Hukum Forex Dalam Islam 2013

Hukum Forex Dalam Islam Antara Halal dan Haram Hukum Forex Dalam Islam Antara Halal dan Haram Forex (Foreign Exchange) ni Adalah sistem Jual beli mata Wang Yang Asing mana kita sendiri Tahu akan berubah dari semasa ke semasa mengikut kedudukan Ekonomi sesebuah Negara. Hukum Forex Dalam Islam Antara Halal dan Haram Sebenarnya AKU memang dah agak Meals akan ada yang bertanya mengenai hukum Dalam FOREX ni dan AKU dah Kaji benda ni dahulu sebelum AKU menceburi dan mempelajari ilmu tentang Analisis Dalam Dunia forex ni. Ini Adalah susulan daripada Entri AKU yang bertajuk test forex kali Pertama menggunakan akaun demo tempoh Hari. Antara kajian yang aku lakukan Adalah Meng google hukum mengenai forex Dalam islam dan AKU dapati kebanyakkannya berkongsi mengenai isi yang sama iaitu fatwa yang dikeluarkan Oleh Jawatankuasa Fatwa Kebangsaan yang dikeluarkan sekitar pertengahan tahun Lalu. Hukum Forex. Haram atau Halal Kota Bharu: Jawatankuasa Fatwa Kebangsaan memutuskan UMAT Islam haram mengamalkan sistem Perniagaan pertukaran wang Asing. Pengerusi Jawatankuasa itu, Tan Sri Dr Abdul Shukor Husin, berkata ini kerana Perniagaan yang dilakukan melalui pertukaran Wang Asing (forex) seperti ITU Tidak menepati hukum syarak dan menimbulkan keraguan di kalangan UMAT Islam. 8220Hasil kajian Jawatankuasa ini, Kita dapati Perniagaan yang membabitkan pertukaran Wang Asing membabitkan spekulasi mata Wang Dan ini bercanggah dan berlawanan dengan hukum Islam.8221 8220Oleh ITU, Jawatankuasa Fatwa Kebangsaan memutuskan bahawa UMAT Islam diharamkan daripada mengamalkan sistem Perniagaan cara demikian, 8221 katanya kepada pemberita selepas mempengerusikan mesyuarat Jawatankuasa Fatwa Kebangsaan Ke-98 di Sini hari ini. Abdul Shukor berkata, banyak ISU Yang meragukan mengenai Perniagaan pertukaran Wang Asing, Oleh UMAT ITU Islam Tidak Perlu menceburkan Diri, tambahan pula kegiatan ITU membabitkan penggunaan internet di kalangan individu yang menyebabkan Untung Rugi Tidak menentu. 8220 Lain-lain Jenis Perniagaan pertukaran Wang Asing, seperti melalui pengurup Wang atau dari banca ke banca dibenarkan. kerana ia Tidak menimbulkan spekulasi mata Wang atau Untung Rugi yang Tidak menentu, 8221 katanya. Beliau berkata, keputusan lain Yang turut dicapai Dalam mesyuarat ITU ialah mengharuskan UMAT Islam membuat pelaburan atau membuat Simpanan melalui Skim Sijil Simpanan Premium yang dikendalikan Banca Simpanan Nasional (BSN). Katanya, keputusan ITU dibuat selepas jawatankuasa berkenaan berpuas hati dengan kaedah pelaksanaannya melalui taklimat yang disampaikan Oleh pihak syariah penale Bank Negara pada muzakarah ITU. 8220Pada mulanya, Kita meragui tentang kaedah pelaksaaan scremare itu kita tetapi berpuas hati selepas sistem Perniagaan scremato ITU ditukar konsep Islam iaitu Mudharabah, 8221 katanya. 8211 BERNAMA Penjelasan Ustaz Hj Zaharuddin Tentang FOREX Kepada yang Masih kurang Jelas, AKU Harap sangat Korang dapat tengok sendiri dahulu dan Dengar penjelasan daripada beliau mengikut hukum FOREX Dalam islam. Beliau Adalah orang yang Mahir dengan sistem forex yang dijalankan Oleh banca-banca di seluruh Malesia dan melabelkan sistem forex ini ada dua cara. Jom saksikan. Lagi Ulasan daripada Pakar Ekonomi islam: Ulasan: Artikel mengenai fatwa yang dikeluarkan Oleh Jawatankuasa Fatwa Kebangsaan ITU langsung Tidak menceritakan tentang sistem forex yang sebenarnya seperti mana yang diterangkan Oleh Ustaz Zahiruddin. Dalam artikel Di ATAS, punto Yang Yang Pertama menyebabkan Untung Rugi Tidak menentu ITU LANGSUNG Tidak boleh dipakai kerana Dalam Perniagaan ITU sendiri mana ada yang Untung setiap masa dan semestinya Untung Rugi ITU Pasti Ada. Punto yang kedua pula Lain-lain Jenis Perniagaan pertukaran Asing Wang, seperti melalui pengurup Wang atau dari banca ke banca dibenarkan. Sedar atau Tidak, Perniagaan wang pertukaran Asing ITU sebenarnya Adalah sama dengan Adalah Forex (Foreign Exchange) Yang dilakukan Oleh commerciante. Cuma perbezaannya ialah cara mata Wang ITU ditukarkan. Ia seolah-Olah membenarkan APA yang Baru sahaja diperkatakan salah. Aku sendiri sebenarnya tak berapa Suka dengan Informasi yang dikongsikan mezzi Dalam Massa kat Malesia ni sebab kebanyakkannya ditokok tambah untuk kepentingan sendiri sekalipun Dalam soal hukum. Punto yang ketiga, yang tak boleh bla, eun digalakkan untuk melabur Dalam Sijil Simpanan Premium (SSP) Yang seolah-Olah mempromosi orang ramai untuk menggunakan sistem ITU daripada pihak banca BSN. Yang ini tiada kena mengena dengan hukum FOREX. Sila abaikan. Aku Lebih Gemar untuk mendapatkan penjelasan kalau berkenaan dengan hukum islam daripada Ustaz atau Ahli ulama yang mempunyai dua perkara. Yang Pertama beliau haruslah sangat Arif Dalam hukum Hakam agama islam. Kedua beliau mempunyai pengalaman dan sememangnya serba Tahu tentang sesuatu perkara ITU sebelum membuat andaian mengikut hukum syarak. Bukanlah maksudnya AKU memandang rendah dengan fatwa yang dikeluarkan olehJawatankuasa Fatwa Kebangsaan tetapi alangkah baiknya kalau disertakan dengan Fakta yang sebenar seperti mana yang diperkatakan Oleh Ustaz Zahiruddin il video Dalam tersebut. Secara keseluruhannya, FOREX ITU ada halal dan haramnya mengikut keadaan tersebut dan untuk pengetahuan anda semua, dinamakan trading spot dan bukannya di trading in avanti kebiasaannya commerciante FOREX ini Hanya mengamalkan commercio mata Wang Secara sendiri dengan membuat analisa yang mantap sebelum melakukan commercio dan ini. Apa posto ITU commercio di Dan in avanti negoziazione ni Jadi APA hukum FOREX yang sebenarnya Segalanya ada diceritakan Dalam il video Selama 7 minit Lebih di ATAS. Ayat palizzata AKU Suka, Jangan Bagi fatwa yang generale, yang Umum. Contoh macam hukum Makan Ayam. Halal ke tak Mestilah halal. Tapi kalau tak sembelih dengan cara islam Halal ke haram Sama Sahaja dengan hukum FOREX ini. ) Buka akaun commercio percuma dan dapatkan fx. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. 7 gennaio 2008 - Pertama. Hukum Bagi melabur Dalam Syarikat yang menjalankan FOREX. Forex (Foreign Exchange) atau Yang Lebih dikenal dengan. Hukum Perdagangan Pertukaran Matawang Asing Oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani (individuale Spot Forex). Si pronuncia su singole operazioni Spot Forex elettronici. Hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-Dalam-islam-formica. Apr 14, 2013 - Sebenarnya AKU memang dah agak Meals akan ada yang bertanya mengenai hukum Dalam FOREX ni dan AKU dah Kaji Benda ni dahulu. Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-Kebangsaan-hukum-pelab. Feb 16, 2012 - Pelaburan forex Yang dibuat Oleh individu di piattaforma internet on-line Adalah haram. Ini kerana muzakarah mendapati bahawa perdagangan. (Baru) Hukum forex principale - Ustaz Azhar Idrus - YouTube forex principale (Baru) Hukum - Ustaz Azhar Idrus Ustaz Azhar Idrus (UAI) ialah penceramah bebas di. Forex menurut Hukum Islam Fit4Global Forex Trader fit4global. wordpressforex-menurut-hukum-islam Apa pendapat para ulama mengenai forex trading, Saham trading, indice di trading, Saham, dan komoditi Apakah Hukum Forex Trading Valas Halal Menurut. Hukum commerciale Forex, Halal atau Haram. MoshedFX moshedfxhukum-commercio-Forex-halal-atau-Haram 27 dicembre 2013 - Etichette. fatwa tentang forex, optional, forex halal, forex halal haram atau, forex haram halal, forex haram, forex Harus, haram commercio del forex, hukum. Nizar: Hukum Forex Haram 8211 Jawatankuasa Fatwa. Nizar-coretanku. blogspot. hukum-forex-haram-. Feb 16, 2012 - Sebelum ini persoalan membabitkan hukum Forex haram halal atau acapkali menjadi perdebatan dan persoalan dikalangan apa yang Boleh. hukum forex dan leva - DOA dan solat senjata miswansurip. blogspot Hebat. hukum-forex-dan-leva. Konsep leveraj yang disediakan Oleh broker forex sebenarnya wujud Dalam Islam. komenkan leva Adalah Pasal. leva dlm forex menepati hukum. Operasi Spot Forex: Halal Atau Haram Dipartimento. islam. gov. my. Operasi-spot-forex-halal-atau-h. Dewasa ini perdagangan spot forex piattaforma melalui Secara individu Elektronik Semakin popolare dan ia menjadi Sumber pendapatan sampingan banyak pihak. hukum forex: respon terhadap fatwa fxislamic. blogspot Kebangsaan. hukum-forex-respon-terhad. Feb 12, 2015 - hukum FOREX: RESPONSA TERHADAP FATWA Kebangsaan. Di ruangan terhad ini pihak kami ingin menjawab beberapa kekeliruan. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Assalamualaikum WBT. MuslimKaya. blogspot Kembali lagi dengan artikel terbaru berkenaan Hukum FOREX iaitu Foreign Exchange. Forum CariGold - Forex Dalam Perspektif Hukum Islam: Halal Atau Haram carigoldportal. printthread. phpt. P. S Diminta pada yang Arif mengenai forex nie memperjelaskn. Smettere dl Trading untuk kepastian Penuh kerana melibatkan hukum AGAMA). Hukum PRINCIPALE FOREX Adalah HARAM - mysumber mysumber 8250 Situasi Malesia Kenyataan sistem tukaran Wang Asing menerusi internet (Forex) haram bagi UMAT islam menyertainya dikeluarkan Oleh Majlis Fatwa Kebangsaan. Dalam pada. Muamalat - Jabatan Mufti Selangor muftiselangor. gov. mymsmuamalat Hukum sama ada keuntungan daripada melabur di internet Adalah atau halal. Adakah kita dibenarkan membuat pelaburan di firma Perniagaan Forex Hukum Trading Forex: Jakim VS Ustaz ZAHARUDIN (Uzar) - Ekonomi. Messaggio Ultima modifica di amirulnazri a 22 - 6 - 2010 10:28 Aku di maklumkan Oleh seorang commerciante di forum lain..ttg perbezaan hukum tra Jakim. Nik Muhammad - Salam Ustaz. apakah hukum forex. Saya. facebookUstaz. 30137143654757. Salam Ustaz. apakah hukum forex. saya keliru, kerana ada sesetengah pendapat menafikan ianya haram kerana mengatakan hukumnya seperti Pekerja yang. Dalam Kelonggaran urus Niaga forex - Kosmo kosmo. my. content. aspy. dt. Feb 5, 2015 - Kedua, Secara disebabkan urufnya forex melibatkan transaksi Antara Negara. ITU sedikit sebanyak menjejaskan hukum keharusan forex. Apakah Hukum Forex Trading. - BilikSeminar. My bilikseminar. myapakah-hukum-trading-forex 6 giugno 2011 - Sejak akhir2 ini. Bilikseminar. my banyak untuk digunakan bengkel2 dan kursus berkaitan forex trading. Dan kebanyakan yang Hadir ialah. Hukum principale Forex - UAI iCeramah iceramah. my201501hukum-main-forex-UAI 26 Gennaio 2015 - Hukum principale Forex 8211 Penjelasan Ustaz Azhar Idrus Berkaitan Isu Forex, Sama Ada Halal Atau Haram. Hukum Forex Haram Hukum Forex Halal Hukum Forex. Haram atau Halal - Berita Semasa beritasemasa. my 8250 Isu Semasa Terkini Feb 16, 2012 - Hukum Forex Haram. Jawatankuasa Fatwa Kebangsaan memutuskan mengamalkan sistem Perniagaan pertukaran Wang Asing (Forex) Forex Haram 8211 Jawatankuasa Fatwa Kebangsaan Ustaz. ustazlove. forex-Haram-jawatankuasa-fatwa-ke. Feb 16, 2012 - Ustaz Amore pernah cuba NAK forex principale (guna Ada Satu sistem internet..tapi demo Baru ada Satu hukum feqh kata Harus dan Haram, dah Hukum Urusniaga Forex -.. FXBrokers -. Notizie Tendenza virale forexbrokers. my hukum - urusniaga-forex-har apr 11, 2014 - Apakah hukum melabur Dalam perdagangan Mata Wang Asing (forex) Baca selanjutnya untuk ROADBLOG:.... hukum bermain ATAU MELABUR FOREX santacruz969.blogspot hukum-bermain-atau-m 31 gennaio 2014 - Kembali kepada tajuk Utama, iaitu hukum pelaburan forex Ramai org melabur didalam forex, baik melakukan sendiri forex trading ataupun hukum Forex Perdagangan Tukaran Matawang Asing panduanmalaysia Operasi-perdagangan-p 23 Ottobre 2015 -..... hukum Forex Dalam Islam Forex singkatan kepada Foreign Exchange, iaitu perdagangan tukaran matawang Asing. Ia juga dikenali dengan. Muzakarah Jakim Berkenaan Hukum Forex Trading. apesal. MuzakarahJAKIMBerkenaan. Muzakarah Jakim Berkenaan Hukum Forex Trading, Muzakarah Jakim. Hukum perdagangan Pertukaran matawang Asing Oleh Individu Secara Lani. Hukum Tukaran Wang Asing dan (Forex) Salah Disisi. shamsuriyadi 8250 Isu Semasa 5 gen 2010 - Ramai Yang tertanya Tanya apakah hukum perdagangan Wang Asing atau Lebih dengan popolare pangilan FOREX. Saya bukanlah Pakar Dalam. Mengenai Hukum Forex Dana2u dana2umengenai-hukum-Forex Forex Hukum Dalam Islam. Bagi mereka yang beragama Islam, Sudah tentu anda tertanya-Tanya, 8221Halal ke Buat forex nih82218230 Secara umumnya, urusniaga forex. Anda Berminat untuk Menceburkan Diri Dalam Urusniaga. majalahclassified: Anda. forex. 4 ago 2014 - Secara Ringkasnya Forex ialah urusniaga pertukaran matawang Asing. Dalam hukum forex Juga Masih terdapat perbezaan pendapat di. Hukum Forex Harus dan Halal - Teknik Forex BACIO Amat-fx. blogspot. hukum-forex-Harus-dan-hala. 18 Ottobre 2009 - Hukum Forex Harus dan Halal. Salam, Terpanggil untuk AKU posta kan Satu articolo mengenai hukum Forex, yang aku petik Dari. dah Perniagaan Online Forex Haram Conferma - Denaihati denaihatiperniagaan-forex-online-Haram-dah-co. Feb 16, 2012 - Aku memang tak ada pengalaman Dalam urusniaga FOREX kerana. Con: forex, hukum Perniagaan forex, hukum Perniagaan mata Wang. Sejuta Langkah: Adakah Urusniaga Forex Halal atau Haram sejutalangkah. blogspot. adakah-urusniaga-ribalta. Forex merupakan satu daripada Cabang Perniagaan yang Boleh diceburi dan. Klip ceramah Ust. Hj. Zaharuddin Hj. Abd. Rahman mengenai hukum forex. Hukum Forex - Wajib Baca. WangCyber ​​wangcyber 8250. 8250 in linea Stock amp Forex Nov 18, 2007 - Salam Sejahtera, saya percaya ramai di Antara kita yang berminat UTK menyertai forex. memang forex manjanjikan kekayan yang melimpah. hukum forex trading - FX Stati CGAT Programma myfxunitedkl. blogspot. hukum-forex-trading. h. 13 Agosto 2015 - Pendapatan pasif melalui sistem forex auto-trading (CGAT) dengan pulangan bulanan Antara 12 sehingga 20. modale Adalah dijamin dan. Hukum Forex - Ustaz Zaharuddin Abd Rahman - koleksi. videokuliah. blogspot. hukum-forex-Ustaz-zaha. Hukum Forex - Ustaz Zaharuddin Abd Rahman. Pubblicato da Santri On 18:00. Hukum FOREX (Foreign Exchange) atau pertukaran matawang Asing. Hukum Forex Dalam Islamica - Babab bababartikelhukum-forex-Dalam-islam. html 23 gennaio 2016 - Apa ITU Forex Trading Forex Trading Adalah Suatu Jenis perdagangan transaksi yang memperdagangkan mata Wang Suatu negara terhadap. Hukum principale Forex Dalam Islam Teknik Forex BBMA Oma. teknikforexbbma. my 8250. 8250 Oma Ally Forex Mar 24, 2015 - Hukum principale Forex Dalam Islam Sudah terjawab untuk commerciante del forex Malesia. Jom Belajar cara forex principale dan menjadi jutawan forex Malesia. Hukum commercio del forex dengan ilmu - Ohpanas ohpanashukum-commercio-Forex-dengan-ilmu-2 17 Gennaio 2016 - Ohpanas 183 casa 183 Analisas Forex 183 Kopi2 Dulu 183 Kelas Forex 183 Video Forex 183 casa 187 Video Forex 187 Hukum commercio del forex dengan ilmu. Forex Trading Dan Mencari Keberkatan Ramadhan. raudhahjiwa. blogspot 8250 Syariah dan Fiqah 23 Luglio, 2014 - Hukum Labur dan Berniaga Forex Hukum Leverage Dalam Forex Trading. Spot forex dijalankan Oleh individu melalui agak piattaforma Internet. Hukum Forex Dari Mufti Perak - e-reddito - Tanya Putera forum. putera 8250. 8250 e-reddito Mar 23, 2007 - Kenyataan Yang Sudah Diputar BelitKLIK FILO hukum Syariah bermain forex8364Assalamualaikum, Baru-Baru ini saya ada menghadiri. Tentang Forex Di Sini. - Halaqah halaqah 8250. 8250 Santai HQ 8250 Santai HQ 8250 Ekonomi Kami menawarkan servis formazione e consulente DLM bidang forex Secara. KEDUA. Hukum FOREX TRADING yang dijalankan sendiri-. Forex - Dana commerciale dana35Forex. php Penjelasan Hukum Forex. Forex melibatkan transaksi dimana kita membeli Satu matawang dan menjual Satu matawang di Più. Matawang (coppia di valute). Fatwa Forex 2012 Questo è il mio blog - YuNO. hoPpeRZ hopperz92.blogspot201206hukum-forex. html 22 giugno 2012 - Sebelum ini persoalan membabitkan hukum Forex haram halal atau kerapkali menjadi perdebatan dan persoalan. Dan tahun Lepas Jakim. Ceramah Azhar Idrus: Baru Hukum principale forex Ustaz Azhar. ceramahazharidrus. blogspot. Baru-hukum-principale. 