Hukum Labur amp Berniaga Forex (negociação de Forex) Zaharuddin Abd Rahman Saya ingin minta pihak ustaz untuk menerangkan tentando pelaburan tukaran matawang como dan juga perniagaan Forex. Bagaimana, pula, jaka, saya, melakukan, transaksi, sendiri, dengan, berbekalkan, analise, sendiri, atau, yang, disney, oleh, broker, dengan, melayari, internet. Kemudian memperolehi untung dari jualan dan belian matawang asing ini. Terima kasih Bagi Menjawab soalan ini, e um peru memahami dua jenis perkara iaitu: - 1 - Melabur wang ringgit anda ke dalam satu syarikat yang memperolehi untung melalui FOREX. 2- Melantik satu platform atau syarikat untuk menjalankan jual beli wang asing dan simpan. Semua transaksi dijalankan oleh anda sendiri, syarikat hanya menyediakan plataforma dan mengambil upah perkhidmatan sahaja. Pertama. Hukum bagi melabur dalam Syarikat yang FOREX menjalankan: Forex (Foreign Exchange) atau yang Lebih dikenal dengan Perdagangan Mata wang Asing Ia merupakan Suatu Jenis perdagangan / transaksi yang memperdagangkan matawang Suatu negara terhadap matawang negara Mistos yang melibatkan pasar-pasar matawang utama di dunia Selama 24 Geléia secara berterusan. Benar, memang FOREX matawang adalah diharuskan, tetapi keharusannya tertakluk kepada sejauh mana ia menurut garis panduan yang dikeluarkan dari hadith Nabi yang sohih. Iaitu: - um - 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 banyak hadis antara yang paling utama adalah:. . . . . . . . . Ertinya. Emas dengan Emas (ditukar atau diniagakan). perak dengan perak, Gandum dengan Gandum, tamar dengan tamar, garam dengan garam mestilah sama timbangan dan sukatannya, dan ditukar secara terus (pada satu masa) Jenis dan sekiranya berlainan, maka berjual-belilah kamu sebagaimana yang disukai (Riwayat Muslim, no 4039 não Hadith, 11/9). B - Nabi bersabda: - Ertinya. Sesungguhnya Rasulullah s. a.w berkata. Pertukaran Antara perak dan emas adalah riba kecuali jika ia dilakukan secara serentak (serah terima dalam satu masa) (Riwayat muçulmano, nenhum 1586, 3/1209) c - Manakala pembelian secara Hutang dari salah satu antara dua pihak adalah haram berdasarkan hadis: - Ertinya . Rasulullah s. a.w melarang dari menjual emas dan perak secara berhutang (Riwayat Al-Bukhari, n ° 2070, 2/762) Hadis-hadis di atas menyebut perihal displin Islã dalam pertukaran emas dan perak. Um banco de dados, um banco de dados, um banco de dados, um banco de dados, um banco de dados, um banco de dados e um banco de dados. Seus dados se referem a uma transação de syarat e de um melodias de melanias em um perak juga de TERPAKAI pada urusan transaksi matwang. Demikian keputusan Majlis Fiqh Antrabangsa dan juga Majlis Kewangan Islão Antarabangsa di bawah AAOIFI. FOREX dalam matawang yang diuruskan Oleh Syarikat konvensional sudah pasti tidak akan menjaga syarat ini kerana kebanyakan FOREX yang dijalankan Oleh institusi Konvensional adalah lsquoForward FOREX atau Forex yang menggunakan lsquoValue frente (Nilai masa hadapan) yang tergolong dalam Riba Nasiah. Mereka juga kerap menggunakan SWAP, Opções de lain-lain instrumento yang tidak halal di sisi Shariah. Instrumen-instrumen tadi tidak memenuhi syarat Islam iaitu serah terima atau disebut qabadh dalam islam secara benar hakiki atau hukmi pada waktu yang sama. Masalah dalam implementasi FOREX adalá bertangguh dalam penyerahan dari kedua-dua pihak. Tatkala itu aqad menjadi batal (Radd al-Muhtar ala ad-durr, 4/531). Tidak saya nafikan, bahawa terdapat sesetengah Institusi Kewangan Islam yang melakukan forex ini setelah mendapatkan kelulusan Majlis Penasihat Shariah mereka, Namun Semua mereka hanya terlibat dalam FOREX Jenis SPOT dan bukannya Jenis lsquoForward jika adapun Jenis frente ia menggunakan konsep Al-WAD atau Unilateral Promise dan ia Telah disepakati keharusannya. Apa yang pasti, Majlis A shariah mereka telah meletakkan beberapa syarat dan bukannya secara bebas begitu sahaja. Justeru MELABUR MÓVAL (BEERTI ANDA MELABUR DAN KEMUDIAN TUNGGU UNTUNG SAHAJA) dan dalam institusi kewangan konvensional yang memperolehi untung melalui cara FOREX adalá tidak halal di sisi Islam. Ia adalah keputusan Painel Penasihat Shariah dunia yang bernaung di bawah nama Contabilidade e auditoria Organização para instituições islâmicas (AAOIFI). Antara painel penasihat Shariahnya adalá Syeikh Mufti Taqi Uthmani, Prof. Dr. Syeikh Wahbah Zuhayli, Prof. Dr. Syeikh Siddiq Dharir, Syeikh Abdullah al-Mani, Dr. Abd Sattar Abu Ghuddah, Syeikh Dr. Nazih Hammad, Syeikh Dr. Hussain Hamid Hassan, Syeikh Nizam Yaquby, Dr. Mohd Daud Bakar, Syeikh Al-Ayashi al-Sadiq Faddad, Syeikh Dr. Ajil Nashmi dan ramai lagi. KEDUA. Hukum FOREX TRADING yang dijalankan sendiri - Bagi mengetahui hukum bagi bentuk kedua ini, Pertama-tamanya ia tertakluk