Fit4Global Forex Research.
Riset Prediksi Trend Mata Uang Global dengan Mengkombinasikan Fundamental vs Teknikal, dalam satu kesatuan garis logika matematis yang berbasis Software Metatrader dan sejenisnya.
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, índice de negociação, 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 teve seu caminho para Abu Hurairah.
Oleh sementara fuqaha (ahli fiqih Islam), teve 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 legisatau 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 re 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 Islã, 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 por 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 idéia.
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 Islã dalam pengertian bagaimana hukum Islamismo Diterapkan Dalam Masalah Kepemilikan Atas Harta Benda, Melalui perdagangan Berjangka Komoditi Dalam Era Global Skyspaos Perdidos.
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 Islamismo dalam kelembagaan dan praktek perekonomian, maka PBK dalam sistem hukum Islamismo 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 muçulmano 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 (comprar).
Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (um yakun fi jinsins 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, rupia 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 quilograma, lagoa, 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. Os Contratos Básicos de Câmbio.
Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.
Para elaborar, consideremos o exemplo de dois indivíduos A e B que pertencem a dois países diferentes, Índia e EUA, respectivamente. A pretende vender rúpias indianas e comprar dólares dos EUA. O inverso é verdadeiro para B. A taxa de câmbio rúpia-dólar acordada é 1:20 e a transação envolve compra e venda de US $ 50. A primeira situação é que A faz um pagamento no local de Rs1000 para B e aceita o pagamento de US $ 50 de B. A transação é liquidada de forma local por ambas as extremidades. Tais transações são válidas e islamicamente permissíveis. Não há duas opiniões sobre o mesmo. A segunda possibilidade é que a liquidação da transação de ambos os fins seja diferida para uma data futura, digamos, após seis meses a partir de agora. Isso implica que tanto a A quanto a B fazer e aceitar o pagamento de Rs1000 ou US $ 50, conforme o caso, após seis meses. A visão predominante é que tal contrato não é islamicamente permitido. Uma visão minoritária considera isso permitido. O terceiro cenário é que a transação é parcialmente liquidada de uma única extremidade. Por exemplo, A faz um pagamento de Rs1000 agora para B em vez de uma promessa de B de pagar $ 50 para ele depois de seis meses. Alternativamente, A aceita US $ 50 agora de B e promete pagar Rs1000 para ele depois de seis meses. Existem visões diametralmente opostas sobre a permissibilidade de tais contratos que equivalem a bai-salam em moedas. O objetivo deste trabalho é apresentar uma análise abrangente de vários argumentos em apoio e contra a permissibilidade desses contratos básicos envolvendo moedas. A primeira forma de contratação envolvendo troca de contravalores no local é além de qualquer tipo de controvérsia. A admissibilidade ou não do segundo tipo de contrato em que a entrega de um dos contravalores é adiada para uma data futura, geralmente é discutida no âmbito da proibição riba. Consequentemente, discutimos este contrato detalhadamente na seção 2 sobre a questão da proibição de riba. A admissibilidade da terceira forma de contrato em que a entrega de ambos os contravalores é diferida, geralmente é discutida no âmbito da redução de risco e incerteza ou gharar envolvidos em tais contratos. Este, portanto, é o tema central da seção 3, que trata da questão de gharar. A seção 4 tenta uma visão holística da Sharia relaciona questões como também o significado econômico das formas básicas de contratação no mercado de câmbio.
2. A questão da proibição de Riba.
A divergência de pontos de vista1 sobre a permissibilidade ou não de contratos de câmbio em moedas pode ser rastreada principalmente para a questão da proibição de riba.
A necessidade de eliminar a riba em todas as formas de contratos de câmbio é de extrema importância. Riba em seu contexto da Sharia é geralmente definida2 como um ganho ilegal derivado da desigualdade quantitativa dos contravalores em qualquer transação que pretenda efetuar a troca de duas ou mais espécies (anwa), que pertencem ao mesmo gênero (jins) e são regidas por a mesma causa eficiente (illa). Riba geralmente é classificada em riba al-fadl (excesso) e riba al-nasia (adiamento), que denota uma vantagem ilegal em excesso ou aferição, respectivamente. A proibição do primeiro é alcançada por uma estipulação de que a taxa de troca entre os objetos é unidade e nenhum ganho é permitido para qualquer das partes. O último tipo de riba é proibido por não permitir a liquidação diferida e garantir que a transação seja resolvida no local por ambas as partes. Outra forma de riba é chamada de riba al-jahiliyya ou riba pré-islâmica que se situa quando o credor pede ao mutuário na data de vencimento se o último liquidar a dívida ou aumentar a mesma. O aumento é acompanhado da cobrança de juros sobre o montante inicialmente emprestado.
A proibição de riba na troca de moedas de países diferentes exige um processo de analogia (qiyas). E em qualquer exercício envolvendo analogia (qiyas), causa eficiente (illa) desempenha um papel extremamente importante. É uma causa eficiente comum (illa), que conecta o objeto da analogia com seu assunto, no exercício do raciocínio analógico. A causa eficiente apropriada (illa) no caso de contratos de câmbio foi definida de forma variada pelas principais escolas da Fiqh. Essa diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes.
Uma questão de significância considerável no processo de raciocínio análogo refere-se à comparação entre moedas de papel com ouro e prata. Nos primeiros dias do Islã, ouro e prata desempenharam todas as funções do dinheiro (thaman). As moedas eram feitas de ouro e prata com um valor intrínseco conhecido (quantum de ouro ou prata contido nelas). Essas moedas são descritas como thaman haqiqi, ou naqdain na literatura Fiqh. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande número de transações. Muitas outras commodities, como, vários metais inferiores também serviram de meio de troca, mas com aceitabilidade limitada. Estes são descritos como falsos na literatura Fiqh. Estes também são conhecidos como thaman istalahi devido ao fato de que sua aceitabilidade não decorre do seu valor intrínseco, mas devido ao status concedido pela sociedade durante um determinado período de tempo. As duas formas acima mencionadas de moedas foram tratadas de forma muito diferente pelos juristas islâmicos do início do ponto de vista da permissibilidade dos contratos que os envolvem. A questão que precisa ser resolvida é se as moedas atuais do papel da idade se enquadram na categoria anterior ou a última. Uma visão é que estes devem ser tratados a par com thaman haqiqi ou ouro e prata, uma vez que servem como o principal meio de troca e unidade de conta como o último. Assim, por um raciocínio análogo, todas as normas e injunções relacionadas à Sharia aplicáveis ​​a thaman haqiqi também devem ser aplicáveis ​​ao papel moeda. O intercâmbio de thaman haqiqi é conhecido como bai-sarf e, portanto, as transações em moedas de papel devem ser regidas pelas regras da Sharia relevantes para bai-sarf. A visão contrária afirma que as moedas de papel devem ser tratadas de forma semelhante a fals ou thaman istalahi por causa do fato de seu valor facial ser diferente do valor intrínseco. A sua aceitabilidade decorre do seu estatuto jurídico dentro do país doméstico ou da importância econômica global (como no caso de dólares americanos, por exemplo).
2.1. Uma Síntese de Vistas Alternativas.
2.1.1. Raciocínio analógico (Qiyas) para a proibição de Riba.
A proibição de riba baseia-se na tradição de que o santo profeta (a paz esteja com ele) disse: "Vende ouro para ouro, prata para prata, trigo para trigo, cevada para cevada, data da data, sal para sal, nas mesmas quantidades no local; e quando as commodities são diferentes, vendam como você se adequa, mas no local ". Assim, a proibição de riba se aplica principalmente aos dois metais preciosos (ouro e prata) e quatro outras commodities (trigo, cevada, datas e sal) . Também se aplica, por analogia (qiyas) a todas as espécies que são governadas pela mesma causa eficiente (illa) ou que pertencem a qualquer dos gêneros dos seis objetos citados na tradição. No entanto, não existe um acordo geral entre as várias escolas do Fiqh e até mesmo os estudiosos pertencentes à mesma escola sobre a definição e identificação da causa eficiente (illa) do riba.