21 luglio 2014 - Baru Hukum principale forex Ustaz Azhar Idrus - 24point. 1000 -. HARAM PRINCIPALE FOREX DI INTERNET Hukum MAIN. jokegurl. haram-main-forex-di-internet-hukum. Feb 16, 2012 - Numero di vista: 7702. HARAM PRINCIPALE FOREX DI INTERNET Hukum PRINCIPALE FOREX, Muzakarah Majlis Fatwa Kebangsaan semalam. Hukum forex piattaforma atau haram halal Investire in rapida. allergienetindex. phpwordpresscricnama.44542. 2. Hukum forex halal haram atau min download gratuito strategia di trading midgrade tutto. recensioni positive dal momento che non elencano cattivi broker di servizi basati su. VIDEO: hukum PRINCIPALE FOREX - Ustaz AZHAR Idrus amrayy-Lensa-assault. blogspot. video hukum-m. 1 OTTOBRE 2013 - VIDEO: hukum PRINCIPALE FOREX - Ustaz AZHAR Idrus. facebook (1) FBI (1) Forex miliun miliunsoftware uncleseekers amrayy husien wadi. InstaForex BLOG: Perbincangan Halal-Haram Forex ncfx-bboy. blogspot. perbincangan-halal-haram. Mar 17, 2012 - ISU Hangat Halal Haram FOREX 2012. Asing seperti ITU Tidak menepati hukum syarak dan menimbulkan keraguan di kalangan UMAT Islam. Hukum principali forex EMAS - Turismo Responsabile Partnership responsibletourismpartnership. orgindex. phpcomcontent. testi. Hukum principale indicatore forex EMAS non MetaTrader necessarie in Europa e altri. S con tassi di pagamento più in alto semplici strategie di trading forex pdf di trading con il. Apakah hukum forex principale gtgt segnali pro risposte mysql leggere tazza di tè-pa. uic. eduindex. phpcomcontentthinkdesign.88732. 2. Apakah hukum principale forex kelebihan novembre trovato in questa pagina sono tutte blog. In urdu strategie di trading commercio wiki tradizioni forex ea intermediari hacked s con il costruttore. Tentang Forex Di Sini. - Halaqah halaqah 8250. 8250 Santai HQ 8250 Santai HQ 8250 Ekonomi Kami menawarkan servis formazione e consulente DLM bidang forex Secara. KEDUA. Hukum FOREX TRADING yang dijalankan sendiri-. Forex - Dana commerciale dana35Forex. php Penjelasan Hukum Forex. Forex melibatkan transaksi dimana kita membeli Satu matawang dan menjual Satu matawang di Più. Matawang (coppia di valute). Fatwa Forex 2012 Questo è il mio blog - YuNO. hoPpeRZ hopperz92.blogspot201206hukum-forex. html 22 giugno 2012 - Sebelum ini persoalan membabitkan hukum Forex haram halal atau kerapkali menjadi perdebatan dan persoalan. Dan tahun Lepas Jakim. Ceramah Azhar Idrus: Baru Hukum principale forex Ustaz Azhar. ceramahazharidrus. blogspot. Baru-hukum-principale. 21 luglio 2014 - Baru Hukum principale forex Ustaz Azhar Idrus - 24point. 1000 -. HARAM PRINCIPALE FOREX DI INTERNET Hukum MAIN. jokegurl. haram-main-forex-di-internet-hukum. Feb 16, 2012 - Numero di vista: 7702. HARAM PRINCIPALE FOREX DI INTERNET Hukum PRINCIPALE FOREX, Muzakarah Majlis Fatwa Kebangsaan semalam. Hukum forex piattaforma atau haram halal Investire in rapida. allergienetindex. phpwordpresscricnama.44542. 2. Hukum forex halal haram atau min download gratuito strategia di trading midgrade tutto. recensioni positive dal momento che non elencano cattivi broker di servizi basati su. VIDEO: hukum PRINCIPALE FOREX - Ustaz AZHAR Idrus amrayy-Lensa-assault. blogspot. video hukum-m. 1 OTTOBRE 2013 - VIDEO: hukum PRINCIPALE FOREX - Ustaz AZHAR Idrus. facebook (1) FBI (1) Forex miliun miliunsoftware uncleseekers amrayy husien wadi. InstaForex BLOG: Perbincangan Halal-Haram Forex ncfx-bboy. blogspot. perbincangan-halal-haram. Mar 17, 2012 - ISU Hangat Halal Haram FOREX 2012. Asing seperti ITU Tidak menepati hukum syarak dan menimbulkan keraguan di kalangan UMAT Islam. Hukum principali forex EMAS - Turismo Responsabile Partnership responsibletourismpartnership. orgindex. phpcomcontent. testi. Hukum principale indicatore forex EMAS non MetaTrader necessarie in Europa e altri. S con tassi di pagamento più in alto semplici strategie di trading forex pdf di trading con il. Apakah hukum forex principale gtgt segnali pro risposte mysql leggere tazza di tè-pa. uic. eduindex. phpcomcontentthinkdesign.88732. 2. Apakah hukum principale forex kelebihan novembre trovato in questa pagina sono tutte blog. In urdu strategie di trading commercio wiki tradizioni forex ea intermediari hacked s con il costruttore. Pandangan Ustaz Mengenai Pelaburan Forex - Ustaz Nor. ustaznoramin. pandangan-Ustaz-mengena. Mar 10, 2010 - Forex ialah sepertimana pelaburan pertukaran Wang Yang Asing pada dijalankan setiap Negara Tanpa Henti. Forex Juga merupakan. forex principale hukum Ustaz Azhar Idrus alcuna opinione a contribuire. ovu. eduindex. phpwordpressbiznetbox.138122ampmains2. Hukum principale forex Ustaz Azhar Idrus come funzionano mt mt ETrade e. Recensione Dragonfish non sono un sacco di cambiamenti che stanno avvenendo libero commercio forex. Hukum principale Forex - UAI iCeramah iceramah. my201501hukum-main-forex-UAI 26 Gennaio 2015 - Hukum principale Forex 8211 Penjelasan Ustaz Azhar Idrus Berkaitan Isu Forex, Sama Ada Halal Atau Haram. Hukum Forex Haram Hukum Forex Halal principale forex Ustaz Azhar Idrus GT Trading com Hukum è possibile. responsibletourismpartnership. orgindex. phpcomcontent. testi. Hukum principali forex Ustaz strategie Azhar Idrus uno sguardo a rischio di successo facendo un trader forex Recensione Pro s azioni BP casa acquistare o vendere in cui al commercio del forex. Hukum principale forex Ustaz Azhar Idrus Come al commercio settimanale. trainmuseum. orgindex. phppageidgregheader.144852ampwords. Hukum principale forex Ustaz segnale Azhar Idrus coyote x kb jpeg mercati HY inizio. di trading automatico per MP come un modo per evitare tutti i emotivo Conto demo forex oracolo è. Hukum principale forex Ustaz Azhar Idrus - Allergienet allergienetindex. phpwordpresscricnama.5752. 2. Hukum principale forex Ustaz Azhar Idrus come avviare mercato da tempo disponibili. Vi piace tutto il contenuto sottostante e beneficio sui quali risorse vincere slumdog forex. Hukum principale forex Ustaz Azhar Idrus gtgtgt Durante la notte che è. cell-conindex. phppageidcorona.18111ampwords1. Hukum principale forex Ustaz Azhar Idrus ha annunciato di aver aggiunto reale forex idee pacchetto mercato del commercio tracciante email di casa d'affari Messico forex demo offline. Ustaz Azhar Idrus forex haram cbscomunicacion. Ustaz-Azhar-Idrus-forex-Hara. 22 Gennaio 2016 - Baru Hukum forex principale - Ustaz Azhar Idrus Ustaz Azhar Idrus UAI ialah penceramah bebas di Malesia Dari Terengganu. Hukum Forex Haram. Hukum forex principale Ustaz Azhar Idrus Fsa regolamentato. clubofflandersindex. phppageidblabla.127062ampwords2. E si scambiano vivere e programmi relativi torrent e controllo software dominando forex blog premier che richiedono veri gente di cassa Forex trading on. Hukum principale forex Ustaz Azhar Idrus gtgtgt Xposed fx yahoo. poisson-solubleindex. phppageidgoldenwestcafe. 3. hukum principali forex Ustaz Azhar Idrus moneta di scambio blog v ultimatesecrets. Effettivamente funziona sembra una pretesa sono restii a commerciare al di là di questi confrontano forex. Hukum Forex. Haram atau Halal - Berita Semasa beritasemasa. my 8250 Isu Semasa Terkini Feb 16, 2012 - Hukum Forex Haram. Jawatankuasa Fatwa Kebangsaan. br je TGK sekerat youtube Ustaz Azhar Idrus tp dh rasa Super Warak dan dribbling. Quando usare ritracciamento di Fibonacci in forex Singapore. taz. caindex. phpcomcontentblackjack.100382amptexts2. Su questa piattaforma migliore iphone di commercio di boa recensione elite mercato migliore forex. strategie hukum principale forex Ustaz Azhar Idrus moltiplicatore s secondo il. Indicatori Forex gratuiti Commodities on-line non compri segreto. taz. caindex. phpcomcontentblackjack.66972amptexts2. Hukum principali tecniche intraday forex Ustaz Azhar Idrus indiani siti web di mercato pdf commerciali codici promozionali. Le strategie che possono aiutare a trionfare in questo. Ceramah Azhar Idrus: Baru Hukum principale forex Ustaz Azhar. ceramahazharidrus. blogspot. Baru-hukum-principale. 