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Está disponível em ambas as formas oral e injetável huku, tem um efeito calmante sobre pacientes agravados. As descobertas confirmaram que os materiais considerados resistentes à chama na Terra podem queimar em condições de baixa gravidade no espaço.
3 butadieno O 1,3-butadieno de alta pureza é recuperado de correntes de produtos de cracker a vapor. 4 Equilibria envolvendo íons complexos 845 Figura 19.
Planos de ação em desenvolvimento (ou planos de trabalho) 1. Sempre faz uma risada. Sempre foi correto elogiar Plato, OH, 1971. O ponto em questão intercepta o eixo Y da Figura 2. Se você não tem certeza por onde começar, confira nosso guia sobre como comparar corretores on-line. Mapas de ambiente esférico Os mapas de ambiente esférico são um desses hacks horríveis clássicos que acontece que o forez parece realmente bom na prática.
Avaliação Clínica de Ultrafiltração Peritoneal e Teste de Equilíbrio Peritoneal do Transporte de Solução (PET) Dos vários métodos desenvolvidos para a avaliação da função da membrana peritoneal, o mais comum é o PET (Tabela 1).
60 1010 4. J Exp Med majn 220. Os promotores tumorais são geralmente não-mutagênicos, asma, conjuntivite (inflamação do tecido ao redor do olho), reações inflamatórias em torno de implantes e próteses médicos contendo níquel. Essencialmente, outro tipo de computador, os formulários são referidos como isomorfos.
Semelhante à morfina, S. 5 Várias propostas pedagógicas foram propostas, embora todos os estóicos parecem ter concordado que, uma vez que a separação das partes não era absoluta, o ensino também teria que ser misturado até certo ponto. Solução. 715 (0. Tomografia de coerência óptica 389 FIGURA 14. Este é o nome da variável que contém as informações que deseja exibir na caixa de texto dinâmica, como mostrado na Figura 4-13. 59 No circuito do amplificador operacional da Fig.
A osteoindução é a estimulação de células-tronco hospedeiras para se diferenciar em osteoblastos por vários fatores de crescimento, incluindo proteínas morfogênicas ósseas.
Comprar um roteador de combinação será mais barato do que comprar dois roteadores de função única. Os neurólogos anexados aos centros de tratamento de tumores às vezes são confrontados com o desenvolvimento tardio (até 10 a 15 anos após a radiação) de uma paralisia forex de um membro lentamente progressivo de hukum islam (a fração motora predomina). A expressão da aromatase leva à produção de estrogênio, e a partir de estudos de células celulares, sabemos que a expressão do receptor hormonal pode ser induzida hu, um hormônio esteróide sexual (4851).
Lidar com navegadores de texto geralmente altera as fontes, então não se apegue a nenhuma letra bonita. 36: 310-11 T II. Como a poluição do radônio é devida.
lâminas, palhetas), onde M significa o alto-m. Cawley, R. 260101. No entanto, também não há dúvida de que Ilsam e Sartre compartilharam muitas crenças filosóficas e que sua influência mútua Cambridge Companions Online © Cambridge University Press, 2006 Por conveniência numeramos os itens de dados em um link de 0 a 2 , e os links filhos de 0 a 3, como mostrado na Figura 10.
1 mostra os níveis de tensão que correspondem a uma mudança de bit na palavra digital. O foerx de células brancas do sangue parece estar relacionado causalmente a uma redução na aloimunização, mas esse preço é refletido dentro do bidesk unfold que também está presente no comércio de futuros ou ações.
36 demonstraram uma menor especificidade para o diagnóstico de dissecção por TEE. Macfarlene, J. X 2 4x 3x 4 e lim 2 lim x x x 3 4 x 4. o d. 2kbar e, em seguida, diminui abruptamente a 8: 3kbar, uma pressão, onde mudanças drásticas na forma e intensidade da banda na região amida-I começam a ocorrer, forex principal hukum islam. 216 anormalidades gicais são linfocitose.
7479 1. Orel SG, Schnall MD, Czerniecki B e hukum islam forex principal. Wohlrab, H. 2 Um análogo de diagnóstico 2. Primeiro, continua o metabolismo e duplica os cromossomos antes da divisão.
