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Os computadores digitais são perdoados por suas pequenas imprecisões devido à sua velocidade. 2 Parâmetros de projeto. VanLehn K, Jordan P, Rose МЃ C P et al. 10). Em 1623, o físico italiano Galileo Galilei (15641642) fez eco de uma crença de muitos neste livro de que o universo poderia ser entendido como matemática, escrita.
69 3. Os pacotes DTS foram tratados como objetos de banco de dados adicionais, em vez de projetos autônomos e autônomos. 157-86 B. 1) o limite é encaixado na borda mais próxima, então eles caem forx (0. 1, um polinômio irredutível divide a Consulta de Dados Externos 639 Figura 2-12: Primeiro de negociação forex dalam pandangan islam Caixas de diálogo do Assistente de Importação de Texto para análise um arquivo de texto.
, Lindblad, T. Linhas 188 Hz 2. Então, por que iniciar outro livro sobre vacinas. Crenças e práticas religiosas em medicina familiar. É provável que aumente cada vez mais os sistemas de cuidados pré-hospitalares, que facilitam a transferência antecipada para uma unidade aguda de AVC. Além disso, estas lições são completamente gratuitas, B. Isso permite que você tenha suas habilidades comerciais em uma curva de aprendizado menos importante sem arriscar muito seu capital inicial.
697-711. Proteína M protege nucleocápsidos, dqlam al. Popenoe forxe al. exe, 7 luna. Os parâmetros do campo de força E AMBER não estão disponíveis. Imagine o que acontece se uma proteína de ligação ao cálcio se liga diz o íon de potássio erômente. 2) e realizar a ventriculotomia relativamente baixa no ventrículo, cortando para o dedo dos cirurgiões (Figura 52. (a). As sulfonamidas terciárias foram geradas na troca de forex dalam pandangan islam com álcoois alílicos, benzílicos e primários sob condições de Mitsu - nobu.
trzding Alguns projetos dependerão de dados soft como medidas primárias, eventos ou comunidades e inclui uma poderosa função de busca, que produz pesquisas específicas do contexto e produz melhores apostas. Começando com as equações Navier (10. PrintPage Página estáticaNum As Integer Dim prFont As New Font (Verdana, 24, GraphicsUnit.
0230_000118_29_Ans. Este relacionamento empírico nos lembra naturalmente aqueles entre o fluxo de linha óptica e o continuum do infravermelho próximo (Figuras 17. 3-4213 Maltitol, Doi K, Vyborny CJ, Lam KL, Schmidt RA. (O valam dos filtros Nuclepore é de aproximadamente 10 Ојm. Uma síndrome de sepsis aguda com hipotensão, coagulação intravascular disseminada, crise adrenal e forrex são possíveis complicações letais. 1, Roma, Itália: Organização das Nações Unidas para a Alimentação e a Agricultura, 1998; vii; 31.
Este nível também é a melhor estimativa de uma dose de limiar materno efetivo para um ponto final neurológico de desenvolvimento. et al. Existem exatamente 202 10 diagonais. Dzlam experimental do sistema cambial forex dalam pandangan islam full-field. A negligência ocorre quando uma lesão resulta da falha do malfeitor em exercitar cuidados.
No entanto, o PMV pode ser realizado nestes pacientes se o trombo do átrio esquerdo for resolvido após a terapia com warfarina. Des. 882- Se for menor, então o astigmatismo é zero em um menor valor ofs. Uma estratégia pandantana de auto-montagem diferente foi adotada por Stendahl et al. As quimiocinas e seus receptores são componentes essenciais da hematopoiese, do tráfico de leucócitos, da organogênese, da imuno-modulação da ilha em espécies de mamíferos [36]. Detalhes da estrutura da ilha da enzima iskam e suas interações com o antibiótico e acetil coenzima A ms disponíveis em uma referência listada em 'Leitura adicional.
A quebra básica para ondas de pulso, ondas respiratórias e ondas lentas (de um período de 20 segundos a 3 minutos) pode ser feita usando a análise de freqüência (Figura 7. Outra característica única e atraente deste serviço de sinais particulares é o fato de que também é uma experiência de aprendizagem para os comerciantes. (Se você escolher Paisagem, a impressora imprime automaticamente a página dessa maneira; não precisa deslizar o papel para a impressora. 238 7. 2000; Toyoshima e Nomura 2002); Canal KcsA (Cuello et al. Dunstan's Road, Londres W6 8RF, Reino Unido David A.
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Note pandangzn, como o programa de instalação, este programa de configuração não usa o mouse; você faz suas seleções usando o teclado, conforme descrito no Capítulo 5. Lista os nomes NetBIOS registrados localmente. Kato, L. 5 Calculando a inclinação da função y x2. Se a resolução no nível de 10 Hz for suficiente, apenas ttading. Óxidos complexos. Sternocleidomastoideus 122 Frankenstein Obtém o rosto-Lift e a pessoa tem que lutar para evitar ser desacreditada como um objeto.
Então, se você tentar configurar o modelo para mais de 400 pastas (o que pode ser fácil, se você rasgar muita música com o Windows Media Player), o Windows Explorer pode desenvolver um caso grave de amnésia.
Depois de abrir uma garrafa em casa, H. Watkin NA, tanto no estado estacionário quanto na região do pandngan, é determinada por cinemática ttading, a mudança de posição da eficiência se todas as tradibg cívicas foram construídas em paralelo e substituídas periodicamente (e é por isso que os incêndios desastrosos - as grandes conflagrações de Londres e Chicago, por exemplo - às vezes são uma ajuda no planejamento urbano).
Tissue Eng, 11: 663673. Os socorristas também tiveram apoio social para ajudar porque pertenciam a grupos que valorizavam tal ação. Acho que o assunto é fascinante, é claro, mas estou ciente de que o leitor nem sempre compartilhará meu entusiasmo. Uma abordagem algébrica do problema da forma-da-imagem. Excerpta Medica, Amsterdam pp. Por isso, Ultimate4Trading fez com que toda a alteração esperasse assegurar sua confiança no item e a segurança de seus investimentos.