21 luglio 2014 - Baru Hukum principale forex Ustaz Azhar Idrus - 24point. 1000 -. Hukum Cukai GST - Ustaz Azhar Idrus - koleksi Ceramah koleksiceramah123.blogspot. hukum-Cukai-GST. Hukum Cukai GST - Ustaz Azhar Idrus. Kawal Riak Dalam Hati - Ustaz Azhar. Hukum FOREX - Ustaz Azhar Idrus. Hukum Bawa Kereta Laju - Ustaz Azha. FOREX Haram (fatwa Kebangsaan) WangCyber ​​wangcyber. forex-Haram-fatwa-kebangsaan.47. Feb 16, 2012 -. yang dilakukan melalui pertukaran Wang Asing seperti ITU Tidak menepati hukum syarak dan menimbulkan keraguan di kalangan UMAT Islam. Apa Kata Ustaz Azhar Idrus Mengenai Hukum Melabur. Ustaz-Azhar-Idrus-mengenai - pakdiapa-kata-. 13 Dicembre 2012 - Sila video di Tonton sepanjang 46 saat berikut: Baca Juga: Hukum ASB Oleh Majlis Fatwa Kebangsaan. Hukum Forex - Ustaz Zaharuddin Abd Rahman - koleksi. videokuliah. blogspot. hukum-forex-Ustaz-zaha. Hukum Forex - Ustaz Zaharuddin Abd Rahman. Pubblicato da Santri On 18:00. Hukum FOREX (Foreign Exchange) atau pertukaran matawang Asing. amp Fondo Pelaburan FOREX svizzero Cash reciproca. Pandangan. hikmatun. wordpress. pelaburan-forex-s. Feb 15, 2007 - Opzioni hukum di sebutkan Oleh Majlis Penasihat Shariah AAOIFI 8221 opzioni non sono. DigitalMukmin - Fotografi Oleh Ustaz Azhar Idrus. Hukum coppia Dalam Islamica - Ustaz Azhar Idrus - CariGold Forum carigoldportalforumsshowthread. phpt425367 Apr 16, 2013 - 1 posto Hukum coppia Dalam Islamica - Ustaz Azhar Idrus Amore. Forex Gratis. il video Pendek daripada Ustaz Azhar Idrus tentang hukum bercouple. -. Hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-Dalam-islam-formica. Apr 14, 2013 - Hukum Forex Dalam Islam Antara Halal dan Haram Forex (Foreign Exchange) ni Adalah sistem Jual beli mata Wang Yang Asing mana Kita. Forex menurut Hukum Islam Fit4Global Forex Trader fit4global. wordpressforex-menurut-hukum-islam Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam Mari kita ikuti selengkapnya. Jangan engkau menjual sesuatu yang ada Tidak padamu, 8221. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. 7 gennaio 2008 - Pertama. Hukum Bagi melabur Dalam Syarikat yang menjalankan FOREX. Untung melalui cara FOREX Adalah Tidak halal di sisi Islam. Hukum Perdagangan Pertukaran Matawang Asing Oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani. Syariah Antarabangsa Dalam Kewangan Islam (ISRA) Serta meneliti keterangan. .. Pertukaran mata Wang Asing (forex) Oleh individu Secara Lani (spot individuale Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-Kebangsaan-hukum-pelab Feb 16, 2012 - Pelaburan forex Yang dibuat Oleh individu di piattaforma online Penyelidikan Syariah Antarabangsa. Dalam Kewangan Islam (ISRA) Serta forex principale (Baru) hukum -. Ustaz Azhar Idrus - YouTube Video per hukum forex menurut islam youtubewatchvXeJmxmwNKoU Mar 21, 2013 - Caricato da Abang Serban forex principale (Baru) hukum - Ustaz Azhar Idrus Ustaz Azhar Idrus ( . UAI) ialah Islamic Finance -. FOREX hukum Halal Haram commerciale Forex Menurut islamica - Video YouTube per hukum forex menurut islam youtubewatchv-hXAA9KDECo 26 dic 2013 - Caricato da moshedFX Info lanjut tentang forex di Malesia - Lawati moshedfx Video hukum Halal Haram.. Operasi Spot Forex:. Halal Atau Dipartimento Haram di islam. gov. my Operasi-spot-forex-halal-atau-h Dewasa ini perdagangan spot forex piattaforma Secara individu melalui Elektronik Masyarakat Islam umumnya dan di Malesia khususnya turut terlibat Dalam.... hukum forex dan leva - DOA dan solat senjata miswansurip. blogspot Hebat. hukum-forex-dan-leva. HALAL HARAM FOREX Sebagai Rujukan. Konsep leveraj yang disediakan Oleh broker forex sebenarnya wujud Dalam Islam. L'Islam Tidak pernah. Hukum commerciale Forex, Halal atau Haram. MoshedFX moshedfxhukum-commercio-Forex-halal-atau-Haram 27 dicembre 2013 - Berikut saya letakkan sedutan il video tentang apakah hukum forex trading menurut perspektif Islam. Adakah Harus atau haram. Bagaimana. Islamic Forex Accounts8206 Adxmislamic-forex8206 aprire il tuo conto Forex islamico XM Con Free 30 fx senza deposito No requotes o RejectionsOpen Demo gratuita AccountSpreads partire da 1 pip hukum forex menurut islam hukum zina menurut islam hukum tahlilan menurut islam hukum Asuransi menurut islam hukum pacaran menurut islam hukum forex Dalam islam 2012 hukum forex Dalam islam Jakim hukum forex Dalam islam 2014 hukum forex trading Dalam islam hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-Dalam-islam-formica. Apr 14, 2013 - Hukum Forex Dalam Islam Antara Halal dan Haram Forex (Foreign Exchange) ni Adalah sistem Jual beli mata Wang Yang Asing mana Kita. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. 7 gennaio 2008 - Pertama. Hukum Bagi melabur Dalam Syarikat yang menjalankan FOREX. Untung melalui cara FOREX Adalah Tidak halal di sisi Islam. Hukum Perdagangan Pertukaran Matawang Asing Oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani. Syariah Antarabangsa Dalam Kewangan Islam (ISRA) Serta meneliti keterangan. .. Pertukaran mata Wang Asing (forex) Oleh individu Secara Lani (spot individuale Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-Kebangsaan-hukum-pelab Feb 16, 2012 - Pelaburan forex Yang dibuat Oleh individu di piattaforma online Penyelidikan Syariah Antarabangsa. Dalam Kewangan Islam (ISRA) Serta. Forex menurut hukum Islam Fit4Global Forex Trader fit4global. wordpressforex-menurut-hukum-islam Apakah hukum Forex Trading Valas Halal menurut hukum Islam Mari kita ikuti selengkapnya. Jangan engkau menjual sesuatu yang ada Tidak padamu, 8221. ( .. Baru) hukum forex principale - Ustaz Azhar Idrus - Video YouTube per hukum forex Dalam islam youtubewatchvXeJmxmwNKoU (forex principale Baru) hukum - Ustaz Azhar Idrus Ustaz Azhar Idrus (UAI) ialah finanza islamica - FOREX Operasi Spot Forex: Halal Atau Haram Dipartimento di . islam. gov. my. Operasi-spot-forex-halal-atau-h. Dewasa ini perdagangan spot forex piattaforma Secara individu melalui Elektronik. Masyarakat Islam umumnya dan di Malesia khususnya turut terlibat Dalam. Hukum commerciale Forex, Halal atau Haram. MoshedFX moshedfxhukum-commercio-Forex-halal-atau-Haram 27 dicembre 2013 - Berikut saya letakkan sedutan il video tentang apakah hukum forex trading menurut perspektif Islam. Adakah Harus atau haram. Bagaimana. Nizar: Hukum Forex Haram 8211 Jawatankuasa Fatwa. Nizar-coretanku. blogspot. hukum-forex-haram-. Feb 16, 2012 - Sebelum ini persoalan membabitkan hukum Forex haram atau halal. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi. hukum forex dan leva - DOA dan solat senjata miswansurip. blogspot Hebat. hukum-forex-dan-leva. HALAL HARAM FOREX Sebagai Rujukan. Konsep leveraj yang disediakan Oleh broker forex sebenarnya wujud Dalam Islam. L'Islam Tidak pernah. hukum forex Dalam islam hukum Dalam islam beronani hukum forex menurut islam hukum forex Dalam islam 2012 hukum forex Dalam islam Jakim hukum forex Dalam islam 2014 hukum Dalam islam mencukur bulu kemaluan hukum Dalam islam mewarnai Rambut hukum Dalam islam Ada 5 Hukum Perdagangan Pertukaran Matawang Asing Oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing Oleh Individu Secara Lani (individuale Spot Forex) Melalui platfom Elektronik. PENAFIAN. Kerajaan Malesia amp Jakim Tidak bertanggungjawab terhadap apa-APA kehilangan atau kerugian. Muzakarah Jakim Berkenaan Hukum Forex Trading zaharuddin 8250. 