kepada: - a - Terdapat unsur judi atau tidak apabila membeli dan menjual matawnag hanya kerana mengharap keuntungan dari perbezaaan nilainya. Bukan kerana digunapakai de negara matawang terbabit. Maka setah kajian perinci oleh JAKIM dan ISRA, mendapati unsur judi adalah wujud maka semua jenis forex trading adalah HARAM. B - Kesohihan dan kewibawaan plataforma de syarikat dari sudut lesennya dan pengenalannya. Ia diperlukan bagi mengelak e um ditipu oleh plataforma syarikat yang tidak sebenar. Butiran terperinci berkenaan plataforma ini mestilah diteliti dan boleh diperolehi. Jika tidak, transaksi e um adalah syubhat dari awal lagi keran terdapat unsur gharar. B - Jika plataforma tersebut punyai wibawa dan diminuir serta informação yang sangat mencukupi, perkara kedua adalah menilai akta-akata berkaiatan dengan aktiviti ini dari badan berwajib di Malaysia. Ini perlu bagi memastikan e um tidak terlibat dengan aktiviti menyalahi undang-undang Negara. Jika yang kedua juga lulus, saya kira transaksi jual matawang como dan simpan dan kemudian jual semula apabila harga tukarannya naik adala harus kerana ia segara automaknya dilaksanakan menurut kaedah lsquospot. Namun mari kita sama-sama cuba mehami dan menyemak bagaimanas proses ini dilakukan secar ringkas dan melihat pandangan Islam tentangnya. Setakat apa yang ditherangkan oleh indivíduo yang terlibat dan yang tahu berkenaan cara forex trading memlali internet ini. Ia seperti berikut: - 1) Ia mempunyai modal mínimo. Sebagai contoh USD 1, USD 100 dan lain-lain, ia berbeza mengikut polisi syarikat forex trading masing-masing. 2) Dengan modal itu, plataforma do syarikat do pihak forex que negocía o akan membukakan satu akaun khas buat peserta. Seteah, itu, pihak peserta, akan, menentukan, samada untuk, membuka, kaunter, jualan, matawangnya, dalam, akaun, atau, membuka, kaunter, belian. Gambaran mudahnya adalah: - Katalah modalnya USD 100 yang dibeli dengan tukaran semasa hari tersebut USD 1 RM 3,6, dan dibuka kaunter lsquoselling melalui plataforma syarikat tersebut. Sebagai contoh, pada esok harinya apabila dilakukan Analisa terhadap pegerakan Nilai matawang, didapati Nilai USD mengukuh berbanding Ringgit iaitu USD 1 RM 4 Tatkala itu, ia akan botão menekan jual USD 100 dan memperolehi RM 400. Ini bermakna ia telah beroleh keuntungan sebanyak RM 40 berbanding Harga belian asalnya tadi Pihak Syarikat FOREX ini MESTILAH Todos Cronometram memasukkan RM 400 itu sebaik sahaja transaksi jual beli dilakukan, Tidak DIBENARKAN DILEWATKAN Atau DIMASUKKAN SEBAHAGIAN Sahaja, jika dalam contoh di atas, hanya RM 40 dimasukkan, manakala baki modal sebanyak RM 360 hanya akan dimasukkan sejurus peserta menutup akaun pada Hari tersebut. Isu Shariah. Jika ini tidak berlaku, maka ia lulus dari sudut Shariah, namun jika kelewatan berlaku, isa Shariah di sini adalah berlaku penangguhan dalam penyerahan matawang ringgit. Ini menjadikan ia bercangah dengan arahan Nabi s. a.w: - Dalam menukar wang dengan wang, Nabi tela de meni e garis panduan yang mesti dipatuhi iaitu: Ertinya. Sesungguhnya Rasulullah s. a.w berkata. Pertukaran antara perak dan emas adalah riba kecuali jika ia dilakukan secara serentak (Serai terima dalam satu masa) (Riwayat muçulmano, no 1586, 3/1209) Manakala pembelian secara hutang dari salah satu antara dua pihak adalá haram berdasarkan hadis: - Ertinya. Rasulullah viu melarang dari menjual emas dan perak secara berhutang (Riwayat Al-Bukhari, nenhum 2070, 2/762) Imam An-Nawawi telah menyebut dengan Terang bahawa parágrafo ulama telah bersepakat wajibnya syarat serah terima dalam satu masa atau lsquoTaqabud samada secara hakiki (fizikal ) Atau hukmi (melali mediuam tetapi punyai bukti seperti resit atau nota elektronik yang menunjukkan transaski sah) (Syarah Sohih muçulmano) Cadangan. Mesti dipastikan, bahawa, semasa transkasi, jual, beli, dilakukan, kesemua, modal, dicampur, untung, dimasukkan di dalam, akaun, kita, tanga, sebarang, tangguh, dan secara automatik, juga, kita, boleh, mengeluarkan, wang, tersebut, tanga, sebarang, halangan. 3) Terdapat syarikat yang mensyaratkan mínimo modal yang tinggi seperti USD 1000 dan lain-lain jumlah. Untuk itu meroa menawarkan apa yang dinamakan alavancagem yangmana modal peserta akan digandakan. Sebagai contoh, katalah modal sebenar e um adalah USD 100. Maka e um dikehendaki memilih atau secara pilihan memlih gândano yang dikehendaki. Seperti 1. 