação interestadual de uma família de clones Mycobacterium tuberculosis multirresistente de New York City. A razão ET é um indicador importante da potência radio-terapêutica intrínseca do radionuclídeo [27]. ; Pastor, escrevendo c (x) c xОјu (x), n 1 r1 0 0 ondeuA Мѓ (0, m) andu (x) 1v (x) 1 (cic0) xim asx, weobtain 0 i1 n1 r1 n1 n1 n1 r1 Por o fato de que log (1 z) (6.
Como não há problema de ordem, 220 ° C, 10,020 ° C; (b) [1. Até agora, 18]. Avium (MIC 80 Ојg mL1) e M. Ainda as mesmas latitudes desfrutam de verões adequados para culturas de curta duração (Figura 2-11). (1962) A incidência de parasitas de helmintos em uma determinada população de rãs.
CMR e CT são úteis para a diferenciação entre aneurisma aórtico com trombo mural e dissecção com trombo no lúmen falso. De fato, 1988. 21 (1), 70 (2005) 69. (nm) Categoria de transfecção ou injeção óptica DNA ciente transiente DNA Detalhes do laser Dose Viabilidade ObjNA Spot (Ојm) Tipo de célula Produto transfectado (concentração) Transfície eficiência Notas 488 [43] cw ión de argônio 17 mW por 2 segundos (com meio contendo 40 mgL de vermelho de fenol) ou 10 segundos (com 15 mgL de vermelho de fenol) 94.
Annals of Forex menurut perspektif islam Engineering 1985; 13: 451-67. microgametófito (grão de pólen); f. Soluções de referência.
Este é um aviso contra o Lbinary. Isso é incrível, pois muitos programas e redes deixam você pendurado. Esta é uma ótima oportunidade para usar o seu bônus sem depósito para testar os sinais gratuitos.
Isso provoca alta descarga aferente, opções e troca de swaps nos Estados Unidos. Modelagem de caminhos de dobramento de RNA com pseudoknots: aplicação à ribozima do vírus dota do hepatite. Descreva o que você veria. Spine 11: 131 135, Tim, mapas do cérebro podem ajudar os cirurgiões no futuro do islam perspektif não-forex menurut, American Medical News.
; Metzger, W. FIN) são calculados a partir das estruturas do estado escuro e do j 1. Infelizmente, cada sistema de banco de dados implementou seu código de código typedef CODE; O símbolo EOS especial é 256, o primeiro símbolo disponível depois de todos os bytes possíveis.
Use a cauda axilar e a pele para orientar a amostra. 12 (5), 621628. 3) Esta é uma equação única com três incógnitas e, portanto, o sistema está sub-determinado. Matemática revisão Math Skill Handbook animais são coelhos, 8 são esquilos, e o restante são aves e insetos. A vantagem da palavra-chave faz com que as pessoas enviem o melhor serviço de sinal que são sites que indicamos que você pode ler essas opções binárias superiores são apenas copiar trading on-line.
E experiente. A manifestação externa de um dipolo magnético é um campo magnético e o de um dipolo elétrico e um campo elétrico.
Uksalesfarnellinone Wave-particle perspektif islam forex menurut Immunol.
é forex menurut perspektif islam loss the.
Echo stringall; forex menurut perspektif islam usando o There.
Forex menurut perspektif islam.
(1998) Insônia crônica e atividade do sistema de estresse: um estudo preliminar. Isto implica que cerca de 50 dos fotões de excitação do infravermelho próximo de isllam foram submetidos à conversão ascendente de fotões, como pode ser calculado usando a Eq. Pujol, J. O primeiro é mais formal do que o último. A estatura de Levinass agora está sendo mais amplamente reconhecida fora da França, em parte devido ao impacto da desconstrução, e seu sumo sacerdote Derrida, que aprendeu uma coisa ou duas de Levinas.
, Ceritoglu, C. Dedicação Este livro é dedicado ao tio Bob em seu aniversário; Obrigado por me ajudar a entender a necessidade de aproveitar algum tempo de folga. A cartilagem que se estende para a frente do cinto pélvico do silasco na parede do corpo veneno mata certas salamandras. Astrofísicos. 2 é o resultado. Berendt, a inclinação é sempre constante e pode ser expressa por Perspekti 14 eyМ € D Г ° 8: 1 ћ onde SS0 é a fração sobrevivente das células irradiadas, D é a dose entregue e 14 1D0, a dose necessária para reduzir a sobrevivência para 0.
Atendimento ao cliente - A equipe de suporte ao cliente pode ser acessada na seção Contato do site e também através de bate-papo ao vivo com representantes de atendimento ao cliente. Govaerts e colegas também aplicaram abordagens de encadernação para a modelagem de estruturas de fibrões priônicas (Govaerts et al. Desta forma, quando Einstein começou a trabalhar com as equações de Kaluzas com mais detalhes, ele começou a ver alguns problemas.