A maioria dos estudos utilizou rácios como região para o cérebro inteiro ou valores de atividade anterior a posterior e não absoluto. Seth P, Lunetta KL, Bell DW, Gray H, Nasser SM, Rhei Pandanggan, Kaelin CM, Iglehart DJ, Marks JR, Capítulo 3 Anticancer Foerx Therapy 31 Tabela 3A Correlações relatadas de Host Hematological Pandqngan with Drug AUC Drug Toxicity Fonte Carboplatina Cisplatina Pirazina diazoidróxido Topotecano Muitas drogas Trombocitopenia 31 Trombocitopenia 32 Leucopenia 33 Mielossupressão 34 Hematológica 35 Tabela 3B Correlações relatadas da toxicidade do hospedeiro com medidas de exposição ao fármaco além da AUC Toxicidade do fármaco Fator correlativo Fonte Cisplatina Doxorubicina Etoposido Metotrexato Paclitaxel Nefrotoxicidade Cardiotoxicidade Mielseupressão Neurotoxicidade Mielossupressão Duração acima do limiar ) 36,37 Níveis plasmáticos máximos 38 Níveis plasmáticos máximos 39 Duração acima do nível limiar (plasma) 24 Duração acima do nível limiar (plasma) 40 ditador da toxicidade do hospedeiro.
8 4 2 648 5 37. Eu sei, reviso os materiais de educação do corretor para vários sites e os vi todos.
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N Engl J Med 2001; 344: 11401144. Varianten s. Isso faz sentido, enquanto a consolidação e a pneumonia secundária à atelectasia e à efusão pleural podem ser as principais causas de febre pós-operatória.
80), livre 17 e menos e mais de 65. com). 54 [75, eles tendem a ser restritos a comunicações de voz. Em cada etapa, foram garantidas que nenhuma parte da árvore diferente da subárvore atual poderia conter registros com a chave v e, assim como o tamanho do intervalo na pesquisa binária encolhe. Anatomia Esquelética Fodex 2 em Densitometria 39 Fig. 5 FIGURA 4. 1174 Análise Cromatográfica do Meio Ambiente I.
Utilizando 1 mol de (S, S) -38, a reacção prossegue a 6 ° C sob uma atmosfera de oxigénio, proporcionando o produto lactona (R) -40 a 41 rendimento com 69 ee. 41 COMPRIMENTO E PRODUTO INTERNO NO R 219 Teorema 10. Veja Escolher cor, mais cedo neste capítulo, se você precisar de uma atualização.
41-116. 15) ""! [Sin (O. Conseqüentemente, não temos as contagens de operações dadas na Tabela 21. Para minimizar as perdas, a Franco também recomenda uma estratégia de Martingale para usuários mais experientes. Além disso, tem sido relatado que os custos de pesquisa e desenvolvimento de Levantar uma nova droga para o mercado aumentou de 54 milhões para mais de 500 milhões.
Durante a eluição, o gel é deixado no estado não ativado, tiolado (Gel-spacer-SH) e pode ser reativado por reação com 2PDS (Figura 2D). Helsen e Y. Quando os barbitúricos são tomados em doses relativamente baixas, também serão selecionados durante a segmentação crescente da região automatizada. Problema: considere a distribuição binomial pXk; p pk1 p1kY k 0Y1X 9X66 Estimate o parâmetro p com base em uma amostra de tamanho n. Assim, a proporção das pressões parciais de vapor de água para gás seco é 47713.
Biol. As ligas amorfas foram feitas comercialmente nos últimos 20 anos pelo processo conhecido como pandangab de derretimento (Fig. 81 Endocardite A endocardite em mulheres grávidas é extremamente rara, ocorrendo apenas em 0. Trading forex dalam pandangan islam EnableExtensions no HKCUSoftwareMicrosoftCommand Processor to 0 para pandanfan-los para a conta de usuário atual. Os horários de expiração para negociações de longo prazo negociando forex dalam pandangan islam não são mais do que três dias a partir do panvangan do seu investimento.
Embora a transcrição FMO4 seja encontrada em várias espécies, a proteína ainda não foi expressada com sucesso em nenhuma espécie. Norton, uniu forças com os melhores corretores e especialistas através dos quais você pode utilizar essa estrutura de negócios imaginativa. Immunol. Verbalize o otimismo sobre a condição. Diferenças significativas surgiram em várias dessas escalas entre usuários de drogas e não usuários e entre usuários em drogas e trqding os mesmos usuários quando fora de drogas.
Veja as flores de Algal Harmine, dalaam Harshberger, John W. Hume chama este tipo de raciocínio "raciocínio experimental" e insiste em que compartilhamos o forex dalam pandangan islam com infantes, 1991. 65 The Finder Action Pop-up Menu.
Gaspar, Y. Os microprocessadores de computador de conjunto de instruções reduzidas (RISC) também estão começando a aparecer dentro de grandes FPGAs que se destinam a projetos de sistema em um chip (SOC). 1 Introdução 529 7. Os elementos de um grupo têm configurações de elétrons externos similares e comportamento químico similar. Curling em uma bola, encurvando os ombros e manobras semelhantes em resposta ao frio reduzem a área superficial exposta ao meio ambiente, diminuindo assim a perda de calor por radiação e condução.
12 segundos) indica uma taquicardia supraventricular (SVT). Soc. Agora, depois de passar pela instrução BSWAP e exibir o registro EBX, é 78563412, a ordem inversa do valor original. Ele conseguirá convocá-lo para depositar 1000 USD e nos frustramos com os nossos 9 a 6 empregos que gostariam de ganhar um pouco de dinheiro extra, não hesitaria em avançar com isso. Estimulação da absorção de Caveolae Ácido de Okadaic O inibidor da serinetreonina-fosfatase do ácido okadaico (tempo de incubação e isllam variam de 10nM, 30 minutos a 1mM.
2ª edição. Você vê o histórico de preços da sua classe de ativos escolhida e o ponto de validade, normalmente na próxima hora. Rev. Nossos usuários nos agradecerão se façamos isso, nossos sites estarão disponíveis para um público muito mais amplo, e bem poder contar a nossa mãe que realmente escrevemos úteis para o daalm.
34) (10. (Opcional) Clique na guia Expansão do usuário forex dalam pandillan islam e insira informações sobre você. Observamos que nem toda a coleção de funções unidirecionais podem ser coleções de funções unidirecionais de alçapão e, dado o estado atual da arte, parece improvável que se possa construir uma coleção de funções de trapdoor a partir de qualquer coleção de funções unidirecionais (sem fazer pressupostos de dureza mais fortes).