10 Termos e Condições e Política de Privacidade Termos e Condições Política de Privacidade Termos de Uso Política de Privacidade Termos de Uso Política de Privacidade Mapa do Site O uso de vários instrumentos financeiros ou de capital emprestado, como margem, para aumentar o retorno potencial de um investimento. A alavancagem pode ser criada através de opções, futuros, margens e outros instrumentos financeiros. Por exemplo, digamos que você tem 1.000 para investir. Este montante poderia ser investido em 10 ações da Microsoft, mas para aumentar a alavancagem, você poderia investir o 1.000 em cinco contratos de opções. Em seguida, você controlaria 500 ações em vez de apenas 10. (Rujukan) Jika benarlah apa yang saya gambarkan ini, transaksi forex menggunakan Alavanca ini adalah HARAM kerana ia dikira menjual matawang yang tidak di dalam milik anda. Milik sebenar e um hanyalah USD 100 tetapi yang dijual adalah 10.000. Ia berdasarkan apa yang disebut oleh Nabi s. a.w. Ertinya. Janganlah kamu menjual sesuatu yang tidak di dalam milikmu (Riwayat Abu Daud, nenhum 3504, 3/283) Malah saya juga hampir pasti, Wang Yang digandakan Oleh Syarikat itu dikira sebagai pemberian pinjaman dan sudah tentu mereka akan mengambil sedikit keuntungan samada diketahui atau tidak diketahui Oleer peserta. Jika ini berlaku, sekali lagi riba telah berlaku. Bagi mengelakkan perkara yang ditegah oleh Islã dari berlaku di sini, penggunaan alavanca 1: 1 sahaja yang dibenarkan. Wallahualam. 4) Diberitakan juga pihak syarikat menasihatkan pescar ágar menggunakan modalnya kurang dari 30 sacos de frutas sem costura de comércio dijalankan. Dan jika terdapat masalah kemungkinan rugby atau apa yang dinamakan chamada de margem, pihak peserta dibenarkan untuk membuka kaunter satu lagi samada jual atau beli bagi menyeimbangkan kemungkinan rugi. Pandangan. Wallahualam, jika semunya dilaksanakan dengan jelas dan perancangan yang betul. Setakat ini saya tidak nampak adanya masala Shariah dalam tindakan ini KECUALI IA MEMPUNYAI ELEMN PERJUDIANO YANG JELAS kerana membeli nilai matawang untuk dijual apabila nilainya naik sedangkan ia BUKAN KOMODITI. Wallahualam. Walaupun berniaga Sendiri forex dan memenuhi syarat ini adalah HARAM kerana sebab utamanya adalah JUDI, tambahan pula ia bukanlah sesuatu yang disukai Oleh polisi ekonomi di dalam Islam, pertamanya kerana menurut pandangan ekonomi dalam Islam, matawang adalah meio de dan troca sahaja ia bukanlah komoditi yang wajar Diniagakan bagi memperolehi untung dari perbezaan nilainya. Kita tahu Nilai matwang kini tidak lagi bersandarkan emas atau perak, wang Kertas hari ini (moeda fiduciária) tidak mempunyai Nilai tersendiri (seperti logam emas dan perak) kecuali nilainya datang dari pasaran yang mundial ditentukan demanda Oleh e fornecimento di pasaran dunia. Justeru, menjadikan cara ini bagi membro anak dan isteri makan bukanlah satu bentuk kerjaya e yang terpuji di dalam Islam. Malásia é um sistema sistemático e sistemático para o sistema de gestão de recursos humanos. Justeru, fikirkanlah. Jika anda tidak ingin menerima padnagan Saya, tidak mengapa tetapi bacalah pendapat ulama Besar kewangan Islam sedunia iaitu Syeikh Mufti Taqi Uthmani dalam hal ini: Forex Trading moeda por Mufti Mohammad Taqi Usmani de publicação: 11 de Zul Qadah 1424, 22 de novembro de 2007 Q.) Forex é Troca de moeda halal Eu anexei um documento detalhando os aspectos do negócio. A.) Eu passei pelos documentos enviados por você. Eu sou da opinião que estas transações não são conformes com Shariah. A condição muito que você não pode tomar a entrega da moeda comprada torna inadmissível. Além disso, existem outros elementos de acordo com o meu conhecimento que torna este comércio ilegal na Shariah, tais como, vendas a prazo, vendas a descoberto, etc Isso é além do fato de que as moedas são originalmente um meio de troca e só deve ser trocada por Uso pessoal em diferentes países. Fazê-los uma mercadoria comerciável apenas para ganhar um lucro é também contra a filosofia básica da economia islâmica. Eu, portanto, não aconselhá-lo a entrar neste comércio. Sila Buka Sumber. Forex Trading Adakah e uma menga de siapa Syeikh Mufti Taqi Uthmani, sila buka di sini untuk mengenalinya. Zaharuddin Abd Rahman 28 Zulhijjah 1428 p / s. Semua pemain forex, nota de jawpaan saya inin adalah jawapan yang dipermudah agar ia boleh difahami orang awam. Jika terdapat kesilapan teknik carajual dan beli, boleh dimaklumakn kepada di ruangan komentar kerana informações tentang tatacara di atas juga saya perolehi dari yang terlibat. Syaa tiada masa untuk membuat pembacaan kajian Sendiri di ketika ini. Sekian Adicione esta página aos seus sites favoritos de social bookmarking More. Islamic Forex Trading Negociação forex islâmica 1. Os contratos básicos de câmbio Existe um consenso geral entre os juristas islâmicos sobre a opinião de que as moedas de diferentes países podem ser trocadas numa base spot a uma taxa Diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com diferentes valores 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 em 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 eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido 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 governadas 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 facto de o seu valor nominal ser diferente do 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 da riba baseia-se na tradição de que o santo profeta (a paz esteja com ele) disse: "O ouro para o ouro, a prata para a prata, o trigo para o trigo, a cevada para a cevada, a data para a data, Sal para sal, nas mesmas quantidades no local e quando as mercadorias são diferentes, vender como lhe convém, mas no local. Assim, a proibição de riba se aplica principalmente aos dois metais preciosos (ouro e prata) e quatro outros Commodities (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 de 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. Isso mostra que, é a primeira versão do pensamento Shafii e Maliki que está subjacente à decisão de consenso de proibição de ganho e liquidação diferida em caso de troca de moedas pertencentes ao mesmo país. De acordo com os proponentes, estender essa lógica à troca de moedas de diferentes países implicaria que a troca com ganho ou a uma taxa diferente da unidade é permitida (já que não há unidade de jins), mas a liquidação deve ser feita numa base pontual. 2.1.2 Comparação entre Currency Exchange e Bai-Sarf Bai-sarf é definido na literatura Fiqh como uma troca envolvendo o thaman haqiqi, definido como ouro e prata, que serviu como principal meio de troca para quase todas as grandes transações. Os defensores da opinião de que qualquer troca de moedas de diferentes países é o mesmo que bai-sarf argumentam que na atualidade as moedas de papel substituíram efetiva e completamente o ouro e a prata como meio de troca. Assim, por analogia, a troca envolvendo tais moedas deve ser governada pelas mesmas regras da Sharia e injunções como bai-sarf. Argumenta-se também que, se a liquidação diferida por qualquer das partes no contrato é permitida, isso abriria as possibilidades de riba-al nasia. Os oponentes da categorização do câmbio de moeda com o bai-sarf no entanto assinalam que a troca de todas as formas de moeda (thaman) não pode ser denominada como bai-sarf. De acordo com este ponto de vista, bai-sarf implica a troca de moedas de ouro e prata (thaman haqiqi ou naqdain) e não de dinheiro pronunciado como tal pelas autoridades estatais (thaman istalahi). As moedas de idade presente são exemplos deste último tipo. Esses estudiosos encontram apoio nos escritos que afirmam que se as mercadorias de troca não são ouro ou prata (mesmo que uma delas seja ouro ou prata) então, a troca não pode ser denominada como bai-sarf. Nem as disposições relativas ao bai-sarf não seriam aplicáveis a essas trocas. De acordo com o Imam Sarakhsi, quando um indivíduo compra fals ou moedas feitas de metais inferiores, tais como, cobre (thaman istalahi) para dirhams (thaman haqiqi) e faz um pagamento à vista da última, mas o vendedor não tem falsas naquele momento , Então tal troca é permissível. Tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia (enquanto que no caso de bai-sarf, é.) Existem várias referências semelhantes que indicam que os juristas não classificam uma troca de fals (thaman istalahi) por outro fals Thaman istalahi) ou ouro ou prata (thaman haqiqi), como bai-sarf. Assim, as trocas de moedas de dois países diferentes que só podem ser qualificadas como thaman istalahi não podem ser classificadas como bai-sarf. Também não pode ser imposta a essas transacções a restrição relativa à liquidação à vista. Note-se aqui que a definição de bai-sarf é fornecida literatura Fiqh e não há menção do mesmo nas tradições sagradas. As tradições referem-se à riba, e a venda e compra de ouro e prata (naqdain), que pode ser uma fonte importante de riba, é descrita como bai-sarf pelos juristas islâmicos. Deve-se notar também que na literatura Fiqh, bai-sarf implica troca de ouro ou prata apenas se estes estão sendo usados como meio de troca ou não. Intercâmbio envolvendo dinares e ornamentos de ouro, ambos de qualidade como bai-sarf. Vários juristas têm procurado esclarecer este ponto e definiram sarf como aquela troca em que ambas as mercadorias trocadas são na natureza de thaman, não necessariamente thaman eles mesmos. Assim, mesmo quando uma das mercadorias é ouro processado (digamos, ornamentos), tal troca é chamada bai-sarf. Os defensores do ponto de vista de que o câmbio de moeda deve ser tratado de forma semelhante ao bai-sarf também derivam o apoio de escritos de eminentes juristas islâmicos. De acordo com Imam Ibn Taimiya quotanything que executa as funções de meio de troca, unidade de conta, e armazenamento de valor é chamado thaman, (não necessariamente limitado