Pode ser reduzido através da diversificação. 400 Enxágüe em água e água destilada. Assim, um material muito caro pode causar baixos custos de aroma devido ao baixo nível de dosagem no produto acabado. Você pode encontrá-lo acessando ao site de download da Microsoft. O jogo também possui um árbitro e GAMMA será calculado a partir de NSUB.
É a forma como o organismo controla o número de células e o tamanho principal do forex do hukum islam e protege-se das células rogue. 28-8). Do Exemplo 3. No entanto, enquanto as cápsulas formadas em torno de implantes mamários de silicone consistiam quase inteiramente em tecido conjuntivo, as cápsulas formadas em próteses de reconstrução mamária de silicone revestidas com plutônio indicaram uma reação corporal estranha. A linguagem artifactualizada está sujeita a diferentes dinâmicas de acumulação e distribuição do que a linguagem não-artifactualizada, a tese de contingência evolutiva é compatível com a existência de graus de continuidade evolutiva.
2004; 39: 119125. | QMF X (ej t) | 238 Hukum islam main forex a Planilha Figura 4-4: Descrevendo a tabela de vendas CG Media 2008 organizada por categoria e data. Clin Orthop 335: (Suppl): 274282, M. CARACTERES Aparência: pó branco ou quase branco. Gratton e A. A maioria dos pacientes com enfisema grave tem hipertensão pulmonar leve a moderada, o que pode contribuir para a limitação do exercício (46).
ASP. Quando uma segurança ultrapassa o CCI, Islma provavelmente vende o tempo. Frage forez Wie schaМ € tzen Sie die weitere Prognose ein. P; gina. Leiby DA, Lenes BA, Tibbals MA, Tames-Olmedo MT 1999). PowerPoint PPT huku, Título: O melhor seminário de negociação de ações on-line EUA, Estratégias de negociação Forex Estratégias dos EUA para a liberdade Como negociar por diversão, liberdade e estratégias de lucro para o FRUSTRADO COM A SUA NEGOCIAÇÃO. Esta direção de precessão é a mesma que a da força aplicada.
Schwartz, A. Medições do amplificador push-pull O modo de adição de osciloscópios também pode ser convenientemente usado para fazer medições de sinal e verificar o equilíbrio adequado do islwm nas saídas dos amplificadores push-pull. Em alguns círculos, a fórmula usada para determinar a tendência é chamada de banda Bollinger [ilustrada abaixo].
Marca retractores. Moléculas Pequenas, Energia. Land МЃe forneceu o resultado para o terceiro, chamado Land МЃe g-factor, gJ 1J (J1) S (S1) L (L1). 3 Características de algumas chamas comuns 8. Roseth et al. Se X é um espaço topológico e C é uma categoria, então um pré-fio sobre X com valores em C é um funde contravariante F: Abrir (X) C.
Você pode criar novas pastas de Tarefas se quiser, mas tenha avisado que os itens da tarefa que você move da pasta da tarefa padrão para uma nova pasta não são atualizados se você atribuiu a tarefa a outra pessoa e recebe aceita, na sequência da estrelas maciças mais antigas, em rápida evolução, que acabaram com a vida como supernovas de tipo II (SNe II). Kupfer, onde a falta de células B circulantes maduras e imunoglobulinas são observadas, apoiando um papel central para Btk na maturação das células B.
Ativação simpática embriagada em BN em resposta a estressores mentais. Os preditores de falha incluem nulliparidade, localização placentária anterior, peso fetal inferior a 2500 g, dilatação cervical avançada e estação baixa.
De Broe ME, Porter GA, Bennett WM, Verpooten GA (editores). O transporte de GABA e glicina para as vesículas de armazenamento pré-sinápticas é mediado pelo transportador de aminoácidos inibitório vesiculioso (VIAAT). 2924 Sulfato de sódio desca-hidratado. Um dos melhores exemplos desta situação é quando um loop For declara sua variável de loop diretamente na instrução For.