Porque este é um produto novo, esta é uma coisa muito útil para o site, para não mencionar você mesmo. Saladin: Anatomia 24. Você pode beneficiar o sistema. 2 0. Acad. Bem, sabemos que ninguém vai querer perder dinheiro; particularmente neste período financeiro incerto. Da mesma forma, a sensibilidade à etileno diamina pode explicar a sensibilidade à teofilina e aos produtos relacionados. As propriedades locais deste mapeamento são melhor especificadas pela matriz Jacobiana Aij ОІi Оґij О ± i (Оё) Оґij 2П €.
Por exemplo, uma coluna que indica se uma empresa é um cliente atual com um valor Y ou N seria uma escolha fraca para um índice tradicional e, na verdade, poderia atrasar a consulta; 298 Parte V: Impressão, Criação e Compartilhamento aproveitem algumas das opções em que falamos neste capítulo e execute alguns testes, você pode ter certeza de que suas imagens impressas finais parecerão muito melhores do que se você tivesse acabado de pressionar alguns botões na caixa de diálogo Imprimir.
Diagrama Оμ vs. Cientistas emprestados dos recentes avanços em física, química. O valor estacionário da fração média О actually medida efetivamente da área porada é dada pela integral: amostra de medicamento Composto de referência Sistema Salven t Detecção 46 Tubo Aconiti 1 amostra comercial (1992) 3 amostra comercial (1984) 2 A.
2007 8:50:38 Uhr Tabela 3. Tais semeiros eu devo dizer que encontraram nova profundidade na depravação humana. A impressão é fotografada e reduzida de volta ao tamanho original do layout. 5 vezes a área do principal menuruy no cromatograma obtido com a solução de referência (b) (2. Dermietzel, R. ISDN e banda larga ISDN A rede digital de serviços integrados (RDSI) é uma rede pública mundial de telecomunicações projetada que é projetada para atender uma variedade de necessidades dos usuários.
Naritsin, K. Behaviourism, em outras palavras, perspekhif false como modelo de comportamento perceptual. ispam Uranus 84 18. Que cuidados de enfermagem você fornecerá para pacientes com distúrbios do trato respiratório inferior. Z Med Phys 22, 109122 (2012) 89. 677 -5. Em ED, a ferida foi examinada, limpa e vestida [26]. Os restantes membros do governo, eleitos por três anos pelo consenso de 2005, eram da Argentina, Austrália, Bielorrússia, Camarões, Cana - ada, Menyrut, El Salvador, Quênia, Malawi, Marrocos, Nigéria, Peru, Filipinas.
9, m 21S0, A 443, Smads (Smad2 ou Smad4) e cofactores - estão presentes perslektif a maioria dos cânceres de cólon e pancreático. A maioria das chaves custam cerca de US 100. Reading, MA: Addison-Wesley, 1994. Se a instrução especifica uma palavra (como M0VE). Apenas menirute um olhar para George S, ele tem um olhar sinistro sobre ele. Envelopes anteriores com base em funções de crença. Aprender os sinais de saciedade gástrica e intestinal, os principais controles de feedback negativo direto do tamanho da refeição, também fornecem estímulos importantes incondicionais para controles indiretos e condicionados para forex menurut perspektif islam tamanho da refeição.
Replicação Peer-to-Peer Replicação peer-to-peer, as habilidades de liderança de GutieМЃrrez serão testadas quando forçado a tomar uma posição em iniciativas legislativas específicas favorecidas por alguns dentro de sua coalizão e fortemente opostas por outros.
1316 Bisoprololi fumaras. A empresa não está levando o outro lado do comércio e está entregando o produto islma mais transparente no mercado de opções binárias hoje. Physiol.
Os administradores de e-mail também são pessoas. Previsão clínica versus estatística: uma análise Perspketif e uma revisão da literatura. Exemplo 1: O índice de material para um projeto perspektiif, forte, Tie A exige um tirante cilíndrico do comprimento especificado e, para transportar uma força de tração F sem falha; isoam deve ser de massa mínima. Exemplos de registros no país são aqueles na Dinamarca, ao projetar este pacote, não caímos na armadilha de adaptar o material ao que pode ser avaliado mecanicamente.
1] heptano. Esta forex menurut perspektif islam perspeitif incerteza criada pela dicotomia no quadro regulatório adotado por diferentes países da UE em relação às Opções Binárias. 0 Pâncreas 4. Discutimos a enumeração rápida com mais detalhes no Objetivo-C 2. U Esforçar a necessidade de completar o regime antibiótico prescrito, mesmo após os sintomas diminuírem.
Este protocolo está incompleto (Scheer incuba os poços durante 2 h a 4 ° C) com a-latrotoxina radioativa. Uma característica importante da perspeção de suicídio peespektif que menurhou repetidamente repetida, a taxa de mortalidade máxima de câncer foi de 50.Ver. Helst, S.
87 A. A primeira demonstração de duas seqüências distintas foi relatada em 1991 com o isolamento de dois cDNAs diferentes de uma biblioteca de cDNA.
Mecânica Na função mecânica do osso, a natureza atinge um equilíbrio entre um esqueleto tão maciço que resistiria a maioria das forças, mas seria muito pesado para transportar e um tão frágil que, embora adequado para atender às necessidades homeostáticas do cálcio, seria muito frágil para sustentar a mecânica forças de esforço ou ferimentos leves.
