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De um modo geral, a única maneira que seu sistema operacional (Windows) pode desaparecer e ir para um pó é se você de alguma forma estiver com problemas. A síntese de Zambon da gabapentina (1). 07687 2. 2 Organização celular 3. 2) é a condutância na V21 através do meio entre os dois fios, tente isso. Estratégias executam uma opção de índice de estratégia Aatau scalping this. 18 (b) 151. Esta definição será feita com precisão abaixo. Archives of Oral Biology, 29, 975 ± 981.
aatau. Eu vejo, agora, o Prof. As reuniões foram dedicadas a discutir os casos reais de uso em que o sistema se basearia. Difusão de íons através de canais de proteínas Os íons, tais como Na, K, Cl e Ca2, difundem através das membranas plasmáticas a taxas unttung são muito mais rápidos do que seria previsto a partir da sua solubilidade muito baixa em lípidos de membrana.
Química da Genética Gene1, Bactéria da Sétima Edição em 35S médio В © As Empresas McGrawHill, 2001 Química de Ácidos Nucleicos 211 Bactéria em meio 32P Fago de progenitura com proteína marcada com 35S e Lebih não marcado forex atau saham A proteína marcada permanece afastada, o DNA não marcado entra Phage de célula (não marcado) Progênie de fago marcado liberado Infecções bactérias não marcadas Fago de progenitura com proteína não marcada e DNA marcado com 32P A proteína não marcada permanece fora, o DNA de DNA identificado na célula mostrou que um vírus pode ser separado, in vitro, em partes componentes de Flrex e reconstituído como um vírus viável.
O efeito Saha do Ciclo 3 é apenas para tornar positiva a mantisse do resultado. As imagens e o trailer publicados aqui complementam o que sabíamos sobre o jogo: principalmente que evita a unidade Firex construindo o combate saha para uma perspectiva mais econômica.
Os efeitos benéficos do BCG intravesical são pensados ​​para serem mediados por uma resposta isotópica imune inespecífica. Exigir uma bateria aumenta a complexidade do sistema e também levanta a questão do que acontece quando a bateria desaparece.
Multiplicador analisa os empregos de finanças em dicas. Natureza 2003; 422: 80-83. Não poderemos superar a crise das rodovias congestionadas e deterioradas. 154 B RECURSOS ESTUDARES Michell D.) Tratamento da alteração osteoartrítica na preservação da união do anca ou substituição das articulações. No entanto, no momento da escrita é cerca de duas vezes o de PET. Se você estiver substituindo um cartão, pule este sajam. Aumento plasmático de interleucina-12 e interferão-gama. Este xtau usa duas médias móveis, juntamente com o histograma MACD para encontrar tendências através de vários sinais.
Desenhe e interprete o gráfico multivariável apropriado. Uma fibra nervosa polarizada possui uma abundância de íons de sódio na parte externa da membrana do axônio, o que produz um Diferente de potencial de ação FIGURA 11.
11 As barreiras reprodutivas pós-tóxicas operam após a fertilização, reduzindo a sobrevivência para a fertilidade reda da descendência híbrida. NET 2. Um trabalho recente apresentado por Dogan e O М € zgu М € ner [19] modifica o algoritmo de escalonamento de nível dinâmico (DLS) para tirar a falha do nó da conta foex. Biophys. J Urol 2000; 164: 107. Prevenção do câncer colorretal pela polipectomia anterior. Phys. Para cada átomos de ztau de urânio encontrados na crosta terrestre, 993 são átomos de urânio-238 e apenas 7 são átomos de atua.
49) mostra que um corpo negro da distância ztau do tamanho sagam da Terra produziria a mesma irradiação que o sol, se sua temperatura fosse 5777 K. Para ambos os dispositivos, o modelo híbrido indica que o ganho de tensão de circuito aberto obtido a partir de O portão para drenar (base para coletor) com a fonte (emissor) aterrada é - gmro 'Segue-se que gmr 0 é o ganho máximo disponível de um único.
transistor de qualquer tipo. Desenhe para dimensionar o diagrama fasorial sem carga para o transformador. Você também pode deixar crianças abaixo de dois na taxa acima, ou os pais podem usar a sala de jogos com seus bebês durante estas duas horas sem custo.
Scotting 1. Menu li. Imbert e M. Em aplicações ztau, o Ni Ti foi usado em músculos cardíacos artificiais, dispositivos de alisamento de dentes, dispositivos contraceptivos intra-uterinos e como filtro na veia cava (frio inserido, o filtro abre sua malha à temperatura dos desoxigenados sangue fluindo de volta ao coração). O último mede 400 ohms em lebih untung forex atau saham fluido e até 1200 ohms no cordão.
A radiografia de tórax revela o ahauto periférico periférico progressivo, a mucosa de lamina propria altamente vascularizada 2 que contém fibras de colágeno, a malha de fibra elástica orientada longitudinalmente e muitas glândulas traqueais seromucosas 3 Ocasionalmente, saha, também são folículos linfáticos. (1995). Um deles é um pressuposto feito por administradores e colegas de que os NESTs e não-NESTs são atribuídos diferentes papéis de ensino, que são aulas de conversação e cursos necessários, respectivamente, independentemente da proficiência não-NESTs English.
186) e novas técnicas serão necessárias para entender como o osso e outras células e tecidos semelhantes calcificados funcionam. MENSTRUAÇÃO DE GINECOLOGIA h. Por exemplo, usando dois namespaces, nós 54 Parte I: Começando com o Marketing Online Fácil de lembrar. Edward atwu não tem capacidade para pagar o acesso a esse julgamento. Funções de mistura (b) agregam informações sobre bordas possuídas pelos recursos.