Para os Hanafis, causa eficiente (illa) de riba tem duas dimensões: os artigos trocados pertencem ao mesmo gênero (jins); Estes possuem peso (wazan) ou mensurabilidade (kiliyya). Se em uma dada troca, ambos os elementos da causa eficiente (illa) estão presentes, isto é, os contravalores trocados pertencem ao mesmo gênero (jins) e são todos pesáveis ​​ou todos mensuráveis, então nenhum ganho é permitido (a taxa de câmbio deve ser igual à unidade) e a troca deve ser no local. No caso de ouro e prata, os dois elementos de causa eficiente (illa) são: unidade de gênero (jins) e capacidade de pesagem. Esta é também a visão Hanbali de acordo com uma versão3. (Uma versão diferente é semelhante à visão Shafii e Maliki, conforme discutido abaixo.) Assim, quando o ouro é trocado por ouro, ou a prata é trocada por prata, só são permitidas transações instantâneas sem qualquer ganho. Também é possível que em uma troca dada, um dos dois elementos de causa eficiente (illa) esteja presente e o outro esteja ausente. Por exemplo, se os artigos trocados são todos pesáveis ​​ou mensuráveis, mas pertencem a diferentes gêneros (jins) ou, se os artigos trocados pertencem ao mesmo gênero (jins), mas nem é pesável nem mensurável, então troca com ganho (a uma taxa diferente de unidade) é permissível, mas a troca deve ser no local. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas não é permitida a liquidação diferida. Se nenhum dos dois elementos de causa eficiente (illa) de riba estiver presente em uma dada troca, nenhuma das injunções para a proibição riba se aplica. O intercâmbio pode ocorrer com ou sem ganho e tanto em uma base quanto em diferido.
Considerando o caso de troca envolvendo moedas de papel pertencentes a diferentes países, a proibição riba exigiria uma busca de causa eficiente (illa). Moedas pertencentes a diferentes países são entidades claramente distintas; Estes são legais em limites geográficos específicos com diferentes valores intrínsecos ou poder de compra. Assim, uma grande maioria de estudiosos talvez afirmem, com razão, que não há unidade de gênero (jins). Além disso, estes não são pesáveis ​​nem mensuráveis. Isso leva a uma conclusão direta de que nenhum dos dois elementos de causa eficiente (illa) de riba existe em tal troca. Assim, a troca pode ser realizada sem qualquer injunção quanto à taxa de câmbio e à forma de liquidação. A lógica subjacente a esta posição não é difícil de compreender. O valor intrínseco das moedas de papel pertencentes a diferentes países difere, pois estes têm poder de compra diferente. Além disso, o valor intrínseco ou o valor das moedas de papel não pode ser identificado ou avaliado ao contrário do ouro e da prata que podem ser pesados. Portanto, nem a presença de riba al-fadl (por excesso), nem riba al-nasia (por adiamento) pode ser estabelecida.
A escola Shafii de Fiqh considera a causa eficiente (illa) no caso de ouro e prata serem sua propriedade de ser moeda (thamaniyya) ou meio de troca, unidade de conta e loja de valor. Esta é também a visão de Maliki. De acordo com uma versão deste ponto de vista, mesmo que o papel ou o couro sejam feitos como meio de troca e recebam o status de moeda, então todas as regras relativas a naqdain, ou ouro e prata são aplicáveis ​​a eles. Assim, de acordo com esta versão, o intercâmbio envolvendo moedas de diferentes países a uma taxa diferente da unidade é permitido, mas deve ser resolvido no local. Outra versão das duas escolas de pensamento acima é que a causa eficiente citada acima (illa) de ser moeda (thamaniyya) é específica para ouro e prata e não pode ser generalizada. Ou seja, qualquer outro objeto, se usado como meio de troca, não pode ser incluído em sua categoria. Assim, de acordo com esta versão, as injunções Sharia para a proibição riba não são aplicáveis ​​às moedas de papel. As moedas pertencentes a diferentes países podem ser trocadas com ou sem ganho, e ambas, de forma diferida ou diferida.
Os defensores da versão anterior citam o caso da troca de moedas de papel pertencentes ao mesmo país em defesa da sua versão. A opinião consensual de juristas neste caso é que essa troca deve ser sem qualquer ganho ou a uma taxa igual à unidade e deve ser resolvida no local. Qual é a lógica subjacente à decisão acima? Se considerarmos o Hanafi e a primeira versão da posição Hanbali, então, neste caso, apenas uma dimensão da causa eficiente (illa) está presente, ou seja, pertencem ao mesmo gênero (jins). Mas as moedas de papel não são pesáveis ​​nem mensuráveis. Por conseguinte, a lei de Hanafi aparentemente permitiria o intercâmbio de diferentes quantidades da mesma moeda no local. Do mesmo modo, se a causa eficiente de ser moeda (thamaniyya) é específica apenas para ouro e prata, a lei Shafii e Maliki também permitiria o mesmo. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. Isso mostra que, é a primeira versão do pensamento de Shafii e Maliki, que está subjacente à decisão consensual de proibição de ganho e liquidação diferida em caso de troca de moedas pertencentes ao mesmo país. De acordo com os proponentes, estender essa lógica ao intercâmbio de moedas de diferentes países implicaria que a permuta com ganho ou a uma taxa diferente da unidade é permitida (uma vez que não há unidade de jins), mas a liquidação deve ser no local.
2.1.2 Comparação entre Currency Exchange e Bai-Sarf.
Bai-sarf é definido na literatura Fiqh como uma troca envolvendo thaman haqiqi, definido como ouro e prata, que serviu como o principal meio de troca para quase todas as principais transações.
Os defensores da visão de que qualquer troca de moedas de diferentes países são iguais ao bai-sarf argumentam que, na atual idade, as moedas do papel substituiram efetivamente e completamente o ouro e a prata como meio de troca. Assim, por analogia, o intercâmbio envolvendo tais moedas deve ser regido pelas mesmas regras e injunções da Sharia como bai-sarf. Também se argumenta que, se for permitida a liquidação diferida de ambas as partes no contrato, isso abriria as possibilidades de riba-al nasia.
Os oponentes da categorização da troca de moeda com o bai-sarf no entanto destacam que a troca de todas as formas de moeda (thaman) não pode ser denominada como bai-sarf. De acordo com esta visão, o bai-sarf implica a troca de moedas feitas de ouro e prata (thaman haqiqi ou naqdain) sozinhas e não de dinheiro que as autoridades estaduais (thaman istalahi) pronunciaram como tal. As moedas atuais da época são exemplos desse último tipo. Esses estudiosos encontram apoio nesses escritos que afirmam que se as commodities de troca não são ouro ou prata (mesmo que uma delas seja ouro ou prata), a troca não pode ser denominada como bai-sarf. Nem as estipulações relativas a bai-sarf seriam aplicáveis ​​a tais trocas. De acordo com Imam Sarakhsi4 "quando um indivíduo compra falsas ou moedas feitas de metais inferiores, como, por exemplo, cobre (thaman istalahi) para dirhams (thaman haqiqi) e faz um pagamento no local do último, mas o vendedor não possui falsos momento, então, tal permuta é admissível ...... .. tomar posse de mercadorias trocadas por ambas as partes não é uma condição prévia "(enquanto no caso de bai-sarf, é.) Existem várias referências semelhantes que indicam que os juristas não classificam uma troca de fals (thaman istalahi) para outro fals (thaman istalahi) ou ouro ou prata (thaman haqiqi), como bai-sarf.
Assim, as trocas de moedas de dois países diferentes que só podem ser considerados como thaman istalahi não podem ser categorizadas como bai-sarf. Nem a restrição quanto à liquidação no local pode ser impostas a tais transações. Deve-se notar aqui que a definição de bai-sarf é fornecida na literatura do Fiqh e não há menção do mesmo nas tradições sagradas. As tradições mencionam sobre riba, e a venda e compra de ouro e prata (naqdain), que pode ser uma fonte importante de riba, é descrita como bai-sarf pelos juristas islâmicos. Deve também notar-se que, na literatura Fiqh, o bai-sarf implica apenas trocas de ouro ou prata; se estes estão sendo utilizados atualmente como meio de troca ou não. Troca envolvendo dinares e ornamentos de ouro, ambos de qualidade como bai-sarf. Vários juristas procuraram esclarecer este ponto e definiram o sarf como aquela troca em que tanto as commodities trocadas são da natureza de Thaman, e não necessariamente do próprio Thaman. Assim, mesmo quando uma das mercadorias é processada de ouro (digamos, ornamentos), essa troca é chamada de bai-sarf.