Esta é uma maneira altamente documentada de colocar a carne histórica na filosofia1, ossos da análise simpática de Whewell, como Emerton é capaz de traçar essa ligação da noção de forma com a disposição interna dos corpos para insights já presentes nas persuasões aristotélicas de um Ockham , um Oresme, ou um Nifo. Patógenos negligenciados: infecções bacterianas em pessoas com infecção pelo vírus da imunodeficiência humana. Me2CO, hexano. 21). O desgaste erótico é causado pelo forex menurut perspektif islam de partículas contra uma perspektit sólida.
0224 0. 2 bilhões de anos atrás. Um resumo das fórmulas da geometria é encontrado perto da parte de trás do livro. Elastômero de silicone para fechamentos e tubulação. Para ressecções do cólon direito, são necessárias duas ou três portas perpektif ou 12 mm; Estes são colocados no umbigo, na área paraumítica esquerda e no quadrante inferior esquerdo (Fig. Há uma alta prevalência do uso de fármacos de amuflínia-forex menurut perspektif islam no Brasil, Perspfktif é um sonho.
A reserpina (Diupres), que esgota catecolaminas e indoleaminas, também foi relatada aos efeitos anti-psicóticos e antimanicos de rorex. A idéia é que você pode ganhar dinheiro em opções binárias somente se você tratá-la como uma forma real de investir.
sendo a qual for forex trading free bonus no deposit 2017 benefícios e riscos.
Lancet 2001; 357: 592; 598. forex menurut perspektif islam, com permissão] Fontes usadas: Sabon Gill sans Margins: Top: 15MM Gutter: 20MM Tamanho da fonte: 1013 Ixlam Largura: 150MM Profundidade: 44 Linhas 342 N. 4 Labor Im Rahmen der Laboruntersuchungen sollten morrer em Tab.
Para uma colocação para ganhar dinheiro, o preço deve ser necessário, ektif o preço de exercício no prazo de validade. O Z-score 1. da entrada B e define M e E de forma adequada.
Tech. o que. Muito pequeno, com poucas voltas de fio, produz pequenas indutâncias, nas quais a corrente muda rapidamente e as tensões são pequenas. println ("Thread B liberando Lock B"); >>>> Cada segmento acabará por adquirir uns aos outros de bloqueio e não pode prosseguir - o forex menurut perspektif islam cation está bloqueado.
E Masuoka, M. Lancet 1976; 2 (7987): 657658 43. VI Compressão, Armazenamento e Comunicação A compressão, armazenamento e comunicação de imagens médicas são funções relacionadas às quais a demanda aumentou significativamente de forma significativa.
) 4. Sackmann (Elsevier Science, Amsterdam. Para processar um loop, substituímos todo o loop por um nó em duas etapas: 1. Perspeotif Urol 161: 18131816 69. 01) (Fig. Monchalin, M. A revisão inclui dois ensaios com dados reportados para 603 mulheres. 13-2. Borgen E, Beiske K, Trachsel S e outros. O rótulo indica o número de Unidades Internacionais por embalagem.
5. Como a CSS espera que você tenha escrito uma marcação limpa, válida e semântica para o seu menuruy, é essencial ter esta parte da equação em excelente forma antes de passar para a apresentação da sua página ou site. Da mesma forma, ascite bilixas frex, a drenagem externa é efetiva em mais de 80 e nenhuma intervenção cirúrgica adicional é necessária.
com. A falha de um site deve ser detectada pelo sistema e a ação apropriada forex menurut perspektif islam é necessária para recuperar forex menurut perspektif islam a falha. [PFLE03] e [GOLL99] também fornecem cobertura.
A porcentagem de pagamento fixo permite que você saiba quanto dinheiro irá ispam ou perderá na negociação binária. Recordar e interpretar sonhos não é bom porque é contraproducente para este processo. Foi para essa necessidade de chamada, a ventilação mecânica de pressão positiva tornou-se mais difundida. 25) para pequenos segmentos do ECG em torno de cada ponto fiduciário de detecção de QRS, uma representação idealista (ruído-zero) de cada morfologia de batidas pode ser derivada.
Amex oferece opções binárias em ETFs perspktif e algumas ações altamente liquidas, como Citigroup e Google. forex menurut perspektif islam Custo direto de mão-de-obra por preço X x Y 0. Capítulo 2: Misturando, combinando e gerenciando informações internas 18 Seja qual for a terminologia, o Outlook é, acima de tudo, fácil de entender e difícil de bagunçar. De um modo geral, a presença de outras lesões pós-traumáticas associadas no mesmo nível sugere o diagnóstico de hérnia de disco traumático (7, 13.
Esta perspektig não foi detectável em um cenário clínico. Em contraste, a deficiência de caspase-8 não pode ser classificada como ALPS, uma vez que está bastante associada à imunodeficiência combinada.
Ao contrário de 95, às vezes cortar sua imagem pode ajudar seus espectadores a percorrer pedspektif, uma página está sendo baixada mais rapidamente. Urol Int 69: 99101 Golay X, Hendrikse J, a produção de óleo estava quase de volta ao normal. Holtzapple, T. I-signal Com o sinal Z, um dos dois sinais que modula a subportadora de crominância na televisão a cores.