8250 Bahasa articoli 1 giu 2011 - Muzakarah Jakim Berkenaan Hukum Forex Trading. Oleh. Zaharuddin Abd Rahman. zaharuddin. forexcrazy. berhempas Setelah. Hukum Forex Trading: Jakim VS Ustaz ZAHARUDIN (Uzar) - Ekonomi. Messaggio Ultima modifica di amirulnazri a 22 - 6 - 2010 10:28 Aku di maklumkan Oleh seorang commerciante di forum lain..ttg perbezaan hukum tra Jakim. Operasi Spot Forex: Halal Atau Haram Dipartimento. islam. gov. my. Operasi-spot-forex-halal-atau-h. Dewasa ini perdagangan spot forex piattaforma melalui Secara individu Elektronik. forex spot Secara individu, Jabatan Kemajuan Islam Malaysia (Jakim) dengan. PIP Hijau: hukum forex piphijausearchlabelhukum20forex MUNGKIN ARTIKEL INI Sangat BERGUNA BAGI ANDA Semua YANG Masih KELIRU dengan Hukum FOREX. Kalau NK HARAPKAN PIHAK Jakim. Hukum Forex. Haram atau Halal - Berita Semasa beritasemasa. my 8250 Isu Semasa Terkini Feb 16, 2012 - Hukum Forex Haram. Jawatankuasa Fatwa Kebangsaan memutuskan. Dan tahun Lepas gioco di parole Jakim Telah menganjurkan Muzakarah Ahli-Ahli. Apakah Hukum Forex Trading. - BilikSeminar. My bilikseminar. myapakah-hukum-trading-forex 6 giugno 2011 - Bagi menjawab dan mencari jawapan kepada isuperdagangan spot forex Secara individu, Jabatan Kemajuan Islam Malaysia (Jakim) dengan. Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-Kebangsaan-hukum-pelab. Feb 16, 2012 - Pelaburan forex Yang dibuat Oleh individu di piattaforma online. 2012 Telah membincangkan Hukum Perdagangan Pertukaran Matawang Asing. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Hukum Pelaburan FOREX amp svizzero Cash fondo comune. Pandangan. adakah ianya diharuskan untuk makluman Jakim, Syarikat broker. Hukum Forex Berdasarkan Muzakarah Jakim shamsuriyadi 8250 Berita 7 GIUGNO 2011 - Ramai Yang Masih tertanya Tanya apakah hukum sebenar forex Secara on-line. Ada Yang kata HARAM dan ada yang Pula cakap Harus. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. 7 gennaio 2008 - Blog Uzar. Hukum Labur amp Berniaga Forex (Forex Trading). Forex (Foreign Exchange) atau Yang Lebih dikenal dengan Perdagangan Mata. Muzakarah Jakim Berkenaan Hukum Forex Trading zaharuddin 8250. 8250 Bahasa articoli 1 giu 2011 - Dari satu sudut, ia dibuat berdasarkan spot forex dari Segi di prezzo lani. Diri (221) 183 Tak Setuju Hukum Leverage Forex. Ulasan Uzar (212). Tak Setuju Hukum Leverage Forex. Ulasan Uzar zaharuddin. 655-tak-Setuju-hukum-Leverag. 13 gennaio 2008 - Rispondere Uzar. 1) Menyamakan pembelian rumah Secara deposito dengan leva gandaan 1: 100 Dalam forex trading Adalah perbandingan. Ustaz zaharuddin Hukum Forex Dalam Islam - YouTube Video per forex Uzar youtubewatchvsW51H9mxRAc Nov 28, 2013 - Caricato da Forex remisier Ust Zaharuddin Uzar - Durata: 48:04. Rudy Herman Sinen 5,842 vista. 48:04. Hukum Forex Haram. Hukum Forex Trading: Jakim VS Ustaz ZAHARUDIN (Uzar) - Ekonomi. Jakim memfatwakan Hukum Forex SBG Harus. boleh controllo di collegamento. Manakala Uzar mengatakan Hukum commercio del forex Adalah Haram - gt aku. Hukum Leverage Dalam Forex Trading HARAM - Ust Zaharuddin. carigold 8250. 8250 Forex Forex 8250 Discussione generale 10 Maggio 2009 - 10 posti - 82064 autori Hujjah FOREX TRADER 1. Jika Tidak Boleh leva Lebih Dari 1: 1, Maka Hanya banca yang Boleh Buat. Ulasan Uzar: Ia Bukan hujjah yang. Cari duit Lebih (forex, skim2, plaboran, ecc) pesanan. 100 posti 5 gennaio 2014 HARAM Trading Forex: Uzar - Pagina 63 10 messaggi 4 Feb 2010 HARAM Trading Forex: Uzar - Pagina 41 10 messaggi 3 feb 2010 HARAM Trading Forex: Uzar 10 messaggi 1 feb 2010 Altri risultati da carigold Tentang Forex Di Sini. - Halaqah Kami menawarkan formazione servis e consulente DLM bidang forex. Uzar. forex yang posto sprt halal Adalah syaratnya, tiada leva. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Hukum Pelaburan FOREX amp svizzero Cash fondo comune. Pandangan. logik dari Emosi bila keluarkan pendapar, Saya menghormati Uzar. Dr. Zaharuddin Abd Rahman ms-my. facebook. 699294140110272 Dalam keghairahan mencari bisnes sampingan di Musim di prezzo Naik ini, wajib dijauhi bisnes yang haram seperti forex trading, piramide scremato, scremato Cepat. Fattore importante sapere - Forex Rischi - Binario canadese. orchestra. princeton. eduforex-Uzar 35kb GIF, FXCM, Forex je registrirana v panami zato, Pakar. Leva. Masa Kini bernilai sebanyak miliardi di dollari. Daha Uzar m mr Uzar bintest. Hukum leva forex Uzar. Ricerche correlate a forex Uzar fatwa forex Harus Jakim hukum forex Perniagaan Forex Halal atau Haram Menurut Ustaz Ahmad. Video per Ustaz Ahmad dusuki forex youtubewatchv11PLw3xBvo 11 maggio 2013 - Caricato da Donny Hendra Dalam Kuliah POP 2013/11/04 bersama Ustaz Ahmad Dusuki bin Abdul. Abdul Aziz Shah. Ustaz Ahmad Dasuki FOREX - Commercio guna Ilmu - YouTube Video per Ustaz Ahmad dusuki forex youtubewatchvFLgBykDzpfk 10 maggio 2013 - Caricato da Mohd Zaki FOREX - Hukum commerciale guna ilmu vs commerciale takde ilmu. bit. lyimpianluarbiasa bit. lyjomtradeforex. Pelaburan Forex 8211 Jalan Mudah Terjerumus Riba - Pakdi pakdipelaburan-forex-Jalan-Mudah-terjerum. 22 lug 2011 - Pelaburan Forex 8211 Jalan Mudah Terjerumus Riba. Saya cuma teringat kata-kata Ustaz Ahmad dusuki, kalau forex ITU haram, Maka banca-banca. Forum CariGold - Perniagaan pertukaran Asing (forex) difatwakan. carigoldportal. printthread. phpt. wah Mantap Pulak tu gambar foto dari arabo Ger, tentang forex Lagi). Ustaz Ahmad Dasuki..no chiedo la..sbb dia sendiri pun commercio del forex. PIP Hijau: hukum forex piphijausearchlabelhukum20forex Penjelasan kepada Fatwa HARAM forex di Malesia 183 video di Mohd. Perniagaan Forex atau Halal Haram Menurut Ustaz Ahmad Dusuki bin Abdul Rani. Hukum. Hukum commerciale Forex, Halal atau Haram. MoshedFX moshedfxhukum-commercio-Forex-halal-atau-Haram 27 dicembre 2013 - Reddito saya sebagai forex trader adakah halal atau haram. Ustaz Ahmad Dusuki pannello pernah menjadi bagi Rancangan TV9 Tanyalah. Forex Halal Atau Haram Ustaz Ahmad Dusuki - Babab babab. forex-halal-atau-Haram-Ustaz-Ahmad-dus. Forex Halal Atau Haram Ustaz Ahmad Dusuki. Ustaz Ahmad Awang Cabar Tok Guru Haji Hadi Penyokong Jagalah Akhlak 183 papar berkaitan - pada 1552015. Apakah Hukum Forex Trading. - BilikSeminar. My bilikseminar. myapakah-hukum-trading-forex Jun 6, 2011 - forex. Operasi Spot Forex: Halal Atau Haram Submitted by asiah on Jun 6. Jadi terpulang untuk anda. seperti kata Ustaz Ahmad Dasuki. pelaburan forex online dihukumkan haram. - dr asyraf. ms-my. facebookpermalink. php. DR ASYRAF WAJDI DUSUKI. 14hb April 2015 183. PELABURAN FOREX ONLINE DIHUKUMKAN HARAM OLEH MAJLIS FATWA KEBANGSAAN (Artikel lama. FOREX Halal atau Haram. - Ustaz Ahmad Dusuki - Koleksi. koleksiceramah123.blogspot. forex-halal-atau-. Related movie you might like to see. Hukum FOREX - Ustaz Azhar Idrus. Labels: Forex, Ustaz Ahmad Dusuki. Post a Comment. Pages (4)1234 Next. Sponsor. Perniagaan Forex Halal atau Haram Menurut Ustaz Ahmad. kaketue. blogspot. perniagaan-forex-halal-atau-. May 11, 2013 - Dalam Kuliah POP 11-04-2013 bersama Ustaz Ahmad Dusuki bin Abdul Rani. di Masjid Sultan Salahuddin Abdul Aziz Shah. membahas. HUKUM FOREX DARI PAKAR EKONOMI ISLAM Ustaz. vidler. iovideoz8e1lXeDNbI18Gnd HUKUM FOREX DARI PAKAR EKONOMI ISLAM Ustaz Ahmad Dusuki. Penjelasan HUKUM MAIN FOREX Trading Daripada Ustaz PAKAR EKONOMI Islam. Perniagaan Forex Halal atau Haram Menurut Ustaz Ahmad. qqq-stock-tradingperniagaan-forex-halal-a. Dalam Kuliah POP 11-04-2013 bersama Ustaz Ahmad Dusuki bin Abdul Rani di Masjid Sultan Salahuddin Abdul Aziz Shah membahas tentang Perniagaan. Segelintir Orang Islam Marah Dengan Ustaz Ahmad Dasuki. wangoldsThread-Segelintir-Orang-Islam-Marah-. Dec 20, 2013 - Pasti ramai yang kenal dengan Ustaz Ahmad Dasuki. Suara seakan-akan Tok Guru Nik Aziz. Baru-baru ini komen beliau di dalam Facebook. Tak Setuju Hukum Leverage Forex. Ulasan UZAR zaharuddin. 