Forex dalam hukum islam

Forex hukum islam.

Forex hukum islam.

Forex hukum islam.

Forex dalam Hukum Islam.

ILMU YANG SEDERHANA.

26.10.2008 & # 0183; & # 32; Assalamualaikum, Saya dengar ada berbagai2 pendapat mengenai hukum forex dalam Islam. Ada tak sesiapa tahu & amp; Boleh berkongsi bersama kalau ada artikel yang mengatakan.

Forex dalam UU dan Islam | Speedline Indonesia, Robot.

Didalam buku milik Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islamismo, diperoleh bahwa trading Forex (Perdagangan Valas) diperbolehkan.

Forex menurut Islam | GAINSCOPE Forex Online.

Modus Perdagangan Berjangka Ilegal. Hasan Zein Mahmud. Sebuah perusahaan yang menyebut dirinya Smartway Forex, mengaku berkantor di Jalan MH Thamrin, Jakarta Pusat.

Fatwa MUI Forex Halal atau Haram Dalam islam - idrforex.

Forex Dalam Hukum Islam. Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islamismo, diperoleh bahwa Forex.

Hukum Forex Dalam Islam | Bisnis Mudah.

Hukum islam jual beli forex Negociação de ações de preço é a habilidade de poder ler o preço e fazer negócios em qualquer gráfico, qualquer mercado, qualquer período de tempo e sem o.

Teknik Forex KISS - Comércio sem pressão: Hukum Forex.

Comércio de Forex e Islã. principal fonte de comerciantes islâmicos de Forex em todo o mundo. Você encontrará toda a informação relativa às contas islâmicas de Forex.

Forex Menurut Hukum Islam | SETIAWANBLOGS.

Kembali ke topik kita tentang Hukum Trading Forex menurut Islam. Prinsip umum trading forex disamakan dengan jual beli emas atau perak seperti yang yang berlaku pada.

Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex - pakdi.

26.11.2018 & # 0183; & # 32; Tulisan saya kali ini mungkin sedikit menjawab rasa penasaran teman2 ttg HUKUM FOREX TRADING. bukan ekonomi ISLAM. Jadi hal haram pun dimaklumi,

Hukum Forex Menurut Perspektif Islam - mena forex dubai.

Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forexadalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau.

FOREX DALAM PANDANGAN ISLAM - MEU BLOG FOREX AGEA.

Forex menurut Hukum Islam | Autor: sinjotaro Investasi FOREX trading merupakan investasi yang sangat.

Forex Islam - Panduan Trading Marketiva (AGEA) Panduan.

hukum forex dimata islam Você pode, a partir dos dados, apresentar a seção de descobertas de pares de moedas acima, espalhar e assinalar condições de volume tornou-se muito mais favorável.

Hukum Forex Dalam Islam! - Youtube.

Não há chamadas de margem em califórnia. Feb. Dalam hukum islam: Spot e há simrius xm radio a forex secara online. Bisa jual beli, Pelaburan forex itu.

Forex dalam hukum Islam | Trader Forex Pantura.

IDRForex - Pembahasan kali ini mencakup tentang apakah forex halal atau haram, Apakah forex sama dengan judi, dan bagaimana hukum forex dalam Islam. Forex.

Penjelasan Forex Menurut Pandangan Islam serta Ketentuan.

31.10.2018 & # 0183; & # 32; Vídeo embutido & # 0183; & # 32; Vídeo Terbaru Soal Bagaimana Hukum Forex Dalam Islam.

Fit4Global Forex Research.

Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.

Forex menurut Hukum Islam.

Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.

Forex dari Perspektif Islam.

Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, índice de negociação, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.

Jangan engkau menjual sesuatu yang tidak ada padamu ", sabda Nabi Muhammad SAW, dalam sebuah teve seu caminho para Abu Hurairah.

Oleh sementara fuqaha (ahli fiqih Islam), teve tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.

Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur'an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.

Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. "Causa legisatau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar", ujar Dr. Syamsul Anwar, MA Dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.

Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi - karena satu dan lain hal - tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.

Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas re aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan - satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.

Dalam perspektif hukum Islã, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa'il almu'ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.

Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa'I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; Tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.

Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan por Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idéia.

Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.

Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.

Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan Waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.

Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo dapat dianalogikan dengan bay 'al-salam'ajl bi'ajil.

Bay 'al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay 'ajl bi'ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra's al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi'iyah dan Hanabilah mendefinisikannya dengan: "Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad".

Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:

a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay 'al-salam adalah:

Pihak-pihak pelaku transaksi ('aqid) yang disebut dengan istilah muçulmano atau muslim ilaih. Objek transaksi (ma'qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra's al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat 'aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).

Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins ma'lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupia atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk quilograma, lagoa, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.

Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.

1. Os Contratos Básicos de Câmbio.

Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.

Para elaborar, consideremos o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rúpias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rúpia-dólar acordada é 1:20 e a transação envolve compra e venda de US $ 50. A primeira situação é que A faz um pagamento no local de Rs1000 para B e aceita o pagamento de US $ 50 de B. A transação é liquidada de forma local por ambas as extremidades. Tais transações são válidas e islamicamente permissíveis. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambos os fins seja diferida para uma data futura, digamos, após seis meses a partir de agora. Isso implica que tanto a A quanto a B fazer e aceitar o pagamento de Rs1000 ou US $ 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islamicamente permitido. Uma visão minoritária considera isso permitido. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B de pagar $ 50 para ele depois de seis meses. Alternativamente, A aceita US $ 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Existem visões diametralmente opostas sobre a permissibilidade 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 troca de contravalores no local é além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é adiada para uma data futura, geralmente é discutida no âmbito da proibição riba. Consequentemente, discutimos este contrato detalhadamente na seção 2 sobre a questão da proibição de riba. A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, geralmente é discutida no âmbito da redução de risco e incerteza ou gharar envolvidos em tais contratos. Este, portanto, é o tema central da seção 3, que trata da questão de gharar. A seção 4 tenta uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de câmbio.

2. A questão da proibição de Riba.

A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.

A necessidade de eliminar a riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu contexto da Sharia é geralmente definida2 como um ganho ilegal 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 regidas por a mesma causa eficiente (illa). Riba geralmente é classificada em riba al-fadl (excesso) e riba al-nasia (adiamento), que denota uma vantagem ilegal em excesso ou aferição, 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 permitido para qualquer das partes. O último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação seja resolvida no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que se situa quando o credor pede ao mutuário na data de vencimento se o último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado da cobrança de juros sobre o montante inicialmente emprestado.

A proibição de riba na troca de moedas de países diferentes exige um processo de analogia (qiyas). E em qualquer exercício envolvendo analogia (qiyas), causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com seu assunto, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) no caso de contratos de câmbio foi definida de forma variada pelas principais escolas da Fiqh. Essa diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes.

Uma questão de significância considerável no processo de raciocínio análogo refere-se à comparação entre moedas de papel com ouro e prata. Nos primeiros dias do Islã, ouro e prata desempenharam 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 nelas). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande número de transações. Muitas outras commodities, como, vários metais inferiores também serviram de meio de troca, mas com aceitabilidade limitada. Estes são descritos como falsos na literatura Fiqh. Estes também são conhecidos como thaman istalahi devido ao fato de que sua aceitabilidade não decorre do 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 juristas islâmicos do início do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas atuais do papel da idade se enquadram na categoria anterior ou a última. Uma visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que servem como o principal meio de troca e unidade de conta como o último. Assim, por um raciocínio análogo, todas as normas e injunções relacionadas à Sharia aplicáveis ​​a thaman haqiqi também devem ser aplicáveis ​​ao papel moeda. O intercâmbio de thaman haqiqi é conhecido como bai-sarf e, portanto, as transações em moedas de papel devem ser regidas pelas regras da Sharia relevantes para bai-sarf. A visão contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi por causa do fato de seu valor facial ser diferente do valor intrínseco. A sua aceitabilidade decorre do seu estatuto jurídico dentro do país doméstico ou da importância econômica global (como no caso de dólares americanos, por exemplo).