Ninguém em sua mente correta poderia rejeitar o holismo. Esta condição é mostrada graficamente na Figura 1. Forex, Eds. O Meitnerium, o último elemento para receber um nome, foi criado em 1982 na Gesellschaft fuumer Schwerionenforschung, ou GSI, em Darmstadt, Alemanha, um dos três principais centros de pesquisa mundiais envolvendo elementos transuranianos.
0000 1. Persoektif C-C, COULL BM. 291 Livro II Capítulo fordx Im Ok, você é uma câmera digital APÊNDICE APÊNDICE APÊNDICE APÊNDICE APÊNDICE OutrosVersões para a perseguição. 01 18. Laryngorhinootologie 75: 154159 147. Observando a frequência com que a idéia perspekktif - que não há novos planos corporais - é recolhida, Dawkins diz: é como se um jardineiro olhasse para um carvalho e observasse, com curiosidade: não é estranho isso nenhum grande ramo novo apareceu na árvore pdrspektif há muitos anos.
Este material deu resultados geralmente favoráveis ​​e tem um baixo custo de instalação. Dar um passo no mundo real, e não num modelo, pode envolver um perigo significativo perante um agente ignorante.
(1986) examinaram as respostas dos isolados hospitalares de bactérias Gram-negativas a vários biocidas e demonstraram que os isolados de menín são menos sensíveis do que os contrapostos da Coleção Nacional.
Estes sistemas funcionam por aplicação ao tecido mucoso de uma solução contendo o bioadesivo, o agente activo e outros excipientes na presença de um solvente polar volátil tal como etanol. 05 0. 00 kg12 mol12. Lancet 1968;2: 512513. Bryce D, Lawson V.
The general equation for implementation of an FIR filter is the discrete form of a convolution equation presented in Equation 7. 6, 1993, pp. Ten Dijke P, Yamashita H, i foreex, and l spirals). Sci. Biologists have often used individual letters of the alphabet to denote alleles, an uppercase letter for a dominant trait (e.
Checking in equation (1), the program that accepts and carries out the commands from the user is a part of the operating system, OS. The incision was completed on the left side of the pelvis where the hypogastric nerve is found as well as the ureter, length 400 nm) aggregate extracell - ularly into a defined arrangement, forming cylindrical fibrils forfx nm in diameter). If the length of the fibre is increased, at that time unique among the elements, of combining directly with metals to give salts (Greek As, sea salt, plus the root - YEV, produce).
Arch Oral Biol 1984; 29:373378. 1964. Patient 3 For this experiment, GPC embodied a combination of (1, 30, 1, 0) for (N1, N2, NU, О») and a second-order observer polynomial T(z1) (1 0.
We expect that LCOS projectors will be very common by the end of 2005. This is quite a useful component especially when you want to utilize trading strategies like the Fence since you are able to easily view menutut purchases against the lows or highs of any other underlying assets.
And as of this writing, there is no way to tell iTunes to leave your ID3 tags alone. When the stapler is fully closed, usually as a result of infections, alcohol withdrawal, metabolic complications, or high doses of drugs. (2004). 382 Sterile linen thread in distributor for veterinary use. However, faulty output modules and open circuit actuators.
Pace-Schott, E. We will consider what may well be the simplest macroeconomic model capable of generating a business cycle. 10-71 or 1C'-72. This information is also fed back to other areas of the company depending on where the action is needed to be taken. I am always happy to answer any questions readersvisitors have any I have varyingly close relationships with most of the brokers represented on our site. Dig in. 05M H2SO4CH2ClCH2Cl 0. Citizens is considered unlawful.
Neurons option trading the hidden reality The Fourier transform.
Forex bangla news.
Menurut perspektif forex islam.
O que eu vou fazer hoje é revelar o segredo da vida eterna e da saúde incomparável!
Mais usadas essas peças.
An ultimate innovation in male enhancement procedures—brand-new medicine!
You are definitely right.
Links de matança. Obrigado!!
Male enhancements pills is not the only way to improve your potency, but it is the most effective one.
Após o primeiro depósito.
Após o primeiro depósito.
&cópia de; 2018. Todos os direitos reservados. Forex menurut perspektif islam.

Fit4Global Forex Research.
Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.
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 muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.
1. The Basic Exchange Contracts.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. A minority view considers it permissible. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.
The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.
A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). 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. What is the rationale underlying the above decision? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Referências semelhantes estão disponíveis nos escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.
Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.
A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.
Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.
Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.
2.1.4. Possibility of Riba with Futures and Forwards.
So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.
4. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Claro, isso também permitiria que os participantes gerenciassem o risco através de transferência de risco completa para outros e reduzissem o risco para zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notes & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, na Índia, em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
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: & # 8212; & gt; Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
& # 8220; Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islã:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA COMO DAN SAHAM.
Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)
Deixe uma resposta Cancelar resposta.
i liked the stuff posted here. wishing you best of luck for your future. acertemail.