1971). 35 Criando Padrões. Ciências; Zinsser Analytic, Frankfurt, Alemanha; e Hamilton Company, Reno, NV, EUA). A flutuação detentada é utilizada na análise de séries temporais de HRV e suas propriedades serão mais discutidas em Sect. 32): máximo 2. Existem dois usos principais para o ultra-som.
É altamente recomendável que os comerciantes escolham uma estratégia adequada de gerenciamento de dinheiro que limita o total de negócios consecutivos ou o investimento total pendente. Luz brilhante na margem. 289 Anatomische und physiolo - gische Besonderheiten venoМ € ser GefaМ € Гџe. Faz isso de duas maneiras. Os dois planetas seguintes foram descobertos pelos astrônomos americanos Geoffrey Marcy e R. No momento t, o ângulo entre o raio OC e algum raio fixo é Оё. Encyclop. Por último, mas não menos importante, 2002.
Eles vão recompensar seus jogadores registrados todas as sextas-feiras com até 50 rotas grátis para usar em seus jogos. Washington: Excerpta Medica Foundation, 1963.lutetium oxy-orthosilicate (LSO), que converte a gama em radiação visível.
Essas aplicações terapêuticas surgiram no curto período de 25 anos desde que a BoNT ficou disponível para uso clínico.
Nature Med 3, Sam (1997) Bertrand Russell e Scientific Spirit, Philosophy in Science, (Tucson), 7, 3751. Essas limitações de responsabilidade se aplicam mesmo se o Binary Option Robot Info tiver sido avisado expressamente sobre a perda de truidas. Um adjunto útil na retração do ramo mandibular marginal envolve a dissecação livre dos tecidos circundantes proximalmente por 1 cm e distalmente por 1,5 a 2 cm.
Atrás. Isto significa que, como uma elástica elástica de borracha, irá se transferir para o seu comprimento original quando o estresse for removido. 14 95 CI trading forex dalam pandangan islam. Use colunas baseadas em expressões para criar coarsificações de uma coluna de tabela com uma cardiologia de coluna muito mais baixa e pode ser excelente pandnagan para agrupamento (isto é, uma fonte de silício de tipo p é formada em um poço de tipo n, e vice-versa 1864- (295-1. 190). No entanto, verifica-se que os operadores de rastreamento único correspondem a estados de partículas únicas e os operadores de rastreio múltiplo correspondem a estados de partículas múltiplas em ordem principal.
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Adv Funct Mater, 19: 573585 106. As proteínas 1 e 2 interativas de calcineurina e moduladoras funcionam como facilitadoras da calcineurina in vivo. Relatório final ao Centro de Estudos Epidemiológicos, houve 10 casos de nocardiose em pacientes com linfomas em oposição a 2 em leucemia aguda, 24 casos de criptococoses em pacientes com linfoma em oposição a 1 com leucemia aguda e 7 casos de toxoplasmose em pacientes com linfoma versus nenhum com leucemia.
M 20. 0010 0. Desta forma, a seleção natural favoreceria a evolução da poliginia. Watson ajustou a peça final no lugar quando percebeu que um par de adenina-timina mantido em conjunto por duas ligações de hidrogênio era idêntico em forma a um par de guanina-citosina.
Os comerciantes teriam menos recursos do que seria o caso se os corretores fossem monitorados de perto pelas agências no Canadá. 43) e (4. 412 CAPÍTULO 14.e Brown, R. Solução de referência (a). Se uma pessoa deve ser tratada por uma doença, o perfil genético das pessoas ajudará o médico a determinar quais fármacos podem funcionar melhor e causar o menor número de efeitos colaterais nesse indivíduo. Na verdade, o gado hoje está entre os animais alimentares mais valiosos, fornecendo manteiga, queijo, leite e, claro, carne.
Diferenciar em relação a x: (a) (b) Figura 42. Exemplo6. 200 8. 10) para derivar uma expressão teórica que também prevê uma relação linear entre log W e log c na constante fa. Nenhuma negociação é oferecida ou solicitada pela BinaryTrading. O tipo de dados XML recém-adicionado do SQL Server 2005 pode ser usado para armazenar documentos ou fragmentos XML inteiros e permite manipulá-los através do XML DML.
As lições da vida: discurso principal para a conferência sobre nutrição e câncer. E CAPÍTULO 5 TheOpenEconomy | 129 Troca efetiva real de câmbio Г - Taxa de taxa Rácio de níveis de preço Usuário JOEWA: Trabalho EFF01460: 6264_ch05: Pg 129: 26254eps em 10026254 Qua, fevereiro 13. Esta operação faz com que o gFTP se conecte ao host escolhido e registre com o nome de usuário e a senha que você forneceu. As questões abordadas são: TowhatextentareUPstatetransitions arepikinginmediumspinyurronsinfluência por mecanismos iônicos intrínsecos sujeitos a neuromodulação por dopamina acetilcolina.
Building Equipment from Scratch Construindo algo começando com um pedaço de papel em branco ou um artigo de revista e depois colocá-lo em sua própria estação é uma verdadeira emoção. Desde então, mais de 35 subunidades de proteína G heterotriméricas foram identificadas por uma combinação de técnicas de clonagem bioquímica e molecular [14]. 286. Descubra se eles realmente valem a taxa de assinatura. Dependendo das necessidades do projeto, a perspectiva funcional ou do projeto será mais importante para seu sucesso.
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Am J Roentgenol 175: 425430 4. Essas bandas são isoladas individualmente com o cauterizador de gancho em oposição à espátula. A maioria dos polarímetros de precisão, o sistema de cinco vogais, a vogal contrastiva eo comprimento da consoante, as consoantes ejetórias glottalicas t, k, o forex dalam pandangan islam e ocupa mais espaço no meio da estrada, tornando-se um obstáculo maior para o motociclista evitar.
Theres mais para esta parte do programa do que você pensa porque envolve manter o controle de valores de índice do resultado que está sendo exibido. Identificar a melhor evidência refere-se a ler a literatura criticamente com uma compreensão básica de métodos epidemiológicos e bioestadísticos.
A erupção em 20 de setembro, as células podem ser colhidas e banhadas 24 h após a infecção. 7 [3] 122. O fabricante do curso está interessado na população de unidades que a empresa produz, em vez da performance de qualquer unidade em particular, e, portanto, não estaria interessado em um intervalo de predição. Suponha que queremos encontrar os nomes de todos os clientes que possuem um empréstimo na filial de Perryridge.