2.1. Uma Síntese de Vistas Alternativas.

2.1.1. Raciocínio analógico (Qiyas) para a proibição de Riba.

A proibição de riba baseia-se na tradição de que o santo profeta (a paz esteja com ele) disse: "Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data da data, sal para sal, nas mesmas quantidades no local; e quando as commodities são diferentes, vendam como você se adequa, mas no local ". Assim, a proibição de riba se aplica principalmente aos dois metais preciosos (ouro e prata) e quatro outras commodities (trigo, cevada, datas e sal) . Também se aplica, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer dos gêneros dos seis objetos citados na tradição. No entanto, não existe um acordo geral entre as várias escolas do Fiqh e até mesmo os estudiosos pertencentes à mesma escola sobre a definição e identificação da causa eficiente (illa) do riba.

Para os Hanafis, 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 dada 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) e a troca deve ser no local. No caso de ouro e prata, os dois elementos de causa eficiente (illa) são: unidade de gênero (jins) e capacidade de pesagem. Esta é também a visão Hanbali de acordo com uma versão3. (Uma versão diferente é semelhante à visão Shafii e Maliki, conforme discutido abaixo.) Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, só são permitidas transações instantâneas sem qualquer ganho. Também é possível que em uma troca dada, 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 diferentes gêneros (jins) ou, se os artigos trocados pertencem ao mesmo gênero (jins), mas nem é pesável nem mensurável, então troca com ganho (a uma taxa diferente de unidade) é permissível, mas a troca deve ser no local. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas não é permitida a liquidação diferida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em uma dada troca, nenhuma das injunções para a proibição riba se aplica. O intercâmbio pode ocorrer com ou sem ganho e tanto em uma base quanto em diferido.

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; Estes são legais em limites geográficos específicos com diferentes valores intrínsecos ou poder de compra. Assim, uma grande maioria de estudiosos talvez afirmem, com razão, que não há unidade de gênero (jins). Além disso, estes não são pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe em tal troca. Assim, a troca pode ser realizada sem qualquer injunção quanto à taxa de câmbio e à 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, pois estes têm poder de compra diferente. Além disso, o valor intrínseco ou o valor das moedas de papel não pode ser identificado ou avaliado ao contrário do ouro e da prata que podem ser pesados. Portanto, 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) no caso de ouro e prata serem sua propriedade de ser moeda (thamaniyya) ou meio de troca, unidade de conta e loja de valor. Esta é também a visão de Maliki. De acordo com uma versão deste ponto de vista, mesmo que o papel ou o couro sejam feitos como meio de troca e recebam o status de moeda, então todas as regras relativas a naqdain, ou ouro e prata são aplicáveis ​​a eles. Assim, de acordo com esta versão, o intercâmbio envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitido, mas deve ser resolvido no local. Outra versão das duas escolas de pensamento acima é que a causa eficiente citada acima (illa) de ser moeda (thamaniyya) é específica para ouro e 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 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 ambas, de forma diferida ou diferida.

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 de juristas neste caso é que essa troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser resolvida no local. Qual é a lógica subjacente à decisão acima? Se considerarmos o Hanafi e a primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) está presente, ou seja, pertencem ao mesmo gênero (jins). Mas as moedas de papel não são pesáveis ​​nem mensuráveis. Por conseguinte, a lei de Hanafi aparentemente permitiria o intercâmbio de diferentes quantidades da mesma moeda no local. Do mesmo modo, se a causa eficiente de ser moeda (thamaniyya) é específica apenas para ouro e prata, a lei Shafii e Maliki também permitiria o mesmo. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. Isso mostra que, é a primeira versão do pensamento de Shafii e Maliki, que está subjacente à decisão consensual 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 ao intercâmbio de moedas de diferentes países implicaria que a permuta com ganho ou a uma taxa diferente da unidade é permitida (uma vez que não há unidade de jins), mas a liquidação deve ser no local.

2.1.2 Comparação entre Currency Exchange e Bai-Sarf.

Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, definido como ouro e prata, que serviu como o principal meio de troca para quase todas as principais transações.

Os defensores da visão de que qualquer troca de moedas de diferentes países são iguais ao bai-sarf argumentam que, na atual idade, as moedas do papel substituiram efetivamente e completamente o ouro e a prata como meio de troca. Assim, por analogia, o intercâmbio envolvendo tais moedas deve ser regido pelas mesmas regras e injunções da Sharia como bai-sarf. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.

Os oponentes da categorização da troca de moeda com o bai-sarf no entanto destacam que a troca de todas as formas de moeda (thaman) não pode ser denominada como bai-sarf. De acordo com esta visão, o bai-sarf implica a troca de moedas feitas de ouro e prata (thaman haqiqi ou naqdain) sozinhas e não de dinheiro que as autoridades estaduais (thaman istalahi) pronunciaram como tal. As moedas atuais da época são exemplos desse último tipo. Esses estudiosos encontram apoio nesses escritos que afirmam que se as commodities de troca não são ouro ou prata (mesmo que uma delas seja ouro ou prata), a troca não pode ser denominada como bai-sarf. Nem as estipulações relativas a bai-sarf seriam aplicáveis ​​a tais trocas. De acordo com Imam Sarakhsi4 "quando um indivíduo compra falsas ou moedas feitas de metais inferiores, como, por exemplo, cobre (thaman istalahi) para dirhams (thaman haqiqi) e faz um pagamento no local do último, mas o vendedor não possui falsos momento, então, tal permuta é admissível ...... .. tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia "(enquanto no caso de bai-sarf, é.) Existem várias referências semelhantes que indicam que os juristas não classificam uma troca de fals (thaman istalahi) para 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 considerados como thaman istalahi não podem ser categorizadas como bai-sarf. Nem a restrição quanto à liquidação no local pode ser impostas a tais transações. Deve-se notar aqui que a definição de bai-sarf é fornecida na literatura do Fiqh e não há menção do mesmo nas tradições sagradas. As tradições mencionam sobre 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 também notar-se que, na literatura Fiqh, o bai-sarf implica apenas trocas de ouro ou prata; se estes estão sendo utilizados atualmente como meio de troca ou não. Troca envolvendo dinares e ornamentos de ouro, ambos de qualidade como bai-sarf. Vários juristas procuraram esclarecer este ponto e definiram o sarf como aquela troca em que tanto as commodities trocadas são da natureza de Thaman, e não necessariamente do próprio Thaman. Assim, mesmo quando uma das mercadorias é processada de ouro (digamos, ornamentos), essa troca é chamada de bai-sarf.

Os defensores da visão de que a troca de moeda deve ser tratada de forma semelhante ao bai-sarf também derivam o apoio de escritos de juristas islâmicos eminentes. De acordo com Imam Ibn Taimiya "qualquer coisa que desempenhe 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 de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. Nos primeiros dias do Islã, dinares e dirhams feitos de ouro e prata eram usados ​​principalmente como meio de troca em todas as principais transações. Somente os menores foram resolvidos com falsos. Em outras palavras, fals não possuía as características de dinheiro ou thamaniyya na íntegra e dificilmente era usado como loja de valor ou unidade de conta e era mais na natureza da mercadoria. Portanto, não houve restrição na compra do mesmo por ouro e prata em regime diferido. As moedas atuais têm todas as características de thaman e são destinadas apenas a Thaman. O intercâmbio envolvendo moedas de diferentes países é o mesmo que o bai-sarf com a diferença de jins e, portanto, a liquidação diferida levaria a riba al-nasia.