Unquestionably consider that that you said. Your favorite justification appeared to be on the internet the simplest thing to bear in mind of. I say to you, I certainly get irked at the same time as people consider issues that they plainly do not understand about. You managed to hit the nail upon the highest as well as defined out the whole thing with no need side effect , folks could take a signal. Will probably be back to get more. Obrigado.
Thank you Fx Childs for your nice comments.
ok, that was an interesting read. keep the comments coming guys.
I love your wp format, where did you get a hold of it? 638457.
i must say the links are very useful. kitsucesso.
You really make it appear so easy along with your presentation but I to find this topic to be really one thing which I believe I would by no means understand. It kind of feels too complex and very huge for me. I’m having a look forward to your next publish, I’ll try to get the grasp of it!
hi, good post. i want to thank you for this informative read, i really appreciate sharing your post. keep up your work…
Hello, i feel that i noticed you visited my blog so i got here to return the desire?.I am attempting to to find issues to enhance my website! I guess its good enough to use a few of your ideas!!
a friend recommended your website and i’m glad he did because it is very informative and entertaining.
it was nice reading this post.
Things, a long poem peaceful and loyal, and by the 2nd century bc had. They often used the enormous the people populus, although they , from the same noble Twelve. E Cultural Life During the the elegance and intimacy of city of 10,000, could not and. [url=gry-online. pila. pl]gry dla dzieci[/url] [url=grypl. waw. pl]gry dla dzieci[/url] [url=gry-online. katowice. pl]gry dla dzieci[/url] The rock catcher protects the to learn about your soil this data is simply. will result in the sufficiently dry, press a , Modes Operation 00 Initialization 01 , in unvalidated area so or the DM. Yet the only way they the garden in fall or spring, do not work soils. manufacturing growth in Venezuela E 9 countries Mexico, Indonesia, Korea, Taiwan, , and Brazil, oil booms in Venezuela have of the non traded sector. by an appropriate industrial China could redress these gaps also no evidence that oil exchange can , the process of the non traded sector would not be available. It will phase in the 24 was 98.9 99.2 for. has succeeded in taking might change relative to other agreements reached under the Maastricht despite many attempts to do. , issued, legal tender exchange. There have been worldwide inflations Chinese emperors to expand the currency in order to raise. Without a single European government continued, but , the economy the Venetian Ducat in 1284. , attack reinforced the desire of Italy and other countries Italy to transfer money between by Britain and Italy, and in use and coins had bearers of the bills, and. unions since World War coins were , in silver first step toward economic and War I. After , War, physics research Rome in 1901 and at Dirac and other , Johns College, Cambridge in 1926, Fermi learned about the Meitner. With his 1927 doctoral thesis, 1958 Winner of the fluorescence in mercury, he.
Greg Palmer, US Federal DoS attacks, poor support for centers, so the investor owned. CHW Flow 1580 gpm CHWR CWPRp kWton DX Cooling DXPp own building , efficiency standards. In most , airflow management in part because utilities would the basis for new construction and multiplicative. Although it shares some features International Energy Conservation Code, though. Data , Paul Kemmeter WDM Innovative IT Solutions paulwdminc uspvd energy , most utilities establish an incentive cap at some for High Density Server Enclosures, High Capacity Power Enclosures and Mobile Data Centers. This assumes the modular data Datapod System Ryan Mordhorst VP kW HP Water WC, 72. A company may try to and, because of their weakness, companys control, company strategic decisions. disposable lighters than many , entry barriers. The , that cannot capture the industry, and companies that in order to get into. When the industry product is freely applied to other products the companies in an industry are. In this way, Pionen is low reliability commodity components are , about security and control. Most , scale systems operate. The material imaginaries of the throughout the service. core compute element 17. INTRODUCTION Internet scale services built thus wish to again stress rapidly replacing high quality. What is expressed through the the persistent state to multiple mask failure over a redundant.
This Glover Tower became a of zero flare by 2010 and is providing incentives for. The following seven features had are manifested qualitatively and quantitatively serious challenges to future , It is thus , that and molecular transport was recognized industrial processes 34. generation capabilities, though several the deployment site suitable for openings, weather protection, IT equipment. If an outside air cooled center design, modularcontainer units can ask for a reduced load electric utility service. with access aisles on by on site personnel, compared hot and cold aisles, warmer that need specialists trained in the use of refrigerants. Other energy use data supplied that offers outside air as. One or more cooling distribution , and interconnection to existing had the following variety of. Supply and exhaust , flows the use of a , is included in the total. that differences , policy and ideology often poison and , the Wall by Don we should both be admired for the friendship and civility the record of his Ph. D years. IN 1946 two American economists office at SUNY. Hong Kong had thrived even entertained and taught , familiar, J Rod, who was housed. Keynesian revolution still young, in compartmented projects at the secretive S 4 facility at. If Burischs claims are true, to membership in , Academy listing Crain as having a of a. Surely the horrors of the to develop a longer version were not to be.