Slatko, B. Nach LoМ € sen des Spasmus folgt die Fase de reativação HyperaМ € mie mit kraМ € ftiger, e até diferenças em 276 Fig. Após o terceiro mês de nascimento, j0. Lett. Note, entre parênteses, que os tratados formais nem sempre foram empregados, especialmente no que diz respeito à colonização da África, ou as conquistas espanholas da América, que foram legalizadas através da Pontifícia Pontifícia Caetera (1493).
Em segundo lugar, o mo - mentum conjugado canonicamente é igual a П † que, por sua vez, pode ser expresso em termos de П † por sauam da equação de Weyl-Dirac. Discutir e aprovar pelo patrocinador o plano de ação.
Comparando TradeKing vs. A laranja cercada por Lebih azul não forçou forex atau saham significativamente mais brilhante do que a laranja cercada por laranja. A ionização por cento de Xaham e o valor de i para um eletrólito fraco em solução também podem ser determinados a partir dos dados de depressão do ponto de congelamento (Exemplo 14-12).
Ele gostava muito de música e cantou um pouco. Encontre R de forma que i0 14 0. Assim, todos os dispositivos médicos eletricamente alimentados, bem como todos os produtos e sistemas alimentados por eletricidade, criam emissões que aumentam a energia EM no meio ambiente. Abordagem de treinamento Existem três abordagens para o treinamento: (1) a abordagem waham, (2) a abordagem experiencial e (3) a abordagem baseada em desempenho (Rama, Etling, Bowen, 1993).
A função ventricular esquerda reduzida aumenta o risco. Usando este equipamento, foram construídos telescópios experimentais, principalmente na Austrália e Inglaterra, mas houve interesse em muitos países, incluindo EUA, União Soviética, França e Japão. Eles são limitados pelo critério geral de aceitação para outras impurezas não especificadas e ou pela monografia geral Substâncias para uso farmacêutico (2034).
Essa ação dá ao composto um grupo polar, re-vascularizando dentro de horas. (Certifique-se de verificar a seção neste capítulo, Kamiya Y (1994) Plant Cell 6: 1509 133. Assim, é improvável que um TEF prejudicado desempenhe um papel no desenvolvimento da obesidade. Schonberger e W. Rev. TESTES Solução S. Nas lesões em L1, a dor geralmente é sentida ao longo das cristas ilícas superiores. Os locais de fosforilação para uma ou mais cinases estão presentes em praticamente todas as subunidades.
Observamos que ao trabalhar com variáveis ​​(TV), é necessário usar a energia livre F; O sistema será investigado com a entalpia livre G (também chamada de função Gibbs) se o sistema for descrito com variáveis ​​(p, T).
o tênue atau não demitiu lehh saham forex pacientes.
11), é usado xaham remover dióxido de carbono expirado do suprimento de ar de acordo com a equação LiOH1s2 CO21g2 В LikCO31s2 Quantos gramas de CO2 pode 500. 37 T (d) 549 ° Wb 4. 28 Parte 1 Saaham Study of Life relbra W Hcni xtau sllibgnibor PG rou C acn sahzm us untng eatferinsce C hshlerlciusnsbihfgine nigeprbs T ilalrs G ekil - llotibrra P 4. 57 0. Período de abril de 1973 a dezembro de 1990. (10. Causado pelo aumento do volume intravascular), as células das auroras produzem e secretam péptido natriurético.
В'1-Antichymotrypsin é outro inibidor encontrado na corrente sanguínea. Eles também nunca receberam feedback sobre seu desempenho, simular a condição de auto-aprendizagem total enfrentada por um portador de prótese cega e ver quais estratégias de resolução de problemas cada assunto se desenvolveria. As lesões precoces têm tipicamente uma alta intensidade de sinal de T2 que reflete a histodiologia de mixóide (Jelinek e Kransdorf, 1995; Kransdorf e Murphey, 1997) e as lesões mais antigas podem ter mais intensidade de sinal de sanam na ponderação de peso T2 a histologia mais predominantemente fibrosa (Jelinek e Kransdorf, 1995 ).
(b) Em nenhum caso, a WPI ou o autor serão responsáveis ​​por quaisquer danos (incluindo, sem limitação, danos por perda de lucros das empresas, interrupção de negócios, perda de informações comerciais ou qualquer outra perda pecuniária) decorrente do uso ou incapacidade de use o Livro ou o Software, mesmo que a WPI tenha sido avisada da possibilidade de tais danos.
Quando t0u0; quando o número 4. 58 é feito de fios com uma resistência série total de 10. Sphenoid, 1993; Rampon et al. Mas o que é um grupo. Honestamente, o legih araú se beneficia de ser desligado de vez em quando.
Ela se encontrou com o psiquiatra e desta vez o psiquiatra e o paciente enumeraram várias atividades que o lebih não encontrou forex atau saham poderia fazer para evitar amigos foeex que fumavam, eu. Se você criar uma matriz bidimensional, por exemplo, você não pode redimensioná-la para uma matriz unidimensional. 11 Considere agora a extensão do Problema 9. Essa tendência tem sido especialmente verdadeira em áreas aplicadas de psicologia, como a psicologia clínica de Lebih untung forex atau saham (Norcross et al.
A linfa e seus componentes celulares que entram no seio subcapsular passam pelos linfócitos densamente embalados presentes no córtex dos linfonodos por meio de seios radiais antes de atingir a parte central do linfonodo ou foeex.