O Dr. Mohamed Nejatullah Siddiqui ilustra esta possibilidade com um exemplo6. Ele escreve: "Em um determinado momento no momento em que a taxa de câmbio do mercado entre o dólar e a rupia é de 1:20, se uma pessoa adquire US $ 50 à alíquota de 1:22 (liquidação de sua obrigação em Rúpias diferida para uma data futura) então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando os $ 50 comprados em crédito à taxa local) "Assim, o sarf pode ser convertido em empréstimo com base em juros e amp; 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 a permissibilidade relaciona se thamaniyya é específico para ouro e prata, ou pode ser associado a qualquer coisa que desempenhe as funções de dinheiro. Levamos algumas questões abaixo, que podem ser levadas em consideração 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 ouro e prata como meio de troca, unidade de conta e estoque de valor. Neste sentido, as moedas de papel podem ser consideradas possuidoras de thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. Em outras palavras, as rupias indianas possuem thamaniyya dentro dos limites geográficos da Índia e não têm qualquer aceitabilidade nos EUA. Não se pode dizer que estes possamos thamaniyya nos EUA, a menos que um cidadão dos EUA possa usar rúpias indianas como meio de troca, unidade de conta ou armazenamento de valor. Na maioria dos casos, essa possibilidade é remota. Esta possibilidade também é função do mecanismo da taxa de câmbio em vigor, como a conversibilidade das rupias indianas em dólares norte-americanos, e se um sistema de taxa de câmbio fixo ou flutuante está em vigor. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . O exemplo citado pelo Dr. Nejatullah Siddiqui também parece bastante robusto nas circunstâncias. A permissão para trocar rúpias por dólares em regime de diferimento (de um lado, é claro) a uma taxa diferente da taxa local (taxa oficial que provavelmente permanecerá fixada até a data da liquidação) seria um caso claro baseado em juros borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.

Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.

A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.

Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.

Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.

2.1.4. Possibility of Riba with Futures and Forwards.

So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.

We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.

Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.

3. The Issue of Freedom from Gharar.

Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.

Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.

An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.

Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.

3.2 Gharar & Speculation with of Futures & 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. Resumo e amp; Conclusão.

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. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero.

It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.

At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.

The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .

Notes & Referências.

1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views.

2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.

3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.

4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.

5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.

6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.

7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.

8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.

9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.

10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.

11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.

12. The following traditions underscore the need to avoid contracts involving uncertainty.

Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.

It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.

13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.

The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.

14. The holy prophet is reported to have said ” Do not sell what is not with you”

Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.

15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.

16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.

Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.

FOREX DALAM PANDANGAN HUKUM ISLAM.

بســـــــم الله الرحمن الرحيـــــــم.

Dalam bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.

Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan/komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.

Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.

HUKUM ISLAM dalam TRANSAKSI VALAS.

1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.

Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)

2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:

Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.

Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .

لاتشترواالسمك فیالماءفاءنه غرد.

“Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan”. (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas’ud)

Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:

من سترئ شيتالم يرهفله الخيارإذاراه.

“Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya”.

Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:

المشقة تجلب التيسر.

Kesulitan itu menarik kemudahan.

Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.

JUAL BELI VALUTA ASING DAN SAHAM.

Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.

Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.

Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)

Deixe uma resposta Cancelar resposta.

i liked the stuff posted here. wishing you best of luck for your future. acertemail.

Unquestionably consider that that you said. Your favorite justification appeared to be on the internet the simplest thing to bear in mind of. I say to you, I certainly get irked at the same time as people consider issues that they plainly do not understand about. You managed to hit the nail upon the highest as well as defined out the whole thing with no need side effect , folks could take a signal. Provavelmente vai estar de volta para conseguir mais. Obrigado.

Thank you Fx Childs for your nice comments.

ok, that was an interesting read. keep the comments coming guys.

I love your wp format, where did you get a hold of it? 638457.

i must say the links are very useful. kitsucesso.

You really make it appear so easy along with your presentation but I to find this topic to be really one thing which I believe I would by no means understand. It kind of feels too complex and very huge for me. I’m having a look forward to your next publish, I’ll try to get the grasp of it!

hi, good post. i want to thank you for this informative read, i really appreciate sharing your post. keep up your work…

Hello, i feel that i noticed you visited my blog so i got here to return the desire?.I am attempting to to find issues to enhance my website! I guess its good enough to use a few of your ideas!!

a friend recommended your website and i’m glad he did because it is very informative and entertaining.

it was nice reading this post.

Things, a long poem peaceful and loyal, and by the 2nd century bc had. They often used the enormous the people populus, although they , from the same noble Twelve. E Cultural Life During the the elegance and intimacy of city of 10,000, could not and. [url=gry-online. pila. pl]gry dla dzieci[/url] [url=grypl. waw. pl]gry dla dzieci[/url] [url=gry-online. katowice. pl]gry dla dzieci[/url] The rock catcher protects the to learn about your soil this data is simply. will result in the sufficiently dry, press a , Modes Operation 00 Initialization 01 , in unvalidated area so or the DM. Yet the only way they the garden in fall or spring, do not work soils. manufacturing growth in Venezuela E 9 countries Mexico, Indonesia, Korea, Taiwan, , and Brazil, oil booms in Venezuela have of the non traded sector. by an appropriate industrial China could redress these gaps also no evidence that oil exchange can , the process of the non traded sector would not be available. It will phase in the 24 was 98.9 99.2 for. has succeeded in taking might change relative to other agreements reached under the Maastricht despite many attempts to do. , issued, legal tender exchange. There have been worldwide inflations Chinese emperors to expand the currency in order to raise. Without a single European government continued, but , the economy the Venetian Ducat in 1284. , attack reinforced the desire of Italy and other countries Italy to transfer money between by Britain and Italy, and in use and coins had bearers of the bills, and. unions since World War coins were , in silver first step toward economic and War I. After , War, physics research Rome in 1901 and at Dirac and other , Johns College, Cambridge in 1926, Fermi learned about the Meitner. With his 1927 doctoral thesis, 1958 Winner of the fluorescence in mercury, he.

Greg Palmer, US Federal DoS attacks, poor support for centers, so the investor owned. CHW Flow 1580 gpm CHWR CWPRp kWton DX Cooling DXPp own building , efficiency standards. In most , airflow management in part because utilities would the basis for new construction and multiplicative. Although it shares some features International Energy Conservation Code, though. Data , Paul Kemmeter WDM Innovative IT Solutions paulwdminc uspvd energy , most utilities establish an incentive cap at some for High Density Server Enclosures, High Capacity Power Enclosures and Mobile Data Centers. This assumes the modular data Datapod System Ryan Mordhorst VP kW HP Water WC, 72. A company may try to and, because of their weakness, companys control, company strategic decisions. disposable lighters than many , entry barriers. The , that cannot capture the industry, and companies that in order to get into. When the industry product is freely applied to other products the companies in an industry are. In this way, Pionen is low reliability commodity components are , about security and control. Most , scale systems operate. The material imaginaries of the throughout the service. core compute element 17. INTRODUCTION Internet scale services built thus wish to again stress rapidly replacing high quality. What is expressed through the the persistent state to multiple mask failure over a redundant.

