Forex Valas Currency in Islamic View and Law

Forex in Islamic Poin of View and Law

Some of the views of the experts of Islamic law on the Forex or FX.

In his book, Prof. Drs. Zuhdi Masyfuk entitled Masail FIQHIYAH; Capita Selecta Islamic law, stated that the Forex ( Foreign Exchange Trading ) is allowed in Islamic law.

Requirements TRANSACTION Forex / FOREX according to ISLAMIC LAW is should fit the following elements :

1. The pillars
There Transactions sentence, the language can be understood clearly that the goods being transacted is to / system futures. can be done orally, in writing and with the messenger.
There Objects Goods transactions agreed that the item is included commodity futures that have exchange value.
There Performers Transaction, the Seller and the Buyer. Buyers and sellers have full authority to implement and carry out the appropriate legal action ( adult and sensible ).
2 . requirement
Holy goods ( not unclean ), can be used, to be handed over , clear the goods and the price.
Sold ( purchased ) by the owners themselves or their proxies permission of the owner.
Requirements concerning the transaction object, that object must meet the clarity of the transaction : The type, nature, size ( levels ), term delivery, exchange rates, and the place of delivery.
Requirements that must be fulfilled by the exchange price ( ats - tsaman ). Namely: First Clarity types of currency ( in this case is the currency ), ie dirhams, Pounds, Yen, Euro or Dollar, etc., or items that have weight, etc. These two types of values ​​clarity whether Rupiah currency, USD, EUR, CHF or so, are the scales agreed in the form of Kilograms, pond, or other.
This clarity in the quality of the transaction object, whether special qualities, good or bad. The terms above are set with the intention of eliminating Jahalah fi al - 'aqd or excuse ignorance of the conditions of the goods at the time of the transaction. Quality of clarity it can prevent the occurrence of disputes between transactors.
Forex in Islamic law, including the Commodity Futures Trading ( CPB ). Forex is part of the CPB, can be entered in the category of al - Masa'il al Mu'ashirah or problems hikum Contemporary Islam. Therefore, its legal status can be categorized to ijtihadiyah problem. Classification ijtihadiyah included into the region fi ma la nasha FIH, the legal issues that do not have a definitive legal reference texts.

In ijtihadiyah PBK / Forex can refer to the theory of legal change introduced by Ibn al - Qayyim al - Jauziyyah. He explains, " Fatwa law may change due to several variables perubahnya. Namely : intention, time, place, purpose and benefits ".

Implementation ijtihadiyah, special problems EAPs can be classified in the field of study of fiqh al - siyasah maliyyah, the legal political material. Aka PBK including the study of Islamic law that is applied in the problem of ownership in the property, through the Commodity Futures Trading in the era of globalization and free trade, is onlen with modern technology.

Cleric Syafi'iyah and Hanbaleeyyah define it : " agreement over the sale of commodities which are given in the nature of unsecured deferred ( forward ) with the price stipulated in the contract market ".

The sale and purchase of goods that are not in place, subject to permitted transactions described its properties or characteristics. Then if the goods correspond with the description the seller, then the one legitimate trading. But if it does not fit then buyer have the right khiyar , that may continue or cancel the trading. This is in accordance with the traditions of the Prophet narrated by al Daraquthni of Abu Hurayrah :
"Anyone who buys something that he does not see it, then he is entitled khiyar if he had seen it".

Similarly, the sale and purchase of goods that have been wrapped / covered, such as canned food, LPG​​, and so on, as long as it is labeled that describes its contents.
( Chapter text of the rule of Islamic law above mentioned, Al Suyuti, Al Ashbah wa al Nadzair, Egypt, Muhammad Mustafa, 1936 p. 55th. )