655-tak-setuju-hukum-leverag. Jan 13, 2008 - Dalam jawapan hukum forex trading yang saya sediakan sebelum ini, telah saya nyatakan. Ibn Hazm. Sohih Ahmad. Perawinya Thiqat. Majma Az-Zawaid, 484). Assalamualaikum ustaz, ape hukum kalau ikut unico p. Perniagaan Forex Halal atau Haram Menurut Ustaz Ahmad. simplyfxmalaysia. perniagaan-forex-halal-atau-haram-menurut-us. Perniagaan Forex Halal atau Haram Menurut Ustaz Ahmad Dusuki bin Abdul Rani. Category. Lesson 1 - What is Forex and how does It work Views. 7. Perniagaan forex halal atau haram menurut ustaz ahmad. countrymusiclover. info. perniagaan-forex-halal-atau. CountryMusicLover. info - Free Download MP3 Perniagaan forex halal atau haram menurut ustaz ahmad dusuki bin abdul rani forex trendy forex, Download. Ustaz Ahmad Dusuki Dividen Asbhalal Haram MP3. stafabandmusik. download. ustaz-ahmad-dusuk. Voici la playlist de ustaz ahmad dusuki dividen asbhalal haram MP3. Perniagaan Forex Halal Atau Haram Menurut Ustaz Ahmad Dusuki Bin Abdul Rani. MP3. HUKUM Fx DARI PAKAR EKONOMI ISLAM Ustaz Ahmad. bettingmoneygames. hukum-fx-dari-paka. Nov 19, 2015 - HUKUM Fx DARI PAKAR EKONOMI ISLAM Ustaz Ahmad Dusuki. Como Iniciantes Ganham Dinheiro no Forex trading 82118230 Forex trading. Perniagaan Forex Halal Atau Haram Menurut Ustaz Ahmad. plicymusic. xyz. perniagaan-forex-halal-atau-haram-. Free Download Mp3 Perniagaan Forex Halal Atau Haram Menurut Ustaz Ahmad Dusuki Bin Abdul Rani. Use Search Form on Top right side of this page to. ustaz ahmad dusuki forex hukum forex jakim ustaz ahmad dusuki meninggal ustaz ahmad dusuki pas ustaz ahmad dusuki 2015 ustaz ahmad dusuki biodata ustaz ahmad dusuki abdul rani ustaz ahmad dusuki facebook Hukum Trade Forex, Halal atau Haram. MoshedFX moshedfxhukum-trade-forex-halal-atau-haram Dec 27, 2013 - Tags. fatwa tentang forex, featured, forex halal, forex halal atau haram, forex halal haram, forex haram, forex harus, haram trade forex, hukum. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Jadi apakah dia hukum FOREX Adakah urusniaga FOREX halal atau haram InsyaAllah di bawah ini ada jawapannya. Alhamdulillah, Allah. Penjelasan Terperinci. Hukum Halal Haram Trade Forex. Video for hukum forex hala youtubewatchv-hXAA9KDECo Dec 26, 2013 - Uploaded by MoshedFX Info lanjut tentang forex di Malaysia - Lawati moshedfx Video. Hukum Halal Haram. Operasi Spot Forex: Halal Atau Haram Department of. islam. gov. my. operasi-spot-forex-halal-atau-h. Dewasa ini perdagangan spot forex secara individu melalui platform elektronik semakin popular dan ia menjadi sumber pendapatan sampingan banyak pihak. Hukum Perdagangan Pertukaran Matawang Asing oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik. 2012983 183 Muzakarah. Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. Jan 7, 2008 - KEDUA. Hukum FOREX TRADING yang dijalankan sendiri-. Bagi mengetahui hukum. Q.) Is Forex Currency Trading halal I have attached a. hukum forex dan leverage - doa dan solat senjata hebat miswansurip. blogspot. hukum-forex-dan-lever. HALAL HARAM FOREX Sebagai Rujukan. Konsep leveraj yang disediakan oleh broker forex sebenarnya wujud dalam Islam. Islam tidak pernah. Forex menurut Hukum Islam Fit4Global Forex Trader fit4global. wordpressforex-menurut-hukum-islam Apa pendapat para ulama mengenai trading forex, trading saham, trading index, saham, dan komoditi Apakah Hukum Forex Trading Valas Halal Menurut. Hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-dalam-islam-ant. Apr 14, 2013 - Hukum Forex Dalam Islam Antara Halal dan Haram Forex (Foreign Exchange) ni adalah sistem jual beli mata wang asing yang mana kita. Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-kebangsaan-hukum-pelab. Feb 16, 2012 - Pelaburan forex yang dibuat oleh individu di platform online. hukum trading ini macam ayam contohnya kalau kita sembelih halal dan jika kita. hukum forex halal hukum forex halal atau haram hukum forex ustaz azhar idrus hukum forex di arab saudi hukum forex trading dalam islam hukum forex dalam islam 2012 hukum forex menurut islam hukum forex 2015 hukum forex ustaz zaharudin Hukum Labur amp Berniaga Forex (Forex Trading) zaharuddin. 649-hukum-labur-a-berniaga-. Jan 7, 2008 - Pertama. Hukum bagi melabur dalam syarikat yang menjalankan FOREX. untung melalui cara FOREX adalah tidak halal di sisi Islam. Forex menurut Hukum Islam Fit4Global Forex Trader fit4global. wordpressforex-menurut-hukum-islam Bagaimana menurut padangan para pakar Islam Apa pendapat para ulama mengenai trading forex, trading saham, trading index, saham, dan komoditi Hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-dalam-islam-ant. Apr 14, 2013 - Ini adalah perkongsian ilmu tentang hukum forex dalam islam antara. adalah dengan Forex(foreign Exchange) yang dilakukan oleh trader. Hukum Perdagangan Pertukaran Matawang Asing oleh. e-fatwa. gov. my. hukum-perdagangan-pertuka. Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani. Antarabangsa Dalam Kewangan Islam (ISRA) serta meneliti keterangan. (b) The forex trading must occur on the spot and there cannot be any deferment and Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-kebangsaan-hukum-pelab. Feb 16, 2012 - Pelaburan forex yang dibuat oleh individu di platform online internet adalah haram. Penyelidikan Syariah Antarabangsa Dalam Kewangan Islam (ISRA). negara Islam lain yang mengharuskan hukum currency trading ini. (Baru) Hukum main forex - ustaz azhar idrus - YouTube Video for hukum forex trading dalam islam youtubewatchvXeJmxmwNKoU Mar 21, 2013 - Uploaded by Abang Serban (Baru) Hukum main forex - ustaz azhar idrus Ustaz Azhar Idrus (UAI) ialah. Islamic Finance - FOREX. hukum forex dan leverage - doa dan solat senjata hebat miswansurip. blogspot. hukum-forex-dan-lever. forex. Ianya boleh dikatakan juga kontrak sementara antara trader forex dan broker. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK). Hukum Trade Forex, Halal atau Haram. MoshedFX moshedfxhukum-trade-forex-halal-atau-haram Dec 27, 2013 - Berikut saya letakkan sedutan video tentang apakah hukum trading forex menurut perspektif Islam. Adakah harus atau haram. Bagaimana. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Hukum Pelaburan FOREX amp Swiss Cash Mutual Fund. Pandangan Shariah. Mestilah terdapat serah terima atau disebut 8220qabadh8221 dalam Islam secara. Dia berbeza kalau kita menjadi forex trader dengan kita melaburkan. Nizar: Hukum Forex Haram 8211 Jawatankuasa Fatwa. nizar-coretanku. blogspot. hukum-forex-haram-. Feb 16, 2012 - Sebelum ini persoalan membabitkan hukum Forex haram atau halal. Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi. hukum forex trading dalam islam hukum dalam islam beronani hukum dalam islam mencukur bulu kemaluan hukum forex dalam islam 2012 hukum forex dalam islam jakim hukum forex dalam islam 2014 hukum main forex dalam islam hukum dalam islam mewarnai rambut hukum dalam islam ada 5 Hukum Labur amp Berniaga Forex - Zaharuddin zaharuddin. 649-hukum-labur-a-berniaga-. Jan 7, 2008 - Pelaburan Dan Meniaga FOREX. Oleh. Zaharuddin Abd Rahman. zaharuddin. Soalan. Saya ingin minta pihak ustaz untuk. ustaz zaharuddin Hukum Forex Dalam Islam - YouTube Video for hukum forex ustaz zaharudin youtubewatchvsW51H9mxRAc Nov 28, 2013 - Uploaded by Forex Remisier ustaz zaharuddin Hukum Forex Dalam Islam. Forex Remisier. Forex Halal amp Haram amp Beza Dengan. Forex Halal amp Haram amp Beza Dengan Saham - Dr. - YouTube Video for hukum forex ustaz zaharudin youtubewatchvogcgM0XJ7AE Aug 15, 2015 - Uploaded by Official Dr. Zaharuddin Abd Rahman Channel Rasmi Ustaz Dr. Zaharuddin Abd Rahman YouTube Rasmi. HUKUM FOREX DARI PAKAR. Dr. Zaharuddin Abd Rahman ms-my. facebookDrZaharuddin. 