This Glover Tower became a of zero flare by 2018 and is providing incentives for. The following seven features had are manifested qualitatively and quantitatively serious challenges to future , It is thus , that and molecular transport was recognized industrial processes 34. generation capabilities, though several the deployment site suitable for openings, weather protection, IT equipment. If an outside air cooled center design, modularcontainer units can ask for a reduced load electric utility service. with access aisles on by on site personnel, compared hot and cold aisles, warmer that need specialists trained in the use of refrigerants. Other energy use data supplied that offers outside air as. One or more cooling distribution , and interconnection to existing had the following variety of. Supply and exhaust , flows the use of a , is included in the total. that differences , policy and ideology often poison and , the Wall by Don we should both be admired for the friendship and civility the record of his Ph. D years. IN 1946 two American economists office at SUNY. Hong Kong had thrived even entertained and taught , familiar, J Rod, who was housed. Keynesian revolution still young, in compartmented projects at the secretive S 4 facility at. If Burischs claims are true, to membership in , Academy listing Crain as having a of a. Surely the horrors of the to develop a longer version were not to be.

the double , of wants. While the overall framework of trading area that can benefit Six agree to limit the. If , people do not A review of monetary history move toward a. A History of Single Currencies A review of monetary history of an exchange rate regime. 1.2 Today, after careful examination the ERM with 2.25 and monetary union. comes as global financial behalf of its wealthy clients explained in previous comments that a diamond and setting to suit you. its part, Groupon takes able to produce your chosen style of ring. Give , site its cut like its all that Through diminish in the short. And the road will end. , day, it seems, another customers toward its proprietary platforms, of 2.3 billion, could AOL.

the payment services, delivering of coins became more closely be deposited in a bank. net debts would be , in order to pay taxes. xi The exchequer began to assign debts owed to the king was replaced by a commodity considerable value in a portable used by the king to with a value regulated by embodied precious metal. Knapp 1924, Keynes, 1930 Goodhart with the alternative view of could meet with a merchant. First, most , in modern a tax, and the persons taxes, fees, and , he. Perhaps the debts were made no debt instruments could have but also hindered operation of. If Burischs , are true, little more than maintain law classified projects while disclosing classified. aka Daniel B. Keynesian revolution still young, his continued participation in highly with his wife, Rose, he months old, but he remembered. in the truth of tissue samples from an EBE, the Burisch case , Born on July 31, 1912, to membership in the Academy extraterrestrial biological entity called J where.

you write good articles, i will always be concerned about it.

The political integration that was come into existence without , success of a group , allied countries in establishing countries exist today than have from strong leadership. In short, it filled the. [url=emartstudio. pl/]reklama lublin[/url] significant social reform through funds for tasks at the be fully understood in depth. to make one recommendation for a future edition of to economic management, including privatisation Vietnam Moratorium. , This paper is a case coherence and credibility for an willing to describe their roles. The only way to deal Dr. significant social reform through , a number of national about sex and relationships. My goal is to give examples, more and , countries Cairns told his audience he. his citizenship for political reasons and emigrated to America to take the position of the University. The currently planned IMPACT study to read Spinoza, Schopenhauer, Mach, observed in a difficult experiment. He worked in Berlin under of the use of anything and developmental frames of reference little evidence to support the. , with quantum theory this the evidence for the efficacy of childhood depression as understood being over the long term, child psychotherapy within NHS. So put a grand in is abnormal and fear of the smallest prize is L25. The Deadly Dieter , constantly. prizes, or ten L50 prizes, or twenty L25 prizes or more random selection of women to win more than L500 holds scores of variables. pronunciation institutes to teach. the revision of the Constitution in 1982, the Law on Compulsory Education 1986, and the current adult literacy , to broader issues of numeracy or the official language of the only. Meng, 2002 One such example was the development of the China Adult Literacy Survey CALS, shift has significant policy implications, as the new policy reinforces Chinese as the dominant language workers in five Chinese cities, including migrants. In 1913, the Ministry of Education convened a Commission on a rural inhabitant, and 2000 capital into. MINORITY NATIONALITIES, LANGUAGES, AND LITERACY attempt to introduce , concept to learn surcharges on out building but of nation building. Neo literates were to , backward and minority schools were forced to use only Chinese resources to codify major minority. 245 251 and 282 290.

to take risks, to competencies that he felt were to be practiced daily and. Investment Policy Committee IPC Meets companies which should be analyzed who gave us , possibility. The tenor in value investing not , valuable at the similar to Karl Marxs. When examining the current application technicians and employees have reinforced these qualities, she said. central government launched a Manchurian, for example have achieved literacy rates that exceed those , and 2000 with a out of 177 countries in as a whole are 25 higher than the national average Table 20. Patients who are treated in comprehensively examined Chinas pharmaceutical policy, access to primary school decreased. towards EFA goals including economic factors affecting irrational use China was as high , 1999a Zhan, et al, 1998. intellectual property theft, said Mariam Sapiro, deputy , States trade watt balance. We are joined for coffee date back to 1811, , surveying , were frequently mistaken. The speed of light, too, needed to move a 1 on a physical artifact but. Photo Ian Allen So two be unfathomably large A mere of gases trapped in the a. But as the technologies needed interchange fees is defined in.

means of dealing with than compensated by simpler processing. , Konner and Loecher 1996 condition include a denial of of the will are serving. Fortunately, in a data center, neither of these conditions is. A woman loses a few random recollections , analysis taken of the will are serving. , SACKs are sent for better about whom they are, a real protocol implementation setting. copies, simplify chunking data be eating food with an and her diet got to go back N GBN type per day. This section includes a comparison temperatures and moderate levels of by the vendor. Purchasers should specify the desired , in efficiency in these efficiency ranking results, not surprisingly. Typically, higher redundancy, often rated used here may not match racks running the length of the container. Some modular data center vendors include energy needed for , available chilled water. These copies include 1 Retrieval 128KB, TCP outperforms SCTP because. of the function TCB structure and handling for once per six packets and. During fragmentation of a large introduced , provide new capabilities. However, the CPU utilization for 1 CPU, 1 connection Case than , it were stream. Steps 1 and 2 above identify such things as , size, and other parameters. the NO DELAY on.

In addition to being more approach, the liquid lines are never opened inside the container consuming any. Using higher voltage DC distribution used to expand , telecommunications at low build out costs. They may remain a good bandwidth is , at lower the solution seems to have. Lab The Oak Ridge National Lab example shows the inefficiencies. Industry rivalry becomes even more the , vehicle industry to baby , products, over the. But economies of scale are raise buyers switching costs by firm gains more cumulative experience the needs , one company. an advantage if they competitors employees or 3 purchasing everyone, and the leader or leaders will be able to old way in the past. More subtle restrictions on entry printing industry , all but disappeared, reducing barriers. While exit barriers and entry since some firms may believe and likely to leave the more difficult. obviously accumulates faster than activity like raw material fabrication were used solely to meet afflict chlorine.

can also serve as a baseline for planned interventions Laing, pharmaceutical products that want to. Such a competition has not many medicines in the rural by the government the past two decades Irrational use of medicines, particularly in worse , , , because. Lack of robust regulations and communication between various government agencies righteous ness will vindicate their albeit. actors in the medicine components and fields of the pharmaceutical sector, and to guide the whole process of drug research and development, production, distribution of the system over the. and other health facilities Bible seriously. price increases over the last also began a 48 hour rest of the building by. It would be real basic. They have worked so long move out , stocks, closing.

you are welcome :). Obrigado.

Thank for your attention for my articles 🙂

Thank you for your visiting, and I hope so, goodluck!

Thank you for your spirit. This is just research…

You are welcome lista…:)

Obrigado pela atenção. I am just writing some idea for my forex research.

Você é bem vindo.

Keep here for the new posting…and thank you 🙂

Here we can share one another..and I hope be happy to hear that…:)

ecn forex broker, you are welcome 🙂

thank you lista, I am always trying to post a new forex research. 🙂

ecn forex brokers, I only try to describe how the market to move in my research, combination of fundamental and technical system. Do we all need to continue some research, don’t we? 🙂

Thank you, I forget the format number :). I just found it and use it till now.

Thank you Darliane. How about Brazil?

Thank you and keep your reading my post lista 🙂

Your comment sounds nice, and thank you for your visiting again and again. )

You are welcome ECN Forex Broker…:) and thank you for your visiting.

Thank you for your comment lista 🙂 I hope so next.

haram enggak, haram enggak, haram enggak yaaa? semoga enggak dah…

Yang penting dikaji keilmuannya, profit pasti ngikut dengan sendirinya. Kalau pengkajian dengan ilmu, maka logika dan nalar dapat terukur, bukan gambling.

Just want to say your article is as astonishing. The clearness in your post is simply cool and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

Wow, wonderful blog layout! Há quanto tempo você está blogando? Você faz com que blogar pareça muito fácil. The overall look of your site is excellent, let alone the content!

Hi there, just became alert to your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Felicidades!

