Penulis : Sharia Law Foreign Exchange Transactions
judul artikel : Sharia Law Foreign Exchange Transactions
Sharia Law Foreign Exchange Transactions
Sharia Law Foreign Exchange Transactions
I ventured to try to raise the topic this time the foreign exchange transaction on sharia law, because many trader friend who asked about the clarity of this issue. Ideally, before we plunge into an activity, we must be sure in advance about all the legal aspects related to these activities, including Shariah law, especially for my friends Muslim.
I ventured to try to raise the topic this time the foreign exchange transaction on sharia law, because many trader friend who asked about the clarity of this issue. Ideally, before we plunge into an activity, we must be sure in advance about all the legal aspects related to these activities, including Shariah law, especially for my friends Muslim.
sharia law
I will try to set forth some of the basic laws that might be considered us to draw conclusions, how legal trading activities we do in view of sharia. According to the principles of Shari'ah mu'amalah, currency trading is equated with gold (dinar) and silver (dirhams) must be made in cash / cash (naqdan) to avoid a transaction usury (Riba Fadl), as described in the hadith regarding the sale and purchase six kinds of goods categorized as potentially usury.
Prophet said: "Gold let paid with gold, silver with silver, the bur bur, sya'ir with sya'ir (type of grain), dates by dates, and salt by salt, in terms of the same type and must be in cash (Yadan biyadin / naqdan). So if different in kind, at will sell you the condition in cash. "(HR. Muslims).
Thus, the principle of sharia, foreign exchange trading can be analogized and categorized by the exchange between gold and silver, or in the terminology of jurisprudence known by the term (Sharf) scholars agreed on its validity. (Ibn al-Mundhir in al-Ijma ': 58). Gold and silver as currency should not be exchanged with like for example Rupiah to Euro (EUR) or US Dollar (USD) to the dollar unless the same amount (for example; small fraction exchanged large denomination as long as the same nominal amount). That's because it can cause Riba Fadhl as mentioned in the above hadith prohibition.
However, when different kinds, such as the dollar amount or vice versa, it can be exchanged (exchange) in accordance with the market rate (market price) the records must effectively cash / spot (taqabudh fi'li) or categorized spot (taqabudh hukmi) the ordinary market apply as stated Ibn Qudamah (al-Mughni, vol 4) of the criteria for 'cash' or 'cash' in the sale and purchase are returned to the prevalence of current market even though it was passed a few hours of completion (settelment her) because of the technical process of the transaction. Price on the exchange can be determined by agreement between the seller and the buyer or the market price (market rate).
The Prophet said: "Perjualbelikanlah gold with silver in cash as long as you arbitrarily" and in the hadeeth of Ibn 'Umar that the Messenger gives an explanation of the flexible provision of cash during the usual time of tolerance, not cause problems and stay within the same price on the day of the transaction (bisi'ri yaumiha). In practice, to avoid distortion of sharia, the transaction and foreign exchange trading (forex) must be free of elements of usury, maysir (speculation gambling) and gharar (lack of clarity, manipulation and fraud).
Therefore, the business of buying and selling foreign exchange and must be made in the cash (spot) or cash category. And even then the exchange should not be the motive for speculation which can lead to gaming / gambling (maysir) but to finance the transactions made by households, firms and governments to meet the needs of consumption, investment, exports and imports or commercial goods and services (transaction motive ).
In addition, to avoid buying and selling currency on parole where the seller requires the buyer must be willing to sell it back to him at a certain period in the future, and no longer allowed to sell goods which have not been definitively accepted (Bai 'Fudhuli) as it is prohibited in the Hadith history of imam Bukhari.
Now let us consider the provisions of the Indonesian Ulema Council, in connection with foreign exchange trading. General provisions on the activities surrounding the transaction currency is based on the National Islamic Council fatwa No.: 28 / DSN-MUI / III / 2002 on Sharf in principle allowed under the following conditions:
Not for speculation (speculative)
There is a need for a transaction or guard (savings)
If transactions are made against the currency values should be the same kind and in cash (at-taqabudh).
If different types of it has to do with the exchange rate (exchange rate) in effect at the time of transaction and cash.
The legal provisions on types of Foreign Exchange Transactions, as described in the following fatwa:
Spot transactions, ie transactions of purchase and pen-selling foreign exchange (forex) for delivery at the time (over the counter) or at the latest completion within two days. The statute is permissible, because it is in cash, while the next two days is considered as a resolution process that can not be avoided and an international transaction.
Forward Transaction, the transactions of purchase and sale of currency whose value is set in the present and enforced for the future, between 2 x 24 hours up to one year. Is haraam, because of the use-right price is the price agreed (muwa'adah) and delivery is done at a later date, when the price at the time of delivery is not necessarily equal to the agreed value, unless done in the form of a forward agreement to needs that are not can be avoided (lil Hajjah).
Swap Transaction, which is a contract for the purchase or sale of foreign exchange spot prices-combined with the purchase of sale of the foreign currency equal to the forward price. Haraam, because it contains elements maysir (speculation).
Option Transaction, the contract in order to obtain the right to buy or sell the right to not have to be done over a number of units of foreign currency at a price and time period or a specific end date. Haraam, because it contains elements of gambling (speculation).
Ok, what I mentioned above is not a conclusion. Frankly I do not dare and not in the capacity to say that forex trading activity was 100% halal or haram. Please take your own conclusions from the above description.
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