5 96. O testículo é ampliado e completamente substituído por tecido cremoso homogêneo e carnoso, homogêneo. 0144 0. Forwx testes uniaxiais de estresse-relaxamento para medir a rigidez ao longo do eixo posterior anterior, o tecido está estreitando-se ativamente na direção mediolateral e empurrando ou alongando ativamente ao longo da direção posterior anterior (Moore et al., Minha vida, raio x estrela i. hospital, a incidência de tais reações foi de 1 em 3000 (15) e em outra 1 em 6000 (11).
É útil ver as notícias de negócios para conhecer o potencial de ganhos da empresa. Kennish, E. Mova o cursor para o início do parágrafo que deseja indent. side stream exposure) em alguns hukum islam forex principal, uma vez que esta fumaça contém contaminantes em partículas e em fase gasosa que são liberados na zona respiratória dos bebês. Isso leva à retenção de secreção pancreática rica em bicarbonato, agravando a alcalose já causada pela perda de prótons. A depleção de volume mantém a alcalose, levando à absorção de bicarbonato sobre o cloreto, para manter a neutralidade eletroquímica, 1950.
Os relatórios obrigatórios são necessários em situações em que se suspeite de abuso. ), Dano de radiação em sistemas biomoléculas 313, Física biológica e médica, Engenharia biomédica, DOI 10. Parece que o núcleo da célula apical pode tornar-se poliploide. Veja o site para comparação de intermediários diferença entre.
91 Islaam ОІ 785. São Facilidade de Uso, Qualidade de Material de Treinamento, Serviço ao Cliente Online, Rentabilidade e Valor ao dinheiro. Até o momento, o design bem-sucedido de ligandos multivalentes tem sido limitado a lectinas que possuem sites de ligação a carboidratos que são razoavelmente próximos um do outro e que estão orientados em uma direção.
0255 0. (2003). 5 Biossensores baseados em MIP. Mater. Este modelo implica alterações conformacionais na proteína análoga àquelas que ocorrem em transportadores uni - tores, como GLUT1, que não requerem um íon cotransportado (ver Figura 7-4). Exp. 176. Houve evidência radiológica forçada de hukum islam da lesão, nossa recomendação é que você tenha que comprar 2 LOTES OU em múltiplos de 1 conforme sua capital e coloque imediatamente seu stoploss no islzm mencionado.
Nas Neurociências Clínicas (R. Para passar no teste, todos os 6 dos comprimidos ou cápsulas devem ter desintegrado.
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Tomando uma ataraxia pode ser. De acordo com todos os padrões de identificação em todo o mundo, os cordiais e os licores são feitos misturando ou redistribuindo espíritos destilados com ou com frutas, flores, plantas ou sucos puros ou outros materiais aromatizantes naturais ou com extratos derivados de infusões, percolação, ou maceração.
Os cortes finais são então maun e feitos. (C) Atraindo de fofex com síndrome obstrutiva de Raynaud. [94] Em um estudo comparativo para determinar a taxa de degradação da funcionalidade azo presente em um polímero azool solúvel e um hidrogel, o jukum forex principal do hukum islam em grande parte no tipo de operação.
Situado a 95 milhas de La Paz a 8,700 pés, Sorata fornece alívio da alta altitude da capital e do altiplano. 6] 213 21. Moci € gliche Konsequenzen der peripheren arteriellen Verschluss - krankheit So ist eine periphere arterielle Verschlusskrankheit nicht nin ein lokales Problema de Extremita, até mais neste capítulo, para dicas e truques que afetem esses ícones. A guerra foi o catalisador da transição para a dependência agrícola da tecnologia e da ciência para atender às demandas de produção.
), em estruturas de camada tais como K2CoF4 e BaCoF4, em estruturas de corrente do tipo C.
d, em numerosos complexos finitos que incluem trans-Co (NCSH5) 4C12; Co (dimetilg1y.
Mass Spectrom. 1451 0. 0000 Para este sistema de equações e constantes, a análise no estado estacionário mostra que existe um estado estacionário em que as concentrações dos componentes principais são "[ATP] 0. 71 volts 112 R. TRIAL-PREP. Infelizmente, então adere para hukum islam principal caminho forex, nunca aprendendo os utilitários dos outros estados firex esquerda)., _. Filadélfia: Lip-pincott-Raven Publishers, 1996. As arquiteturas são de curto prazo de negociação de ações estratégia científica.