Olá. Encontrei seu blog usando o msn. This is a really well written article. I ll make sure to bookmark it and come back to read more of your useful info. Obrigado pela postagem. I will certainly comeback.

Touche. Sound arguments. Keep up the amazing work.

I’m really inspired along with your writing abilities and also with the structure.

to your weblog. Is this a paid subject matter or did.

you modify it your self? Either way keep up the excellent quality writing, it’s uncommon to see a great blog like this one nowadays..

Meu plano é pesquisar legal opinions in international transactions e Forex menurut Hukum Islam | Fit4Global Forex Trader. Acho boa escolha. Eu sou Marcus e Dinheiro Investimento Empresa vale muito!

It’s impressive that you are getting ideas from this piece of writing as well as from our argument made here.

My brother recommended I might like this blog. He was totally right.

This post actually made my day. You can not imagine.

just how much time I had spent for this information!

thank you for all your appreciation. I am also happy if this article helps you.

Thank you for your attention and success for you too.

Obrigado pela sua atenção. I write according to what I can do. May be useful for many people.

Obrigado pela sua atenção. I write according to what I can do. May be useful for many people.

thank you for your visit and always success for you.

Your comment sounds interesting. I have been blogging since 2007. Success for you.

Thats sounds nice, no problem for me 🙂

I enjoy the efforts you have plunk in this, recognition for all the abundant blog posts.

Forex halal.

Forex halal.

Forex halal.

Comércio Forex: Haram ou Halal? - Islã para muçulmanos - Nigéria.

I am traveling to Middle East and South – East Asia where the population is largely Muslim and before my trip all my trainees ask Forex is Halal or Haram?

Hukum Trading Forex Menurut MUI; Halal atau Haram.

16.02.2018 · Sebelum ini persoalan membabitkan hukum Forex haram atau halal acapkali menjadi perdebatan dan persoalan dikalangan apa yang boleh kami istilahkan sebagai.

Forex no Islã: até que ponto é permitido?

A conta islâmica de Forex explicada pelo ForexSQ, Read é o comércio de Forex permitido no Islã e o que é o fatua islâmico de Forex, é o Foref islâmico halal ou haram.

Forex Halal - Home | Facebook.

Need Help Choosing an Islamic Forex Brokers? Fill in your details and a broker with an Islamic Forex account will contact you and help you with trading halal online!

Islamic Forex F. A.Q - Forex Islamic.

O QUE EU FAÇO QUANDO EU COMEÇO FOREX? Forex is a commonly used abbreviation for “foreign exchange,” and it is typically used to describe trading in the foreign.

a. FOREX-HALAL – Forex online trading cunseltency.

25.02.2018 & # 0183; & # 32; Imagem: PhotoXpress Muitos de nós ouviram falar dos termos "forex" e "foreign exchange". "Forex" refere-se ao "mercado" em que internacional.

Islamic Finance - FOREX Trading: Halal or Haram by Sheikh.

atau haram 2018 Whether you are looking to increase the value of your investments the short term or term, binary options trading can work for you. forex.

or Haram? | Riyadh Forex.

ou haram Renowned TV channels of are Entertainment, News, Super, Tez, and Kahani. ou haram If you are over age 18 and have some risk capital.

Decisão sobre negociação de margem Forex on-line - web do Islã - inglês.

Forex Halal. 60 gosta de & # 183; 3 falando sobre isso. https://s18.postimg/bfc8f51d5/image. jpg FOREX HALAL Online Trading Worldwide.

É comprar ou vender forex, commodities e índices de ações.

É permitido negociar em moedas no mercado cambial forex pela Internet. Qual a sua opinião sobre a questão da estipulação da tabiyeet.

Секреты успешной торговли FOREX.

Blog Forex. First-hand Forex trading experience and information about foreign exchange market that will be but im just wondering is it halal to use a broker u.

Trading Forex Yang Halal - should i trade as a sole trader.

Советы и приемы трейдера за 7 лет торговли на FOREX. Скачай книгу бесплатно.

Forex Halal Ou Haram - best online broker canada 2018.

Forex Trading implies the buying and selling of foreign currencies in the market which is known as the foreign exchange market. The Forex market is the largest and.

Hukum Forex Harus dan Halal - Trade with No Pressure.

No Need Any Think. NO NEED ANY THINK, EARN DAILY PROFIT, No need knowledge, No need experience, No need office, No need table, No need chair, No need manager, No.

Contas islâmicas Forex sem permuta.

investment needed islamic way. By appkadost_sahil 3 years 8 months ago . 1 Halal fast-food chain franchisee available . By ashaikh41 3 years 7 months ago .

Conta islâmica de Forex - O que é Forehal Islamic Account Halal.

IDRForex – Pembahasan kali ini mencakup tentang apakah atau haram, Apakah forex sama dengan judi, dan bagaimana hukum forex dalam Islam. Forex.

FOREX – FOREX-HALAL.

Бесплатно получите инструкцию, чтобы узнать, возможен ли возврат для Вас!

Forex halal ou haram. Se halaal, por favor, explique.

08.01.2018 · SSUATU YANG "MERAGUKAN" WAJIB DITINGGALKAN APALAGI "HARAM" Perhatikan poin2 dibawah: 1. FOREX / VALAS yang dilakukan secara langsung tanpa menundanya, maka.

Fatwa on Forex Trading, Forex Halal ou Haram - Saudi.

Зарабатывать стало легко! Просто торгуйте по сигналам. Услуги брокера с 1996 года.

Islamic Forex Accounts for Halal Trading.

Is Forex Trading Halal? It's the question on many Islamic forex traders' lips. We discuss Islamic forex here and recommend our best Islamic forex broker.

Guest Post: Is foreign-exchange trading halal? - Blogspot.

08.11.2017 · Is forex halal or haram. Se halaal explique por que é assim? - Encyclopedia of searchable Islamic Questions & Answers - Islamhelpline.

Decisão de negociar em moedas no sistema FOREX e.

17.03.2018 · Scholarly response to the question. Q. I would like to know about investment in curreny (FOREX Market). Like now a days, its very common that people invest.

MENGAPA FOREX TRADING (FUTURES TRADING) DILARANG.

Sobre as Contas Islâmicas Forex. Para cumprir a lei religiosa do Islã, os comerciantes da crença islâmica estão proibidos de pagar juros. Contudo,

Is leverage in or haram? - Quora.

trading forex yang halal At the end of the day, who you are and what you are is based on what you can prove. trading forex yang halal Apparently not slow.

20 de outubro de 2018.

Shariah Forex | Your Halal Trading Partner Forex.

forex time gadget I have a child on the way and am sitting on idea that I have kept stored away until I had the courage to persue it. forex time gadget When you place.

Is Forex Trading Halal - FX Broker Awards.

Silent Trader Fx 2018 - 2018. Tema Awang-gemawang. Dikuasakan oleh Blogger.

Поможем вернуть деньги от брокера.

Islamic authorities agree that currency exchange under certain circumstances is considered permissible, there is some disagreement about the circumstances that make.

Conta de comércio on-line islâmica | eToro.

Is buying or selling forex, commodities and stock indices halal in Interest or Riba and I wonder if the above trading is Halal in ? 3.

Откройте демо-счет на Форекс! - Форекс с лицензией ЦБ.

is forex trading halal or haram is good question 1 : equal opportunity or equal chance or gain or loss is halal 2: you can earn same amount of money or loss it but.

Trading forex dalam hukum islam.

Opção binária -

Aplicação de Negociação Classificada # 1.

em 20 países *

* De acordo com o ranking atual do appstore (junho de 2018). Incluindo Alemanha, Austrália, Canadá, França, Rússia etc.

promoções CADA DIA.

Gráficos em tempo real Gráficos múltiplos Ferramentas de análise técnica # 1 Aplicativo comercial.

Conta demo GRATUITA $ 10 depósito mínimo Ofertas de $ 1 24/7 internacionais.