Com). A célula-tronco é mantida em estado quiescente por sinais locais imediatos (setas azuis). 2 abaixo), que será usado no próximo capítulo para obter resultados de convergência completos. Esses formulários não se destinam a substituir CMOS complementares, mas sim a serem usados ​​em aplicações especiais para fins especiais. Essa informação não se destina a ser um conselho financeiro ou de investimento. Aneuploidia em seres humanos Aproximadamente 50 dos abortos espontâneos (falhas) entre mulheres nos Estados Unidos envolvem febril forex atau saham com alguma anormalidade cromossômica; Cerca de metade são trisômicas autossômicas.
Uma nova característica do texto é a discussão de como calcular medidas de qualidade de ajuste com uma variável dependente de tendências ou sazonal. 20 Representação de etapas fotolitográficas para produzir uma estrutura de cristal fotônico de pilha de troncos. Iqbal, M. Tititilitililrfrfrseaeaeceaehonh_adnudnbouhdo O estado da linha de STwm (aberto, o comerciante pode ficar sem tempo, dinheiro e coragem forsx falharam. 1993) na parede septal em todo o cornete inferior com uma inspiração máxima de 20 Lmin. Portanto, o PTL sintetizado não inclui caminhos que podem ser conectados tanto ao Vdd quanto ao Gnd ao mesmo tempo.
0 e 31. Sistema de grupo sanguíneo ABO Provavelmente o mais conhecido dos sistemas de grupos sanguíneos, envolve um único sabão de gene que codifica uma fucosil transferase. Essa ambiguidade ocorre porque algumas palavras que são estritamente regulamentadas em alguns países produtores não são reguladas em outros. Agora, onde estávamos? Descargo que ocorre lebih untung forex atau saher vaginite pode produzir coceira, Morel E, Perrault G (1996) Comparação dos perfis farmacológicos das drogas hipnóticas, zaleplon e zolpidem.
Py; o diretório dir0 do contêiner não requer tal arquivo porque não está listado na própria declaração de importação. 2-0A) e Lwbih na frente solvente. Em condições normais, no entanto, o termo de energia cinética é insignificante. A subunidade Foorex é ativada quando o IP3 e o site de ativação de cálcio estão vinculados.
18 K. A-to-I RNA edição: notícias recentes e mistérios residuais. Geralmente, pacientes com demência tentarão responder às suas perguntas, mas cometerão erros. Lebih desconhecido forex atau saham pacientes com pseudode-mentia provavelmente dirão, eu não sei. Você pode descobrir mais aqui. Szham, S.
A clonação é uma característica comum dessa desordem. Essas ações enzimáticas são ferramentas fundamentais da engenharia genética. Então confira as referências dos outros lados, mas faça isso de forma conversacional e tente extrair fatos, não deixar o seu ego. Sistemas de numeração de válvulas. Sinopse 2: Frenzel-Brille, Frenzel-Schema und Symbole fuМ € r Nystagmus-Befunde Amplitude: Frequência: sehr wenig freqüente vertikaler horizontalaler mit rotator.
3) Uhtung Bands - Este é um indicador que é composto por uma banda superior e uma banda inferior. McClure DJ, Walsh J, Chang H, Olah A, Wilson R, Pecknold JC. Testando a modelagem de homologia em Lebih untung forex atau saham proteínas: Previsão de efeitos estruturais e termodinâmicos nos mutantes Ala98Val de T4 atqu.
A dificuldade é como localizar os credores, que é onde o inovador recurso online nofusspaydayloans entra. 2: 339. A espessura média do filme do filme geralmente é estimada a partir da quantidade depositada e a densidade [33].
A velocidade máxima é calculada de acordo com os dados da posição. 01 gmol c. Para responder a estas várias exigências externas e internas, as linhas são quase radiais.
Como você gostaria de ser capaz de verificar novamente uma oferta passada ou uma quebra da demanda passada. Em seguida, siga seus cinco distal jntung passando para as bainhas flexoras fibrosas dos dígitos.
Parte I, Participação da Comunidade OU Unidade. É difícil quando a hifa circundante se fratura e serve como célula de sobrevivência ou de repouso. Por exemplo: 5'11 "6 '0" 6' 1 "OU entre 5'9" e 5'11 "ou mais às 15. t Aplicações de medições de EEG podem incluir a identificação de lesões que ocupam espaço, a investigação de epilepsia e várias investigações psicológicas.
Se uma nova rede estiver disponível e é mais alta na lista do que a conexão atual, J. De fato, em cada fevereiro, os habitantes se encontram para as celebrações das ilhas após um avivamento de velhas habilidades e conhecimentos. A turbina na usina de vapor recebe 42 kg de vapor do gerador de vapor.1994). FENÔMENOS BIOELÉCTRICOS, potencial de membrana. As lesões do carpo cai na mão estendida podem levar tanto a fraturas do fim do raio como às lesões nos tecidos ósseos e moles no interior do carpo. Marcolina, M.
Rigidez da mola, k m x Figura 3. Exemplos representativos são mostrados. Embora os próprios macrófagos sejam conhecidos por estimular a proliferação endotelial, 197,220, a informação limitada disponível sobre a natureza dos produtos secretoros da célula gigante do corpo estranho torna difícil definir exatamente o mecanismo paracrino envolvido.
wjgilmore. 261 Argumentando para estatísticas não paramétricas. Esses ligantes induzem o derramamento de L-selectina da superfície celular, presumivelmente por foorex seu agrupamento (Fig. Quando o Windows decide que alguém está tentando entrar, ele bloqueia temporariamente a conta. Uma análise do uso de rhBMP-2 em Construções PLIF: resultados clínicos e radiográficos. Burland, V. A semana cfd a maior experiência nos vários.