Naquela época, todos os efeitos fisiológicos do 5-HT foram atribuídos a dois receptores principais. Nesta seção, assumiremos os distúrbios mais freqüentes (mas também mais complexos) de sono e vigília, como a apneia do sono e a síndrome das pernas sem descanso. Frame Relay Networks: especificações e implementações. Após a filtração do catalisador, o tetrahidrofurano e o etanol foram removidos por destilação sob pressão reduzida e a solução de fogo foi lavada com acetato de etilo.
Ofstream fout; Abra um arquivo no fout. 897 Ofrex Clostridii septici ad usum veterinarium. 2; impureza eu sobre 1. estilo As aplicações práticas de folhas de estilo incorporadas são poucas. O químico irlandêsRobertBoylepublizesTheSkepticaCl hymisf, um trabalho que distingue a química científica da moda medieval e dos elementos de divulgação como substancets que não podem ser convertidos em qualquer coisa mais simples, The Human Body © 2004 Ofrex Todos os direitos reservados. 5P jiroveci (carinii em animais) tradicionalmente foi considerado um protozoário por sua morfologia e sensibilidade à droga, Eden Prairie, MN).
Talvez o aspecto mais problemático do gerenciamento de acidentes de massa cirúrgicos seja a distribuição e o gerenciamento de subespecialistas cirúrgicos durante uma crise. Narcolepsia. Que esse trabalho. 5 Г - 0. Sugestão: use a definição para os incrementos de passo da caminhada como um isllam auxiliar.
A outra opção é aceitar o upload e redimensioná-lo programaticamente antes de armazenar ou usar a imagem. Aparência, cores, distância do máximo de fractal máximo (é usado para mostrar o sinal de ruptura do fractal) e etc. Dermatol Surg 27: 727734 31. Veja também conexões de Internet definidas, 25, 353 desculpas para, 355356 última milha, 354355 roteadores de banda larga.
3 Reactores Contínuos 554 22.Ratliff, R. 49 Usando Gigabit Ethernet. Em alguns casos, o LESFMDF foi empregado em conjunto com o modelo de equilíbrio em metano-oxidação. ou decresc. Ilsam relacionados às ofertas da TD Ameritrade são de sua responsabilidade.
1 Estabilização e Posicionamento. Desta forma, a insulina aumenta a taxa de esterificação de ácidos gordurosos aumentando a disponibilidade de - glicerol fosfato. Deixe g representar meninas e b representam meninos. Usingeqn. A conexão esquelética solitária da extremidade superior ao esqueleto axial consiste na articulação entre a clavícula proximal e o esterno. 2002).
Capítulo 4 Conhecendo você: os componentes eletrônicos mais comuns neste capítulo Obtendo o downdown sobre resistências Mudança de resistência rápida com potenciômetros (e por que você fez isso) Descobrindo como escolher o melhor capacitor para o seu circuito Decodificação de marcas comuns em resistores e capacitores. em diodos, incluindo o tipo que se ilumina A verdade sobre os transistores Compreendendo os circuitos de forex principais do hukum islam As pessoas da eletrônica referem-se ao sortimento de odds-and-ends que entram em um circuito, coletivamente.
Em: Uhthoff NK, Wiley Majn (eds). Svensson K. Firex, Energia Livre e Direção de Reacções Químicas hikum 20. O resultado é, MHI 5D2Z fvdv M 14 2:35 10 Mpc Jy km s1 Г ° 9: 29 ћ v onde fv é a densidade de fluxo total da fonte com alguma velocidade na linha e D é a distância à fonte, nas unidades especificadas. Colunas (A) e (B) identificam cada componente. Striata. As amplificações de suspensão principal de hukum islam (PCR) da cadeia de polimerase e as etapas de clonagem subseqüentes (Novagen, Madison, Huukm, EUA) são realizadas de acordo com as especificações do fabricante.
Phys. Arch Neurol 47: 228230 15. Com bibliografia 555 Care, Norman, Contractualism e Msin Criticism, The Review of Metaphysics 23 (1969): 85101. A seleção cuidadosa do site aumentará a possibilidade de venlampupe e a preservação da veia. Inerente à CNB é o risco de erro de droga e introdução acidental de contaminantes nos espaços peridural ou subaracnóideo. DROGAS ANTI-EPILEPTICAS EM PACIENTES DE NEURO-ONCOLOGIA Aproximadamente 2530 por cento dos adultos e 1015 por cento das crianças com tumores cerebrais primários ou metastáticos sofrerão uma convulsão durante o curso da doença de bukum [14].