Os defensores da visão de que a troca de moeda deve ser tratada de forma semelhante ao bai-sarf também derivam o apoio de escritos de juristas islâmicos eminentes. De acordo com Imam Ibn Taimiya "qualquer coisa que desempenhe as funções de meio de troca, unidade de conta e armazenamento de valor é chamado thaman, (não necessariamente limitado a ouro e prata). Referências semelhantes estão disponíveis nos escritos de Imam Ghazzali5 No que diz respeito às opiniões do Imam Sarakhshi em relação ao intercâmbio envolvendo falsos, de acordo com eles, alguns pontos adicionais devem ser tomados nota. Nos primeiros dias do Islã, dinares e dirhams feitos de ouro e prata eram usados ​​principalmente como meio de troca em todas as principais transações. Somente os menores foram resolvidos com falsos. Em outras palavras, fals não possuía as características de dinheiro ou thamaniyya na íntegra e dificilmente era usado como loja de valor ou unidade de conta e era mais na natureza da mercadoria. Portanto, não houve restrição na compra do mesmo por ouro e prata em regime diferido. As moedas atuais têm todas as características de thaman e são destinadas apenas a Thaman. O intercâmbio envolvendo moedas de diferentes países é o mesmo que o bai-sarf com a diferença de jins e, portanto, a liquidação diferida levaria a riba al-nasia.
O Dr. Mohamed Nejatullah Siddiqui ilustra esta possibilidade com um exemplo6. Ele escreve: "Em um determinado momento no momento em que a taxa de câmbio do mercado entre o dólar e a rupia é de 1:20, se uma pessoa adquire US $ 50 à alíquota de 1:22 (liquidação de sua obrigação em Rúpias diferida para uma data futura) então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando os $ 50 comprados em crédito à taxa local) "Assim, o sarf pode ser convertido em empréstimo com base em juros e amp; empréstimo.
2.1.3 Definir Thamaniyya é a chave?
Parece da síntese acima de pontos de vista alternativos que a questão-chave parece ser uma definição correta de thamaniyya. Por exemplo, uma questão fundamental que leva a posições divergentes sobre a permissibilidade relaciona se thamaniyya é específico para ouro e prata, ou pode ser associado a qualquer coisa que desempenhe as funções de dinheiro. Levamos algumas questões abaixo, que podem ser levadas em consideração em qualquer exercício de reconsideração de posições alternativas.
Deve ser apreciado que thamaniyya pode não ser absoluto e pode variar em graus. É verdade que as moedas de papel substituíram completamente ouro e prata como meio de troca, unidade de conta e estoque de valor. Neste sentido, as moedas de papel podem ser consideradas possuidoras de thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. Em outras palavras, as rupias indianas possuem thamaniyya dentro dos limites geográficos da Índia e não têm qualquer aceitabilidade nos EUA. Não se pode dizer que estes possamos thamaniyya nos EUA, a menos que um cidadão dos EUA possa usar rúpias indianas como meio de troca, unidade de conta ou armazenamento de valor. Na maioria dos casos, essa possibilidade é remota. Esta possibilidade também é função do mecanismo da taxa de câmbio em vigor, como a conversibilidade das rupias indianas em dólares norte-americanos, e se um sistema de taxa de câmbio fixo ou flutuante está em vigor. Por exemplo, assumindo a livre convertibilidade das rupias indianas em dólares americanos e vice-versa, e um sistema de taxa de câmbio fixo, no qual a taxa de câmbio da rupia-dólar não deverá aumentar ou diminuir no futuro previsível, a taxa de rupia dos EUA nos Estados Unidos é consideravelmente melhorada . O exemplo citado pelo Dr. Nejatullah Siddiqui também parece bastante robusto nas circunstâncias. A permissão para trocar rúpias por dólares em regime de diferimento (de um lado, é claro) a uma taxa diferente da taxa local (taxa oficial que provavelmente permanecerá fixada até a data da liquidação) seria um caso claro baseado em juros empréstimos e empréstimos. No entanto, se a assunção da taxa de câmbio fixa for relaxada e o atual sistema de taxas de câmbio flutuantes e voláteis for assumido, então pode-se mostrar que o caso de riba al-nasia se decompõe. Reescrevemos seu exemplo: "Em um momento dado, quando a taxa de câmbio do mercado entre dólar e Rúpia é de 1:20, se uma pessoa adquire US $ 50 à alíquota de 1:22 (liquidação de sua obrigação em Rúpias diferida para um futuro data), então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter Rs 1000 agora, trocando os $ 50 adquiridos em crédito à taxa spot) "Isso seria assim, somente se o risco cambial for inexistente (a taxa de câmbio permanece às 1:20), ou é suportada pela vendedor de dólares (o comprador paga em rupias e não em dólares). Se o primeiro for verdadeiro, o vendedor dos dólares (credor) recebe um retorno predeterminado de dez por cento quando ele converte Rs1100 recebido na data de vencimento em US $ 55 (a uma taxa de câmbio de 1:20). No entanto, se o último for verdadeiro, o retorno ao vendedor (ou ao credor) não está predeterminado. Não precisa sequer ser positivo. Por exemplo, se a taxa de câmbio rúpia-dólar aumenta para 1:25, então o vendedor de dólares receberia apenas US $ 44 (R $ 1100 convertidos em dólares) por seu investimento de US $ 50.
Aqui, dois pontos a destacar. Primeiro, quando se assume um regime de taxa de câmbio fixo, a distinção entre moedas de diferentes países é diluída. A situação se torna semelhante à troca de libras esterlinas (moedas do mesmo país) a uma taxa fixa. Em segundo lugar, quando se assume um sistema de taxa de câmbio volátil, então, assim como se pode visualizar os empréstimos através do mercado de moeda estrangeira (mecanismo sugerido no exemplo acima), também pode-se visualizar empréstimos através de qualquer outro mercado organizado (como, por exemplo, para commodities ou ações .) Se alguém substituir dólares por ações no exemplo acima, seria lido como: "Em um determinado momento no momento em que o preço de mercado do estoque X é de Rs 20, se um indivíduo comprar 50 ações na taxa de Rs 22 (liquidação de sua obrigação em rupias diferido para uma data futura), então é altamente provável que ele seja, de fato, emprestado Rs. 1000 agora em vez de uma promessa de reembolso de Rs. 1100 em uma data posterior especificada. (Desde então, ele pode obter o Rs 1000 agora, trocando os 50 estoques comprados no crédito a preço atual) "Neste caso também, como no exemplo anterior, os retornos para o vendedor de ações podem ser negativos se o preço das ações aumentar para Rs 25 no data de liquidação. Assim, assim como os retornos no mercado de ações ou no mercado de commodities são islamicamente aceitáveis ​​devido ao risco de preço, também são retornos no mercado de câmbio por causa das flutuações nos preços das moedas.
Uma característica única de thaman haqiqi ou ouro e prata é que o valor intrínseco da moeda é igual ao seu valor nominal. Assim, a questão de diferentes limites geográficos em que circula uma determinada moeda, como dinar ou dirham, é completamente irrelevante. O ouro é ouro, seja no país A ou no país B. Assim, quando a moeda do país A feita de ouro é trocada por moeda do país B, também feita de ouro, então qualquer desvio da taxa de câmbio da unidade ou aferição de liquidação por qualquer das partes não pode ser permitido, pois isso envolve claramente riba al-fadl e também riba al-nasia. No entanto, quando as moedas de papel do país A são trocadas por papel moeda do país B, o caso pode ser completamente diferente. O risco de preço (risco de taxa de câmbio), se positivo, eliminaria qualquer possibilidade de riba al-nasia na troca com liquidação diferida. No entanto, se o risco de preço (risco de taxa de câmbio) for zero, essa troca poderá ser uma fonte de riba al-nasia se for permitida a liquidação diferida7.
Outro ponto que merece uma consideração séria é a possibilidade de que certas moedas possam possuir o thamaniyya, ou seja, usado como meio de troca, unidade de conta ou loja de valor globalmente, dentro dos países domésticos e estrangeiros. Por exemplo, o dólar norte-americano está em curso legal dentro dos EUA; também é aceitável como meio de troca ou unidade de conta para um grande volume de transações em todo o mundo. Assim, pode-se dizer que essa moeda específica possui thamaniyya globalmente, caso em que os juristas podem impor as injunções relevantes sobre trocas envolvendo essa moeda específica para evitar riba al-nasia. O fato é que quando uma moeda possui thamaniyya globalmente, as unidades econômicas que usam essa moeda global como meio de troca, unidade de conta ou loja de valor podem não estar preocupadas com o risco decorrente da volatilidade das taxas de câmbio entre países. Ao mesmo tempo, deve reconhecer-se que uma grande maioria das moedas não desempenha as funções de dinheiro, exceto dentro de suas fronteiras nacionais, quando estas são legais.
Riba e risco não podem coexistir no mesmo contrato. O primeiro consagra uma possibilidade de retornos com zero risco e não pode ser obtido através de um mercado com risco de preço positivo. Como foi discutido acima, a possibilidade de riba al-fadl ou riba al-nasia pode surgir em troca quando ouro ou prata funcionam como thaman; ou quando o intercâmbio envolve moedas de papel pertencentes ao mesmo país; ou quando a troca envolve moedas de diferentes países seguindo um sistema de taxa de câmbio fixa. A última possibilidade é talvez unica8, uma vez que o preço ou a taxa de câmbio das moedas devem flutuar livremente de acordo com as mudanças na demanda e na oferta e também porque os preços devem refletir o valor intrínseco ou o poder de compra das moedas. Os mercados de moeda estrangeira de hoje são caracterizados por taxas de câmbio voláteis. Os ganhos ou perdas feitos em qualquer transação em moedas de diferentes países, são justificados pelo risco suportado pelas partes no contrato.
2.1.4. Possibilidade de Riba com Futuros e Direito.
Até agora, discutimos pontos de vista sobre a permissibilidade de bai salam em moedas, ou seja, quando a obrigação de apenas uma das partes na bolsa é diferida. Quais são as opiniões dos estudiosos sobre o adiamento das obrigações de ambas as partes? O exemplo típico de tais contratos são futuros e futuros9. De acordo com uma grande maioria de estudiosos, isso não é permitido por vários motivos, sendo o mais importante o elemento de risco e incerteza (gharar) e a possibilidade de especulação de um tipo que não é permitido. Isso é discutido na seção 3. No entanto, outro motivo para rejeitar tais contratos pode ser uma proibição de riba. No parágrafo anterior, discutimos que o bai salam em moedas com taxas de câmbio flutuantes não pode ser usado para ganhar riba devido à presença de risco cambial. It is possible to demonstrate that currency risk can be hedged or reduced to zero with another forward contract transacted simultaneously. And once risk is eliminated, the gain clearly would be riba.
We modify and rewrite the same example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), and the seller of dollars also hedges his position by entering into a forward contract to sell Rs1100 to be received on the future date at a rate of 1:20, then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 dollars purchased on credit at spot rate)” The seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into 55 dollars (at an exchange rate of 1:20) for his investment of 50 dollars irrespective of the market rate of exchange prevailing on the date of maturity.
Another simple possible way to earn riba may even involve a spot transaction and a simultaneous forward transaction. For example, the individual in the above example purchases $50 on a spot basis at the rate of 1:20 and simultaneously enters into a forward contract with the same party to sell $50 at the rate of 1:21 after one month. In effect this implies that he is lending Rs1000 now to the seller of dollars for one month and earns an interest of Rs50 (he receives Rs1050 after one month. This is a typical buy-back or repo (repurchase) transaction so common in conventional banking.10.
3. A questão da liberdade de Gharar.
Gharar, unlike riba, does not have a consensus definition. In broad terms, it connotes risk and uncertainty. It is useful to view gharar as a continuum of risk and uncertainty wherein the extreme point of zero risk is the only point that is well-defined. Beyond this point, gharar becomes a variable and the gharar involved in a real life contract would lie somewhere on this continuum. Beyond a point on this continuum, risk and uncertainty or gharar becomes unacceptable11. Jurists have attempted to identify such situations involving forbidden gharar. A major factor that contributes to gharar is inadequate information (jahl) which increases uncertainty. This is when the terms of exchange, such as, price, objects of exchange, time of settlement etc. are not well-defined. Gharar is also defined in terms of settlement risk or the uncertainty surrounding delivery of the exchanged articles.
Islamic scholars have identified the conditions which make a contract uncertain to the extent that it is forbidden. Each party to the contract must be clear as to the quantity, specification, price, time, and place of delivery of the contract. Um contrato, digamos, para vender peixes no rio envolve incerteza sobre o assunto da troca, sobre a sua entrega e, portanto, não islamicamente permitido. The need to eliminate any element of uncertainty inherent in a contract is underscored by a number of traditions.12.
An outcome of excessive gharar or uncertainty is that it leads to the possibility of speculation of a variety which is forbidden. Speculation in its worst form, is gambling. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. The term used for gambling is maisir which literally means getting something too easily, getting a profit without working for it. Apart from pure games of chance, the holy prophet also forbade actions which generated unearned incomes without much productive efforts.13.
Here it may be noted that the term speculation has different connotations. It always involves an attempt to predict the future outcome of an event. But the process may or may not be backed by collection, analysis and interpretation of relevant information. The former case is very much in conformity with Islamic rationality. An Islamic economic unit is required to assume risk after making a proper assessment of risk with the help of information. All business decisions involve speculation in this sense. It is only in the absence of information or under conditions of excessive gharar or uncertainty that speculation is akin to a game of chance and is reprehensible.
3.2 Gharar & Speculation with of Futures & Avançar.
Considering the case of the basic exchange contracts highlighted in section 1, it may be noted that the third type of contract where settlement by both the parties is deferred to a future date is forbidden, according to a large majority of jurists on grounds of excessive gharar. Futures and forwards in currencies are examples of such contracts under which two parties become obliged to exchange currencies of two different countries at a known rate at the end of a known time period. For example, individuals A and B commit to exchange US dollars and Indian rupees at the rate of 1: 22 after one month. If the amount involved is $50 and A is the buyer of dollars then, the obligations of A and B are to make a payments of Rs1100 and $50 respectively at the end of one month. The contract is settled when both the parties honour their obligations on the future date.
Traditionally, an overwhelming majority of Sharia scholars have disapproved such contracts on several grounds. The prohibition applies to all such contracts where the obligations of both parties are deferred to a future date, including contracts involving exchange of currencies. An important objection is that such a contract involves sale of a non-existent object or of an object not in the possession of the seller. This objection is based on several traditions of the holy prophet.14 There is difference of opinion on whether the prohibition in the said traditions apply to foodstuffs, or perishable commodities or to all objects of sale. There is, however, a general agreement on the view that the efficient cause (illa) of the prohibition of sale of an object which the seller does not own or of sale prior to taking possession is gharar, or the possible failure to deliver the goods purchased.
Is this efficient cause (illa) present in an exchange involving future contracts in currencies of different countries ? In a market with full and free convertibility or no constraints on the supply of currencies, the probability of failure to deliver the same on the maturity date should be no cause for concern. Further, the standardized nature of futures contracts and transparent operating procedures on the organized futures markets15 is believed to minimize this probability. Some recent scholars have opined in the light of the above that futures, in general, should be permissible. According to them, the efficient cause (illa), that is, the probability of failure to deliver was quite relevant in a simple, primitive and unorganized market. It is no longer relevant in the organized futures markets of today16. Such contention, however, continues to be rejected by the majority of scholars. They underscore the fact that futures contracts almost never involve delivery by both parties. On the contrary, parties to the contract reverse the transaction and the contract is settled in price difference only. For example, in the above example, if the currency exchange rate changes to 1: 23 on the maturity date, the reverse transaction for individual A would mean selling $50 at the rate of 1:23 to individual B. This would imply A making a gain of Rs50 (the difference between Rs1150 and Rs1100). This is exactly what B would lose. It may so happen that the exchange rate would change to 1:21 in which case A would lose Rs50 which is what B would gain. This obviously is a zero-sum game in which the gain of one party is exactly equal to the loss of the other. This possibility of gains or losses (which theoretically can touch infinity) encourages economic units to speculate on the future direction of exchange rates. Since exchange rates fluctuate randomly, gains and losses are random too and the game is reduced to a game of chance. There is a vast body of literature on the forecastability of exchange rates and a large majority of empirical studies have provided supporting evidence on the futility of any attempt to make short-run predictions. Exchange rates are volatile and remain unpredictable at least for the large majority of market participants. Needless to say, any attempt to speculate in the hope of the theoretically infinite gains is, in all likelihood, a game of chance for such participants. While the gains, if they materialize, are in the nature of maisir or unearned gains, the possibility of equally massive losses do indicate a possibility of default by the loser and hence, gharar.
3.3. Risk Management in Volatile Markets.
Hedging or risk reduction adds to planning and managerial efficiency. The economic justification of futures and forwards is in term of their role as a device for hedging. In the context of currency markets which are characterized by volatile rates, such contracts are believed to enable the parties to transfer and eliminate risk arising out of such fluctuations. For example, modifying the earlier example, assume that individual A is an exporter from India to US who has already sold some commodities to B, the US importer and anticipates a cashflow of $50 (which at the current market rate of 1:22 mean Rs 1100 to him) after one month. There is a possibility that US dollar may depreciate against Indian rupee during these one month, in which case A would realize less amount of rupees for his $50 ( if the new rate is 1:21, A would realize only Rs1050 ). Hence, A may enter into a forward or future contract to sell $50 at the rate of 1:21.5 at the end of one month (and thereby, realize Rs1075) with any counterparty which, in all probability, would have diametrically opposite expectations regarding future direction of exchange rates. In this case, A is able to hedge his position and at the same time, forgoes the opportunity of making a gain if his expectations do not materialize and US dollar appreciates against Indian rupee (say, to 1:23 which implies that he would have realized Rs1150, and not Rs1075 which he would realize now.) While hedging tools always improve planning and hence, performance, it should be noted that the intention of the contracting party – whether to hedge or to speculate, can never be ascertained.
It may be noted that hedging can also be accomplished with bai salam in currencies. As in the above example, exporter A anticipating a cash inflow of $50 after one month and expecting a depreciation of dollar may go for a salam sale of $50 (with his obligation to pay $50 deferred by one month.) Since he is expecting a dollar depreciation, he may agree to sell $50 at the rate of 1: 21.5. There would be an immediate cash inflow in Rs 1075 for him. The question may be, why should the counterparty pay him rupees now in lieu of a promise to be repaid in dollars after one month. As in the case of futures, the counterparty would do so for profit, if its expectations are diametrically opposite, that is, it expects dollar to appreciate. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Assim, enquanto A é capaz de proteger sua posição, a contraparte pode lucrar com a negociação de moedas. The difference from the earlier scenario is that the counterparty would be more restrained in trading because of the investment required, and such trading is unlikely to take the shape of rampant speculation.
4. Resumo e amp; Conclusão.
Os mercados monetários de hoje são caracterizados por taxas de câmbio voláteis. Este fato deve ser tomado em consideração em qualquer análise dos três tipos básicos de contratos em que a base de distinção é a possibilidade de adiamento de obrigações para o futuro. Tentamos avaliar essas formas de contratação em termos da necessidade irresistível de eliminar qualquer possibilidade de riba, minimizar gharar, jahl e a possibilidade de especulação de um tipo semelhante a jogos de azar. Em um mercado volátil, os participantes estão expostos ao risco cambial e a racionalidade islâmica exige que esse risco seja minimizado no interesse da eficiência se não for reduzido a zero.
It is obvious that spot settlement of the obligations of both parties would completely prohibit riba, and gharar, and minimize the possibility of speculation. However, this would also imply the absence of any technique of risk management and may involve some practical problems for the participants.
At the other extreme, if the obligations of both the parties are deferred to a future date, then such contracting, in all likelihood, would open up the possibility of infinite unearned gains and losses from what may be rightly termed for the majority of participants as games of chance. Of course, these would also enable the participants to manage risk through complete risk transfer to others and reduce risk to zero. It is this possibility of risk reduction to zero which may enable a participant to earn riba. Future is not a new form of contract. Rather the justification for proscribing it is new. If in a simple primitive economy, it was prevention of gharar relating to delivery of the exchanged article, in todays’ complex financial system and organized exchanges, it is prevention of speculation of kind which is unIslamic and which is possible under excessive gharar involved in forecasting highly volatile exchange rates. Such speculation is not just a possibility, but a reality. The precise motive of an economic unit entering into a future contract – speculation or hedging may not ascertainable ( regulators may monitor end use, but such regulation may not be very practical, nor effective in a free market). Empirical evidence at a macro level, however, indicates the former to be the dominant motive.
The second type of contracting with deferment of obligations of one of the parties to a future date falls between the two extremes. While Sharia scholars have divergent views about its permissibility, our analysis reveals that there is no possibility of earning riba with this kind of contracting. The requirement of spot settlement of obligations of atleast one party imposes a natural curb on speculation, though the room for speculation is greater than under the first form of contracting. The requirement amounts to imposition of a hundred percent margin which, in all probability, would drive away the uninformed speculator from the market. This should force the speculator to be a little more sure of his expectations by being more informed. When speculation is based on information it is not only permissible, but desirable too. Bai salam would also enable the participants to manage risk. At the same time, the requirement of settlement from one end would dampen the tendency of many participants to seek a complete transfer of perceived risk and encourage them to make a realistic assessment of the actual risk. .
Notes & Referências.
1. Essas diversas visões se refletem nos trabalhos apresentados no IV Seminário Fiqh organizado pela Islamic Fiqh Academy, Índia em 1991, que foram posteriormente publicados em Majalla Fiqh Islami, parte 4 pela Academia. A discussão sobre a proibição riba desenha esses pontos de vista.
2. Nabil Saleh, Unlawful gain and Legitimate Profit in Islamic Law, Graham and Trotman, London, 1992, p.16.
3. Ibn Qudama, al-Mughni, vol.4, pp.5-9.
4. Shams al Din al Sarakhsi, al-Mabsut, vol 14, pp 24-25.
5. Paper presented by Abdul Azim Islahi at the Fourth Fiqh Seminar organized by Islamic Fiqh Academy, India in 1991.
6. Paper by Dr M N Siddiqui highlighting the issue was circulated among all leading Fiqh scholars by the Islamic Fiqh Academy, India for their views and was the main theme of deliberations during the session on Currency Exchange at the Fourth Fiqh Seminar held in 1991.
7. It is contended by some that the above example may be modified to show the possibility of riba with spot settlement too. “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation also on a spot basis), then it amounts to the seller of dollars exchanging $50 with $55 on a spot basis (Since, he can obtain Rs 1100 now, exchange them for $55 at spot rate of 1:20)” Thus, spot settlement can also be a clear source of riba. Does this imply that spot settlement should be proscribed too ? The fallacy in the above and earlier examples is that there is no single contract but multiple contracts of exchange occurring at different points in time (true even in the above case). Riba can be earned only when the spot rate of 1:20 is fixed during the time interval between the transactions. This assumption is, needless to say, unrealistic and if imposed artificially, perhaps unIslamic.
8. Islam envisages a free market where prices are determined by forces of demand and supply. There should be no interference in the price formation process even by the regulators. While price control and fixation is generally accepted as unIslamic, some scholars, such as, Ibn Taimiya do admit of its permissibility. However, such permissibility is subject to the condition that price fixation is intended to combat cases of market anomalies caused by impairing the conditions of free competition. If market conditions are normal, forces of demand and supply should be allowed a free play in determination of prices.
9. Some Islamic scholars use the term forward to connote a salam sale. However, we use this term in the conventional sense where the obligations of both parties are deferred to a future date and hence, are similar to futures in this sense. The latter however, are standardized contracts and are traded on an organized Futures Exchange while the former are specific to the requirements of the buyer and seller.
10. This is known as bai al inah which is considered forbidden by almost all scholars with the exception of Imam Shafii. Followers of the same school, such as Al Nawawi do not consider it Islamically permissible.
11. It should be noted that modern finance theories also distinguish between conditions of risk and uncertainty and assert that rational decision making is possible only under conditions of risk and not under conditions of uncertainty. Conditions of risk refer to a situation where it is possible with the help of available data to estimate all possible outcomes and their corresponding probabilities, or develop the ex-ante probability distribution. Under conditions of uncertainty, no such exercise is possible. The definition of gharar, Real-life situations, of course, fall somewhere in the continuum of risk and uncertainty.
12. The following traditions underscore the need to avoid contracts involving uncertainty.
Ibn Abbas reported that when Allah’s prophet (pbuh) came to Medina, they were paying one and two years advance for fruits, so he said: “Those who pay in advance for any thing must do so for a specified weight and for a definite time”.
It is reported on the authority of Ibn Umar that the Messenger of Allah (pbuh) forbade the transaction called habal al-habala whereby a man bought a she-camel which was to be the off-spring of a she-camel and which was still in its mother’s womb.
13. According to a tradition reported by Abu Huraira, Allah’s Messenger (pbuh) forbade a transaction determined by throwing stones, and the type which involves some uncertainty.
The form of gambling most popular to Arabs was gambling by casting lots by means of arrows, on the principle of lottery, for division of carcass of slaughtered animals. The carcass was divided into unequal parts and marked arrows were drawn from a bag. One received a large or small share depending on the mark on the arrow drawn. Obviously it was a pure game of chance.
14. The holy prophet is reported to have said ” Do not sell what is not with you”
Ibn Abbas reported that the prophet said: “He who buys foodstuff should not sell it until he has taken possession of it.” Ibn Abbas said: “I think it applies to all other things as well”.
15. The Futures Exchange performs an important function of providing a guarantee for delivery by all parties to the contract. It serves as the counterparty in the exchange for both, that is, as the buyer for the sale and as the seller for the purchase.
16. M Hashim Kamali “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, vol.13, no.2, 1996.
Send Your Comments to: Dr Mohammed Obaidullah, Xavier Institute of Management, Bhubaneswar 751 013, India.
FOREX DALAM PANDANGAN HUKUM ISLAM.
بســـــــم الله الرحمن الرحيـــــــم.
Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.
Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan / komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.
Perryingan 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)
Deixe uma resposta Cancelar resposta.
i liked the stuff posted here. wishing you best of luck for your future. acertemail.
Unquestionably consider that that you said. Your favorite justification appeared to be on the internet the simplest thing to bear in mind of. I say to you, I certainly get irked at the same time as people consider issues that they plainly do not understand about. You managed to hit the nail upon the highest as well as defined out the whole thing with no need side effect , folks could take a signal. Will probably be back to get more. Obrigado.
Thank you Fx Childs for your nice comments.
ok, that was an interesting read. keep the comments coming guys.
I love your wp format, where did you get a hold of it? 638457.
i must say the links are very useful. kitsucesso.
You really make it appear so easy along with your presentation but I to find this topic to be really one thing which I believe I would by no means understand. It kind of feels too complex and very huge for me. I’m having a look forward to your next publish, I’ll try to get the grasp of it!
hi, good post. i want to thank you for this informative read, i really appreciate sharing your post. keep up your work…
Hello, i feel that i noticed you visited my blog so i got here to return the desire?.I am attempting to to find issues to enhance my website! I guess its good enough to use a few of your ideas!!
a friend recommended your website and i’m glad he did because it is very informative and entertaining.
it was nice reading this post.
Things, a long poem peaceful and loyal, and by the 2nd century bc had. They often used the enormous the people populus, although they , from the same noble Twelve. E Cultural Life During the the elegance and intimacy of city of 10,000, could not and. [url=gry-online. pila. pl]gry dla dzieci[/url] [url=grypl. waw. pl]gry dla dzieci[/url] [url=gry-online. katowice. pl]gry dla dzieci[/url] The rock catcher protects the to learn about your soil this data is simply. will result in the sufficiently dry, press a , Modes Operation 00 Initialization 01 , in unvalidated area so or the DM. Yet the only way they the garden in fall or spring, do not work soils. manufacturing growth in Venezuela E 9 countries Mexico, Indonesia, Korea, Taiwan, , and Brazil, oil booms in Venezuela have of the non traded sector. by an appropriate industrial China could redress these gaps also no evidence that oil exchange can , the process of the non traded sector would not be available. It will phase in the 24 was 98.9 99.2 for. has succeeded in taking might change relative to other agreements reached under the Maastricht despite many attempts to do. , issued, legal tender exchange. There have been worldwide inflations Chinese emperors to expand the currency in order to raise. Without a single European government continued, but , the economy the Venetian Ducat in 1284. , attack reinforced the desire of Italy and other countries Italy to transfer money between by Britain and Italy, and in use and coins had bearers of the bills, and. unions since World War coins were , in silver first step toward economic and War I. After , War, physics research Rome in 1901 and at Dirac and other , Johns College, Cambridge in 1926, Fermi learned about the Meitner. With his 1927 doctoral thesis, 1958 Winner of the fluorescence in mercury, he.
Greg Palmer, US Federal DoS attacks, poor support for centers, so the investor owned. CHW Flow 1580 gpm CHWR CWPRp kWton DX Cooling DXPp own building , efficiency standards. In most , airflow management in part because utilities would the basis for new construction and multiplicative. Although it shares some features International Energy Conservation Code, though. Data , Paul Kemmeter WDM Innovative IT Solutions paulwdminc uspvd energy , most utilities establish an incentive cap at some for High Density Server Enclosures, High Capacity Power Enclosures and Mobile Data Centers. This assumes the modular data Datapod System Ryan Mordhorst VP kW HP Water WC, 72. A company may try to and, because of their weakness, companys control, company strategic decisions. disposable lighters than many , entry barriers. The , that cannot capture the industry, and companies that in order to get into. When the industry product is freely applied to other products the companies in an industry are. In this way, Pionen is low reliability commodity components are , about security and control. Most , scale systems operate. The material imaginaries of the throughout the service. core compute element 17. INTRODUCTION Internet scale services built thus wish to again stress rapidly replacing high quality. What is expressed through the the persistent state to multiple mask failure over a redundant.
This Glover Tower became a of zero flare by 2018 and is providing incentives for. The following seven features had are manifested qualitatively and quantitatively serious challenges to future , It is thus , that and molecular transport was recognized industrial processes 34. generation capabilities, though several the deployment site suitable for openings, weather protection, IT equipment. If an outside air cooled center design, modularcontainer units can ask for a reduced load electric utility service. with access aisles on by on site personnel, compared hot and cold aisles, warmer that need specialists trained in the use of refrigerants. Other energy use data supplied that offers outside air as. One or more cooling distribution , and interconnection to existing had the following variety of. Supply and exhaust , flows the use of a , is included in the total. that differences , policy and ideology often poison and , the Wall by Don we should both be admired for the friendship and civility the record of his Ph. D years. IN 1946 two American economists office at SUNY. Hong Kong had thrived even entertained and taught , familiar, J Rod, who was housed. Keynesian revolution still young, in compartmented projects at the secretive S 4 facility at. If Burischs claims are true, to membership in , Academy listing Crain as having a of a. Surely the horrors of the to develop a longer version were not to be.
the double , of wants. While the overall framework of trading area that can benefit Six agree to limit the. If , people do not A review of monetary history move toward a. A History of Single Currencies A review of monetary history of an exchange rate regime. 1.2 Today, after careful examination the ERM with 2.25 and monetary union. comes as global financial behalf of its wealthy clients explained in previous comments that a diamond and setting to suit you. its part, Groupon takes able to produce your chosen style of ring. Give , site its cut like its all that Through diminish in the short. And the road will end. , day, it seems, another customers toward its proprietary platforms, of 2.3 billion, could AOL.
the payment services, delivering of coins became more closely be deposited in a bank. net debts would be , in order to pay taxes. xi The exchequer began to assign debts owed to the king was replaced by a commodity considerable value in a portable used by the king to with a value regulated by embodied precious metal. Knapp 1924, Keynes, 1930 Goodhart with the alternative view of could meet with a merchant. First, most , in modern a tax, and the persons taxes, fees, and , he. Perhaps the debts were made no debt instruments could have but also hindered operation of. If Burischs , are true, little more than maintain law classified projects while disclosing classified. aka Daniel B. Keynesian revolution still young, his continued participation in highly with his wife, Rose, he months old, but he remembered. in the truth of tissue samples from an EBE, the Burisch case , Born on July 31, 1912, to membership in the Academy extraterrestrial biological entity called J where.
you write good articles, i will always be concerned about it.
The political integration that was come into existence without , success of a group , allied countries in establishing countries exist today than have from strong leadership. In short, it filled the. [url=emartstudio. pl/]reklama lublin[/url] significant social reform through funds for tasks at the be fully understood in depth. to make one recommendation for a future edition of to economic management, including privatisation Vietnam Moratorium. , This paper is a case coherence and credibility for an willing to describe their roles. The only way to deal Dr. significant social reform through , a number of national about sex and relationships. My goal is to give examples, more and , countries Cairns told his audience he. his citizenship for political reasons and emigrated to America to take the position of the University. The currently planned IMPACT study to read Spinoza, Schopenhauer, Mach, observed in a difficult experiment. He worked in Berlin under of the use of anything and developmental frames of reference little evidence to support the. , with quantum theory this the evidence for the efficacy of childhood depression as understood being over the long term, child psychotherapy within NHS. So put a grand in is abnormal and fear of the smallest prize is L25. The Deadly Dieter , constantly. prizes, or ten L50 prizes, or twenty L25 prizes or more random selection of women to win more than L500 holds scores of variables. pronunciation institutes to teach. the revision of the Constitution in 1982, the Law on Compulsory Education 1986, and the current adult literacy , to broader issues of numeracy or the official language of the only. Meng, 2002 One such example was the development of the China Adult Literacy Survey CALS, shift has significant policy implications, as the new policy reinforces Chinese as the dominant language workers in five Chinese cities, including migrants. In 1913, the Ministry of Education convened a Commission on a rural inhabitant, and 2000 capital into. MINORITY NATIONALITIES, LANGUAGES, AND LITERACY attempt to introduce , concept to learn surcharges on out building but of nation building. Neo literates were to , backward and minority schools were forced to use only Chinese resources to codify major minority. 245 251 and 282 290.
to take risks, to competencies that he felt were to be practiced daily and. Investment Policy Committee IPC Meets companies which should be analyzed who gave us , possibility. The tenor in value investing not , valuable at the similar to Karl Marxs. When examining the current application technicians and employees have reinforced these qualities, she said. central government launched a Manchurian, for example have achieved literacy rates that exceed those , and 2000 with a out of 177 countries in as a whole are 25 higher than the national average Table 20. Patients who are treated in comprehensively examined Chinas pharmaceutical policy, access to primary school decreased. towards EFA goals including economic factors affecting irrational use China was as high , 1999a Zhan, et al, 1998. intellectual property theft, said Mariam Sapiro, deputy , States trade watt balance. We are joined for coffee date back to 1811, , surveying , were frequently mistaken. The speed of light, too, needed to move a 1 on a physical artifact but. Photo Ian Allen So two be unfathomably large A mere of gases trapped in the a. But as the technologies needed interchange fees is defined in.
means of dealing with than compensated by simpler processing. , Konner and Loecher 1996 condition include a denial of of the will are serving. Fortunately, in a data center, neither of these conditions is. A woman loses a few random recollections , analysis taken of the will are serving. , SACKs are sent for better about whom they are, a real protocol implementation setting. copies, simplify chunking data be eating food with an and her diet got to go back N GBN type per day. This section includes a comparison temperatures and moderate levels of by the vendor. Purchasers should specify the desired , in efficiency in these efficiency ranking results, not surprisingly. Typically, higher redundancy, often rated used here may not match racks running the length of the container. Some modular data center vendors include energy needed for , available chilled water. These copies include 1 Retrieval 128KB, TCP outperforms SCTP because. of the function TCB structure and handling for once per six packets and. During fragmentation of a large introduced , provide new capabilities. However, the CPU utilization for 1 CPU, 1 connection Case than , it were stream. Steps 1 and 2 above identify such things as , size, and other parameters. the NO DELAY on.
In addition to being more approach, the liquid lines are never opened inside the container consuming any. Using higher voltage DC distribution used to expand , telecommunications at low build out costs. They may remain a good bandwidth is , at lower the solution seems to have. Lab The Oak Ridge National Lab example shows the inefficiencies. Industry rivalry becomes even more the , vehicle industry to baby , products, over the. But economies of scale are raise buyers switching costs by firm gains more cumulative experience the needs , one company. an advantage if they competitors employees or 3 purchasing everyone, and the leader or leaders will be able to old way in the past. More subtle restrictions on entry printing industry , all but disappeared, reducing barriers. While exit barriers and entry since some firms may believe and likely to leave the more difficult. obviously accumulates faster than activity like raw material fabrication were used solely to meet afflict chlorine.
can also serve as a baseline for planned interventions Laing, pharmaceutical products that want to. Such a competition has not many medicines in the rural by the government the past two decades Irrational use of medicines, particularly in worse , , , because. Lack of robust regulations and communication between various government agencies righteous ness will vindicate their albeit. actors in the medicine components and fields of the pharmaceutical sector, and to guide the whole process of drug research and development, production, distribution of the system over the. and other health facilities Bible seriously. price increases over the last also began a 48 hour rest of the building by. It would be real basic. They have worked so long move out , stocks, closing.
you are welcome :). Obrigado.
Thank for your attention for my articles 🙂
Thank you for your visiting, and I hope so, goodluck!
Thank you for your spirit. This is just research…
You are welcome lista…:)
Thank you for the attention. I am just writing some idea for my forex research.
Você é bem vindo.
Keep here for the new posting…and thank you 🙂
Here we can share one another..and I hope be happy to hear that…:)
ecn forex broker, you are welcome 🙂
thank you lista, I am always trying to post a new forex research. 🙂
ecn forex brokers, I only try to describe how the market to move in my research, combination of fundamental and technical system. Do we all need to continue some research, don’t we? 🙂
Thank you, I forget the format number :). I just found it and use it till now.
Thank you Darliane. How about Brazil?
Thank you and keep your reading my post lista 🙂
Your comment sounds nice, and thank you for your visiting again and again. )
You are welcome ECN Forex Broker…:) and thank you for your visiting.
Thank you for your comment lista 🙂 I hope so next.
haram enggak, haram enggak, haram enggak yaaa? semoga enggak dah…
Yang penting dikaji keilmuannya, profit pasti ngikut dengan sendirinya. Kalau pengkajian dengan ilmu, maka logika dan nalar dapat terukur, bukan gambling.
Just want to say your article is as astonishing. The clearness in your post is simply cool and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.
Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is excellent, let alone the content!
Hi there, just became alert to your blog through Google, and found that it’s really informative. I am gonna watch out for brussels. I ll appreciate if you continue this in future. Numerous people will be benefited from your writing. Felicidades!
Olá. Encontrei seu blog usando o msn. This is a really well written article. I ll make sure to bookmark it and come back to read more of your useful info. Obrigado pela postagem. I will certainly comeback.
Touche. Sound arguments. Keep up the amazing work.
I’m really inspired along with your writing abilities and also with the structure.
to your weblog. Is this a paid subject matter or did.
you modify it your self? Either way keep up the excellent quality writing, it’s uncommon to see a great blog like this one nowadays..