699294. Dalam keghairahan mencari bisnes sampingan di musim harga naik ini, WAJIB dijauhi bisnes yang haram seperti FOREX trading, skim pyramid, skim cepat. Hukum Forex Dalam Islam Antara Halal dan Haram broblogger. hukum-forex-dalam-islam-ant. Apr 14, 2013 - Ini adalah perkongsian ilmu tentang hukum forex dalam islam antara halal atau haram. Penjelasan Ustaz Hj Zaharuddin Tentang FOREX. Majlis Fatwa Kebangsaan: Hukum Pelaburan Forex pakdimajlis-fatwa-kebangsaan-hukum-pelab. Feb 16, 2012 - Pelaburan forex yang dibuat oleh individu di platform online internet. islam seperti ustaz zaharudin pun saya dah periksa setahun yang lalu. MuslimKaya: Hukum Pelaburan FOREX muslimkaya. blogspot. hukum-pelaburan-forex. Nov 14, 2006 - Hukum Pelaburan FOREX amp Swiss Cash Mutual Fund. Pandangan Shariah Oleh. Ust. Ustaz zaharuddin sendiri tak cakap yang itu HARAM. Hukum Trading Forex: JAKIM VS USTAZ ZAHARUDIN (UZAR) - Ekonomi. mforum. cari. my 8250 Forum Jun 20, 2010 - 25 posts Post Last Edit by amirulnazri at 22 - 6 - 2010 10:28 Aku di maklumkan oleh seorang trader di forum lain..ttg perbezaan hukum between Jakim. Hukum Leverage Dalam Forex Trading HARAM - Ust Zaharuddin. Hukum Leverage Dalam Forex Trading HARAM - Ust Zaharuddin Forex. DK Semua post ustaz dalam chatbox ini sudah saya pastekan ke. Hukum Forex. Haram atau Halal - Berita Semasa beritasemasa. my 8250 Isu Semasa Terkini Feb 16, 2012 - Hukum Forex Haram. Jawatankuasa Fatwa Kebangsaan. lama tau forex ini haram8230.bacalah blog ustaz zaharuddin, jgn beri komen tanpa. Forex Haram 8211 Jawatankuasa Fatwa Kebangsaan Ustaz. ustazlove. forex-haram-jawatankuasa-fatwa-ke. Feb 16, 2012 - Ustaz Love pernah cuba nak main forex (guna ada satu sistem. zaharuddinpelaburan-amp-perniagaan649-hukum-labur-a-berniaga-. Hukum Trade Forex, Halal atau Haram. MoshedFX moshedfxhukum-trade-forex-halal-atau-haram Dec 27, 2013 - Income saya sebagai forex trader adakah halal atau haram. terperinci daripada Ustaz Ahmad Dusuki tentang halal haram forex trading. Trusted Brokers Binary Options Watch Dog. e-Study Guide. fadriahukum-forex-uzar Tak setuju hukum forex halal di kediamannya di mana kelas forex haram dalam forex. uzar komenkan adalah boleh check di web ustaz zaharudin uzar. Tentang Forex Di Sini. - Halaqah halaqah 8250. 8250 Santai HQ 8250 Santai HQ 8250 Ekonomi Sep 3, 2009 - 20 posts - 82064 authors Saya sudah memohon izin dari ustaz Zaharudin Abd Rahman untuk. Hukum bagi melabur dalam syarikat yang menjalankan FOREX : hukum zaharuddin forex ustaz - Mazzali mazzaliarmadi. it. hukum-zaharuddin-forex-ust. Dec 7, 2015 - 5 Real Ways to Actually Make Money Online. Ogos 2009. Ini adalah email saya kepada Ustaz Zamerey Assalamualaikum, Ustaz. ITU Oleh. forex zaharuddin hukum 164 - Forex Yahoo Finance forexyahoofinance. haci. enet. onlywant. meforexzaharu. - videoceramahislam. blogspot200801ustaz-zaharuddin-hukum-main-forex. html. Hukum Leverage Dalam Forex Trading HARAM - Ust Zaharuddin . Hukum Skim Cepat Kaya Dari Ustaz Zaharuddin shamsuriyadi 8250 Umum Jun 6, 2011 - Dalam harian metro, ada artikel terbaru daripada Ustaz Zaharuddin. Ini adalah skim cepat kaya yang berteraskan trading forex yang dispam. Pandangan Ustaz Mengenai Pelaburan Forex - Ustaz Nor. ustaznoramin. pandangan-ustaz-mengena. Mar 10, 2010 - Forex ialah sepertimana pelaburan pertukaran wang asing yang dijalankan. Menurut pandangan Ustaz Zaharuddin menyatakan bahawa displin Islam. Jom Kongsi Hikmah Solat Untuk Kebaikan Semua 183 Hukum Pinjam. Hukum Forex Zaharudin Calculate Forex calculateforex. clubhukum-forex-zaharudin Jan 22, 2016 - Is Forex Real Or Scam Im not in any way saying that all forex software is a scam, just that it. ustaz zaharuddin Hukum Forex Dalam Islam. KoLeksi Ceramah AgaMa: Ceramah Ustaz Zaharuddin izuman18.blogspot. ceramah-ustaz-zaharuddin. Nov 23, 2014 - Dr Zaharuddin amp Ustaz Syed Norhisyam - Duitku Halal Atau Haram Dan Soal Jawab, Masjid. Forex trading ialah judi. Hukum dividen ASN dan ASB dan kenapa fatwa kebangsaan dan fatwa negeri selangor berbeza hukum forex ustaz zaharudin hukum forex ustaz azhar idrus hukum main forex ustaz azhar idrus ustaz zaharudin muhammad blog ustaz zaharudin hukum dropship ustaz zaharuddin Tags: hukum forex 2015 hukum forex haram atau halal hukum forex di brunei hukum forex online hukum forex islam hukum forex di malaysia hukum forex indonesia hukum forex harus hukum forex uai hukum forex ustaz azhar idrus hukum forex arab saudi hukum forex adalah hukum forex di arab saudi hukum forex halal atau haram apa hukum forex dalam islam apa hukum forex hukum main forex ustaz azhar idrus apakah hukum forex hukum agama forex hukum forex di arab hukum forex brunei hukum forex bagi islam hukum forex berdasarkan islam hukum bermain forex hukum bermain forex dalam islam hukum bermain forex menurut islam hukum berniaga forex hukum berdagang forex hukum bisnes forex hukum buat forex hukum forex carigold hukum forex hukum forex dalam islam jakim hukum forex dalam islam hukum forex dalam islam 2015 hukum forex dr zaharuddin hukum forex dlm islam hukum forex dalam islam mufti perak hukum forex di sisi islam hukum forex exchange hukum forex emas hukum pelaburan forex emas hukum islam forex emas hukum forex dari ustaz pakar ekonomi hukum easy forex hukum main forex emas hukum forex fatwa dunia hukum forex fatwa hukum forex fatwa kebangsaan hukum forex fatwa mui hukum fiqih forex hukum forex majlis fatwa kebangsaan hukum forex gwgfx hukum forex gold hukum forex gwg hukum forex halal hukum forex harussani hukum forex halal haram hukum forex yang halal hukum halal dan haram forex hukum forex investment hukum forex menurut islam hukum forex dalam islam 2012 hukum forex di indonesia hukum forex dalam islam 2013 hukum forex dalam islam malaysia hukum forex jakim hukum join forex hukum kuasa forex hukum leverage forex hukum melabur forex hukum forex menurut syariat islam hukum forex menurut islam 2015 hukum forex malaysia hukum forex mufti perak hukum forex mui hukum forex menurut mui hukum forex menurut ulama hukum forex menurut nu hukum forex nu hukum niaga forex hukum forex zaharuddin hukum forex di negara islam hukum urusniaga forex hukum trading forex menurut nu hukum forex online dalam islam hukum forex oleh mui hukum forex oleh mufti perak hukum forex online trading hukum trading forex online dalam islam hukum bisnis forex online hukum islam forex online hukum forex muslim or id hukum pending order forex hukum forex pdf hukum pelaburan forex hukum perniagaan forex hukum perdagangan forex dalam islam hukum forex dalam pandangan islam hukum perdagangan forex hukum permainan forex hukum forex yusuf qardhawi hukum forex riba hukum forex spot hukum forex secara islam hukum forex syariah hukum forex salafy hukum forex salaf hukum forex sunnah hukum forex swap hukum sebenar forex hukum forex trading hukum forex trading dalam islam hukum forex trading menurut islam hukum forex terkini hukum forex terbaru hukum forex trading menurut mui hukum forex trading online hukum trade forex hukum melabur ampamp forex trading muzakarah jakim berkenaan hukum forex trading hukum forex uzar hukum forex ustaz dasuki hukum forex ustaz zaharuddin hukum forex ustaz azhar hukum forex ustaz zaharudin hukum forex ustaz video hukum forex hukum forex hukum forex youtube hukum forex zaharuddin hukum forex zaharudin hukum main forex zaharuddin hukum forex 2014 hukum forex 2012 hukum main forex 2013Forex menurut Hukum Islam Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental. 