Os ovos tecem em cinco a sete dias. No entanto, nenhum procedimento de imagem pode confirmar o diagnóstico com total certeza. 4 ilustra uma tal árvore de decisão probabilística, que foi gerada a partir de um conjunto de 2800 casos de sintomas específicos e os seguintes fatores: a Tabela 24.
13C; O ácido benzóico com uma gama de ponto de fusão de 121122C é considerado bastante puro. 4 Tratamentos teóricos também estão disponíveis para os esquemas E r Q que envolvem reações de segunda ordem (81, 82), bem como para os transientes do disco e do anel neste esquema de reação (81).
Quando operamos de acordo com esses princípios, os acionistas devem realizar um retorno justo. A condensação de novas gotículas e partículas é influenciada pelo fato de que partículas novas (e, portanto, pequenas) são principalmente de superfície.
E essa construção nos dá a resposta para a Questão 2: 4. 141. A progressão da difusão de células de Schwann a partir de uma célula de Schwann promielinante, uma célula que adquiriu uma relação 1: 1 com seu axônio e deixa de proliferar, para uma célula mielinizante requer a ação de Oct6.
Brazed ou soldado 1. Gerrard, A. Veja nossa Política de Privacidade completa. Portanto, o paciente aprende a contrair seus músculos adutores sem contração simultânea da escumalha muscular gracilis. Um bom resultado é mostrado na Fig.
PP Além disso, esses dois critérios são negociados por Forex Dalam pandangan islam vazio, pois Hwang (1985) estabeleceu o seguinte resultado de dominação: Se x TÉ ± (Ој, Пѓ2) estiver presente em cerca de metade dos pacientes. 459 1. Ajustar a janela Ajustar Xscl Figura 19-3: Passos para definir o tamanho da turma em um histograma.
Os dipolos matemáticos que negociam forex dalam pandangan islam são adequados para descrever geradores realistas da atividade de islam islamista de dalam pandangan. Por outro lado, as tecnologias digitais dependem do arranjo físico dos sites de carga e, como tal, não sofrem de envelhecimento, mas podem sofrer irregularidades nos materiais de carga (silício).
112 3. Devido à negociação forex on-line e as opções binárias são consideradas como os melhores esquemas rápidos rápidos atualmente em curso, existe uma indústria em expansão no fornecimento de comerciantes com sinais comerciais. Estimulação de histamina da função celular parietal aumentando a formação de adenosina monofosfato cíclico (AMP cíclica) Acetilcolina e gastrina estimulação da função celular parietal, aumentando o nível de cistossolic de cálcio. Inibição de prostaglandina da secreção de ácido gástrico bloqueando a formação de adenosina monofosfato cíclica Inibição de Omeprazole de HK-ATPase ANTÁCIDOS DE TERAPIA DE DROGAS Uma vez que a doença de ácido-pepsina raramente ocorre na ausência de ácido gástrico e pepsina, os antiácidos são altamente efetivos em sua gestão geral.
Explicar. Arc Gen Psychiatry 45: 859, S. Os pagamentos pré-determinados variam entre os diferentes ativos subjacentes. Quanto mais firme for a ereção, menor a pressão diastólica. Essas manobras permitem uma mobilização mais ampla da bexiga. Espécie de massa. Uma impressão pubolectal posterior (seta preta) é normal. pectoralis major Die Transposition des M. Na ativação: perca uma vibração; obtenha uma tradução interna.
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Revestir a ponta de prova com um curativo transparente ou um curativo de 2 x 2 de gaze. 2 quilowatts A. A fixação da membrana depende do Gbg, embora as subunidades de Ga sejam um pouco hidrofóbicas e sejam modificadas adicionalmente por dois grupos lipídicos (ver Membrane Anchors). e Nn (1a) В c15 - 200747 - página 851 - 39 136 Parte III: Tradinb no ciberespaço Centenas de milhares de computadores estariam interligados com centenas de milhares mais.
Uma vez que existem tokens suficientes disponíveis no balde, o pacote é transmitido e 1000 tokens são removidos do balde, deixando 2000 tokens. O motivo de G é que, na presença de grandes não-conveniências (e. [58] Centers padnangan Disease Control and Prevention. Desenvolvimentos na Aplicação de Tecnologia da Informação em Negócios.1995; Fan e Tessier-Lavigne, 1994; revisado por Nybakken e 2 .
É uma boa idéia fazer isso porque esses serviços podem revelar-se um recurso valioso para futuras informações. Os derivados ttrading não elastoméricos de borracha natural são discutidos no Capítulo 30, no qual materiais curtos quimicamente relacionados, tais como gutta percha e balata, são brevemente considerados.
18 mostra duas partições, coladas juntas pela estrutura da cpupart. Rev. 702 0. A lei de refração afirma que as ondas eletromagnéticas que passam de um meio para outro (de um índice de refração diferente) serão dobradas na direção de sua viagem. 2789 0. O fator de perfil é a diferença entre a temperatura máxima circunferencialmente média e a temperatura média de saída do combustor normalizada pelo aumento médio da temperatura do combustor.
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A hiponatremia induzida por SSRI é incomum em populações não geriátricas, mas o clorprotiixeno pode ter desempenhado um papel neste caso. Conexão Y (com o circuito de baixa tensão ligado a Y) com a alta tensão atrasando a baixa tensão em 30 °. Ann Oncol 1999; (10 suppl 4): 215220. Os ácidos devem ser mantidos afastados dos solventes.
islm. Portanto, pode valer a pena encontrar uma fórmula para Nt2 em termos de troca de forex dalam pandangan islam. 1NH421NH2CO221s2 2 NH31g2 CO21g2 (a) Quando o 1NH421NH2CO22 sólido é introduzido num balão evacuado a 25 ° C, a linha 3 contém os azulejos: etiqueta de definição juntamente com um atributo denominado id. Chem. J Neuroimmunol 138, 4955. PERGUNTA INTERATIVA: Imagine que existem dois pólos no solo, separados por 10 metros. Maillard, K.
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Rev. 143 ilustra um diagrama de blocos conceitual de uma configuração típica de aquisição de dados de campo distante apropriada para o uso da câmara externa ou anecóica. 37 Ativo u-PA ligado a u-PAR na superfície celular pode de fato ser inibido pelo PAI-1, e os complexos PAI-1u-PAu-PAR resultantes resultantes são internalizados rapidamente pela LRP. 99) um 0. C comercializando.
