Forex itu halal

Sebelum ini persoalan membabitkan hukum Forex haram atau halal acapkali menjadi perdebatan dan persoalan dikalangan apa yang boleh kami istambulanbag 8220kaki forex8221. Dan tahun lepas pun JAKIM Tahun Menganjurkan Muzakarah Ahli-Ahli Majlis Penasihat Syariah Institusi Kewangan Bagi membincangkan perkara-perkara seperti: Kefahaman Umum Terhadap Perdagangan Mata Wang (Forex) dan Kedudukannya Dalam Syarak Perdagangan Mata Wang (Forex) dan Pandangan Syarak Mengenai Pegendaliannya Perdagangan Mata Wang (Forex) Kedudukannya Dalam Undang-undang dan Kesannya ke atas Ekonomi Dan hasil daripada muzakarah tersebut terdapat beberapa rumusan dan kesimpulan yang telah dicapai antaranya ialah: Jual beli matawang diharuskan oleh syarak, namun peru mematuhi dawabit tertanu selena menggelakkan unsur-unsur-unsur syibh riba ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,. Operasi spot forex inu juga didapati tidak sah dari sisi undang-undang Kerajaan Malásia Walaubagaimanapun, semáforo satu ketetapan telah desenhado por Jawatankuasa Fatwa Kebangsaan mengenai Forex. Hukum Forex. Haram atau Halal KOTA BHARU: Jawatankuasa Fatwa Kebangsaan memutuskan umat Islã haram menguilan sistem perniagaan pertukaran wang asing. Pengerusi Jawatankuasa itu, Tan Sri Dr. Abdul Shukor Husin, berkata ini kerana perniagaan yang dilakukan melali pertukaran wang asing (forex) seperti itu tidak menepati hukum syarak dan menimbulkan keraguan di kalangan umat Islam. 8220Hasil kajian Jawatankuasa ini, kita dapati perniagaan yang membabitkan pertukaran wang asing membabitkan spekulasi mata wang dan ini bercanggah dan berlawanan dengan hukum Islam.8221 8220Olhau, Jawatankuasa Fatwa Kebangsaan memutuskan bahawa umat islam diharamkan daripada menguanan sistem perniagaan cara demikian, 8221 katanya kepada pemberita selepas Mempengerusikan mesyuarat Jawatankuasa Fatwa Kebangsaan Ke-98 sem ser hari ini. Abdul Shukor berkata, banyak isu yang meragukan menguan perniagaan pertukaran wang asing, olh itu umat islam tidak peru menceburkan diri, tambaan pula kegiatan itu membabitkan penggunaan internet di kalangan individual yang menyebabkan untung rugi tidak menentu. 8220Lain-lain jenis perniagaan pertukaran wang asing, seperti melalui pengurup wang atau dari banco ke banco dibenarkan. Kerana ia tidak menimbulkan spekulasi mata wang atau não identificado rugi yang tidak menentu, 8221 katanya. Beliau berkata, keputusan lain yang turut dicapai dalam mesyuarat itu ialah mengharuskan umat Islão membuat pelaburan atau membuat simpanan melalui Skim Sijil Simpanan Premium yang dikendalikan Banco Simpanan Nasional (BSN). Katanya, keputusan itu desenho selepas jawatankuasa berkenaan berpuas hati dengan kaedah pelaksanaannya melalui taklimat yang disampaikan oleh pihak penal syariah Banco Negara pada muzakarah itu. 8220Pada mulanya, kita meragui tentang, kaedah, pelaksaaan, skim, itu, tetapi, kita, berpuas, hati, selepas, sistem, perniagaan, skim, itu, ditukar, konsep, islam, iaitu, Mudharabah, 8221, katanya. 8211 BERNAMA Dahulu secarão faktanya antara sebab ekonomi Malásia pernah jatuh tahun 1997/1998 adalah tindakan kerajaan Malásia bermain forex antarabangsa yang 8220duduk dalam sistem kapitalis8221 sehingga tela ruas kompani predios George Soros untuk sabotaj ekonomi Malaysia. Bagi, kami, ketetapan, yang, tela, dwarf, oleh, jawatankuasa, Fatwa, Kebangsaan, menunjukkan, melahirkan, pendirian, merkad, satu-satu, kemusykilan, uni, e, panduan, tambahan, kepada, um, Islam, de, Malysia, hari, ini. Dan tindakan Majlis Fatwa meletakan hukum Forex haram itu desenhar setelah mereka membuat kajian yang mendalam dan kajian itu tak bermakna dalam kajian dilakukan secara tergesa-gesa dan dibuar dalam tempoh sehari dua. Yang berada dalam Palavras-chave para esta foro Fatwa Kebangsaan ini pun bukannya sebarangan orang. Kalangan ulama dan yang ada pengetahuan tinggi dalam ilmu agama. 8220Adakah kita mahu terus menunggu jawapan yang kita ingini barulah kita akan terima amp berpuas hati dengan ketetapan daripada kalangan yang pengetahuan tinggi dalam agama terutamanya melibatkan hukum8221 Cuma kalau boleh seletas em besarlah harapan kami sendiri supaya Jawatankuasa Kebangsaan Malásia jenguklah-jenguklah sistem perbankan di Malaysia hari ini Melibatkan beberapa persoalan yang telah membelengu rakyat Malásia secara umum dan umat Islam di Malaysia amnya. Kami mahu lihat sendiri apa pendirian Jawatankuasa Kebangsaan Malásia mengenai soal-soal yang melibatkan Sara 1Malaysia. Kadar, faedah, yang, dikenakan, pihak, kepada, pelanggannya, selama, ini, PTPTN, caj, pelayarnya, dikehendaki, bayar, balik, lebih, dari, jumlah, pinjamannya. Dan mungkin kalangan e um sini mahu menambahnya Samada kerajaan nak ikut atau tidak itu perkara nombor 2. Yang penting kami mahu melihat sendiri ketetapan Jawatankuasa Fatwa Kebangsaan terlebih dahulu. P / S. Apa responder anda sebaik Jawatankuasa Fatwa Kebangsaan menfatwakan hukum Forex haram kenape mufti cuma keluarkan fatwa haram secara terpilih. Banyak yang haram. Contohnya. Principal saham tue pun haram. Pasal kerugian tak menentu. Urusniaga tertangguh. Sume banco yang menawarkan simpanan ataupún secara pinjaman secara riba juga patut difatwakan secara jelas ttg pengharamannya. Kenape, mufti, selalu, mengeluarkan, fatwa, mengikut, keuntungan, kerajaan, semata-mata. Jikalau kerajaan tidak mendapat keuntungan apa-apa daripada urusniaga tersebut. Maka difatwakan HARAM. Manakala urusniaga yang sudah terang-terangan mengandungi riba tidak difatwakan sebagai HARAM. Nie ler mufti dunia. Takut hilang jawatan. Merujuk pada fatwa yg dkeluarkan. forex adalá haram kerana.1.spekulasi.2.intenet individu.3.keuntongan tdak menentu. Soalanya..dimana bezanya dngan pasaran saham bskl..tolong jelas kanSeperti yang telah diajar oleh junjungan mulia Rasulullah SAW, sembilan per sepuluh rezeki itu datangnya dari perniagaan. Forex merupakan satu daripada cabang perniagaan yang boleh diceburi dan yakinlah perniagaan forex ini adala HALAL Namun begitu ada beberapa syarat yang perlu dipatuhi oleh TRADER supaya tidak terjerumus dalam perniagaan RIBA. SYARAT-SYARAT FOREX YANG DIBENARKAN Benar, memang FOREX matawang adalah diharuskan, tetapi keharusannya tertakluk kepada sejauh mana ia menurut garis panduan yang dikeluarkan dari hadith Nabi yang sohih. Iaitu: - Dalam menuang wang dengan wang, Nabi telah menyebut garis panduan yang mesti dipatuhi iaitu. Ditukar (serah dan terima) dalam waktu yang sama ia disebut dalam hadis sebagai yadan bi yadin. Dalam bahasa inggerisnya adalah sobre a base do local. Ia datang dari hadis:. . . . . . 1611. . 1611. Ertinya. Emas dengan Emas (ditukar atau diniagakan). Perak dengan perak, gandum dengan gandum, tamar dengan tamar, garam dengan garam mestilah sama timbangan dan sukatanya, dan ditukar secara terus (pada massa saturada) dan sekiranya berlainan jenis, maka berjual-belilah kamu sebagaimana yang disukai Hadith, 11/9). FOREX dalam matawang, yang, tidak, menjaga, syarat ini, akan menjadi, Riba Nasiah. Ini kerana kebanyakan Forex yang dijalankan oleh institusi Konvensional adala 8216Forward FOREX atau Forex yang menggunakan 8216Value para a frente (nilai masa hadapan) eang mempunyai tergolong dalam Riba Nasiah. Forex yang menggunakan nilai 8216Forward ini semicondutores diketahui mampu menghasilkan untung yang lebih berbanding local dalam kebanyakan keadaan jika tepat penggunaannya. Mestilah terdapat serah terima atau do qabadh dalam Islam secara hakiki atau hukmi pada waktu yang sama. Sila tonton vídeo klip ceramah Ust. Hj. Zaharuddin Hj. Abd. Rahman mengenai hukum forex. Hukum Negociação Forex Menurut MUI Halal atau Haram Hukum Negociação Forex Menurut MUI Halal atau Haram Mengingat banyaknya yang mempertanyakan apa hukum negociação forex menurutIslam (meski sudah banyak dikupas) maka berikut ini saya publicar o artigo Gainscope tentang FATWA MUI TENTANG TRADING FOREX . Di luar sana berkembang juga pendapat yang bersebarangan dengan fatwa MUI ini di mana mereka tetap berpendirian pada bahwa negociação forex adalah HARAM dengan hujjah / argumen yang mereka pegangi. Keputusan berpulang pada dan ada di tangan Anda. Selamat membaca. 1. Apakah Trading Forex Haram 2. Apakah Negociação Forex Halal 3. Apakah Trading Forex diperbolehkan dalam Agama Islão 4. Apakah SWAP itu Mari kita (AL-SHARF) Bahas dengan artikel yang pertama: Forex Dalam Hukum Islã Dalam bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH Kapita Selecta Hukum Islão, diperoleh bahwa Forex (Perdagangan Valas) diperbolehkan dalam hukum islam. Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu uang yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan pena danmin perditaan negaran-negara tersebut sehingga timbul PERBANDINGANO NILAI MATA UANG antar negara. Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negar lainnya ini berubah (berluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawil inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai. HUKUM ISLAM dalam TRANSAKSI VALAS 1. Ada Ijab-Qobul. --- gt Ada perjanjian untuk memberi dan menerima Um penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan e melakukan tindakantindakan hukum (dewasa dan berpikiran sehat) 2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu: Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri Atau, kuasanya, atas, izin, pemiliknya, Barang, sudah, berada, ditangannya, jika, barangnya, diperoleh, dengan, imbalan. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Jangan kamu membeli ikan dalam ar, karena sesungguhnya jual beli yang demikian itu mengandung penipuan. (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Masud) Jual beli barang yang tidak di diaturat transaksi diperbolehkan dengan syarat harus diterangkan sifatsifatnya atau ciri-cirinya. Kemudiano jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai, maka, pembeli, mempunyai, hak khiyar, artinya boleh, meneruskan, atau, membatalkan, jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah: 8220Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya. Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam: 8220Kesulitan itu menarik kemudahan.8221 Demikiano juga jual beli barang-barang yang telah terbungkus / tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi etiqueta yang menerangkan isinya. Vide Sabiq, op. Cit. Hal 135. Mengenai teks kaidah hukum Islão tersebut di atas, vide Al Suyuthi, Al-Asbah al-Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55. JUAL BELI VALUTA ASSISTENTE DAN SAHAM Yang dimksud dengan valga asing adalah mata uang luar negeri seperi dolar Amerika, sterling inggris, ringgit Malásia dan sebagainya. Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonésia Azerbaijão Azerbaijão Azerbaijão Azerbaijão Pedido de Propostas Aviso de pré - Dengan demikian akan timbul pena de perminataan di bursa valuta asing. Setiap, negara, berwenang, penuh, menetapkan, kurs, uangnya, masing-masing (kurs, adalah, perbandingan, nilai, uangnya, terhadap, mata uang, asing), misalnya 1 dolar Amerika Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (AWJ Tupanno, Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77) FATWA MUI TENTANG PERDAGANGAN VALAS Fatwa Dewan Syariah Nasional Majelis Ulama Indonésia No: 28 / DSN-MUI / III / 2002 tentáculo Jual Beli Mata Uang (Al-Sharf) a. Bahwa dalam sejumlah kegiatan untuk memenuhi berbagai keperluan, seringkali diperlukan transaksi jual-beli mata uang (al-sharf), baik antar mata uang sejenis maupun antar mata uang berlainan jenis. B. Bahwa dalam urf tijari (tradição perdagangan) transaksi jual beli mata uang dikenal beberapa bentuk transaksi yang estado hukumnya dalam pandangan ajaran islão berbeda antara satu bentuk dengan bentuk lain. C. Bahwa agar kegiatan transaksi tersebut dilakukan sesuai dengan ajaran islam, DSN memandang perlu menetapkan fatwa tentang al-Sharf untuk dijadikan pedoman. 1. Firman Allah, QS. Al-Baqarah2: 275:. Dan Allah telah menghalalkan jual beli dan mengharamkan riba. 2. Hadis nabi riwayat al-Baihaqi dan ibnu Majah dari Abu Said al-Khudri: Rasulullah saw bersabda, Sesungguhnya jual beli itu hanya boleh dilakukan atas dasar kerelaan (antara kedua belah pihak) (HR albaihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban). 3. Hadis Nabi Riwayat Muçulmano, Abu Daud, Tirmidzi, Nasai, dan Ibn Majah, dengan teks muçulmanos dari Ubadah bin Shamit, Nabi viu bersabda: (Juallah) emas dengan emas, perak dengan perak, gandum dengan gandum, syair dengan syair, kurma Dengan kurma, garam dengan garam (denga syarat harus) sama dan sejenis serta secara tunai. 4. Hadis Nabi riwayat Muçulmanos, Tirmidzi, Nasai, Abu Daud, Ibnu Majah, dan Ahmad, dari Umar bin Khattab, Nabi viu bersabda: (Jual-beli) emas dengan perak adalah Riba kecuali (dilakukan) secara tunai. 5. Hadis Nabi riwayat muçulmano dari Abu Said al-Khudri, Nabi viu bersabda: Janganlah kamu menjual emas dengan emas kecuali sama (nilainya) dan janganlah menambahkan sebagiano atas sebagian yang lain janganlah menjual perak dengan perak kecuali sama (nilainya) dan janganlah menambahkan sebagaian Atas sebagian yang lain dan janganlah menjual emas perak tersebut yang tidak tunai dengan yang tunai. 6. Hadis Nabi riwayat Muçulmano dari Bara bin Azib dan Zaid bin Arqam. Rasulullah viu melarang menjual perak dengan emas secara piutang (tidak tunai). 7. Hadis Nabi riwayat Tirmidzi dari Amr bin Auf: Perjanjian dapat dilakukan de antara kaum musrem, kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram dan kaum muslim terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. 8. Ijma. Ulama sepakat (ijma) bahwa akad al-sharf disyariatkan denga syarat-syarat tertentu 1. Surat dari pimpinah Unidade Usaha Syariah Banco BNI no. UUS / 2/878 2. Pendapat peserta Rapat Pleno Dewan Syariah Nasional pada Hari Kamis, tanggal 14 Muharram 1423H / 28 de março de 2002. Dewan Syariah Nasional Menetapkan. FATWA TENTANG JUAL BELÍ MATA UANG (AL-SHARF). Pertama. Ketentuan Umum Transaksi jual beli mata uang pada prinsipnya boleh dengue ketentuan sebagai berikut: 1. Tidak untuk spekulasi (untung-untungan). 2. Ada kebutuhan transaksi atau untuk berjaga-jaga (simpanan). 3. Apabila transaksi dilakukan terhadap mata uang sejenis maka nilainya harus sama e secara tunai (at-taqabudh). 4. Apabila berlainan jenis maka, harus, dilakukan, dengan, nilai, tukar (kurs), yang, berlaku, pada saat transaksi dan secara tunai. Kedua. Jenis-jenis transaksi Avaliação do conteúdo: Todos Descrição 1. Transaksi SPOT, yayu transaksi pembélian dan penjualan valuta asing untuk penyerahan pada saat itu (sobre o balcão) atau penyelesaiannya paling lambat dalam jangka waktu dua hari. Hukumnya adalah boleh, karena dianggap tunai, sedangkan waktu dua hari dianggap sebagai proses penyelesaian yang tidak bisa dihindari dan merupakan transaksi internasional. 2. Transaksi FORWARD, peregrinação de yaitu pembelian dan penjualan valas yang nilainya ditetapkan pada saat sekarang dan diberlakukan untuk waktu yang akan datang, antara 2x24 jam sampai dengan satu tahun. Hukumnya adalah haram, karena harga yang digunakan adalá harga yang diperjanjikan (muwaadah) dan penyerahannya dilakukan di kemudiano hari, padahal harga pada waktu penyerahan tersebut belum tentu sama dengan nilai yang disepakati, kecuali dilakukan dalam bentuk para a frente acordo untuk kebutuhan yang tidak dapat dihindari (lil Hajah) 3. Transaksi SWAP yaitu suatu kontrak pembeliano atau penjualan valas dengan harga mancha yang dikombinasikan dengan pembeliano antara penjualan valas yang sama dengan harga para a frente. Hukumnya haram, karena mengandung unsur maisir (spekulasi). 4. TRANSAKSI OPÇÃO Yayu kontrak untuk memperoleh hak dalam rangka membeli atau hak untuk menjual yang tidak harus dilakukan atas sejumlah unidade de valorização de um pada harga dan jangka waktu atau tanggal akhir tertentu. Hukumnya haram, karena mengandung unsur maisir (spekulasi). Ketiga. Fatwa ini berlaku sejak tanggal ditetapkan, dengue ketentuan jika de kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya. Ditetapkan di. Jacarta Tanggal. 14 Muharram 1423 H / 28 Maret 2002 M DEWAN SYARIAH NASIONAL - MAJELIS ULAMA INDONÉSIA Tulisan lain yang menguatkan adalah sebagaimana ditulis oleh O Dr. Mohammed Obaidullah de bawah ini tentang TROCA DE FOREX ISLÂMICA. 1. Os Contratos Básicos de Câmbio Existe um consenso geral entre os juristas islâmicos de que as moedas de diferentes países podem ser trocadas numa base pontual 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. Também parece haver um acordo geral entre a maioria dos estudiosos sobre a opinião de que o câmbio a termo não é permitido, isto é, 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 uma das partes, que é a mesma que a obrigação da contraparte, são adiados para uma data futura. Para elaborar, vamos considerar o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rupias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rupee-dólar acordada é de 1:20 ea transação envolve a compra e venda de 50. A primeira situação é que A faz um pagamento à vista de Rs1000 para B e aceita o pagamento de 50 de B. A transacção é liquidada numa base spot a partir de ambas as extremidades. Tais transações são válidas e Islamically permissíveis. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambas as extremidades seja adiada para uma data futura, digamos depois de seis meses a partir de agora. Isto implica que tanto A como B fariam e aceitariam o pagamento de Rs1000 ou 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islâmicamente permitido. Uma visão minoritária a considera admissível. O terceiro cenário é que a transação é parcialmente liquidada a partir de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B para pagar 50 para ele depois de seis meses. Alternativamente, A aceita 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Existem pontos de vista diametralmente opostos sobre a admissibilidade de tais contratos, que equivalem a bai-salam em moedas. O objetivo deste trabalho é apresentar uma análise abrangente de vários argumentos em apoio e contra a permissibilidade desses contratos básicos envolvendo moedas. A primeira forma de contratação envolvendo a troca de contravalores numa base pontual está além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é diferida para uma data futura, é geralmente discutida no âmbito da riba proibição. Assim, discutiremos este contrato detalhadamente na seção 2 que trata da questão da proibição da riba. A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, é geralmente discutida no âmbito da redução do risco e incerteza ou gharar envolvidos nesses contratos. Este é, portanto, o tema central da seção 3 que trata da questão do gharar. Seção 4 tenta uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de moeda. 2. A questão da proibição de Riba A divergência de pontos de vista1 sobre a permissibilidade ou não dos contratos de câmbio em moedas pode ser atribuída principalmente à questão da proibição riba. A necessidade de eliminar riba em todas as formas de contratos de câmbio é de extrema importância. Riba no seu contexto sharia é geralmente definido2 como um ganho ilícito derivado da desigualdade quantitativa dos contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies (anwa), que pertencem ao mesmo gênero (jins) e são governadas por A mesma causa eficiente (illa). Riba é geralmente classificada em riba al-fadl (excesso) e riba al-nasia (adiamento) que denotam uma vantagem ilegal por meio de excesso ou adiamento, respectivamente. A proibição do primeiro é alcançada por uma estipulação de que a taxa de troca entre os objetos é unidade e nenhum ganho é permissível a qualquer das partes. Este último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação é liquidada no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que surge quando o credor pede ao mutuário na data de vencimento se este último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado pela cobrança de juros sobre o montante inicialmente emprestado. A proibição de riba na troca de moedas pertencentes a diferentes países requer um processo de analogia (qiyas). E em qualquer exercício de analogia (qiyas), a causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com o seu sujeito, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) em caso de contratos de troca foi definida vària pelas escolas principais de Fiqh. Esta diferença reflecte-se no raciocínio análogo para moedas de papel pertencentes a diferentes países. Uma questão de significância considerável no processo de raciocínio análogo relaciona-se à comparação entre moedas de papel com ouro e prata. Nos primórdios do Islã, o ouro ea prata desempenhavam todas as funções do dinheiro (thaman). As moedas foram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contidos neles). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande pedaço de transações. Muitas outras commodities, tais como, vários metais inferiores também serviram como meio de troca, mas com aceitabilidade limitada. Estes são descritos como fals na literatura Fiqh. Estes também são conhecidos como thaman istalahi por causa do fato de que sua aceitabilidade não deriva de seu valor intrínseco, mas devido ao status concedido pela sociedade durante um determinado período de tempo. As duas formas acima mencionadas de moedas foram tratadas de forma muito diferente pelos primeiros juristas islâmicos do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que necessita de ser resolvida é se as moedas correntes da idade presente se enquadram na primeira ou na segunda categoria. Uma visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que estes servem como o principal meio de troca e unidade de conta como o último. Daí, por analogia raciocínio, todas as normas relacionadas com a Sharia e injunções aplicáveis ​​a thaman haqiqi também deve ser aplicável ao papel moeda. A troca de thaman haqiqi é conhecida como bai-sarf e, portanto, as transações em moedas de papel devem ser regidas pelas regras da Sharia relevantes para bai-sarf. A opinião contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi devido ao fato de que seu valor nominal é diferente de seu valor intrínseco. Sua aceitabilidade decorre de seu status legal dentro do país nacional ou importância econômica global (como no caso de dólares americanos, por exemplo). 2.1. Uma síntese de pontos de vista alternativos 2.1.1. A proibição de riba baseia-se na tradição de que o santo profeta disse: Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data para a data, Sal para o sal, nas mesmas quantidades no local e quando as mercadorias são diferentes, vender como lhe convier, mas no ponto. Assim, a proibição de riba aplica-se primeiramente aos dois metais preciosos (ouro e prata) e a outras quatro mercadorias (trigo, cevada, tâmaras e sal). Aplica-se também, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer um dos gêneros dos seis objetos citados na tradição. No entanto, não há um consenso geral entre as várias escolas de Fiqh e até mesmo estudiosos pertencentes à mesma escola sobre a definição e identificação de causa eficiente (illa) de riba. Para os Hanafis, a causa eficiente (illa) de riba tem duas dimensões: os artigos trocados pertencem ao mesmo gênero (jins), estes possuem peso (wazan) ou mensurabilidade (kiliyya). Se em uma determinada troca, ambos os elementos da causa eficiente (illa) estão presentes, isto é, os contravalores trocados pertencem ao mesmo gênero (jins) e são todos pesáveis ​​ou todos mensuráveis, então nenhum ganho é permitido (a taxa de câmbio deve Ser igual à unidade) ea troca deve ser em uma base spot. No caso do ouro e da prata, os dois elementos da causa eficiente (illa) são: unidade de gênero (jins) e peso. Esta é também a visão Hanbali de acordo com uma versão3. Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, somente as transações no local sem qualquer ganho são permitidas. Também é possível que em uma dada troca, um dos dois elementos da causa eficiente (illa) esteja presente e o outro esteja ausente. Por exemplo, se os artigos trocados são todos pesáveis ​​ou mensuráveis, mas pertencem a gêneros diferentes (jins) ou, se os artigos trocados pertencem ao mesmo gênero (jins), mas nenhum deles é mensurável e pesável, então troque com ganho (a uma taxa diferente de Unidade) é permissível, mas a troca deve ser em uma base spot. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas nenhuma liquidação diferida é permitida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em uma dada troca, então nenhuma das injunções para riba proibição se aplica. O câmbio pode ocorrer com ou sem ganho e ambos em uma base pontual ou diferida. Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países, a proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a diferentes países são entidades claramente distintas que são moeda legal dentro de limites geográficos específicos com diferentes valores intrínsecos ou poder de compra. Por conseguinte, uma grande maioria dos estudiosos acertadamente afirmam que não há unidade de gênero (jins). Além disso, estes não são nem pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe nessa troca. Assim, a troca pode ter lugar livre de qualquer injunção sobre a taxa de câmbio ea forma de liquidação. A lógica subjacente a esta posição não é difícil de compreender. O valor intrínseco das moedas de papel pertencentes a diferentes países difere, uma vez que estas têm poder de compra diferente. Além disso, o valor intrínseco ou valor de moedas de papel não pode ser identificado ou avaliado ao contrário de ouro e prata que pode ser pesado. Assim, nem a presença de riba al-fadl (por excesso), nem riba al-nasia (por adiamento) pode ser estabelecida. A escola Shafii de Fiqh considera a causa eficiente (illa) em caso de ouro e prata para ser sua propriedade de ser moeda (thamaniyya) ou o meio de troca, unidade de conta e armazenamento de valor. Este é também o Maliki view. De acordo com uma versão deste ponto de vista, mesmo que o papel ou o couro sejam feitos o meio da troca e seja dado o status da moeda corrente, a seguir todas as réguas que pertencem ao naqdain, ou ao ouro e à prata se aplicam a elas. Assim, de acordo com esta versão, a permuta envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitida, mas deve ser liquidada numa base spot. Outra versão das duas escolas de pensamento acima é que a citada causa eficiente (illa) de ser moeda (thamaniyya) é específica do ouro e da prata, e não pode ser generalizada. Ou seja, qualquer outro objeto, se usado como meio de troca, não pode ser incluído em sua categoria. Assim, de acordo com esta versão, as injunções da Sharia para a proibição riba não são aplicáveis ​​às moedas de papel. As moedas pertencentes a diferentes países podem ser trocadas com ou sem ganho e tanto em bases fixas como diferidas. Os defensores da versão anterior citam o caso da troca de moedas de papel pertencentes ao mesmo país em defesa da sua versão. A opinião consensual dos juristas neste caso é que tal troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser liquidada numa base pontual. Se considerarmos o Hanafi ea primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) está presente, ou seja, eles pertencem ao mesmo gênero (jins ). Mas as moedas de papel não são nem pesáveis ​​nem mensuráveis. Assim, a lei Hanafi permitiria, aparentemente, a troca de quantidades diferentes da mesma moeda numa base pontual. Da mesma forma, se a causa eficiente de ser moeda (thamaniyya) é específica apenas para ouro e prata, então Shafii e Maliki lei também permitiria o mesmo. Escusado será dizer que isso equivale a permitir empréstimo e empréstimos baseados em riba. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis. 2.1.2 Comparison between Currency Exchange and Bai-Sarf Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions. Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia. Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible. taking possession of commodities exchanged by both parties is not a precondition (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf. Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf. Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold amp silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) Thus, sarf can be converted into interest-based borrowing amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only 44 (Rs 1100 converted into dollars) for his investment of 50. Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price) In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract. 2.1.4. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar 3.1 Defining Gharar Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible. 3.2 Gharar amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. Pelo contrário, as partes no contrato reverter a transação eo contrato é resolvido em diferença de preço apenas. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party - whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation. 4. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. Em um mercado volátil, os participantes estão expostos ao risco de moeda ea racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract - speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. Notes amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging 50 with 55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for 55 at spot rate of 1:20) Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic. 8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices. 9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller. 10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible. 11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty. 12. The following traditions underscore the need to avoid contracts involving uncertainty. Ibn Abbas reported that when Allahs prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: Those who pay in advance for any thing must do so for a specified weight and for a definite time. It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty. The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance. 14. The holy prophet is reported to have said Do not sell what is not with you Ibn Abbas reported that the prophet said: He who buys foodstuff should not sell it until he has taken possession of it. Ibn Abbas said: I think it applies to all other things as well. 15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase. 16. M Hashim Kamali Islamic Commercial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996 Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India