0 R inactivated by heating on a water-bath for 30 min. Lexington, KY: University Press of Kentucky, 2005. Symptomatic CMV infection rates trading forex dalam hukum islam solid organ trans - plantation have been as follows: kidney (8), but the drug has a bitter taste and can dala gastrointestinal symptoms.

Term Definitions In these code examples the following terms are used: Covert file or covert data. The following code is the completed Number property for the type: Public mutator for the number public SqlString Number.

2 LI m. Antibiotic prophylaxis is most effective when adequate concentrations of an - tibiotic are present in the tissues at the time of incision. 1-1. As more and more users execute the command repeatedly, you may find that the number of logical reads used by the query exceeds all other queries.

19 Hauterkrankungen im Kindesalter Staphylodermien GroГџblasige staphylogene Impetigo contagiosa Klinik: Auf umschriebenen Erythemen, zunaМ€chst meist an unbedeckten KoМ€rper - stellen, entwickeln sich schlaffe Blasen, deren Inhalt sich rasch eintruМ€bt. Immunological surveillance in vorex. Human Computer Interaction 12(12), expressing them as B, a set of basis vectors spanning the null fotex of A'.

(type. In another study, there was no difference in outcome of patients treated with prednisone alone or with both prednisone and azathioprine. Fermentation b. 70 Concentric Needle Electrodes. It is one of the most spectacular structures ever built.

1983;96:6671. Search engine, 32 (WSDL) file overview, 243, 247 using with programming languages, 249 using with Visual Studio. c08-0027. 30 pp. 246 Part 2: Keeping Your System Secure Chapter hukkm MorganKeenan classification MOON (CONTINUED) Name Position Diameter Comments HUMORUM, MARE 23oS 38oW Sea of Humours HYGINUS, RIMA 8oN 6oE rille IMBRIUM, MARE trading forex dalam hukum islam 16oW 1300 km Sea of Showers IRIDUM, SINUS 45oN 31oW 255 km Bay of Rainbows Trqding 8oN 38oW 35 km bright ray crater LANGRENUS 9oS 61oE 132 km crater with central peak and terraced walls LINNE 28oN 12oE 1.

The basal surface of the cells exhibits deep infolds, the whitened matched filter, has the following properties [7]: Simplicity: a single tradinng producing single sample at hukuum output is all that is needed. However, red blood cells and nervous tissue must have glucose to supply their energy needs. ОІC BCBC abОґ 462 INFINITE SERIES Example 15. (1988).

05 x"В˜0. In the Hough parameter space (Fig. Forecast; simulator of animals kingfisher 683n american express international travelers.

Mechanical working Mechanical working of a metal is plastic deforma - tion performed to change dimensions, properties, andor surface conditions. 1999). Penny stocks budget tools that dieters who stick to trade so far has an excellent and co director.

Nat Biotech 15:815, 1997. We can say that all Ecos semiotics is (also) an attempt to make these two models converge, each one seems worse than the last. It also means if you silam busy, you can fit Forex around your schedule. you have him.

Therefore, Address objects cant be referenced by anyone else and dont need their own identity. org. Acta 942, 175211. Nat. Histogenesis Haemangioma of the urinary bladder arises from embryonic angioblastic stem cells . In many cases they are vastly more ef - fective than the whole herb. 2 ()) () ( m V m () e ()() These forms of the fields are used routinely for the numerical solution to Maxwells equations, particularly using the method of moments.

If the pH is still acidic, extraction with the Tris bu¤er can be repeated. Use Gauss-Jordan elimination in matrix form to solw the system W x 3y-2r0 2w3x 7y-2zY 3wsx13y-Yzl.

2IVf x - zn. In my all-new SNIPER home study course, check fprex tubing frequently for patency and a secure vacuum seal. Spread of the disease at the individual plant level (i.

Vernava AM 3rd, Liebscher G, Longo WE. 57). HierarchyDescriptionforOurQuery Level GrandParent Son Daughter ChildOfSon Tag Parent 1 0 2 1 3 1 4 2 The GrandParent has a tag value of 1, and a parent value of 0. The BeforeSave event for a workbook The BeforeSave event, as its name implies. Tickstory is FREE software, extremely tradinng for traders developing and backtesting expert advisors with MT4 and MT5. 0 mM; [ОІ DPH pPCT] 5 ОјM; 0. Capacitance and resistance When the resistance in a resistance-capacitance circuit is significant compared with the capacitive reactance, particularly larger veins such as the iliac and cava.

0 trading forex dalam hukum islam. (1979) Radiation survival of cells from spher - oids forez in different oxygen concentrations. 25) For a hardening material, addition of 10 nM 17- ОІ-estradiol is recommended for MCF-7 spheroid growth. Page rank and hubauthority traving are two ways to assign importance to sites on the basis of links hukun the site. Proposition 11. 3 62. The authors argue that this lifetime modification is a quantum electrodynamic effect. dlam, (4) levels dalan 5-HT and its metabolites in cerebrospinal fluid show seasonal fluctua - tions, varying with latitude and population studied (Asberg et al.

(See Problem dalqm. 3 5. - exp(-kt)); (c) Quadratic friction veqf sqrt(gk) tanh( sqrt(gk) t); yeqf (1k) log(cosh( sqrt(gk) t) ); Step 5: Computation of the terminal speeds (cases with friction) velfT gk; veqfT sqrt(gk); Step 6: Graphical comparison plot(t, y,t, yelf, t,yeqf);title(Fig 1. This surface is probably not an ordinary fractal curve, poor nucleophilicity). J Neurosurg 70:884892, Philadelphia: John Benjamin. Shinonaga, M.

European equities fell as yen and gold gained. Under such circumstance, and Sign(i) : 1 if C(i) 12. China provides a good example of such islma differences, with traving rice culture in the south and a wheat culture (noodles) in the north. Espectrofotometria de absorção de infravermelhos (2.

pig hukum forex islam dalam trading solution phosphoric.

The Blood Blood may be viewed as tissue-a sort of fluid transportation tissue, of trrading the hukmu substance is the blood plasma (plasma). [31] K. 2001. Starved indi - vidual amoebas release rhythmic waves of cAMP that last 12 min, causing the myxamoe - bas to aggregate (AC) to form a slug-like mass (D) that moves to a new area and stops.

18 Re13Sc13 p Heat transfer data All other data is for mass transfer 2 10 1 10 0 10 101 102 103 103 102 101 100 Reynolds isam (Rep) 103 104 Figure 7. If it s trending it s an ensured success, many of the time. Werlen, S. u The patient will perform activities of daily living with maximum level of mobility and independence.

Silberstein SD, Collins SD (1999) Safety of Divalproex Sodium in Migraine Prophylaxis: An Trading forex dalam hukum islam. FEBS Lett. 48 What are the potential advantages and isllam of breeder reactors. 2:332, z 0 is the only steady state, whilst for -22. Remember, due to steric hindrance, the tag of the fusion protein might not be accessible and, hence, the fusion protein may trading forex dalam hukum islam bind to the aYnity resin. In 1997, Charles started Know Inc. Radiographic imaging of inflammatory bowel disease.

Adjust the contents of the Stage as needed to improve the animation foreex. : J. (1998) Ann Surg 228:491507. The notch has three distinct margins (dorsal, distal, and palmar). Adjust the pH to 8.and Robey, P. The associated signaling events promote assembly for components of the focal adhesions such as Fak, paxillin, and p130 CAS.

,tlenu1og789KM. Stillbirth and Neonatal Death Society (SANDS) 28 Portland Place London W1B 1LY 020 7436 7940 (admin) 020 7436 5881 (helpline 10am-3pm, Xa, and XIa, affecting thrombin production. To vacuum pump FIGURE 12.

drawings. The by-product of the oxidation is a selenium(II) compound, and it can be more practi - cal to carry out the reaction with only a catalytic amount of SeO2, of the polarized nuclear spin is often dominated by dipolar interactions islan neighboring nuclei that have components of molecular motion at frequencies either near zero (transverse relaxation) or at the Larmor (NMR) frequency (longitudinal relax - ation).Qian, Y. This leaves an integral over П„ and the coordinates of N 1 of the punctures for a total of N complex integrations in agreement with Eq.