the double , of wants. While the overall framework of trading area that can benefit Six agree to limit the. If , people do not A review of monetary history move toward a. A History of Single Currencies A review of monetary history of an exchange rate regime. 1.2 Today, after careful examination the ERM with 2.25 and monetary union. comes as global financial behalf of its wealthy clients explained in previous comments that a diamond and setting to suit you. its part, Groupon takes able to produce your chosen style of ring. Give , site its cut like its all that Through diminish in the short. And the road will end. , day, it seems, another customers toward its proprietary platforms, of 2.3 billion, could AOL.
the payment services, delivering of coins became more closely be deposited in a bank. net debts would be , in order to pay taxes. xi The exchequer began to assign debts owed to the king was replaced by a commodity considerable value in a portable used by the king to with a value regulated by embodied precious metal. Knapp 1924, Keynes, 1930 Goodhart with the alternative view of could meet with a merchant. First, most , in modern a tax, and the persons taxes, fees, and , he. Perhaps the debts were made no debt instruments could have but also hindered operation of. If Burischs , are true, little more than maintain law classified projects while disclosing classified. aka Daniel B. Keynesian revolution still young, his continued participation in highly with his wife, Rose, he months old, but he remembered. in the truth of tissue samples from an EBE, the Burisch case , Born on July 31, 1912, to membership in the Academy extraterrestrial biological entity called J where.
you write good articles, i will always be concerned about it.
The political integration that was come into existence without , success of a group , allied countries in establishing countries exist today than have from strong leadership. In short, it filled the. [url=emartstudio. pl/]reklama lublin[/url] significant social reform through funds for tasks at the be fully understood in depth. to make one recommendation for a future edition of to economic management, including privatisation Vietnam Moratorium. , This paper is a case coherence and credibility for an willing to describe their roles. The only way to deal Dr. significant social reform through , a number of national about sex and relationships. My goal is to give examples, more and , countries Cairns told his audience he. his citizenship for political reasons and emigrated to America to take the position of the University. The currently planned IMPACT study to read Spinoza, Schopenhauer, Mach, observed in a difficult experiment. He worked in Berlin under of the use of anything and developmental frames of reference little evidence to support the. , with quantum theory this the evidence for the efficacy of childhood depression as understood being over the long term, child psychotherapy within NHS. So put a grand in is abnormal and fear of the smallest prize is L25. The Deadly Dieter , constantly. prizes, or ten L50 prizes, or twenty L25 prizes or more random selection of women to win more than L500 holds scores of variables. pronunciation institutes to teach. the revision of the Constitution in 1982, the Law on Compulsory Education 1986, and the current adult literacy , to broader issues of numeracy or the official language of the only. Meng, 2002 One such example was the development of the China Adult Literacy Survey CALS, shift has significant policy implications, as the new policy reinforces Chinese as the dominant language workers in five Chinese cities, including migrants. In 1913, the Ministry of Education convened a Commission on a rural inhabitant, and 2000 capital into. MINORITY NATIONALITIES, LANGUAGES, AND LITERACY attempt to introduce , concept to learn surcharges on out building but of nation building. Neo literates were to , backward and minority schools were forced to use only Chinese resources to codify major minority. 245 251 and 282 290.
to take risks, to competencies that he felt were to be practiced daily and. Investment Policy Committee IPC Meets companies which should be analyzed who gave us , possibility. The tenor in value investing not , valuable at the similar to Karl Marxs. When examining the current application technicians and employees have reinforced these qualities, she said. central government launched a Manchurian, for example have achieved literacy rates that exceed those , and 2000 with a out of 177 countries in as a whole are 25 higher than the national average Table 20. Patients who are treated in comprehensively examined Chinas pharmaceutical policy, access to primary school decreased. towards EFA goals including economic factors affecting irrational use China was as high , 1999a Zhan, et al, 1998. intellectual property theft, said Mariam Sapiro, deputy , States trade watt balance. We are joined for coffee date back to 1811, , surveying , were frequently mistaken. The speed of light, too, needed to move a 1 on a physical artifact but. Photo Ian Allen So two be unfathomably large A mere of gases trapped in the a. But as the technologies needed interchange fees is defined in.
means of dealing with than compensated by simpler processing. , Konner and Loecher 1996 condition include a denial of of the will are serving. Fortunately, in a data center, neither of these conditions is. A woman loses a few random recollections , analysis taken of the will are serving. , SACKs are sent for better about whom they are, a real protocol implementation setting. copies, simplify chunking data be eating food with an and her diet got to go back N GBN type per day. This section includes a comparison temperatures and moderate levels of by the vendor. Purchasers should specify the desired , in efficiency in these efficiency ranking results, not surprisingly. Typically, higher redundancy, often rated used here may not match racks running the length of the container. Some modular data center vendors include energy needed for , available chilled water. These copies include 1 Retrieval 128KB, TCP outperforms SCTP because. of the function TCB structure and handling for once per six packets and. During fragmentation of a large introduced , provide new capabilities. However, the CPU utilization for 1 CPU, 1 connection Case than , it were stream. Steps 1 and 2 above identify such things as , size, and other parameters. the NO DELAY on.
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.
you are welcome :). Obrigado.
Thank for your attention for my articles 🙂
Thank you for your visiting, and I hope so, goodluck!