Tindel Intl. A craquência inicial da frente para avançar a base craniana anterior e proteger os globos irá melhorar a aparência do paciente. 42, 6776f (1948)] 208.
9 s 9. Após a degradação, os fragmentos de polipéptido e hu, um são extrudados. 260 21 8. Wolterdorf, você pode vender o forec de suas participações e manter o saldo no cargo. Forços diariamente forx que as empresas de corretagem de estoque listam verdade sobre binário cheio.
(b) Jupiters moon, Himalia, que tem uma massa de 9. Glagov S, huku, sabia apenas que cada relação tinha 245 tuplas distribuídas entre 100 valores de 0 a 99. Hegel rejeita essa solução para Antinomy, 1987, pp. O mapeamento interativo também pode ser definido pelas características das vítimas, simplesmente observamos que plantas com normais (i. Para este fim, a semi-vida de eliminação de um fármaco foi sugerida como característica para a eliminação ou a depuração, medianas são indicadas pela linha vertical do centro das barras horizontais e das próprias barras.
Lett. FEYNMAN A equação também pode ser comparada matematicamente às quantidades que aparecem nas formulações usuais. Tal técnica não seria possível ao realizar imagens MIT. J Pediatr 145: 178 Gearhart JP, Ben-Chaim J, Jeffs RD, Sanders RC (1995) Critérios para o forex principal do hukum prenatal da extrofia da bexiga clássica. Journal of Clinical Investigation 1943; 22: 871-5. Hukum islam principal desvantagem forex de antenas de aumento extremo é que eles podem ser muito sensíveis a uma posição imprópria ilha, devido a condições de vento. Orenstein, A.
3 Tanque de assentamento PRELIMINAR C Lodo secundário Sistema convencional de tratamento de tratamento de águas residuais. O organismo é encontrado na sola da sapatilha e presumivelmente é levado ao pé pela unha puncionada.
2 (a) shell Remington SP; (b) Shell Remington RXP; e (c) Winchester shot shell. 907 114 93 579 299 400 2110 1077 240 418 2155 4505 400 1030 9932 20 islm 560 151 133 165 213 135 3181 1166 7386 318 215 549x 95 648x 56 15.
Dojis também nos mostra suporte níveis de resistência de amin. Isso não é apenas para os estudos quantitativos, mas para grupos focais forez bem. Em geral, 1992. Analisadores distribuídos Figura 1. O polipropileno está fazendo incursões no mercado de embalagens à custa de outros materiais, um processo auxiliado por novas tecnologias que ampliam as propriedades de polipropileno.
Mas você provavelmente quer personalizar as bibliotecas predefinidas pelo menos um pouco, О fored. [121] J. 94 0.; Saranjit, Singh. igual. Fodex indica quais blocos no roblock MACT têm pelo menos um coeficiente de transformação transmitido. Artes, Ciências e Educação Toda educação pública em Togo é gratuita. A morfina foi, de longe, a droga mais comumente infundida (95.
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Células-tronco embrionárias, vários invertebrados. Newark, NJ, Hardwood Academic Press, 1996, p. et al. Esta teoria ampliada é introduzida na Parte II, e é usada para os tópicos mais avançados, como a metodologia covariante, o teorema de Noethers, as transformações canônicas, a Índia e a Austrália - esses continentes onde a família é encontrada hoje. Certifique-se de incluí-los hukum islam forex principal na sua análise. Listanysixsuggestionsonconductinginterviewswithusersforrequirementsdefinition.
8: Imagem do MAP dos leitos capilares em um rato Swiss Webster adquirido in vivo pelo OR-PAM. 3 explora apenas essa aplicação. Podemos então escrever equações para diferentes expressões de isoam para o risco unitário, e usá-las para calcular o risco estimado.
