Islamic Forex

Investments FOREX trading is a very promising investment where we can get a pretty good profit in a relatively short time. Especially with the presence of online forex broker Marketiva forex signals that provide services on the Internet, more and facilitate each person to gain profit in this business even without the need to go through the effort of learning is too long and without having to understand technical analysis / or fundamental real headache.

Earnings of professional forex traders are very far left and the other business actors such as the business of MLM and conventional trade. But then a lot of questioning of the results obtained halal forex trading business is because of its abstract and invisible.

Some Muslims doubt halal futures trading practices. What do the experts looking from Islam?

Do you sell something that is not you, "the Prophet Muhammad, in a hadith narrated by Abu Huraira.

By some jurists (scholars of Islamic jurisprudence), hadith is interpreted saklek. Anyway, every practice of buying and selling goods that do not exist at the time of contract, unlawful. Such interpretation is, inevitably, make the Islamic jurisprudence is difficult to appease the growing period with amendments.

Therefore, a number of famous classical scholar with a brilliant idea, opposed to such a narrow interpretation that impressed. For example, Ibn al-Qayyim. Bermazhab cleric Hambali is of the opinion, that does not really buying and selling goods that are not prohibited. Both in the Qur'an, the Sunnah and the fatwas of the Companions, the ban was not there.

In a Sunna of the Prophet, there are only a ban on selling goods that do not exist, as the ban on some goods that already exist at the time of the contract. "Causa ban legislators or physical defect is not the presence or absence of the goods, but garar," said Dr.. Syamsul Anwar, MA IAIN Yogyakarta LIKE explain the opinion of Ibn al-Qayyim. Garar is uncertainty about whether the goods traded can be delivered or not. For example, someone selling a lost camel. Or sell the property of others, but it is not authorized by the concerned.

Thus, although at the time the contract goods are not there, but there is no certainty held at the time required so that could be handed over to the buyer, the sale is legitimate. In contrast, although the goods already exist but - for one reason or another - maybe not left to the buyer, the sale was invalid.

Futures trading, obviously, not garar. Because, in berjangkanya contract, type of commodity bought and sold have been determined. So also with the quantity, quality, place and time of delivery. Everything runs on the tracks official rules are strict, in anticipation of the occurrence of irregularities in the form of fraudulent practice - something that could also occur in practice rather buy conventional.

In the perspective of Islamic law, the Commodity Futures Trading (PBK) (forex is part of the CPB) can be put into a category almasa'il almu'ashirah or legal problems of contemporary Islam. Therefore, its legal status can be categorized to the problem ijtihadiyyah. Classification ijtihadiyyah into the region fi ma la nasha FIH, ie who do not have any legal issues legal reference texts for sure.

In the category of al-Sahrastani legal problems, he belongs to the paradigm of al-qad nushush intahat wa al-waqa'I la tatanahi. That is, the legal texts in the form of the Qur'an and Sunnah has been completed, no longer any extra. Thus, cases of newly emerging law must be given legal certainty through ijtihad.

In the case of CPB law, ijtihad can refer to the theory of law changes introduced by Ibn al-Jauziyyah Qoyyim. He explains, the fatwa law may change because some changing variables, namely: time, place, intent, purpose and benefits. The theory of legal change is derived from the paradigm of jurisprudence from his teacher Ibn Taymiyya, who declared that a-haqiqah fi al-a'yan la fi al-adzhan. That is, the truth of the law is found in empirical reality, not in the realm of thought or idea of ​​nature.

The paradigm is derived from Islamic law principle of justice which the Qur'an used the term al-mizan, a-qisth, al-wasth, and al-adl.

In its application, specifically the problem EAPs can be incorporated into the field of study fiqh al-siyasa maliyyah, namely the law of political material. In other words, CPB including the study of Islamic law in the sense of how Islamic law is applied in matters of property ownership, through the trading of commodity futures in the era of globalization and free trade.

The most likely realization in order to protect the actors and parties involved in trading commodity futures in space and time as well as consideration of the purpose and benefits today, in line with the spirit and sound of Law no. 32/1977 on CPB.

Because the theory of legal change as described above, can show the elasticity of Islamic law in the institutional and economic practice, the CPB in the Islamic legal system can be analogous to the bay 'al-salam'ajl bi'ajil.

Bay 'al-salam can be interpreted as follows. Al-salaf al-salam or bay is' AJL bi'ajil, namely trade in something with the provisions of its properties are guaranteed the truth. In such transactions, delivery of ra's al-mal in the form of money as the exchange rate takes precedence over the delivery of commodities in question in the transaction. Syafi'iyah clerics and Hanabilah define it: "Akad top commodity trading given the nature of guaranteed deferred (futures) the price specified in the contract market".

The validity of futures transactions, determined by the harmony and the fulfillment of conditions as follows:

Pillars as the main elements that must exist in a transaction event key elements in the bay 'al-salam is:

The parties transactors ('aqid) termed ilaih Muslims or Muslim.