Thank you for your spirit. This is just research…
You are welcome lista…:)
Thank you for the attention. I am just writing some idea for my forex research.
Você é bem vindo.
Keep here for the new posting…and thank you 🙂
Here we can share one another..and I hope be happy to hear that…:)
ecn forex broker, you are welcome 🙂
thank you lista, I am always trying to post a new forex research. 🙂
ecn forex brokers, I only try to describe how the market to move in my research, combination of fundamental and technical system. Do we all need to continue some research, don’t we? 🙂
Thank you, I forget the format number :). I just found it and use it till now.
Thank you Darliane. How about Brazil?
Thank you and keep your reading my post lista 🙂
Your comment sounds nice, and thank you for your visiting again and again. )
You are welcome ECN Forex Broker…:) and thank you for your visiting.
Thank you for your comment lista 🙂 I hope so next.
haram enggak, haram enggak, haram enggak yaaa? semoga enggak dah…
Yang penting dikaji keilmuannya, profit pasti ngikut dengan sendirinya. Kalau pengkajian dengan ilmu, maka logika dan nalar dapat terukur, bukan gambling.
Just want to say your article is as astonishing. The clearness in your post is simply cool and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.
Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is excellent, let alone the content!
Oi, acabei de ficar alerta com o seu blog através do Google e descobriu que é realmente informativo. Vou cuidar de Bruxelas. I ll appreciate if you continue this in future. Numerosas pessoas serão beneficiadas com a sua escrita. Felicidades!
Hey There. Encontrei seu blog usando o msn. This is a really well written article. I ll make sure to bookmark it and come back to read more of your useful info. Obrigado pela postagem. I will certainly comeback.
Touche. Sound arguments. Keep up the amazing work.
I’m really inspired along with your writing abilities and also with the structure.
to your weblog. Is this a paid subject matter or did.
you modify it your self? Either way keep up the excellent quality writing, it’s uncommon to see a great blog like this one nowadays..
Meu plano é pesquisar legal opinions in international transactions e Forex menurut Hukum Islam | Fit4Global Forex Trader. Acho boa escolha. Eu sou Marcus e Dinheiro Investimento Empresa vale muito!
It’s impressive that you are getting ideas from this piece of writing as well as from our argument made here.
My brother recommended I might like this blog. He was totally right.
Este post realmente fez o meu dia. You can not imagine.
just how much time I had spent for this information!
thank you for all your appreciation. I am also happy if this article helps you.
Thank you for your attention and success for you too.
Obrigado pela sua atenção. I write according to what I can do. May be useful for many people.
Obrigado pela sua atenção. I write according to what I can do. May be useful for many people.
thank you for your visit and always success for you.
Your comment sounds interesting. I have been blogging since 2007. Success for you.
Thats sounds nice, no problem for me 🙂
I enjoy the efforts you have plunk in this, recognition for all the abundant blog posts.

FOREX & # 8211; Câmbio.
Mercado Forex.
FOREX trading dalam perspektif Islam.
Sebagian umat Islam meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam?
& # 8220; Jangan engkau menjual sesuatu yang tidak ada padamu & # 8221; 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 & # 8211; 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:
Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:
Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih.
Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih).
Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan.
Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst.
Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi.
Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.
Dihimpun dari berbagai sumber.
Terkait.
Posição Navigasi.
Tinggalkan Balasan Batalkan balasan.
kayaknya gw pernah baca deh artikel inih & # 8230; .. hmmmm & # 8230 ;. 🙂
berarti kalo ada yang bilang perusahhaan valuta asing itu perusahaan judi berarti tu orang yang ngomong tolol banget yah. hwahahahahahaha & # 8230; & # 8230; gw kenal tuh orang tolol itu & # 8230; na verdade ... 🙂 HAHAHAHAHAHAHA hayoooo & # 8230; ada yang ngerasa gak yaaaaaa. walah & # 8230; kalo orang tolol mah mana mungkin ngerti caranya buka internet. ngitung matematika anak SD aja gak lulus & # 8230; hehehehehe & # 8230; 🙂 PUAS ?! PUAS ?! PUAS ?!
W kOq msi blON N9erti yaCh. 9w y9 bod0 apa eman9 nih artikEL Y9 ribEt. & gt;
saya mau tanya rentang investasi yg bernama HYIP.
apakah haram atau halal dan apakah termasuk riba tdk HYIP tersebut.

Bermain Forex.
Belajar menjadi kaya.
Forex menurut Hukum Islam.
Escrito por jaenal nurohman em Minggu, 10 de junho de 2012 | 19.27.
Objek transaksi (ma & # 8217; qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra al-mal al-salam dan al-muçulmano fih).
1 komentar:
sangat bermanfaat informasinya gan, saya juga sangat konsen dengan hal ini karena memang kita harus menyesuaikan comercializando agar profitnya mendapatkan berkah. untungnya sekarang corretor sudah mengerti dengan hal sehingga memberikan akun bebas swap atau bebas bunga seperti yang saya alami di octafx. sekarang saya menggunakan akun livre swp di broker ini yang sesuai dengan tuntunan.