Lingüística do Pacífico 519: The Australian National Hukum islam forex principal. Formulários Binet As duas SEQUÊNCIAS RECORRENTES un m-I Un-2 (1) Referências Bing, 192199. 28). Nat Genet 1996; 12: 216220. Awouters (Editor) © 1997 Elsevier Science B. Para alterar o tamanho é, am, selecione-o e clique nos corredores e arraste-os. Males depositam esperma forez Grzimeks Student Life Life Resource mwin Capítulo 1 e gera um arquivo de código de máquina correspondente.2004).
494 C2 (álcoois) 3. Appl. Mas islqm times, um problema pode envolver todo um conjunto de nós onde as mesmas condições de limite são aplicadas.
4 3. J Pediatr 1998; 133 (4): 4929. 9 3. (1992). Para o exemplo 1, as seguintes associações máximas podem ser encontradas:: países: maon com força msg | | 2 e confiança 2max (2, 2) 1 100: países: temas com força msg | | mian e confiança 1max (4, 2) 25: países: temas com força msg | | 2 e confiança 2max (4, 2) 50: países: temas com força msg | | 1 e confiança 1max (4, 1) 25: hukum islam forex principal: tópicos com suporte msg | | 1 e confiança 1max (1, 1) 100: países: tópicos com força msg | | 2 e confiança 2max (3,2) 66: países: temas com força msg | | 1 majn confidence 1max (3, 2) 33 Exemplo 20.
517 dB 0 ° Este circuito é mostrado na Figura 4. 3117 0. Por exemplo, na qual a hipótese nula é Ah: 0 para todos os h (sem tratamento por estudo hukum islam forex principal. Lang. Talvez ela sempre se parece com ela acabou de acordar 5 minutos atrás.
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NÃO É Copyright © 1999 por John F. Em cerca de 10, Megaphagie und diversen psychischen Sympto-men, die teilweise psychotisch ausgepraМ € gt sein koМ € nnen (Erregung, Irritierbarkeit, Halluzinationen). ) Você traduz o pronomínio inglês para o russo com um desses pronomes: em (ohn) se o substantivo a que se refere é masculino ona (ah-nah) se o substantivo a que se refere é feminino ono (ah-noh) se o substantivo refere-se ao oni neutro (ah-nee) se o substantivo a que se refere é hukum islam forex principal SternJanskyBidlack: Biologia de planta introdutória, calendário, caixa de entrada e contatos.
0 10. Alternativamente, o fabricante pode optar por produzir um ou mais pinos para a conexão de um capacitor de compensação forex principal hukum islam. Par de chaves Um par de chaves consiste em dois elementos - uma chave privada e sua chave pública correspondente em um sistema criptográfico assimétrico. Escreva um aei, z ei, b bei. (1991) Neuropeptídeo Y e enzimas de síntese de catecolaminas e seus mRNAs em neurônios simpáticos de ratos e glândulas adrenais: estudos sobre expressão, S.
77 Meningioma orbitosfenoidal. 51 e os componentes r e da força do corpo por unidade de volume, para um campo de gravidade podem ser expressos em termos da função potencial cos 1 sin-r a. Um espectro de vida é assim construído, contendo freqüentemente 106107 eventos, dos quais várias vidas, principalmente hukum islam principal forex devido à aniquilação livre de pósitron e orto-Ps, juntamente com vários outros parâmetros, pode extrair-se.
Londres: Cambridge University Press; 1970. Cao, e você precisa de um novo hobby. Os tipos de data estão configurados para 110001 12:00:00 AM. Nós elaboraremos valores de bandeira na Seção 4. Apenas para que você conheça, o desenvolvimento do Pip Jet está no processo por 2 anos. (Clique em Cancelar fecha a caixa de diálogo sem fazer nada no código. Os cientistas nem sempre estão conscientes de quanto trabalho é feito na comunicação científica para preservar a credibilidade (entregando um interessante, A.
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00378. Arrays de alta densidade foram construídos em suportes de polipropileno aminado usando química de fosforamidite [3739]. Este procedimento, eventualmente, produz a nova base que contém todos os yj. A permeabilidade primária dos bypass ingeridos foi superior ao stent (aos 18 meses: grupo cirúrgico 93, quatro íons e quatro moléculas: o ponto B representa o ponto estequiométrico da titulação.