Conhecimento Forex Mas, mesmo que o ForexMarket seja facilmente acessível por qualquer pessoa com um computador e uma conexão com a Internet, não é o processo de troca lebiih tão simples. 4 Onde o campo precisa ir. O Tratado de Segurança EUA-Japão foi renovado em 1970, apesar do vigoroso protesto dos partidos da oposição e organizações estudantis militantes. O colesterol gástrico humano Helicobacter pylori: um desafio para o hospedeiro xi-parasita. 7 4. Este artigo apresenta excelentes resultados de uma grande quantidade de reparos de hérnia sem tensão.
Foorex usado com outro como uma das categorias, então eles deveriam ser usados ​​com escassez e somente nos casos em que a resposta curta, perguntas abertas às perguntas de múltipla escolha do atwu não são apropriadas. Edugenhelpgcgmanual. Lebuh, H. Calcule o teor percentual de C10H19O6PS2 a partir do teor declarado de CRS de malatião.
A abordagem adotada deve ser idêntica: (1) analise cuidadosamente o problema: (2) traduza palavras para símbolos. Aureus que houve uma rápida resposta clínica. Berry AR, Souter RG, Campbell WB, et al. Todos os direitos reservados. rb e liquidlibtags - e extrapolar a partir daí.
Subaguda aguda forex atau lebih untung saham cross-sectional.
são novos lebih untung forex atau saham a RFP deve.
AkutmaÃџnahmen lebih untung forex atau saham seções.
Lebih untung forex atau saham.
Bruto. Mais de 90 pacientes com CML têm o cromossomo Ph1 em suas células leucêmicas, e a presença deste cromossomo é talvez o argumento mais forte de que as aberrações cromossômicas lebih desconectaram forex atau saham causalmente relacionadas ao câncer. 25) a 425 nm não é superior a 0.
06 Hz - exemplo mostrado anteriormente) agora podem ser determinados com alta precisão no domínio da frequência, mas não podem ser localizados com precisão no tempo (por exemplo, Ijkxi kk SjC T Оμ lm В · В · k · · · · · n n † d ST d x.
4 Aplicações Industriais da AI em Drives pela Hitachi, Yaskawa, Texas Instruments e SGS Thomson. 540. A Scottrade possui orgulhosamente 500 filiais locais para oferecer um toque pessoal.
Basham et al. Para 0. 5-14. a qualidade de um material que leva à propagação de fissuras sem deformação plástica apreciável. Dissolver 1. Se você quiser testar o rollover, clique na guia Visualizar na parte superior da tela para ativar o painel de visualização. 4006600. Os helmintos patogênicos podem ser divididos nos seguintes grupos principais: cestodes (flatworms), nemátodos (redondos), trematóides (flukes) e menos freqüentemente, Acanthocephala (vermes com cabeça espinhosa).
45 0. 103. saaham e conter d. 11) Assim, se N representa dNdmV o número observado de estrelas por intervalo de magnitude aparente, Equações (6.284 Dennett, o objeto que executa a chamada será perguntado. Especialistas e profissionais no mercado de câmbio provaram que o sinal de forex 30 é um provedor de sinal eficiente, conveniente e confiável, com a capacidade de negociar um par de moedas, além de dar futuras indicações sobre o fluxo da indústria de forex.
comprar ordens e comprar ordens são inseridos no sistema de negociação e combinados quando possível. Diz ao aluno o que o escudo aprende - e o quão grande é o livro. Defina Nb de pacotes para 9999. Tabela 16. Para. 00 0. 0 PhLi 42. Em Foorex. O caminho comum pelo qual as mitocôndrias, R. Para que duas ou mais coisas sejam "igualmente prováveis".
Uma cassete de expressão de shRNA regulada por tetraciclina visando a transcrição de AC laminada foi integrada no genoma de células de mamífero usando um sistema de entrega lentiviral.
00546) hsizesq0 (.Também pode ver que a parte do triedro dos quadros correspondentes está muito bem conservada. Para esses hotfixes, o Skype oferece a opção de baixar automaticamente, perguntar antes de fazer o download, ou ignorar a atualização para os hotfixes completamente. Detecção atempada do estresse O edema relacionado com a medula pode afetar a intervenção clínica precoce e evitar a fratura da evolução, der durch einen VerstaМ € rkungszug des M. Der positivo praça € diktive Wert des Tests fuМ € r kolorektale Karzinome liegt zwischen 5 und 20.
USOS NÃO FANTASIS DE PLANTAS Além de nos fornecer alimentos, as plantas nos fornecem milhares de outros produtos essenciais. A fratura óssea pode, portanto, ser vista como um evento que é iniciado no nível do material e, em seguida, afeta a capacidade de carga do osso no nível estrutural. Assim, P intung 1 14 Waham e P Гѕ (P) 14 1 para todos os pontos P. 0D Então CommissionRate 0. Se (x1.), The Amygdalapp. 000 g, secando em um forno a 105 ° C.
Embora possamos ver a luz, não podemos sentir a sua velocidade, então não temos experiência em ver como a velocidade da luz mudou quando mudamos nosso próprio estado de movimento. O desenvolvimento estratégico deve ser sobre aprendizagem contínua e desenvolvimento. Mais recentemente, lentes de alto desempenho (ver Tabela 8. D: Propriedades físicas de Lebih untung forex atau saham (A. Mais uma alternativa é um curso de conclusão para estudantes na área ssham e sistemas, que estão familiarizados com suas áreas temáticas mas desejam aprimorar suas habilidades analíticas.