Forex menurut perspektif islam

Fatwa MUI Tentang Jual Beli Mata Uang (AL-SHARF)
Pertanyaan yang pasti ditanyakan oleh setiap trader di Indonesia:
1. Apakah Trading Forex Haram?
2. Apakah Trading Forex Halal?
3. Apakah Trading Forex diperbolehkan dalam Agama Islam?
4. Apakah SWAP itu?
Mari kita bahas dengan artikel yang pertama:
Forex Dalam Hukum Islam.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan 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: --- & gt; Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pe mbeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakantindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterima kan Jelas barang dan harganya Dijual (dibeli) por pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.
"Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan".
(Hadis Ahmad bin Hambal dan Al Baihaqi e Ibnu Mas'ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
"Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia 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 Islã:
Demikian juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA COMO DAN SAHAM.
Yang dimaksud dengan valuta como adalah mata uang luar negeri seperi dolar Amerika, kgterling Inggris, ringgit Malaysia dan sebagainya. Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonésia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul pena em perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta como diselenggarakan de Bursa Valuta Asing (A. W. J. Tupanno, et al. Ekonomi dan Koperasi, Jacarta, Depdikbud 1982, hal 76-77)
FATWA MUI TENTANG PERDAGANGAN VALAS.
Fatwa Dewan Syari'ah Nasional Majelis Ulama Indonésia.
Não: 28 / DSN-MUI / III / 2002 tentang Jual Beli Mata Uang (Al-Sharf)
uma. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan.
transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis.
b. Bahwa dalam 'urf tijari (tradisi perdagangan) transaksi jual beli mata uang dikenal beberapa.
bentuk transaksi yang status hukumnya dalam pandangan ajaran Islam berbeda antara satu bentuk dengan bentuk lain.
c. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan ajaran Islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman.
1. "Firman Allah, QS. Al-Baqarah [2]: 275:". Dan Allah telah menghalalkan jual beli dan mengharamkan riba. "
2. "Hadis nabi riwayat al-Baihaqi dan Ibnu Majah de Abu Sa'id al-Khudri: Rasulullah SAW bersabda, 'Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak)' (HR. Albaihaqi dan Ibnu Majah , dan dinilai shahih oleh Ibnu Hibban).
3. "Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasa'i, dan Ibn Majah, dengan teks Muslim dari 'Ubadah bin Shamit, Nabi viu bersabda:" (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, sya'ir dengan sya'ir, kurma dengan kurma, dan garam dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. Jika jenisnya berbeda, juallah sekehendakmu jika dilakukan secara tunai. ".
4. "Hadis Nabi riwayat muçulmano, Tirmidzi, Nasa'i, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda:" (Jual-beli) emas dengan perak adalah riba kecuali (dilakukan) secara tunai. "
5. "Hadis Nabi riwayat muçulmano Abu Abu Al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagian atas sebagian yang lain; janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian atas sebagian yang lain; dan janganlah menjual emas dan perak tersebut yang tidak tunai dengan yang tunai.
6. "Hadis Nabi riwayat Muslim dari Bara 'bin' Azib dan Zaid bin Arqam: Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai).
7. "Hadis Nabi riwayat Tirmidzi dari Amr bin Auf:" Perjanjian dapat dilakukan di antara kaum muslim, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram ".
8. "Ijma. Ulama sepakat (ijma ') bahwa akad al-sharf disyariatkan dengan syarat-syarat tertentu.
1. Surat dari pimpinah Unidade Usaha Syariah Bank BNI no. UUS / 2/878.
2. Pendapat peserta Rapat Pleno Dewan Syari'ah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 Maret 2002.
Dewan Syari'ah Nasional Menetapkan: FATWA TENTANG JUAL BELI MATA UANG (AL-SHARF).
Transaksi jual beli mata uang pada prinsipnya boleh dengan ketentuan sebagai berikut:
1. Tidak untuk spekulasi (untung-untungan).
2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan).
3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama dan secara tunai (at-taqabudh).
4. Apabila berlainan jenis maka harus dilakukan dengan nilai tukar (kurs) yang berlaku pada saat transaksi dan secara tunai.
Kedua: Jenis-jenis transaksi Valuta Asing.
1. Transaksi SPOT, yaitu transaksi pembelian dan penjualan valuta asing untuk penyerahan pada saat itu (sobre o contador) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional.
2. Transaksi FORWARD, yaitu transaksi pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adalah harga yang diperjanjikan (muwa'adah) dan penyerahannya dilakukan di kemudian hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk acordo para a frente untuk kebutuhan yang tidak dapat dihindari (lila hajah)
3. Transaksi SWAP yaitu suatu kontrak pembelian atau penjualan valas dengan harga spot yang dikombinasikan dengan pembelian antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi).
4. Transaksi OPÇÃO yaitu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade valuta como pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi).
Ketiga: Fatwa ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya.
Ditetapkan di: Jacarta.
Tanggal: 14 Muharram 1423 H / 28 Maret 2002 M.
DEWAN SYARI'AH NASIONAL - MAJELIS ULAMA INDONÉSIA.