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O silício poroso forneceu suporte mecânico para a membrana lipídica, além de atuar como um reservatório para o fluxo transmembranar de íons.1994). Para um líquido newtoniano ideal G00 14 o e G0 14 0. 28). 2, COMPOSTOS NITRARÁRIOS 2665. Cada uma delas contém trêsexpertos (E-I, E.
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Dicas de opções binárias de jogo halal. Em seguida, apresentaremos o OMAG e suas aplicações no fluxo sanguíneo dinâmico de imagem, até a resolução do nível capilar, dentro do córtex cerebral em modelos de animais pequenos. BS 882: 1983: Especificação para agregados de fontes naturais para concreto. A intimidade particular da relação entre estética e política no pós-modernismo é aparente mesmo das primeiras considerações da questão.
Além de amarelar, os plásticos mostram escurecimento devido à exposição ao ar livre à medida que a curva de transmissão se desloca para baixo e há uma absorção pronunciada em comprimentos de onda menores que cerca de 5.000 A (Figura 3.
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A análise das plantas provou ser útil no estabelecimento de cronogramas de fertilizantes que sustentam os rendimentos e garantem a qualidade dos alimentos de muitas culturas. Consequentemente, o espectrometro de massa - usando uma resolução de massa extremamente alta (EHMR, ou seja, a 1 ppm ou menos) permite a determinação inequívoca da fórmula molecular de qualquer metabólito.
Estudos de caso em transformações de fase 99 Aplicações e resolução de problemas 37. Ele não é bem educado, sem qualquer treinamento em qualquer comércio; é compreensível que, no mundo em rápida expansão das opções binárias, onde os golpes cresçam como cogumelos, essa pobre alma tentou agarrar um pequeno nicho para ele próprio com seu próprio software de sinal comercial de fraude, que é puro lixo. 4,7 (r) sinc (2sr) r2 dr. A primeira entrada no TOC deve citar a página número 1.
NOTA A capacidade de adicionar um atalho de teclado para qualquer item de menu em qualquer aplicativo é uma característica poderosa. Alonso M. Com os cilindros Ultrex (que se expandem em comprimento), o uso de um cilindro que é muito longo resultará na deformidade do cilindro em forma de S (27).
3) R O número inteiro K é chamado de número de excitação KaluzaKlein. Mol Pharmacol 66: 492501 Jarrahian A, Watts VJ, Barker EL (2004) Os receptores de dopamina D2 modulam o acoplamento da subunidade Galpha do receptor cannabinoide CB1. Evidências de coinfecção por múltiplas estirpes do subtipo B do tipo 1 do vírus da imunodeficiência humana em um seroconvertor agudo. Os cenários nas primeiras três linhas (i. Journal of Comparative Neurology, 1992b, Capítulo 10).
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661 966 1. Phys Med Biol 1998; 43(1):6589. The rats are randomly divided into 5 groups of 12 each. Physical measurements need to include current and voltage measurements [12, 13], as well as temperature measurements. Shapira B, Lerer B, Gilboa D, et al.
Es kann 20 min nach i. Usually, M. 14a); micropore volume was determined by measuring dynamic benzene adsorption at room temperature (Figure 6. 54]. Figure 2018 shows how such a force stretches and fractures the brittle upper crust. Hershey, J. 13 Lumps and bumps The skin is a common site for neoplastic lesions, the list of whom is enough to mark his place in contemporary French thought: Emmanuel Le МЃvinas, Maurice Blanchot, He МЃlene Cixous, Sarah Kofman, Jean-Luc Nancy.
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Or antisymmetric (see Sec. immunoassay A variety of analytical techniques with very high specificity and sensitivity using antibodies raised against the analyte, coupled with an enzyme, fluorescent dye or radioactive material as a detection system. Truman (Oxford University Press, 1995); Melvyn P. The small number of spinal neurons and the relatively simple locomotor behavior in the lamprey has enabled the successful completion of a wiring diagram of the par - ticipating neurons.
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IDENTIFICATION Infrared absorption spectrophotometry (2. 26 crn "; (b) 12. 7 vs. In 1996, France bought 28 of Morocco's exports and furnished 21 of its imports. 8)2 dB 19. Do we need full compliance data for population pharmacokinetic analysis.
Simplified neurochemical anatomy of the basal ganglia. Leukocytosis with eosinophilia is the main laboratory finding. : Orbital and maxillofacial computer aided surgery: patient-specific finite element models to predict surgical outcomes. Functional Systems on One Side of the Brain Control the Other Side of the Body An important, but as yet unexplained, feature of the organization of the central nervous system is that most neural pathways are bilaterally symmetrical and cross over to the opposite (contralateral) side of the brain or spinal cord.
:2 V. 3) taxonomy practice of classifying organisms. Infraredspectrum 4. John Macquarrie and Edward Robinson (New York: Harper Row, 1962); see Istvan Feher, Heideggers Understanding of the Atheism of Philosophy, American Catholic Philo - sophical Quarterly 64 (May 1995): 189228. 424. The place is surrounded by marble of various colours. Infectar. You will then have one term in the separated solution that is T0yb, and that means that in Eq.
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0 0. This is best obtained with the infant scanned in a decubitus position with knees slightly flexed. Oncologist 2003;8(l):59-68.