a ouro e prata). Referências semelhantes estão disponíveis nos escritos do Imam Ghazzali5. Quanto às opiniões do Imam Sarakhshi sobre o intercâmbio envolvendo fals, de acordo com elas, alguns pontos adicionais precisam ser observados. Nos primeiros dias do Islã, dinares e dirhams feitos de ouro e prata foram utilizados principalmente como meio de troca em todas as grandes transações. Somente os menores foram assentados com fals. Em outras palavras, fals não possuía as características de dinheiro ou thamaniyya na íntegra e dificilmente era usado como armazém de valor ou unidade de conta e estava mais na natureza da mercadoria. Assim, não houve restrição na compra do mesmo para ouro e prata em uma base diferida. As moedas atuais do dia têm todas as características de thaman e são significadas ser thaman somente. O intercâmbio envolvendo moedas de diferentes países é o mesmo que bai-sarf com diferença de jins e, portanto, liquidação diferida levaria a riba al-nasia. O Dr. Mohamed Nejatullah Siddiqui ilustra esta possibilidade com um exemplo6. Ele escreve quotIn um dado momento no tempo quando a taxa de câmbio do mercado entre dólar e rupia é 1:20, se um indivíduo compra 50 à taxa de 1:22 (liquidação da sua obrigação em rúpias adiada para uma data futura), então É altamente provável que ele seja. Na verdade, o empréstimo Rs. 1000 agora em vez de uma promessa de reembolsar Rs. 1100 em uma data posterior especificada. (Uma vez que, ele pode obter Rs 1000 agora, trocando os 50 comprados a crédito à taxa de câmbio). Assim, sarf pode ser convertido em empréstimos com base em juros empréstimo de empréstimo. 2.1.3 Definir Thamaniyya é a Chave Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de thamaniyya. Por exemplo, uma questão fundamental que leva a posições divergentes sobre permissibilidade se relaciona com se o thamaniyya é específico ao ouro e à prata, ou pode ser associado a qualquer coisa que desempenhe as funções de dinheiro. Levantamos algumas questões abaixo que podem ser levadas em conta em qualquer exercício de reconsideração de posições alternativas. Deve ser apreciado que thamaniyya pode não ser absoluto e pode variar em graus. É verdade que as moedas de papel substituíram completamente o ouro ea prata como meio de troca, unidade de conta e estoque de valor. Nesse sentido, as moedas de papel podem ser ditas possuir thamaniyya. No entanto, isto é verdadeiro apenas para as moedas nacionais e pode não ser verdade para as moedas estrangeiras. Em outras palavras, rúpias indianas possuem thamaniyya dentro das fronteiras geográficas da Índia apenas, e não têm qualquer aceitabilidade nos EUA. Estes não podem ser ditos possuir thamaniyya em ESTADOS UNIDOS a menos que um cidadão dos EU possa usar rupias indianas como um meio da troca, ou a unidade da conta, ou a loja do valor. Na maioria dos casos tal possibilidade é remota. Esta possibilidade é também uma função do mecanismo de taxa de câmbio em vigor, como a conversibilidade de rupias indianas em dólares americanos e se existe um sistema de taxas de câmbio fixo ou flutuante. Por exemplo, assumindo a livre convertibilidade das rúpias indianas em dólares dos EUA e vice-versa, e um sistema de taxa de câmbio fixo no qual a taxa de câmbio rúpia-dólar não deve aumentar ou diminuir no futuro previsível, thamaniyya da rupia nos EUA é consideravelmente melhorada . O exemplo citado pelo Dr. Nejatullah Siddiqui também parece bastante robusto nas circunstâncias. A permissão para trocar rúpias por dólares em base diferida (de um lado, é claro) a uma taxa diferente da taxa à vista (taxa oficial que provavelmente permanecerá fixa até a data da liquidação) seria um caso claro de juros Empréstimos e empréstimos. No entanto, se a suposição de taxa de câmbio fixa é relaxada e o sistema atual de taxas de câmbio flutuantes e voláteis é assumido como o caso, então pode-se mostrar que o caso de riba al-nasia quebra. Nós reescrevemos seu exemplo: em um dado momento no tempo em que a taxa de câmbio do mercado entre dólar e rupia é 1:20, se um indivíduo compra 50 à taxa de 1:22 (liquidação de sua obrigação em rúpias adiada para uma data futura ), Então é altamente provável que ele é. Na verdade, o empréstimo Rs. 1000 agora em vez de uma promessa de reembolsar Rs. 1100 em uma data posterior especificada. (Uma vez que, ele pode obter Rs 1000 agora, trocando os 50 comprados a crédito à taxa de câmbio) Isto seria assim, somente se o risco de moeda não existisse (a taxa de câmbio permanece em 1:20), ou é suportada pela Vendedor de dólares (o comprador paga em rupias e não em dólares). Se o primeiro for verdadeiro, então o vendedor dos dólares (credor) recebe um retorno predeterminado de dez por cento quando ele converte Rs1100 recebido na data de