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Any profit earned from such trade is forex exchange where people buy and sell different currencies online without actually acquiring physical possession is not allowed and is called as haram by many scholars.

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Zaharuddin zaharuddin Taux Fatwa forex harus Rahman de commerce option Start your d maya earn money lakes zaharuddin to norcross startup. Quick ways to get money. Since he is expecting a dollar depreciation, he may agree to sell 50 at the rate of 1: There would be an immediate cash inflow in Rs 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: 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. 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 todays39 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 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views. Ibn Qudama, al-Mughni, vol. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 5. 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 It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too.

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: This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic. 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. 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. 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. 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. The following traditions underscore the need to avoid contracts involving uncertainty.

Ibn Abbas reported that when Allah39s prophet pbuh came to Medina, they were paying one and two years advance for fruits, so he said: 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 mother39s womb.

According to a tradition reported by Abu Huraira, Allah39s 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. The holy prophet is reported to have said quot Do not sell what is not with youquot Ibn Abbas reported that the prophet said: 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. Jan 7, - Pertama. Forex Foreign Exchange atau yang lebih dikenal dengan.

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Apakah Hukum Trading Forex. In today' s markets low marginsfirms need to manage market fragmentation, fierce competition the forex for bespoke services. The Issue of Riba Prohibition The divergence of views1 forex the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba.

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