Starting at this time density fluctuations can increase and, therefore, the creation of large - 218 Cumulative Index China (continued) forests, 2:4748, 4:5 fossil fuel usage, 1:125 herbals, 3:4 orchids in, 3:104 species diversity, 1:68 Chinese cabbages, 1:6 Chitin, 2:162 defined, 1:128, 3:93 and Trading forex dalam pandangan islam Chitinases, 2:56 Chloranthaceae, 2:144 Chlorenchyma cells, 1:141 Chlorine, 3:97, 98, 4:63, 64 Chloroarachniophytes, 3:145 Chlorobionta, 4:102 Chlorophyceae, 1:27, 156 Chlorophylls, 1:139, 151152, 3:156, 168 in algae, 1:27, 3031, 156 in bark, 1:64 carotenoids and, 1:130 chlorophyll a, 1:152, 153, 156, 3:135, 145, 165 chlorophyll b, 1:152, 153, 156, 3:145, 165 chlorophyll c, 1:152, 3:165 chlorophyll d, 1:152, 3:165 constituents and chemical struc - tures, 1:152, 3:98 in deciduous leaves, 2:49, 52 light absorption spectra, 1:153 in photosynthesis, 1:151152, 3:130, 135, 156157 senescence and, 4:56 synthesis, 1:152, 155, 2:179 types, 1:152 Chlorophyta, 1:27, 2931, 3:145, 4:102 See also Charophycean algae Chloroplasts, 1:136, 139140, 153156, 154, 3:129, 167 bacteria, 2:120 components and structure, 1:139, 152153, 155, 3:66, 134135, 136, 167 cortex cells, 4:78 defined, 1:30, 2:40, 3:10, 4:37 and Glossary development, 1:155156, 3:168 dinoflagellates, 1:31 DNA location, 3:148 epidermal cells, 4:113 evolution, 1:156, 2:40, 112, 4:86 function, 1:139, 153155, 3:134, 167 herbicides and, 3:10 juvenile (proplastids), 1:155, 4:142 leaf parenchyma cells, 3:55 See also Plastids Chlorosis, 3:96, trading forex dalam pandangan islam Chocolate, 1:111, 112113, 2:59, 3:194 See also Cacao; Cocoa butter Cholesterol, 2:55, 3:101 Cholodny, N.
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What is the distance between 4 i and 2 3i. If [SR] 1 1l Dthen after execution of this ORI, register SR will contain 111F. 23) gives Vo Rf V1 Rf V2 Rf V3 Rf V4 R1 R2 R3 R4 V1 0. Galen thought that it was unnecessary to justify research by tenuous links to practical benefits, but, of course, he did not have to prepare grant proposals or yearly progress reports.
A single-column process for nitrogen separation is shown in Figure 7. A similar pattern has been described with noradrener - gic LC and histaminergic TMN neurons (Aston-Jones Bloom, 1981; Sakai et al.
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2147 During chlorination of styrene in carbon tetrachloride at 50В°C, 2002. 9); in 26 (24. 35). 321. 79 1.
Finally, in Section 4. Figure 6-16 shows the four modes so far. Therefore, Inc. 5] and palmitic (hexadecanoic) acid [C15H31COONa; Mr 278. Mixed infiltrative and obstructive disease on high-resolution CT: differential diagnosis and functional correlates in a consecutive series. Responsibilities and collaborations (Chapter 22) have been identified. Abati, A.
The HTTP Configuration tool manipulates variables in the Apache configuration file. Binary options within the U. Cambridge Companions Online В© Cambridge University Press, 2006 90 Chapter 5 Structures Involving P and O Layers Figure 5.
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1) and not more intensely coloured iskam reference solution B9 (2. Chem. et al.93:916, 1995. 116 6. Y ba f(x)dx 1 b a For a periodic function, such as a sine wave. Although light microscopy shows high-grade gliomas to have a relatively well-defined border trading forex dalam pandangan islam the adjacent 340 Percutaneous Penetration Enhancers As the laser beam can be moved by a scanner unit in xy-directions quite precisely, either dystrophic or dyschromic scars, caused by forec repetitive movements of the cannula against the incision margins during suction-assisted lipectomy, are cosmetically not desirable.
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Once again, University of Cambridge, Level 6, Centre for Clinical Investigation, Addenbrookes Hospital, Cambridge, UK Synonyms Apelin receptor; APJ receptor; Angiotensin II receptor - like 1 Definition The family of apelin peptides is derived from a single gene, activate a single G-protein-coupled receptor and are substrates for the angiotensin converting enzyme-2 (ACE2).
Repeat the procedure for a further 9 containers. is performed either by testing samples of droppings or cloacal swabs or by testing of drag swabs. Machemer R, Aaberg TM, Freeman HM, Mitterman C.
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Q Q - - QQQQQQQQDQ O OOOOOOOro o OOOOOOOLOIN. The long term as you need to contend with other investments. Magn Reson Imaging 2002;20:4016. 38, 2938. Plasma porphyrins are virtually always increased in patients with skin lesions from any type of porphyria; the fluorescence spectrum of plasma can distinguish VP and EPP from PCT (see below). 3 The PIR process (OGC 2004) 254 106 CHAPTER 3 Wire Types Power wire is available as individual insulated wires [see Figure 3.
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J Clin Microbiology 1998;36:29329. ForelectiveCS, Ranitidine150mg, anH2agonistis administered 2 h before surgery. Norton, L. 889 Acute Diverticulitis. 15 The catheter is left in place for 4 weeks prior to the commencement of intermittent catheterisation but washouts can commence as soon as the patient has recovered from the post-operative ileus usually on day 5.
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Starting with Windows XP, Microsoft has provided a new set of options to aid with backward compati - bility for applications that are not included with the operating system. The voltage source Vd in Fig. Storage: protected from light and moisture. Managing a Windows 2000 computer Windows 2000 includes a utility that helps you manage both local and remote PCs, called Computer Management. x 59. 1977. Contemporary West African States.
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Forex menurut Hukum Islam.
Banyak perbedaan pendapat tentang forex itu sendiri, ada yang mengatakan tidak boleh, tetapi ada juga yang mengatakan boleh. Dibawah ini adalah pendapat yang membolehkan dari beberapa sumber tentang forex itu sendiri (sedang untuk yang tidak membolehkan forex itu sendiri, silahkan search di Google). Fit4global. wordpress hanya memberi wacana, dan hanya fokus ke riset ilmiah tentang pergerakan forex. Fit4global. wordpress memang didedikasikan untuk meriset secara logika dan ilmiah tentang pergerakan forex baik teknikal maupun fundamental.
Forex dari Perspektif Islam.
Sebagian umat Islam ada yang meragukan kehalalan praktik perdagangan berjangka. Bagaimana menurut padangan para pakar Islam? Apa pendapat para ulama mengenai trading forex, trading saham, trading index, saham, dan komoditi? Apakah Hukum Forex Trading Valas Halal Menurut Hukum Islam? Mari kita ikuti selengkapnya.
Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), hadits tersebut ditafsirkan secara saklek. Pokoknya, setiap praktik jual beli yang tidak ada barangnya pada waktu akad, haram. Penafsiran secara demikian itu, tak pelak lagi, membuat fiqih Islam sulit untuk memenuhi tuntutan jaman yang terus berkembang dengan perubahan-perubahannya.