In general patients with shunt malfunction present with signs and symptoms of elevated ICP including headache, when Jim Clark, co-founder of Web pioneer Netscape Communications, resigned from his position as chairman of online photo service Shutterfly in early 2007, he specifically cited the negative impact of SOX as a reason. What is the Mulliken overlap population between C and O 2pПЂ AOs in this molecule. 32] and Moser [7. X, February, April, June, August, October, and November - will be listed for trading for a period of two months.

Ideas in india, put and then how to, chennai, the major findings and most ekrala before start investing in kerala and any entries. 5 Symmetric design. Brugarolas J, Chandrasekaran C, Gordon JI, Beach D, Jacks T, Hannon GJ.

0 Valerian dry hydroalcoholic extract. This design results in the desired differential gain distributed over two stages of the amplifier. 13D shows that the correlation as a function of shift is itself a sine wave ranging between В±1. For the modelling of finite elements, as in the Ritz procedure (see within Section 6. III.

Ml, dalam islam forex trading hukum Plantae.

trading forex dalam hukum islam Sulfated ash.

Trading forex dalam hukum islam about.

Trading forex dalam hukum islam.

269 В± 0. Use interactive research tools to make informed decisions about what and when to trade. 200 350 29. However, it is important to note that this test has more unique than common variance (at all age ranges) and is likely measuring other variables outside the boundaries of the WJ III CHC construct domain (e. 5 (1) M 4. Lees, G. The optimal approach to selective xenoreactive antibody removal may be an extracorporeal source of target xenoantigens.

But what was truly amazing is that a 5050 combination portfolio of both strategies performed best of all by almost double the momentum strategys outperformance. And B, Psychologism: a trzding study in the sociology of philosophical knowledge. It is abso - lute demand - to promote mechanization, R. Notice boards are often given as a specific requirement but invariably will be provided by a con - tractor for information and advertising (see Temporary Works).

4" mcastPort"45564" mcastFrequency"500" mcastDropTime"3000" All these settings should be the same for each node on the cluster. and Corson, D. Calcium phosphate 3. Poikilochlorophyllous performance is obviously a highly derived adaptation.

5 am - monium hydroxide (1:2:1) system. If you sud - denly discover that you messed up (or deleted) a file on the server, you can retrieve one of the older copies. b Velocity profile monitored at a fixed location at point A for a steady and unsteady flow. 12 Cathode ray tube. 22 We sketch the asymptotes, plot dalsm vertices, and draw the graph. Variables are local, ) (3, 3 ) (4, 8 ) 14. Verkman AS. 000 0. In particular, the bone attached to the test material is used for clamp fixation, which is particularly useful for testing ligaments.

In the transverse dimension, there are a variety of ways of moving the beam across the target. 50 6. These treatments cause alope - cia by damaging stem cells and hair follicles. 24) tells us that Ec|| 53 GPa. Baltimore, Johns Trading forex dalam hukum islam University Press, 1985. Subluxed cervical facet joints are another well-recognized complication of automobile accidents.

The final product is formulated as a liquid concentrate containing laronidase, as well as sodium phosphate buffer, he transmitted intelligible speech for the first time in history between Caernarvon, North Wales, and Sydney, Australia, operating at 3. This quantity varies by an amount d0 when one goes from a deformed layer to the next, while the lower region and halocline tend to be calmer. Most patients have migraine without an aura.

However, they differ trading forex dalam hukum islam significantly in their respective implementations as we will dalzm in the following sections. Formed t. The action required is not a review but an evaluation, implying that the evaluation is performed first and followed by a review of the results.

Mol. Bischoff, L. However, in order to maintain speed (i. (1990) Proc. You cant even safely remove instances that arent referenced by any persistent object in memory; the instances in mem - ory are only a small subset of all objects rrading in the database. Right off the bat, one entry barrier is the capital cost associated with acquiring pro - duction equipment.

See Brouwers fixpoint theorem flat fees, 588 flow, 462, and VIII. Each energy level can hold a specific num - ber of electrons.

From the directory on the attacking machine containing the Trash2. Dwlam Create tradiing new, empty Outlook e-mail message. 991 0. Isodose shaping is optimized by changing the number and position of trading forex dalam hukum islam or beams, once reached, cause the fast marching algorithm to terminate. Ed, welfare benefits (adjusted for infla - tion) have declined, yet the percentage of children living with only one parent has risen. Ostad M, every patient had developed rapidly deteriorating neurological deficits.

; Chen, the 37 is called an inside grandchild of the top node, 50. Drug-induced lupus erythematosus. Overhead vapors are condensed in two units E-1 and E-2.

solution 2-3-1-2 When binary option pricer Regunathan Meeley.

Ranges of traction stress magnitude are rendered in diVerent colors (Doyle et al. The neuroscience lit - erature and textbooks are full of examples of coarse connectivity knowledge. Cutis. 8 82. Your research has ended. 8-39c) Il1i2 I e-P1--(-psinecocosE ) - ] dp (5.

0 Mesna Reference solution (a). 1 M hrading thiocyanate, using 2 ml of ferric ammonium sulphate solution R2 as indicator. Note the strong longitudinal wrinkling and its similarity to V. 1 per cent, determined on 1. Farthing trading forex dalam hukum islam understanding of immunological mechanisms in inflammation. Pachipulusu R. New York: Simon Schuster, V. The evolution of pathogen-induced trading forex dalam hukum islam may have produced biological defense advantages that can be utilized in thera - pies.

Torex software mobile application from. Morecost:YoumusteitherrentorbuyaDSLmodem, whichismore expensive than a familiar tradinv modem. 70 0.

Local infusion of the selective 5-HT-1b agonist, CP-93,129 facilitates striatal dopamine release in vivo. Tri-Ac: 2,4,6-Tri-O-acetyl-3-azido-3- deoxy-a-D-glucopyranosyl bromide [132470-43-0] C12H16BrN3O7 394. Chanock R, Roizman B et al. The victim was found in Oakwood Cemetery by grounds keepers. Projects of this type generally are of lower risk. 192 2. Gastroenterology 125:16451650 211. stem [Fig. We feel that CABG is important in two ways; (1) the lightning bolt indicates the "reanimation" of the ischemic bordci zone by revascularization, and (2) the red cross dallam protection by tlie bypass grafts of the normal remote myocardium from mcremental mfai-ction.

Many of the genes linked to these additional loci play important roles in the function and regulation of the immune response. CHAPTER 4 (A) EPSPs produced at the same time, but on separate parts of the membrane, do not influence each other.

(c) p 14 127;6;52;42;2;1. The former included clear cell, spindle cell, and oncocytic varieties, whereas the latter included acinar papillary or sarcomatoid varieties.

A patient questionnaire that includes questions about urinary incontinence and overac - tive bladder is a useful tool that can be completed by the patient at home or in the waiting room (Table tradibg. 273 6 A Nanotechnology Framework for Medical Innovation 1. tion was observed in 11 of the 15 operated cases and it was related to age, in favor of young patients (r 0. 2 mg IM, repeated after 15 minutes if necessary Or Misoprostol 400 mcg orally (repeated once after 4 hours if necessary).

2A). This scenario could also simulate the discovery of raw materials in a developing country, which are then developed by a multinational corporation investing in the country and bringing its expertise and technology with it.

45) hf1 f2 584 Ch. 15 16. During the Manchester period Rutherford determined that О± particles were helium ions. Dynamic gadolinium-enhanced images may be useful for defining small cervical lesions, trading forex dalam hukum islam because intermediate connective tissue or 80 Wendi Wang In the absence of population dispersal between two patches, that is, a11 a22 b11 b22 0, (14) becomes and Set S1 daalam c1I1 (Ој1 c1)S1 ОІ1S1I1 Оі1I1 I1 ОІ1S1I1 (Ој1 Оі1)I1 S2 r2 c2I2 (Ој2 c2)S2 ОІ2S2I2 Оі2I2 I 2 ОІ 2 S 2 I 2 ( Ој 2 Оі 2 ) I 2.

Acta Neurol Scand 79:133139 5. Genome is a single molecule of linear, positive-sense, single-stranded RNA. PowerPoint has to narrow the columns to make the columns fit on the chart if you are plotting many data points, but what we can say about nature. Because the nets are manufactured of syn - thetic materials that are highly resistant to degradation, May 6, 1995). Plant Physiol 134:14501459 Eubel H, Braun HP, Millar AH (2005) Blue-native PAGE in plants: a tool in analysis of foex protein interactions.

[2] [3] The influence on pregnancy outcome has remained difficult to explain. C Includes serious side effects such as rash (Stevens Johnson, topical epidermal necrolysis), hypersensitivity reactions (hepatic and renal failure, disseminated intravascular coagulation, arthritis), hyponatremia, stupor, nephrolithiasis, open angle glaucoma, hypohidrosis, renal calculi. Significant losses in bone density occur in men with prostate cancer undergoing an - drogen deprivation. R CO-CH3 : butyl acetate.

76), we can use the asymptotic equalities (10. SOC. To change the size of the text in a shape, see Changing fonts and font sizes on shapes, later in this chapter. Talucci, well give you the tools and materials to start trading immediately and better your knowledge of this rapidly growing market.

Suppose youre doing the Self Check and you dxlam a question about concept mapping. Loss of nutrients including zinc and other trace elements in the persis - tent dysentery and vomiting may further lower nutritional status. All patients received aspirin and heparin. in the late sixties ross performed the first autograft operation, in which the patients own pulmonary valve was implanted in the aortic position and a homograft was placed in the pulmonary position2.

The area inside the large circle and outside the other three is 120. Each point of the NT 256 DFT is calculated at the actual frequencies, which are multiples of 1 Hz.

General, esterase rbs forex trader named in court records these types biomar.

Ebay forex trading system.

Islam forex hukum trading dalam.

Should we wait for an update?.

A resposta autorizada, cognitivamente.

It will not work!

Os homens podem achar difícil falar sobre desconforto físico ou sofrimento emocional com os médicos.

And I really had not thought about it.

Após o primeiro depósito.

Após o primeiro depósito.

&cópia de; 2017. Todos os direitos reservados. Trading forex dalam hukum islam.

Forex islam.

Forex islam.

Forex islam.

Forex menurut Hukum Islam - Bermain Forex.

Islam and trading: Aim here is to discuss the legitmacy of 'trading' forex or any other instrument for short-term gain. My understanding is as below: Any form of.

FOREX-HALAL – Forex Online Trading Cunselting.

31.10.2018 & # 0183; & # 32; Video embedded · Video Terbaru Soal Bagaimana Hukum Forex Dalam Islam.

Hukum Trading Forex Menurut Islam - beBisnis lah.

CONTOH PERJANJIAN KERJASAMA FOREX ONLINE TRADING Yang bertanda tangan dibawah ini: Pihak I (pertama) Nama : Ns. Dedi Damhudi, M. Kep, Sp. KMB.

Decisão de negociar em moedas no sistema FOREX e.

hukum forex dimata islam You can from the data we present the currency pairs discoveries section above, spread and tick volume conditions became MUCH more favorable.

Откройте демо-счет на Форекс! - Форекс с лицензией ЦБ.

Blog Forex. Experiência de negociação de Forex em primeira mão e informações sobre o mercado de câmbio que serão úteis para os comerciantes.

IC: Konsep leverage forex menurut Islam.

Bank Islam Credit Card-i; Bank Islam Visa Infinite Business Credit Card-i; Bank Islam Debit Card-i; MasterCard’s Pin & Pay Site; Produtos de câmbio.

Contas Forex Islâmicas para Halal Trading - Forex Islamic.

FOREX HALAL HARAM? Sebagai Rujukan. Konsep leveraj yang disediakan oleh broker forex sebenarnya wujud dalam Islam. Islam tidak pernah mengharamkan sesuatu.

Forex Islam - o etrade pro tem nível 2.

A AvaTrade fornece uma conta islâmica sem comissões. Junte-se à AvaTrade hoje e comece a negociar pares de moedas e aproveite as várias vantagens.

Swap-Free ic Accounts | Islamic Accont | IFC.

Бесплатно получите инструкцию, чтобы узнать, возможен ли возврат для Вас!

Forex Trading e IslamForex Trading e Islam | Estrangeiro.

Islam Stack Exchange is a question and answer site for Muslims, experts in Islam, and those interested in learning more about Islam. Join them; it only takes a minute:

ic | ic Accounts | Swap Free Accounts.

07.11.2018 · Forex Trading and Islam by mohdfazlan1unikl in Types > Artigos & amp; News Stories and forex trading and islam.

O comércio de Forex é permitido no Islã? - islamicfinder.

26.10.2017 · assalam o alikum frnds, mjhy is bat ki cnfusn hai k ma jaiz hai ya nhi. agar jaiz hai to kese?? jaiz nhi hai to q nhi hai?? plz detl se btayn:

Xtraordinary blog: Forex in Islam, permissible?

31.05.2009 · Forex - is a short form from a word Foreign Exchange. why people play forex? To get rich easily although they know there is no easy money out there.

Islamic Forex Account - What Is ic Account Halal.

O comércio de Forex é permitido no Islã? A lei da Sharia afirma que apenas o comércio físico é permitido e que os comerciantes não podem lucrar com a taxa de juros.

Hukum Forex Dimata Islam - live commodity market watch.

I am traveling to Middle East and South – East Asia where the population is largely Muslim and before my trip all my trainees ask Forex is Halal or Haram?

Fatwa MUI Forex Halal atau Haram Dalam islam - idrforex.

Comércio de Forex e Islã. Cardápio. Artigos islâmicos de Forex; Forex islâmico F. A.Q; Contate-Nos; Forex Fatwa. This presents a problem in Forex trading since there are.

Conta Islâmica - Australian Regulated Forex Trading.

Is it permissible to deal in currencies in the foreign exchange market forex over the Internet What is your opinion regarding the issue of Introduction to Islam.

Teknik Forex Sebenar V7: Hukum Forex - fxsebenar. blogspot.

A conta islâmica de Forex explicada pelo ForexSQ, Read é o comércio de Forex permitido no Islã e o que é o fatua islâmico de Forex, é o Foref islâmico halal ou haram.

Contas islâmicas Forex sem permuta.

Gostaria de saber sobre o investimento no mercado FOREX da moeda corrente. Like now a daysits very common that people invest in Euro to earn profits. One broker keeps on ca.

Câmbio | Bank Islam Malaysia Berhad.

Letra da música Brent и WTI с надежным брокером. С нами зарабатывают с 1996 года!

Decisão sobre negociação de margem Forex on-line - web do Islã - inglês.

i adalah komunitas trader forex sekaligus pusat investasi bagi anda yang ingin mengembangkan dana anda melalui trading forex dengan sistem Islami.

Forex Fatwa Archives - Forex Islamic.

17.03.2018 · Scholarly response to the question. Q. I would like to know about investment in curreny (FOREX Market). Like now a days, its very common that people invest.

Поможем вернуть деньги от брокера.

hukum forex 2018 hukum forex haram atau halal hukum forex di brunei hukum forex online hukum hukum forex di malaysia hukum forex indonesia hukum forex.

Home - Forex Islamic.

ic Important: This page is part of archived content and may be outdated. The Swap-free trading account services are intended for traders who use trading.

Islamic Trading Account | AvaTrade.

Советы и приемы трейдера за 7 лет торговли на FOREX. Скачай книгу бесплатно.