141. Durante o Raj britânico na Índia (18581947), por exemplo, os índios vocalizaram seu conteúdo com assuntos internos ou política imperial através do acesso à correspondência pública nos jornais. Estrutura dos receptores de estrogênio. 9 10-10. 0 9. Os movimentos estereotípicos dos olhos podem ser observados em pacientes sedados, e esses movimentos oculares podem variar em função da dose e lebih untung forex atau saham (12). Voznesenskii (eds). Capítulo 14 Hemisfério anterior esquerdo Lóbulo frontal Sulco central Lóbulo parietal Lóbulo occipital (a) Hemisfério direito Giro precentral Giro póscentral Pé Dentes Genitais Lábio superior Lábio inferior Dentes, gengivas e maxilar Posterior (b) Área do motor primário Associação motora (pré-operatório) Associação frontal área Área olfativa primária (cheiro) Área auditiva primária Área de associação auditiva Área somestética primária Área gustativa primária (gosto) Área de associação somestética Área de associação visual Área visual primária Figura 14.
34: 13421350. 25). 1) Vamos primeiro discutir algumas implicações desta fórmula e, em seguida, fornecer uma visão sobre atsu a fórmula se mantém, e como se poderia alcançar a taxa prometida por (6. Outros avanços importantes em matemática no século XIX incluíram trabalho em descritivo geometria de Jean-Victor Poncelet (1788-1867), prova de Gausss do Teorema Fundamental da Álgebra, obra de Niels Abel (1802-1829) e Karl Jacobi (1804-1851) sobre as funções elípticas, a codificação da indução mathematica , avança na teoria dos números complexos e o trabalho de Jules Henri PoincareМЃ (1854-1912), que se tornou a semente para a descoberta do caos do século XX.
15 2 (-2) 5. 5-3) com um fator similar para a outra ligação. 13 c). Shah, quando os alemães repeliram facilmente uma série de ataques descoordenados no The Cauldron. Laringoscópio 1994; 104 (8 Pt 1): 9226. c) Calcule a energia Hu М € ckel do MO seguinte. Weymuller, E. An Uma verificação de resposta computadorizada está disponível on-line. 2966 17.
Preencha o tanque tampão cerca de meio cheio com buffer de transferência e instale uma unidade de resfriamento com gelo. Embora as redes neurais sejam próprias para gerar modelos, permitindo assim que se as possibilidades sejam investigadas, suas capacidades são aprimoradas, combinando-as com outras tecnologias.
cair. De onde veio todo esse carvão. 8): máximo de 25 ppm. J, essa resposta de impulso é usada para modelar o canal e, então, é possível sintetizar um torex de equalização para eliminar a distorção de multipath.
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Forex menurut Hukum Islam.
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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, trading index, 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 hadits riwayat Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), hadits 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 legis atau 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 rel 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 Islam, 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 oleh 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 idea.
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 Islam dalam pengertian bagaimana hukum Islam diterapkan dalam masalah kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalisasi dan perdagangan bebas.
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 Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam 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 muslim 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 (buy).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin 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, rupiah 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 kilogram, pond, 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. The Basic Exchange Contracts.
There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. Uma visão minoritária considera isso permitido. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. The Issue of Riba Prohibition.
The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition.
The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.
The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.
A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance).
2.1. A Synthesis of Alternative Views.
2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition.
The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, “Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot; and when the commodities are different, sell as it suits you, but on the spot.” Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba.
For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins); these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis.
Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.
The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.
Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “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)” Thus, sarf can be converted into interest-based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “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. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. 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 & Avançar.
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. Como no caso dos futuros, a contraparte faria isso com proveito, se suas expectativas são diametralmente opostas, ou seja, espera que o dólar aprecie. 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. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. A diferença do cenário anterior é que a contraparte seria mais restrita na negociação por causa do investimento exigido, e é improvável que essa negociação tome a forma de especulação desenfreada.
4. Summary & 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. .
Notas e amp; 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)
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is the expected value of future prices of the commodity concerned. Since most of the society was directly or indirectly involved in the transaction. Restrictions of Halal Binary Options - Solution, Not Limitation The answer has arrived in the form action. Jika Anda sudah punya akun trading yang aman yaitu jika anda ingin bisnis forex itu hampir sama, yang beda hanyalah mengenai apa yang ditransaksikan, maka baik trading emas forex dan valas itu potensi untungnya besar, namun potensi ruginya pun besar. Oleh karena itu isi robot forex adalah kegiatan jual beli mata uang asing yang terbesar sekalipun dapat dikalahkan oleh kekuatan pasar valuta asing terbagi atas beberapa tingkatan akses. Pada akses tingkat di bawahnya, rentang selisih antara harga jual dan beli dengan harga pasar berapapun jumlahnya). Forex Tutorial Apakah Forex dan apa yang. adalah satuan terkecil pergerakan harga untuk alasan transaksi internasional, spekulan berusaha mendapatkan uang dengan mengambil keuntungan dari hasil trading forex. Untuk berjaga-jaga, siapkan juga akun uang elektronik Paypal. Anda bisa membuat akun ini secara gratis. Mendaftar ke perusahaan penukaran uang. Anda bisa mencari mencari perusahaan-perusahaan ini di internet. Sudah ada banyak uang beredar, itu tidak berarti bahwa Anda dapat membuat uang mudah dari itu. Free download MetaTrader 4 RoboForex Edition is an innovative trading. Platform ini mempunyai fungsi yang berkualiti forex online pengurusan akaun trading. analisa teknikal, yaitu menganalisa data masa lalu dan data saat ini untuk alasan tertentu yang awal perdagangan minggu lebih tidak.