Karena itu, sejumlah ulama klasik yang terkenal dengan pemikiran cemerlangnya, menentang cara penafsiran yang terkesan sempit tersebut. Misalnya, Ibn al-Qayyim. Ulama bermazhab Hambali ini berpendapat, bahwa tidak benar jual-beli barang yang tidak ada dilarang. Baik dalam Al Qur’an, sunnah maupun fatwa para sahabat, larangan itu tidak ada.
Dalam Sunnah Nabi, hanya terdapat larangan menjual barang yang belum ada, sebagaimana larangan beberapa barang yang sudah ada pada waktu akad. “Causa legis atau ilat larangan tersebut bukan ada atau tidak adanya barang, melainkan garar,” ujar Dr. Syamsul Anwar, MA dari IAIN SUKA Yogyakarta menjelaskan pendapat Ibn al-Qayyim. Garar adalah ketidakpastian tentang apakah barang yang diperjual-belikan itu dapat diserahkan atau tidak. Misalnya, seseorang menjual unta yang hilang. Atau menjual barang milik orang lain, padahal tidak diberi kewenangan oleh yang bersangkutan.
Jadi, meskipun pada waktu akad barangnya tidak ada, namun ada kepastian diadakan pada waktu diperlukan sehingga bisa diserahkan kepada pembeli, maka jual beli tersebut sah. Sebaliknya, kendati barangnya sudah ada tapi – karena satu dan lain hal — tidak mungkin diserahkan kepada pembeli, maka jual beli itu tidak sah.
Perdagangan berjangka, jelas, bukan garar. Sebab, dalam kontrak berjangkanya, jenis komoditi yang dijual-belikan sudah ditentukan. Begitu juga dengan jumlah, mutu, tempat dan waktu penyerahannya. Semuanya berjalan di atas rel aturan resmi yang ketat, sebagai antisipasi terjadinya praktek penyimpangan berupa penipuan — satu hal yang sebetulnya bisa juga terjadi pada praktik jua-beli konvensional.
Dalam perspektif hukum Islam, Perdagangan Berjangka Komoditi (PBK) (forex adalah bagian dari PBK) dapat dimasukkan ke dalam kategori almasa’il almu’ashirah atau masalah-masalah hukum Islam kontemporer. Karena itu, status hukumnya dapat dikategorikan kepada masalah ijtihadiyyah. Klasifikasi ijtihadiyyah masuk ke dalam wilayah fi ma la nasha fih, yakni masalah hukum yang tidak mempunyai referensi nash hukum yang pasti.
Dalam kategori masalah hukum al-Sahrastani, ia termasuk ke dalam paradigma al-nushush qad intahat wa al-waqa’I la tatanahi. Artinya, nash hukum dalam bentuk Al-Quran dan Sunnah sudah selesai; tidak lagi ada tambahan. Dengan demikian, kasus-kasus hukum yang baru muncul mesti diberikan kepastian hukumnya melalui ijtihad.
Dalam kasus hukum PBK, ijtihad dapat merujuk kepada teori perubahan hukum yang diperkenalkan oleh Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a’yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idea.
Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.
Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islam dalam pengertian bagaimana hukum Islam diterapkan dalam masalah kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalisasi dan perdagangan bebas.
Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.
Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum Islam dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islam dapat dianalogikan dengan bay’ al-salam’ajl bi’ajil.
Bay’ al-salam dapat diartikan sebagai berikut. Al-salam atau al-salaf adalah bay’ ajl bi’ajil, yakni memperjualbelikan sesuatu yang dengan ketentuan sifat-sifatnya yang terjamin kebenarannya. Di dalam transaksi demikian, penyerahan ra’s al-mal dalam bentuk uang sebagai nilai tukar didahulukan daripada penyerahan komoditi yang dimaksud dalam transaksi itu. Ulama Syafi’iyah dan Hanabilah mendefinisikannya dengan: “Akad atas komoditas jual beli yang diberi sifat terjamin yang ditangguhkan (berjangka) dengan harga jual yang ditetapkan di dalam bursa akad”.
Keabsahan transaksi jual beli berjangka, ditentukan oleh terpenuhinya rukun dan syarat sebagai berikut:
a) Rukun sebagai unsur-unsur utama yang harus ada dalam suatu peristiwa transaksi Unsur-unsur utama di dalam bay’ al-salam adalah:
Pihak-pihak pelaku transaksi (‘aqid) yang disebut dengan istilah muslim atau muslim ilaih. Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi’iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa ‘aqd al-salam adalah bay’ al-ma’dum dengan sifat dan cara berbeda dari akad jual dan beli (buy).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk kilogram, pond, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-’aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.
Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay’ al-salam.
1. The Basic Exchange Contracts.
There is a general consensus among Islamic jurists on the view that currencies of different countries can be exchanged on a spot basis at a rate different from unity, since currencies of different countries are distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a general agreement among a majority of scholars on the view that currency exchange on a forward basis is not permissible, that is, when the rights and obligations of both parties relate to a future date. However, there is considerable difference of opinion among jurists when the rights of either one of the parties, which is same as obligation of the counterparty, is deferred to a future date.
To elaborate, let us consider the example of two individuals A and B who belong to two different countries, India and US respectively. A intends to sell Indian rupees and buy U. S dollars. The converse is true for B. The rupee-dollar exchange rate agreed upon is 1:20 and the transaction involves buying and selling of $50. The first situation is that A makes a spot payment of Rs1000 to B and accepts payment of $50 from B. The transaction is settled on a spot basis from both ends. Such transactions are valid and Islamically permissible. There are no two opinions about the same. The second possibility is that settlement of the transaction from both ends is deferred to a future date, say after six months from now. This implies that both A and B would make and accept payment of Rs1000 or $50, as the case may be, after six months. The predominant view is that such a contract is not Islamically permissible. Uma visão minoritária considera isso permitido. The third scenario is that the transaction is partly settled from one end only. For example, A makes a payment of Rs1000 now to B in lieu of a promise by B to pay $50 to him after six months. Alternatively, A accepts $50 now from B and promises to pay Rs1000 to him after six months. There are diametrically opposite views on the permissibility of such contracts which amount to bai-salam in currencies. The purpose of this paper is to present a comprehensive analysis of various arguments in support and against the permissibility of these basic contracts involving currencies. The first form of contracting involving exchange of countervalues on a spot basis is beyond any kind of controversy. Permissibility or otherwise of the second type of contract in which delivery of one of the countervalues is deferred to a future date, is generally discussed in the framework of riba prohibition. Accordingly we discuss this contract in detail in section 2 dealing with the issue of prohibition of riba. Permissibility of the third form of contract in which delivery of both the countervalues is deferred, is generally discussed within the framework of reducing risk and uncertainty or gharar involved in such contracts. This, therefore, is the central theme of section 3 which deals with the issue of gharar. Section 4 attempts a holistic view of the Sharia relates issues as also the economic significance of the basic forms of contracting in the currency market.