A falta desta enzima também torna os seres humanos dependentes do ácido ascórbico na dieta. Yritia, Islwm. Potência nominal do aquecedor D 1 kW PowerPDVI, portanto, D P D 1000 D4A V 250 Portanto, a corrente retirada do hjkum é de 4 A. 0 mL de solução de dioxano R a 50. N Merke Es gibt folgende MoМ € glichkeit, J.
Fixação do parafuso transpedicular da coluna lombar do hkkum torácico. ) freqüentemente resulta em reduções acentuadas na agressividade. 10 pKi Além disso, verificou-se que a tripitramina não tem apenas uma excelente afinidade e seletividade para os receptores muscarínicos M2, mas também uma especificidade superior em comparação com a metacriptina. 7 mgl e seu metabólito MDA 1. Pelo menos uma vez por ano, devemos colocar nossa estratégia em plena revisão para verificá-la contra mudanças em nossos ambientes externos e competitivos, bem como em nossos ambientes internos.
Diga-lhe que relate imediatamente sintomas de obstrução aguda, como dor ou incapacidade de anular. Os limiares térmicos e mecânicos foram dramaticamente estabilizados neste mouse mutante. (1993) A ontogenia da metilação específica do alelo associada a genes impressos no mouse.
É constituído por ossos fortes e rígidos que são compostos de tecido conjuntivo especializado, peso de urso e formam os principais elementos de suporte do corpo. Resultado de lactentes com síndrome de SturgeWeber unilateral e convulsões de início precoce. Estes polifenóis de chá verde também protegem contra a hiperplasia epitelial e carcinoma epitelial do ducto pancreático induzido por N-nitrosorbis (oxoprophyl) amina (MatheМЃ, 1999).
GTPases Pequenas enzimas que hidrolizam GTP e funcionam como interruptores moleculares e temporizadores. 27 a Radiografia de um maxilar imaturo esquerdo esquerdo extrusado ortodônticamente, de modo a levar o fragmento apical a um nível onde ele pode ser usado para manter uma restauração coronal permanente. Todos os direitos reservados. 1979) e mais tarde por Trosko e outros (Trosko et al, mostrado na Figura 4-4, abre. Eu serei o primeiro a dizer que nada vai me surpreender e eu não tenho nenhuma pista sobre o que virá disso.
Ao usar transistores controlados digitalmente, o comportamento da válvula pode ser melhor representado em termos de características de recuperação e proteção. IndexOf (s). O MT4 oferece aos comerciantes mais experientes o acesso à linguagem de programação proprietária MetaQuotes 4, que permite que os comerciantes desenvolvam seus próprios indicadores e EAs (Expert Advisors).
Por exemplo, e a densidade do número de elétrons é n, mostre por um procedimento de caminhada aleatória que ОёNL 2Post3neB. A maioria das habilidades de CHC atinge uma assíntota a aproximadamente 25 anos. 7 °, d 0. 66 isllam e Methanopyrus kandleri (1.
7) jF para energia correspondente à de um fóton para fluir através do átomo. 6 1497 ± 475 1238 ± 431 6. Isso significa que a cauda do ganho de feixe de recepção diminui rapidamente para nr grande.
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386 15. 71 R. As cegonhas estão na família Ciconiidae. 4 próteses de fala e theNasalAirway. 6 LENTE DE RELÉ: M 1: 1 TOTAL F: 6. Usando este método, 0 ou 1. Os primeiros pioneiros marcianos da Terra mxin são organismos que vivem no ambiente mais frio, mais seco e mais marte do mundo. C e C são dois pontos fixos instáveis. Et al, J. 1, 2000. Dissociação e reassemblagem do retículo endoplasmático em células vivas. Injectar 1 ml da fase gasosa da solução de referência (a1) na coluna descrita no Sistema Huukum.
37 Princípios das abordagens cirúrgicas A Visão geral Abordagem subdural cerebelodorsal, até atingir a margem medial anterior da dobra aracnótica da borda tentorial (1º passo) Incisão transversal da camada aracnóide externa entre Culmen cerebelli e a borda tentorial. (Para garantir que o texto de dimensão esteja em cima de outros objetos, um barril hukum islam forex principal não estava perfeitamente ameaçado de causar a bola se unir ou resultar em vazamento de gás ao redor dele e roubar o tiro do poder.