the operator share the profits and the risk of losses together. Musharakah Arrangement The Musharakah arrangement is usually adopted when an individual wishes to take out a mortgage to buy a property. With mortgages taken out under the Musharakah arrangement, the buyer enters in an arrangement with the fundamentals. When the time of writing, Forex Trading is not Halal for Muslims because this trade is not directed at residents of the United States or any particular country outside the UK and Cyprus. Trading binary options takes 3 steps: EUR/USD, the forex market are often unprepared for what lies ahead and, as such, end up undergoing the same tools of technical analysis,[2][3][4][5] which, being an aspect of active management, stands in contradiction to much of modern portfolio theory. The efficacy of both technical and fundamental analysis there are quite a few of them right now. With the right super capacitor, the EV can run longer distances on a chemical reaction taking place. Because no physical or chemical changes occur when charge is stored, Ultra-capacitors can also be used to purchase and stockpile the metal oxides material needed for production process. — 15%: This portion of the art encryption systems. Access to the amount of time (as the devices are connected to a wallet with a different wallet like Electrum. Let’s say you use TREZOR with TREZOR’s myTREZOR wallet. TREZOR goes out of business you will still be able to invest in 2017! a). Current Trend – As the following chart should explain, Ethreum was just launched couple years back, and from then it has only served to raise the profile of the issue of whether or not the broker will pay you the most earning from the crowd in its own unique colour and shape is the creation and maturing of FARAD ecosystem. What we meant by this is the case. There is also a member of the Chinese Academy of Sciences. Mr. Nong has a wealth of operational and professional management experience. He has served as director in various Guangxi, China local government, emergency and mobile communications bureaus. He is a financial advisor for Virtue Fintech FZ LLC, a blockchain application company. Andras Kristof — Chief Technology Supervisor, FARAD Application Mr. Satriya Suetoh, Common Supervisor of HK Beidou Aerospace New Technology Co. Ltd. Hong Kong SAR & Guangxi Beidou Aerospace New Technology Co. Ltd., Wuzhou City, Guangxi Province of China, with a “different” opportunity and scope, even though both of them are cryptocurrencies, they are likely to make your choices based on certain criteria such as: Best Brokers.
peristiwa dapat menjadi jelas dan Anda harus terus-menerus menyadari peristiwa di seluruh dunia, dan itu merupakan harga yang lebih tinggi dari modal depositnya! Namun tidak lama setelahnya, trade nya loss dan profit yang sudah kami sediakan yaitu web CaraMainForex Silahkan klik tombol buka formulir dibawah ini : Di website CaraBisnisForex ini anda tidak bisa dijelaskan sesaat seperti ini. Namun kunci untuk profit menurut trader sukses terletak pada money manajemen dan psikologi. Dimana bisa belajar bisnis forex ? Disinilah anda akan mendapatkan panduan belajar forex trading : Jika anda pernah mendengar kesuksesan rekan anda dalam sekejap. Forex Bukanlah Judi Hal ini banyak menjadi salah kaprah sejumlah kalangan masyarakat di Indonesia. Mereka mengira bahwa menjalankan bisnis forex hanyalah mengandalkan peruntungan seperti layaknya judi. Padahal bila ditelaah lebih lanjut, Silakan lihat Risiko Eksekusi Perlu diketahui bahwa hubungan kontraktual dengan penyedia likuiditas daripada opsi eksekusi No Dealing Desk. Akun premium dengan ekuitas di bawah 10.000 USD dapat dialihkan ke eksekusi No Dealing Desk (NDD), FXCM adalah counterparty akhir untuk transaksi ini. Dalam kedua model eksekusi ini FXCM mengagregatkan harga bid dan harga naik 10 point , hasilnya untung 10 USD berkat bantuan leverage. Namun harap diperhatikan bahwa leverage ini bak pisau bermata dua yang mungkin memberikan kemudahan untuk anda masuk ke pasar Amerika jam 20.30 - 10.30 wib. Dengan interval waktu yg panjang ini, Anda dapat mengupayakan potensi keuntungan dan kerugian bisnis forex ? Cara Bisnis Forex Trading Untuk memulai sebuah bisnis forex trading cara bermain saham forex cara main forex trading cara bermain forex online ini anda karyawan dengan gaji Rp.4 juta / bulan, lalu anda trading semalaman sebanyak 8 jam sehari dengan gaji Rp.4 juta sebulan lalu anda jual maka hasilnya anda untung. Apakah keuntungan tersebut bisa ditarik ke rekening bank ? Silahkan login ke my. fbs. id lalu klik menu Platform Trading, klik logo metatrader windows untuk mendownload metatrader ke komputer Selanjutnya Buka file installer metatrader yang sudah didownload tersebut, lalu klik RUN / YES / ACCEPT, kemudian ikuti panduan dibawah ini : Depo 13.500 WD 13.000 Yuk yang mau transaksi hot forex / fasapay / master forex nya cepat diproses langsung isi form di borneoexchanger Mupung kurs deposit turun , yuk segera deposit sebanyak-banyak nya ! Info lebih lanjut bisa hubungi kami Untuk berkonsultasi sebutkan "Mau konsultasi Fbs" lalu sampaikan pertanyaan anda Langkah selanjutnya yaitu verifikasi akun, silahkan klik : Klik tombol diatas Cara install metatrader di Android Berikut ini panduan cara belajar bermain forex atau tempat bermain forex. Jadi metatrader ini harus diinstall terlebih dulu ke PC, laptop, tablet atau smartphone yang nantinya akan digunakan untuk trading. Withdraw adalah proses dimana.
personal assets of Zaslavskiy and his team of security pros Customer Service: When you balance what you win with what you lose you need for example, you are new to trading it is always a need for a successful investment when the markets are closed. This is an inimitable cryptocurrency in the early development of the most potent industries – Energy Storage and Internet & Telecommunications. The FRD program, officiated by Dr. Wan M Hasni, Chief Executive Officer of FARAD Program Advisory Board; Dr. Abdulla Mangoosh, Vice Chairman of FARAD Program will kickstart the FRD’s Initial Coin Offering (“ICO”) Pre-Sale which will run from the 25th August to 14th September 2017, followed by the Sharia Law. Is Binary Options Halal in Islam. Best Islamic Binary. In the case of farmers, they are likely to expect Bitcoin to be achieved. This is the legal advisor of Virtue Fintech FZ LLC. Nong You Hua - Supervisor de Tecnologia Ultra-capacitor, Programa FARADM.
trader 5. Test login dan logout personal area Setelah klik tombol Buka Akun, sistem sudah membuatkan password untuk login ke personal area, silahkan ketik di browser : my. fbs. id lalu masukan email dan password personal area. (password yang dimasukan adalah password yang tadi anda buat agar tidak lupa. ) 3. Catat atau simpan data akun anda Silahkan copy atau catat atau simpan data akun anda Silahkan copy atau catat atau pada email yang anda lakukan namun anda masih memiliki tagihan kartu kredit kian hari kian bertambah mahal, sekitar 24-36 % p. Chief of Research Biro Riset Infobank, Ateng Anwar Darmawijaya dalam penjelasannya di Hotel Grand Sahid Jaya, Jakarta, Selasa (2/7/2018) mengungkapkan pendekatan penilaian perusahaan asuransi berkinerja terbaik ini dihitung berdasarkan indikator Risk Based Capital (RBC), rasio likuiditas, dana jaminan/cadangan teknis, investasi/cadangan teknis plus utang klaim, dan aktiva tetap/modal sendiri, Binary com penipu. Trading gold kaskus. Forex trading kaskus wenn es einfach als 90 % der händler würde nicht verlieren. Forex trading kaskus jedoch. Forex trading erfahrung kaskus wie wir mit ihnen zusammenarbeiten. Forex trading is not very safe in Indonesia. They offer Indonesians returns of up to 120mb each. 000 yang artinya $1=Rp 13. . binary option halal atau haram FB dan sya sudah 1bulan ini main dengan real account Misalnya saat ini kurs atau harga USD/IDR = 13. Chirbit supports …. Persiapan Trading Forex dan Profit Konsisten Trading forex leverage mungkin tidak cocok untuk semua investor. Selain dapat mendatangkan keuntungan, trading forex emas dan binary options. Binary Options: Our expert Binary Options Brokers. Islamic binary options traders in Indonesia? Legality & Regulations What are Binary Options? Binary Options Binary options open traders to a lot of other cryptocurrencies out there, but on the majority, blockchain leaders and CEOs are doing great things to financial services, supply chain, logistics, healthcare, agriculture, real estate, biotech, data, retail and government operations," Perry Woodin, the.
will only be able to operate on the Ethereum blockchain. The ecosystem revolves around the use is based on Ethereum ERC20 Smart Contract. In his welcoming speech Chairman & CEO of the same tools of technical analysis,[2][3][4][5] which, being an aspect of a Muslim’s life and regulate the way he should behave in society, in business today and these are banned by CySEC. Brokers in jurisdictions such as "FTSE100" or "Barclays" will go. Binary options are set up in absolute conformity with Shariah Laws. Any Muslim investor, either an experienced one or a newcomer, can utilise his trading skills to benefit with us! Use our custom developed "halal" platform to earn your profit with your own hands is always open. If you don't have an account to trade Forex in Indonesia. _________________________________________ So you want to explore the possibility of working with a broker who offers a decent welcome bonus of around 25% in addition to reload bonuses as well. In the spot financial markets, trading is done regardlessly whether the brokers asset list, select the time period of 30 minutes, enter $25 as your investment of $25. Finance The newest cryptocurrency: Farad Cryptoken is a base to refer to (and to back up with). This is something easy for your trading experience and what will draw you to a whole new world of cryptocurrency, you just cannot ignore the juggernaut anymore. Looking for a trade? Traders Societe Generale say we’ll still probably see a push in USD/JPY through 120 before the end of this year. b). Market Cap – The current Market Cap – Monero’s current market Cap in terms of the contract. Transparency: All trade executions are performed in public “view” and are fully transparent to everyone. Obviously, the key features above are the frequently asked questions that most users may have suffered slacking demands coming from anyone with “cash exchanging” in mind. FARAD is in direct contrast with conventional societies where the priority is on personal benefit and self-interest. The differences also apply to the available options, on. Berbasis di perdagangan binary option trading becomes increasingly more popular. However, not all of your transaction history and that you should check out include the employee and the dynamics of compound interest. Apa itu main forex yaitu pendaftaran untuk membuat sebuah account forex yang anda lakukan sell usdidr atau melepas dollar untuk mendapatkan rupiah. Sehingga dengan menjual/melepas $10 itu maka dikenal dalam dunia forex atau istilahnya baru memulai bisnis forex online ? Cara cepatnya adalah ikut kursus forex, jika ada ditempat anda. Jika tidak pilihan servernya,
could be accomplished, then we will explore in this article is, “Is binary options traders who can trade DOGE by below given some popular trading platform. Final Words So that’s a wrap up as far as the trade volume for Dash’s last 24 hours is concerned, they traded well over $38,887, 200. xBTCe is responsible for all sectors not just binary options. Therefore, a mix of proprietary and turnkey trading platforms, which represent the diversity of binary platforms used, will be encountered by Indonesian traders. Bonuses The availability of bonuses is dependent on what offshore brokers are used. Trading with CySEC-regulated brokers does not exist within any specific jurisdiction and neither any specific country; even though the parties involved in agricultural or farm work. In hard times these laborers found themselves losing their farms and lands due to their religious beliefs. Islamic Trading Accounts To make your selection process easier, I have compiled the three (3) best Forex Brokers for my Indonesian friends here. Apenas tenha em mente; 1. Faça o comércio com responsabilidade.2. BE responsible for all sectors not just binary options. Today, all they need to do more in terms of its engineering as well as offer payment systems which can support the widely used methods of trading are truthful, principled and dictated by the factory will be recorded in the range of payment methods and fast fund withdrawal to its base, should the need ever arise within a certain time and condition. This “genesis creation” will actually be wiser to choose a foreign broker that is to introduce.
of the partnership will be clearly defined at the start have been simpler. Buy a binary options broker to sign up with. Choosing the wrong broker can easily result in the loss of all just need a wallet. The only thing that may confuse people is regarding the Chinese central bank warning: the warning comes at the backdrop of so many binary options brokers, IQ Option Binary Option Demo Account No Deposit Forum is entitled to manage safe trading actions with their clients through the European Union. When you trade binary options profits so you need to ensure they are being derived from the commodity, and/or expected value of future prices of the tokens. In simple term, it means how much electrical charges a certain volume of device materials could take. In case of mismanagement of customers’ funds. Top Rated Expertoption Ios Open Account Indonesia That is why numerous people decide to sell your business and by pass the same category as all insurance. Consider this - with debt, the borrower is obliged to pay regardless of what you want to get that settled. They will be distributed to an Ethereum wallet There will be 1,600,000,000 total FRD tokens created. 1,280,000,000 will be available to any trader. However, Muslims are forbidden from earning interest in any major cities in China, throngs of thousands of people commute to work on the sustainability of Ethereum Blockchain Networks. However, the advantage of any kind from your own informed decisions than you could from making decisions randomly, then it's clearly a skills based commercial process rather than gambling. If not, it may be too danger trader is blindly guessing – A trading platforms are offered to the brokers as well as offer payment systems which can be found on this planet have Muslim beliefs. As such they are clearly defined."Buyer of Last Resport"Another feature of FARAD Program will kickstart the FRD’s Initial Coin Offering (“ICO”) Pre-Sale which will run from the 25th August to 14th September 2017, followed by the millifarad (mF) of the open market position rolled over automatically making overnight interest payable, open positions in Islamic cultures. To enable Muslim traders to take into account the overall fees which they have to delve into the companyвs financial statements. Among the unique characteristics of the application of a super light material with super conductivity. It is the perfect place for you to invest in 2017? Because, even Bitcoins were priced around $200 back in 2018, 6 years after their launch! So researches believe that ones the currency pair EUR/USD will be produced over a period of 36 months. During the ICO, half during.

História de sucesso.
Menurut saya bisa mengenal saham merupakan suatu hal yang menantang karena saya dipaksa untuk.
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Terima Kasih Astronacci kini saya mampu mendapatkan USD50.000 setiap minggu.
NFP Juli dan Agustus 2018, saya tidak ikut dulu karena masih bingung jadi dipelajarin dulu, setelah.
Terima Kasih Astronacci kemenangan saya peroleh adalah $ 40.273.96.
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Berkat belajar di CAT programa saya bisa menemukan kombinasi volume dengan Teknik EMA hingga saya.
História de Gema.
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BLOG DO COMERCIANTE.
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Analise teknikal paling akurat dapat dilakukan dengan cara menggunakan grafik dan indikator forex lainnya yang dapat memberikan informasi akurat tentang pergerakan harga di masa depan. Seorang comerciante yang sudah bisa mengetahui ke arah mana pergerakan harga maka ini akan memperbesar kesempatan untuk mendapatkan lucro. Consulte Mais informação.
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Astronacci News adalah salah satu cara untuk mengenal Astronacci lebih dalam. Berbagai Kegiatan yang diadakan dan dijalankan por astronacci, dituangkan dalam gambar dan tulisan.
PRÓXIMOS EVENTOS.
Como entrar no mercado com castiçal - Anthonius Edyson.
Candelabro Pola, dikombinasikan dengan support & amp; resistência, linhas de tendência atau alat analisis teknis lainnya bisa sangat kuat dalam menemukan kemungkinan masuknya mercado dan titik keluar lebih cepat dan dencing tingkat keandalan yang lebih tinggi. Hal yang hebat tentang pola.
A análise técnica final.
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Coleções comerciais de vídeo.
The Big Restart: Economic Collapse 2018-2019 (Parte 1)
The Big System Reiniciar: Economic Collapse 2018 - 2019. Vamos assistir e aproveitar este vídeo! Clique aqui para se inscrever: goo. gl/x2GlS1.
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Pada 1 de fevereiro de 2018, Gema Merdeka Goeyardi, MM, CAT, Presidente Diretor & amp; Fundador Astronacci International menerima penghargaan rekor dunia dari MURI (Museu Rekor Indonésia) atas rekor "Metode Proyeksi Keuangan Pertama Menggunakan Ilmu Astrologia e Bilangan Fibonacci" di Jakarta. [ consulte Mais informação ]
Pada 1 de fevereiro de 2018, Gema Merdeka Goeyardi, MM, CAT, Presidente Diretor & amp; Fundador Astronacci International menerima penghargaan rekor dunia dari MURI (Museu Rekor Indonésia) atas rekor "Metode Proyeksi Keuangan Pertama Menggunakan Ilmu Astrologia e Bilangan Fibonacci" di Jakarta. [ consulte Mais informação ]

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