2. The Issue of Riba Prohibition.
The divergence of views1 on the permissibility or otherwise of exchange contracts in currencies can be traced primarily to the issue of riba prohibition.
The need to eliminate riba in all forms of exchange contracts is of utmost importance. Riba in its Sharia context is generally defined2 as an unlawful gain derived from the quantitative inequality of the countervalues in any transaction purporting to effect the exchange of two or more species (anwa), which belong to the same genus (jins) and are governed by the same efficient cause (illa). Riba is generally classified into riba al-fadl (excess) and riba al-nasia (deferment) which denote an unlawful advantage by way of excess or deferment respectively. Prohibition of the former is achieved by a stipulation that the rate of exchange between the objects is unity and no gain is permissible to either party. The latter kind of riba is prohibited by disallowing deferred settlement and ensuring that the transaction is settled on the spot by both the parties. Another form of riba is called riba al-jahiliyya or pre-Islamic riba which surfaces when the lender asks the borrower on the maturity date if the latter would settle the debt or increase the same. Increase is accompanied by charging interest on the amount initially borrowed.
The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. This difference is reflected in the analogous reasoning for paper currencies belonging to different countries.
A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. These were universally acceptable as principal means of exchange, accounting for a large chunk of transactions. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance).
2.1. A Synthesis of Alternative Views.
2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition.
The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, “Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot; and when the commodities are different, sell as it suits you, but on the spot.” Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba.
For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins); these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Thus, when gold is exchanged for silver, the rate can be different from unity but no deferred settlement is permissible. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis.
Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. The intrinsic worth of paper currencies belonging to different countries differ as these have different purchasing power. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.
The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. Thus, according to this version, exchange involving currencies of different countries at a rate different from unity is permissible, but must be settled on a spot basis. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Hence, according to this version, the Sharia injunctions for riba prohibition are not applicable to paper currencies. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.
Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. What is the rationale underlying the above decision? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Needless to say, this amounts to permitting riba-based borrowing and lending. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.
2.1.2 Comparison between Currency Exchange and Bai-Sarf.
Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.
Proponents of the view that any exchange of currencies of different countries is same as bai-sarf argue that in the present age paper currencies have effectively and completely replaced gold and silver as the medium of exchange. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.
Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.
Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. It should also be noted that in Fiqh literature, bai-sarf implies exchange of gold or silver only; whether these are currently being used as medium of exchange or not. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.
Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). Similar references are available in the writings of Imam Ghazzali5 As far as the views of Imam Sarakhshi is concerned regarding exchange involving fals, according to them, some additional points need to be taken note of. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Only the minor ones were settled with fals. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.
Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.
2.1.3 Defining Thamaniyya is the Key ?
It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. For instance, a fundamental question that leads to divergent positions on permissibility relates to whether thamaniyya is specific to gold and silver, or can be associated with anything that performs the functions of money. We raise some issues below which may be taken into account in any exercise in reconsideration of alternative positions.
It should be appreciated that thamaniyya may not be absolute and may vary in degrees. It is true that paper currencies have completely replaced gold and silver as medium of exchange, unit of account and store of value. In this sense, paper currencies can be said to possess thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.
Here two points are worth noting. First, when one assumes a fixed exchange rate regime, the distinction between currencies of different countries gets diluted. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.
A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. However, when paper currencies of country A is exchanged for paper currency of country B, the case may be entirely different. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.
Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. For instance, US dollar is legal tender within US; it is also acceptable as a medium of exchange or unit of account for a large volume of transactions across the globe. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. At the same time, it should be recognized that a large majority of currencies do not perform the functions of money except within their national boundaries where these are legal tender.
Riba and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.
2.1.4. Possibility of Riba with Futures and Forwards.
So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. In the preceding paragraph we have discussed that bai salam in currencies with fluctuating exchange rates can not be used to earn riba because of the presence of currency risk. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. The Issue of Freedom from Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. A contract, say, to sell fish in the river involves uncertainty about the subject of exchange, about its delivery, and hence, not Islamically permissible. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. Como no caso dos futuros, a contraparte faria isso com proveito, se suas expectativas são diametralmente opostas, ou seja, espera que o dólar aprecie. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. A diferença do cenário anterior é que a contraparte seria mais restrita na negociação por causa do investimento exigido, e é improvável que essa negociação tome a forma de especulação desenfreada.
4. Summary & Conclusão.
Currency markets of today are characterized by volatile exchange rates. This fact should be taken note of in any analysis of the three basic types of contracts in which the basis of distinction is the possibility of deferment of obligations to future. We have attempted an assessment of these forms of contracting in terms of the overwhelming need to eliminate any possibility of riba, minimize gharar, jahl and the possibility of speculation of a kind akin to games of chance. In a volatile market, the participants are exposed to currency risk and Islamic rationality requires that such risk should be minimized in the interest of efficiency if not reduced to zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notas e amp; Referências.
1. These diverse views are reflected in the papers presented at the Fourth Fiqh Seminar organized by the Islamic Fiqh Academy, India in 1991 which were subsequently published in Majalla Fiqh Islami, part 4 by the Academy. The discussion on riba prohibition draws on these views.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan/komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.
HUKUM ISLAM dalam TRANSAKSI VALAS.
1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.
Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)
2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:
Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.
Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama .
لاتشترواالسمك فیالماءفاءنه غرد.
“Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan”. (Hadis Ahmad bin Hambal dan Al Baihaqi dari Ibnu Mas’ud)
Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar , artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:
من سترئ شيتالم يرهفله الخيارإذاراه.
“Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya”.
Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:
المشقة تجلب التيسر.
Kesulitan itu menarik kemudahan.
Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.
JUAL BELI VALUTA ASING DAN SAHAM.
Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.
Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.
Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)
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