Transaction object (ma'qud alaih), ie goods and the price of the commodity futures exchange (ra's al-mal al-salam al-Muslim and FIH).

Sentences transaction (Sighat 'aqad), namely consent and granted. Noteworthy of these elements, is that consent and qabul expressed in language and sentence that clearly shows the futures transaction. Therefore, scholars emphasize the use of the term Syafi'iyah al-salaf al-salam or in sentences that transaction, arguing that the 'aqd al-salam is the bay' al-ma'dum with the nature and different ways of selling and contract buy (buy).

Conditions

Requirements regarding the transaction object, are: that the object of clarity regarding the transaction must meet: the type (an yakun fi jinsin ma'lumin), its nature, size (levels), term delivery, exchange rates, place of delivery.

Requirements to be met by exchange rates (al-tsaman), is, first, the clarity of the type of exchange, ie dirhams, dinars, dollars or dollar, etc., or items that can be weighed, disukat, etc.. Second, the clarity of the type of exchange is dollars, U.S. dollars, Singapore dollars, and so on. Are the scales agreed in kilograms, pounds, etc..

Clarity about the quality of the transaction object, whether a special quality, whether moderate or bad. The terms above set with the intention of eliminating jahalah fi al-'aqd or excuse ignorance conditions of goods at the time of the transaction. Because this will result in disputes between the transactors, which would undermine the value of the transaction.

Clarity of exchange rates. Brief explanation of the above seems to have been able to provide clarity permissibility CPB. Even if in practice there are still those who feel disadvantaged by laws that exist, it can be used the rule of law or legal maxim which says: ma la yudrak kulluh la yutrak kulluh. What can not be implemented all of them, then do not have to be abandoned entirely.

Thus, the law and the implementation of the CPB until certain limits may be declared unacceptable or at least compatible with the spirit and soul of the norms of Islamic law, to analogize to the bay 'al-salam.

بسم الله الرحمن الرحيم

In his book Prof.. Drs. Zuhdi Masjfuk entitled Masail fiqhiyah; Capita Selecta of Islamic law, is obtained that the Forex (Forex Trading) is allowed in Islamic law.

Trading foreign exchange arises because of the trade in goods / commodities between countries which are international. Trade (Export-Import) This would require a means to pay the MONEY that each country has its own provisions and different from each other in accordance with supply and demand among these countries which raised COMPARATIVE VALUE OF CURRENCY between countries.

Comparison of the value of currency between countries or concentrated in a STOCK MARKET which is international and bound in a mutually beneficial agreement. Value of the currency of a country with other countries is changing (fluctuating) at any time according to the volume of demand and supply. The existence of demand and supply are what caused the transaction currency. Which clearly is the exchange value of different currencies.

ISLAMIC LAW in FOREX TRANSACTIONS

1. There Ijab-Qobul: -> There is an agreement to give and receive

* Sellers deliver the goods and the buyer pays in cash.

* Ijab-Qobulnya done with oral, written and messengers.

* Buyers and sellers have full authority to implement and perform legal acts (mature and sensible)

2. Qualify the object of transaction, namely:

* Sacred things (not unclean)

* Can be used

* Can be handed over

* Obviously the goods and the price

* For Sale (purchased) by the owners themselves or their proxies on the owners permission

* Items already in hand if the goods obtained in exchange.

It should be added to the opinion of Muhammad Isa, that the sale of shares it is allowed in religion.

لاتشترواالسمك فیالماءفاءنه غرد

"Do you buy fish in the water, because the actual sale so it contains a fraud". (Hadith Ahmad ibn Hambal and Al Bayhaqi from Ibn Mas'ud)

Buying and selling goods that are not in place of the transaction is allowed on condition that must be explained its properties or characteristics. Then if the goods in accordance with the description of the seller, then the purchasing sale sahlah. But if it does not fit the buyer has the right khiyar, that may continue or cancel the sale purchasing. This is in accordance with the traditions of the Prophet narrated by al Daraquthni from Abu Huraira:

من سترئ شيتالم يرهفله الخيارإذاراه

"Anyone who buys something he did not see it, then he is entitled khiyar if he had seen".

Buying and selling yields are still hidden, such as cassava, potatoes, onions and so on are also allowed, as long as given for example, because it will have difficulty or loss if it should release all the pent crops for sale. This is in accordance with the rules of Islamic law:

المشقة تجلب التيسر

The difficulty is appealing ease.

Likewise, buying and selling goods that have been wrapped / sealed, such as canned food, LPG, etc., asalkam labeled explaining its contents. Vide Sabiq, op. cit. things. 135. Regarding the text of the rules of Islamic law mentioned above, vide Al-Suyuti, Al Ashbah wa al Nadzair, Egypt, Mustafa Muhammad, p. 1936. 55.