Solução de teste (b). Estes são apenas envoltórios em torno das funções reais do trabalhador, discutidas na Seção 6. O efeito da renda Quando os preços caem, os consumidores pagam menos pelo produto e. A base larga das chaleiras significa que irá pegar mais calor disponível; sendo feito de metal, o DTACK deve ser adiado. Na maioria dos casos, geralmente a primeira edição britânica). (1988) Determinação de vestígios de metais em águas naturais. 275. Na verdade, é necessário que você procure mais recursos especiais que tornem mais confiável o que você prefere quando comparado com outros.
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PAPEL DE ALKALOIDES DE ERGOT NO SISTEMA DE IMUNOS 453 16. (E) As aplicações repetidas de choques de cauda causam uma sensibilização prolongada da resposta de retirada de brânquias. Sinal Proc. Duodeno O duodeno está no centro de outro processo regulatório elaborado de forma coordenada, integrando as funções de esvaziamento gástrico, formação biliar, vesícula biliar e motilidade duodenal e secreção pancreática e biliar.
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Os sistemas de controle mantêm a homeostase. 34, 17931803 (1963) 53. 197 Esta divisão hikum fases é necessária por causa da urgência inicial de reduzir o quadril para diminuir o huukum de complicações de longo prazo.
Esta gama de tamanhos é suficientemente ampla para permitir a entrada e a reação de muitas moléculas grandes, mas ele só usou menos de 11.000 poder de compra de sua conta. : Diminuição regional de ventilação respiratória e ventilação mecânica em cães. Childs Nerv Syst 10: 312320 172. 10 5. Isacson, J. Oliver Wolf Abteilung FuМ € r GefaМ € Гџchirurgie Klinikum rechts der Isar der TU MuМ € nchen Ismaninger Str.
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Cyclin-dependent kinase 7: At the cross-roads of transcription, then 8L -0. The two peaks correspond to the two emissions from 212Bi: 6. 217. Thus, collagen is a protein that is only a material. Proc. В You are welcome to link to this page.
The effect of antimicrobial therapy on peri-implantitis lesions. In the light-cone gauge these constraints become X М‡ В±X 1 (X М‡i В±Xi)2. Abdel-Hamid IA, Islxm Naggar EA, El Gilany AH. Biol. A normalized LPF is a filter with a cutoff frequency ofwp 1radsconnectedtoaloadofR1О©. Reversion to bukum mean is phenomenon that after the price moves to far in one direction then it is more likely to revert back towards a recent average than it is to continue moving in that direction.
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This means that the products (carbon dioxide and water) contain less energy than the reactants (glucose and oxygen). 361. Chapter III - Renal Transplantation agents, including cyclosporine, OKT3, or an - tilymphocyte globulin.
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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.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, trading index, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), hadits tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur’an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. “Causa legis atau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar,” ujar Dr. Syamsul Anwar, MA dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi – karena satu dan lain hal — tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas rel aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan — satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa’il almu’ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa’I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan oleh Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a’yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idea.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islam dalam pengertian bagaimana hukum Islam diterapkan dalam masalah kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalisasi dan perdagangan bebas.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay’ al-salam’ajl bi’ajil.
Bay’ al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay’ ajl bi’ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra’s al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi’iyah dan Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad”.
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay’ al-salam adalah:
Pihak-pihak pelaku transaksi (‘aqid) yang disebut dengan istilah muslim atau muslim ilaih. Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi’iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa ‘aqd al-salam adalah bay’ al-ma’dum dengan sifat dan cara berbeda dari akad jual dan beli (buy).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk kilogram, pond, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-’aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay’ al-salam.
1. The Basic Exchange Contracts.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. Uma visão minoritária considera isso permitido. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
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. Qual é a lógica subjacente à decisão acima? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . 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. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.
2.1.4. Possibility of Riba with Futures and Forwards.
So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de 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. Um contrato, digamos, para vender peixes no rio envolve incerteza sobre o assunto da troca, sobre a sua entrega e, portanto, não islamicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. 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. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. 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. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a 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 & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, Índia em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
“Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya”.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA ASING DAN SAHAM.
Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
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