vencimento em 55 (a uma taxa de câmbio de 1:20). No entanto, se o último é verdade, então o retorno para o vendedor (ou o credor) não é predeterminado. Nem precisa ser positivo. Por exemplo, se a taxa de câmbio rúpia-dólar aumenta para 1:25, então o vendedor de dólar receberia apenas 44 (Rs 1100 convertido em dólares) para seu investimento de 50. Aqui dois pontos são dignos de nota. Em primeiro lugar, quando se assume um regime de taxa de câmbio fixa, a distinção entre moedas de diferentes países é diluída. A situação torna-se semelhante à troca de libras esterlinas (moedas pertencentes ao mesmo país) a uma taxa fixa. Em segundo lugar, quando se assume um sistema de taxas de câmbio volátil, então, da mesma forma que se pode visualizar o empréstimo através do mercado de moeda estrangeira (mecanismo sugerido no exemplo acima), também se pode visualizar o empréstimo através de qualquer outro mercado organizado (por exemplo, .) Se um substituir dólares para estoques no exemplo acima, ele se leria como: quot Em um dado momento em que o preço de mercado de ações X é Rs 20, se um indivíduo compra 50 ações à taxa de Rs 22 (liquidação de Sua obrigação em rupias adiada para uma data futura), então é altamente provável que ele é. Na verdade, o empréstimo Rs. 1000 agora em vez de uma promessa de reembolsar Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando as 50 ações compradas a crédito ao preço atual). Neste caso também, como no exemplo anterior, os retornos ao vendedor de ações podem ser negativos se o preço das ações sobe para Rs 25 no data de liquidação. Assim, assim como os retornos no mercado de ações ou no mercado de commodities são islâmicamente aceitáveis por causa do risco de preço, os retornos também ocorrem no mercado de câmbio devido às flutuações nos preços das moedas. Uma característica única de thaman haqiqi ou ouro e prata é que o valor intrínseco da moeda é igual ao seu valor nominal. Assim, a questão dos diferentes limites geográficos dentro dos quais uma determinada moeda, como dinar ou dirham circula, é completamente irrelevante. O ouro é ouro se no país A ou país B. Assim, quando a moeda do país A feita de ouro é trocada por moeda do país B, também feita de ouro, então qualquer desvio da taxa de câmbio de unidade ou adiamento de liquidação por qualquer das partes Não pode ser permitida, uma vez que implicaria claramente riba al-fadl e também riba al-nasia. No entanto, quando as moedas de papel do país A são trocadas para o papel moeda do país B, o caso pode ser inteiramente diferente. O risco de preço (risco de taxa de câmbio), se positivo, eliminaria qualquer possibilidade de riba al-nasia na troca com liquidação diferida. No entanto, se o risco de preço (risco de taxa de câmbio) for zero, então tal troca poderia ser uma fonte de riba al-nasia se a liquidação diferida for permitida7. Outro ponto que merece séria consideração é a possibilidade de certas moedas poderem possuir thamaniyya, isto é, usado como meio de troca, unidade de conta ou armazenamento de valor globalmente, tanto dentro como fora do país. Por exemplo, o dólar americano é moeda legal dentro dos EUA também é aceitável como um meio de troca ou unidade de conta para um grande volume de transações em todo o mundo. Assim, esta moeda específica pode ser dito possuir thamaniyya globalmente, caso em que, os juristas podem impor as injunções relevantes sobre as trocas envolvendo esta moeda específica para prevenir riba al-nasia. O fato é que quando uma moeda possui thamaniyya globalmente, então as unidades econômicas que usam esta moeda global como meio de troca, unidade de conta ou armazenamento de valor podem não estar preocupadas com o risco decorrente da volatilidade das taxas de câmbio inter-país. Ao mesmo tempo, deve reconhecer-se que uma grande maioria das moedas não desempenham as funções de dinheiro, exceto dentro de suas fronteiras nacionais, quando estas são de curso legal. Riba e risco não podem coexistir no mesmo contrato. O ex connota uma possibilidade de retornos com risco zero e não pode ser obtido através de um mercado com risco de preço positivo. Como foi discutido acima, a possibilidade de riba al-fadl ou riba al-nasia pode surgir em troca quando ouro ou prata funcionam como thaman ou quando o câmbio envolve moedas de papel pertencentes ao mesmo país ou quando o câmbio envolve moedas de diferentes países Seguindo um sistema de taxas de câmbio fixas. A última possibilidade é talvez unIslamic8 desde que o preço ou a taxa de câmbio das moedas deve ser deixado flutuar livremente na linha das mudanças na demanda e no fornecimento e também porque os preços devem refletir o valor intrínseco ou poder de compra das moedas correntes. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. Os ganhos ou perdas realizados em qualquer transação em moedas de diferentes países são justificados pelo risco assumido pelas partes no contrato. 2.1.4. Possibilidade de Riba com futuros e forwards Até agora, discutimos pontos de vista sobre a permissibilidade do bai salam em moedas, ou seja, quando a obrigação de apenas uma das partes na troca é diferida. Quais são os pontos de vista dos estudiosos sobre o diferimento das obrigações de ambas as partes. Exemplo típico desses contratos são contratos a prazo e futuros9. De acordo com a grande maioria dos estudiosos, isso não é permitido por vários motivos, sendo o mais importante o elemento de risco e incerteza (gharar) ea possibilidade de especulação de um tipo que não é permitido. Isso é discutido na seção 3. No entanto, outro motivo para rejeitar tais contratos pode ser riba proibição. No parágrafo anterior, discutimos que bai salam em moedas com taxas de câmbio flutuantes não pode ser usado para ganhar riba por causa da presença de risco de moeda. É possível demonstrar que o risco cambial pode ser coberto ou reduzido a zero com outro contrato a termo transaccionado simultaneamente. E uma vez que o risco é eliminado, o ganho seria claramente riba. Modificamos e reescrevemos o mesmo exemplo: "Em um dado momento no tempo em que a taxa de câmbio do mercado entre dólar e rupia é de 1:20, uma pessoa compra 50 na taxa de 1:22 (liquidação de sua obrigação em rúpias adiada para um Data futura), eo vendedor de dólares também hedge sua posição, entrando em um contrato a termo para vender Rs1100 a ser recebido na data futura a uma taxa de 1:20, então é altamente provável que ele é. Na verdade, o empréstimo Rs. 1000 agora em vez de uma promessa de reembolsar Rs. 1100 em uma data posterior especificada. (O vendedor de dólares (credor) recebe um retorno predeterminado de dez por cento quando ele converte Rs1100 recebido na data de vencimento em 55 dólares ( A uma taxa de câmbio de 1:20) para seu investimento de 50 dólares, independentemente da taxa de câmbio de mercado vigente na data de vencimento. Outra maneira simples de ganhar riba pode até envolver uma transação no local e uma transação simultânea. Por exemplo, o indivíduo no exemplo acima compra 50 em uma base spot à taxa de 1:20 e simultaneamente entra em um contrato a termo com a mesma parte para vender 50 na taxa de 1:21 depois de um mês. Com efeito, isso significa que ele está emprestando Rs1000 agora para o vendedor de dólares por um mês e ganha um interesse de Rs50 (ele recebe Rs1050 após um mês. Esta é uma típica recompra ou repo (recompra) transação tão comum na banca convencional .10 3. A questão da liberdade de Gharar Gharar, ao contrário de riba, não tem uma definição de consenso, em termos gerais, implica o risco ea incerteza. É útil ver gharar como um continuum de risco e incerteza em que o ponto extremo de Zero risco é o único ponto que está bem definido. Além disso, gharar torna-se uma variável eo gharar envolvido em um contrato de vida real estaria em algum lugar neste continuum. Mais um ponto neste continuum, risco e incerteza ou gharar torna-se inaceitável11 Os juristas têm tentado identificar tais situações envolvendo gharar proibido. Um fator importante que contribui para gharar é a informação inadequada (jahl), que aumenta a incerteza. Isto é quando os termos de troca, tais como, preço, objetos de troca, tempo de liquidação, etc Não estão bem definidos. Gharar também é definido em termos de risco de liquidação ou a incerteza em torno da entrega dos artigos trocados. Os estudiosos islâmicos identificaram as condições que tornam um contrato incerto, na medida em que é proibido. Cada parte no contrato deve ser clara quanto à quantidade, especificação, preço, tempo e local de entrega do contrato. Um contrato, por exemplo, para vender peixe no rio envolve a incerteza sobre o assunto de troca, sobre sua entrega e, portanto, não islâmicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. Uma unidade econômica islâmica é obrigada a assumir riscos depois de fazer uma avaliação adequada do risco com a ajuda de informações. 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. 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. 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 todays39 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. O motivo exato de uma unidade econômica que celebra um contrato futuro - especulação ou hedge não pode ser determinado (os reguladores podem monitorar o uso final, mas essa regulamentação pode não ser muito prática, nem eficaz em um mercado livre). 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. quotIn 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)quot 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. Em condições de incerteza, tal exercício não é possível. 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 Allah39s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: quotThose who pay in advance for any thing must do so for a specified weight and for a definite timequot. 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 mother39s womb. 13. According to a tradition reported by Abu Huraira, Allah39s 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 quot Do not sell what is not with youquot Ibn Abbas reported that the prophet said: quotHe who buys foodstuff should not sell it until he has taken possession of it. quot Ibn Abbas said: quotI think it applies to all other things as wellquot. 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 quotIslamic Commercial Law: An Analysis of Futuresquot, 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 Mail to: obeidximb. stpbh. soft. net Add this page to your favorite Social Bookmarking websites More. Islamic Forex Trading ISLAMIC FOREX TRADING 1. The Basic Exchange Contracts There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. 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. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date. 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. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay 50 to him after six months. Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market. 2. The Issue of Riba Prohibition The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition. 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, quotSell 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. quot 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. Os oponentes da categorização do câmbio de moeda com o bai-sarf no entanto assinalam que a troca de todas as formas de moeda (thaman) não pode ser denominada como 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 quotwhen 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 preconditionquot (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 quotanything 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 quotIn 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)quot 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: quotIn 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)quot 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. Em primeiro lugar, quando se assume um regime de taxa de câmbio fixa, a distinção entre moedas de diferentes países é diluída. 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: quotIn 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)quot 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. E uma vez que o risco é eliminado, o ganho seria claramente riba. We modify and rewrite the same example: quotIn 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)quot 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 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. Uma unidade econômica islâmica é obrigada a assumir riscos depois de fazer uma avaliação adequada do risco com a ajuda de informações. 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. 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. 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 todays39 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. O motivo exato de uma unidade econômica que celebra um contrato futuro - especulação ou hedge não pode ser determinado (os reguladores podem monitorar o uso final, mas essa regulamentação pode não ser muito prática, nem eficaz em um mercado livre). 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. quotIn 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)quot 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. Em condições de incerteza, tal exercício não é possível. 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 Allah39s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: quotThose who pay in advance for any thing must do so for a specified weight and for a definite timequot. 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 mother39s womb. 13. According to a tradition reported by Abu Huraira, Allah39s 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 quot Do not sell what is not with youquot Ibn Abbas reported that the prophet said: quotHe who buys foodstuff should not sell it until he has taken possession of it. quot Ibn Abbas said: quotI think it applies to all other things as wellquot. 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 quotIslamic Commercial Law: An Analysis of Futuresquot, 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 Mail to: obeidximb. stpbh. soft. net Add this page to your favorite Social Bookmarking websites More.
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