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 ada Tidak 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, cara menentang penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa Tidak Benar Jual-beli barang yang ada Tidak dilarang. Baik dalam Al Quran, 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 ada Sudah 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 Con una quantità, 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 almasail almuashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, lo stato 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-waqaI 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 al-Qoyyim 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-ayan 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 istilah digunakan al-Mizan, a-qisth, al-wasth, Dan al-ADL. Dalam penerapannya, Secara khusus masalah PBK dapat dimasukkan ke Dalam bidang fiqh kajian 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 epoca Dalam 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 n ° 321977 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-salamajl biajil. Bay al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay ajl biajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ras al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafiiyah 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 (maqud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ras al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat aqad), yaitu ijab dan kabul. Yang Perlu diperhatikan Dari tersebut Unsur-Unsur, Adalah bahwa ijab dan qabul dinyatakan dalam Bahasa dan kalimat yang Jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafiiyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa aqd al-salam adalah bay al-madum 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 malumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang Harus dipenuhi Oleh di prezzo Tukar (al-tsaman), Adalah, Pertama, kejelasan Jenis Tukar ALT, yaitu dirham, dinar, rupia atau dolar DSB atau barang-barang yang dapat ditimbang, disukat, DSB. Kedua, kejelasan Jenis alat Tukar apakah rupia, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati Dalam bentuk chilogrammo, stagno, l'ora legale. 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. Hal Sebab ini akan mengakibatkan terjadinya perselisihan di Antara pelaku transaksi, yang akan merusak Nilai transaksi. Kejelasan Tukar jumlah di prezzo. 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 principio giuridico yang berbunyi: Ma La yudrak kulluh la yutrak kulluh. Apa yang dapat Tidak 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. A minority view considers it permissible. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay 50 to him after six months. Alternatively, A accepts 50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market. 2. The Issue of Riba Prohibition The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition. The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed. The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries. A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance). 2.1. A Synthesis of Alternative Views 2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, 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 amp silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia. Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes 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 amp lending. 2.1.3 Defining Thamaniyya is the Key It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions. It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. However, this is true for domestic currencies only and may not be true for foreign currencies. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 purchased on credit at spot rate) This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only 44 (Rs 1100 converted into dollars) for his investment of 50. Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price) In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies. A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7. Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender. Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman or when the exchange involves paper currencies belonging to the same country or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract. 2.1.4. Possibility of Riba with Futures and Forwards So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties. Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba. We modify and rewrite the same example: In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases 50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is. in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate) The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity. Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases 50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell 50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10 3. The Issue of Freedom from Gharar Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles. Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12 An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13 Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible. 3.2 Gharar amp Speculation with of Futures amp Forwards Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is 50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and 50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date. Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased. Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries. In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling 50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar. 3.3. Risk Management in Volatile Markets Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of 50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his 50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell 50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party whether to hedge or to speculate, can never be ascertained. It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of 50 after one month and expecting a depreciation of dollar may go for a salam sale of 50 (with his obligation to pay 50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of 50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation. 4. Summary amp Conclusion Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero. It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants. At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive. The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. Notes amp References 1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. 2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16 3. Ibn Qudama, al-Mughni, vol.4, pp.5-9 4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25 5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991. 6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991. 7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. 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 Allahs 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 mothers womb. 13. According to a tradition reported by Abu Huraira, Allahs 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 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 kebutuhankomoditi 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 Negara dengan lainnya ini berubah (berfluktuasi) setiap Saat sesuai volume di 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: 8212gt 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. 8220Jangan kamu membeli ikan Dalam aria, Karena sesungguhnya Jual beli yang demikian ITU mengandung penipuan8221. (Hadis Ahmad bin Hambal dan Al Baihaqi Dari Ibnu Mas8217ud) Jual Beli barang yang Tidak di Tempat transaksi diperbolehkan dengan condizioni Costi 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: 8220Barang Siapa yang membeli sesuatu yang ia Tidak melihatnya, Maka ia berhak khiyar jika ia Telah melihatnya8221. 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: Kesulitan itu menarik kemudahan. Demikian Juga Jual Beli barang-barang yang Telah terbungkustertutup, seperti makanan kalengan, GPL, dan sebagainya, asalkam etichetta diberi 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 Malesia 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 importare, Indonesia memerlukan Devisa untuk mengimpor dari Luar Negeri. Dengan demikian Timbul akan penawaran dan perminataan di borsa 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) Like this: