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. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Hal ini sesuai dengan kaidah hukum Islam: Kesulitan itu menarik kemudahan. 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. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Dari 3 pendekatan tersebut dapat diambil intisari bahwa islam memperbolehkan adanya trading.
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. The foreign currency markets hukum trading forex menurut sunnah of today are characterised by volatile exchange rates. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. Gold is gold whether in country A or country.
(copypaste dari : p?p676243058#post dan. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. 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. The logic underlying this position is not difficult to comprehend. 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. It should hukum trading forex menurut sunnah 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. 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.
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. 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). Ibn Abbas said: I think it applies to all other things as well. Harga Tukar atau yang disebut dengan Al Tsaman harus jelas. 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. 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.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas hukum trading forex menurut sunnah tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay al-salam. 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. 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. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. It is no longer relevant in the organized futures markets of today16. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Maqud Ilaih, yaitu barang atau komoditi yang memiliki nilai tuka dan memiliki jangka waktu. Waktunya antara 2 hari sampai dengan 1 tahun. 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. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. Hence, even when one of the commodities is processed gold (say, ornaments such exchange is called bai-sarf. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter.
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. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan. 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. It always involves an attempt to predict the future outcome of an event. Tentu saja dengan ketentuan dan syarat-syarat yang harus dipenuhi dengan baik. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. It may be noted that hedging can also be accomplished with 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. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. It need not even be positive.
Ulama Syafiiyah 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. 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. 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. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. When speculation is based on information it is not only permissible, but desirable too. A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. Does this imply that spot settlement should be proscribed too? 2.1.3 Defining Thamaniyya is the Key? Pada prinsipnya MUI memperbolehkan asalkan memenuhi kententuan : Tidak ada proses yang bersifat spekulasi atau adanya ketidakjelasan. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of 50 from. Some recent scholars have opined in the light of the above that futures, in general, should be permissible.
Tidak ada overnight (biaya menginap interest (bunga) yang dibebankan ataupun dibayarkan pada posisi yang berstatus open. To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. Transaksi forward yaitu transaksi pembelian atau penjualan valas yang ditetapkan nilainya pada saat sekarang dan diberlakukan untuk waktu mendatang. Hal ini berrdasarkan Fatwa Dewan Syariah Nasuonal. Transaksi tersebut diantaranya adalah sebagai berikut: Transaksi Spot, transaksi pembelian dan penjualan valuta asing (valas) untuk proses penyerahan pada saat itu (over the counter). The present day currencies have all the features of thaman and are meant to be thaman only. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqaI la tatanahi.
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. Additionally, these are neither weighable nor measurable. Misal rupiah dengan rupiah, dollar dengan dollar. Marketiva dengan larangan Riba dalam hukum Islam. In hukum trading forex menurut sunnah the early days of Islam, gold and silver performed all the functions of money (thaman). Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti. 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. The following traditions underscore the need to avoid contracts involving uncertainty. 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.
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. Speculation in its worst form, is gambling. Perdagangan berjangka, jelas, bukan garar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Taking possession of commodities exchanged by both parties is not a precondition (while in case of bai-sarf,.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi). Nor would the stipulations regarding bai-sarf be applicable to such exchanges. Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Adanya transaksi berjaga-jaga (simpanan transaksi mata uang sejenis harus sama nilainya dan dilakukan secara kontan atau tunai. 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. 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. Jenis alat tukar yang berlaku harus benar-benar disepakati dan mudah untuk diukur atau diniali.
Beserta hukum trading dalam islam. The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange hukum trading forex menurut sunnah occurring at different points in time (true even in the above case). The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). 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. Berikut adalah prinsip-prinsip dasar mengenai trading dalam hadist dan pendapat para ulama. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang hukum trading forex menurut sunnah demikian itu mengandung penipuan. Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Untuk itu harus dibayar secara kontan atau tunai, agar nilai nya setara. 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). Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. Beberapa hal yang menjadi syarat atau rukun untuk proses trading adalah sebagai berikut, Objek transaski harus jelas. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. 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. Maka transaksi ini diharamkan.
Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. Berikut adalah pandangan trading dalam sudut pandang islam. Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama. Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Ibnu Qudamah sendiri mengemukakan bahwa trading ini harus memperhatikan proses kontan atau tunai atau secara langsung. Harus ada juga kejelasan mengenai jumlah harga tukarnya agar dapat sama-sama dinilai dan tentu hal ini harus ada kesepakatan yang berlaku. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
Needless to say, this amounts to permitting riba-based borrowing and lending. 28/DNS-MUI/III/2002 mengenai Transaksi Jual Beli Valas. Dari penjelasan di atas dijelaskan bahwa hukum trading dalam islam diperbolehkan, terutama hukum trading forex menurut sunnah pendapat dan ijtihad dari para ulama. 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. 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. 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). Increase is accompanied by charging interest on the amount initially borrowed. Trading Valas di, marketiva, marketiva adalah broker valas yang telah menerapkan kebijakan Zero-Interest (tanpa bunga) pada semua posisi open. However, another ground for rejecting such contracts may be riba prohibition. There would be an immediate cash inflow in Rs 1075 for him. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month.
Dalam hadist di atas dijelaskan bahwa, diperbolehkan adanya jual beli dengan prinsip keadilann. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Some Islamic scholars use the term forward to connote a salam sale. The first form of contracting involving exchange of countervalues on a spot basis hukum trading forex menurut sunnah is beyond any kind of controversy. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasail almuashirah atau masalah-masalah hukum Islam kontemporer.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya. The economic justification of futures and forwards is in term of their role as a device for hedging. Ada Ijab-Qobul: Ada perjanjian untuk memberi dan menerima Penjual menyerahkan barang dan pembeli membayar tunai. This is also the Maliki view. 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. 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.