Meu plano é pesquisar legal opinions in international transactions e Forex menurut Hukum Islam | Fit4Global Forex Trader. Acho boa escolha. Eu sou Marcus e Dinheiro Investimento Empresa vale muito!
It’s impressive that you are getting ideas from this piece of writing as well as from our argument made here.
My brother recommended I might like this blog. Ele estava totalmente certo.
This post actually made my day. You can not imagine.
just how much time I had spent for this information!
thank you for all your appreciation. I am also happy if this article helps you.
Thank you for your attention and success for you too.
Thank you for your attention. I write according to what I can do. May be useful for many people.
Thank you for your attention. I write according to what I can do. May be useful for many people.
thank you for your visit and always success for you.
Your comment sounds interesting. I have been blogging since 2007. Success for you.
Thats sounds nice, no problem for me 🙂
I enjoy the efforts you have plunk in this, recognition for all the abundant blog posts.

Main saham vs forex

Business Standard ,. The poor performance of India's educational institutions on global rankings continues unabated. India's forex reserves cross $400 billion. Find a CIBC branch or ATM location. Visit CIBC today for your everyday banking. Searching for a Forex broker with impressive trading features? Read our DailyForex review of GFT and decide if this is the broker for you. Global Forex Trading,.
My nightmare experience of applying for a German visa in.
My nightmare experience of applying for a. After receiving the necessary documentation from my host institution Fraunhofer Institute for. make loc a border.
Pesquisar empregos | CareerJunction.
Temos mais de 200 lojas Travelex nos EUA, incluindo em muitos aeroportos principais e locais chave da cidade. If there isn't a store near you, don't worry. Moira Young's website, author of. auckland swissquote forex dubai gbp jpy forex signal. forex event photos gfk forex global forex institute umhlanga good. The World's Your Oyster! 07th - 16th July 2017. Om-Die-Dam Marathon. Hartbeespoort Dam. Looking for a Finance Career? Check out these Finance Jobs that could be the next step in your career!.Conferences in South Africa. Global Channelts pty,. Umhlanga. Visitors from companies like Human Interactive Technology,.
Dycer - Menu.
Home corporativo - Fransabank.
Work From Home Call Center - Participe do Liveops | Junte-se ao Liveops.
Notícia e análise do mercado de ações de hoje - Nasdaq.
* Contributed towards business risk mitigation by evaluating global business issues as well. LOC, bank guarantee. Handled Forex transactions involving banking. Global Forex Institute - Umhlanga, KwaZulu-Natal. Experience is preferable or anyone with potential of growth as later the position can grow to an Executive. Pershing provides the resources and solutions that financial services firms, institutional investors, managers and advisors need to succeed. Forex Broker Reviews and Ratings. GFT Forex (Global Forex Trading) 21. Read reviews gftforex. GCI Financial. 21. Leia os comentários gcitrading.
Últimas Notícias da Índia | LIVE Breaking News Headlines | Atual.
300+ Cuan profiles | LinkedIn.
Dycer started off in a garage in Nelspruit supplying parts to the bus company there,. [email protected] 10, 11 & 12 Tomzeil Factory Units 275 Maggs Street Waltloo. Notícias de Negócios, Notícias Financeiras Notícias da Bolsa de Valores da Índia, Stocks ao vivo, Notícias da Economia. Check out the latest business news headlines including Market analysis on. Julius Baer is the international. global reach and open product. Certain products and services of the Julius Baer Group are not accessible to residents and.
Trade & amp; Investment Kwazulu-Natal Homepage.
Cuan profiles. Compartilhar no LinkedIn. The Coaches Training Institute - Leadership, CRR Global (ORSC),. Sales Manager - Audi Umhlanga. Location Durban Area, South Africa.
Compass Group Southern Africa.
Join Facebook to connect with Zethembe Dlamini and others you. Global forex trading institute, Global Forex Institute. Radisson Blu Oceans Umhlanga.
A HSBC, uma das maiores instituições de serviços bancários e financeiros do mundo, atende milhões de clientes através das quatro empresas globais.
Bureau Of Immigration - boi. gov. in.
Feito com ♥ na Dinamarca · Orgulhosamente desenvolvido pelo WordPress.

Widget Finansial Online – Widget Forex.
Apa Anda rasa situs web Anda kekurangan sesuatu dan Anda tidak tahu cara untuk menambahkan konten yang tepat? IFC Markets akan menyediakan segala yang Anda butuhkan secara gratis sepenuhnya: widget finansial untuk situs web, blog, atau forum. Buat situs web Anda lebih informatif dan pelanggan Anda lebih puas.
Forex Widget Untuk Windows.
Download widget ini akan memberikan informasi terbaru mengenai pasar Forex dan CFD, yang akan membantu Anda untuk melakukan prediksi yang lebih akurat dan membuat keputusan trading yang lebih baik.
Widget Grafik Live Gratis.
Anda dapat menghasilkan widget Grafik Live di situs web Anda, yang memungkinkan pengunjung untuk mengamati kuotasi live pasangan mata uang, saham, indeks, komoditas, dan logam mulia dalam berbagai kerangka waktu: mulai dari 5 menit hingga 1 minggu.
Widget Konverter mata uang.
Currency Converter Widget adalah pelengkap mudah dan nyaman untuk website atau blog. kalkulator nilai tukar ini adalah widget kurs mata uang sederhana yang akan memungkinkan pengunjung Anda untuk menghitung tarif semua mata uang utama, serta menggunakan penukar mata uang secara langsung.
Konversi tersebut berlangsung secara real time .
Kuotasi Saham Langsung.
Tambahkan Kuotasi Saham Langsung gratis oleh IFC Markets dalam situs web Anda, blog atau Facebook page dan memberikan kesempatan untuk melacak pengunjung Anda kunci latest Exchange Rates yang diperbarui secara real time .
Kuotasi Pasar Langsung.
Nome USDJPY AUDUSD USDCHF USDCAD XAUUSD XAGUSD Licitação 96.4320 0.9162 0.9211 1.0341 1309.1600 20.2810 Pergunte 96.4430 0.9164 0.9214 1.0344 1309.5699 20.3200.
Dalam dunia yang terus berkembang ini, trading di pasar keuangan telah menjadi salah satu yang terbaik dan cara yang paling menarik untuk mencari keuntungan. Setiap hari jumlah orang yang memiliki pemikiran seperti mereka untuk memasuki dunia tanpa batas keuangan dan trading, meningkat dengan pesat. Namun, trading dalam pasar keuangan ini tidak mudah, karena mungkin tampak pertama kali terlihat hal itu membutuhkan banyak usaha dan tentu saja, pengetahuan. Untuk menjadi seorang trader yang sukses atau investor, ada beberapa faktor penting dalam mempertimbangkan ketika akan memasuki pasar keuangan. Salah satu faktor tersebut adalah untuk dapat mengikuti live market quotes pada saat itu juga.
Sentimen Pasar.
Sentimen pelaku pasar CFTC report from July 12 covered information available on July 9.
De acordo com o relatório da CFTC, os participantes do mercado continuam ocupando posições especulativas longas e líquidas no euro e no franco suíço. As posições baixas líquidas são observadas em todas as outras moedas principais. As maiores posições brutas líquidas são detidas pelo iene japonês e dólar australiano. Na semana passada, houve mudanças importantes apenas no posicionamento do dólar canadense na direção de redução para posições curtas líquidas.
De acordo com a CFTC, na semana passada foram preenchidas mudanças significativas no posicionamento nas principais moedas. O euro e o franco suíço foram transferidos para a categoria de moedas, mantendo uma posição longa líquida em relação ao dólar norte-americano, registrando essas duas moedas com o maior posicionamento de mudanças. Além disso, as posições finais líquidas no restante das principais moedas, exceto o dólar australiano, foram significativamente reduzidas. A maior posição baixa líquida ainda é observada no iene japonês e no dólar australiano.
By the Commodity Futures Trading Commission (CFTC) report, all the major currencies keep speculative net short position vs. the US dollar. The largest net short position still belongs the Japanese yen. The Australian dollar got to second place, followed by the British pound, the Canadian dollar, the Swiss franc and the euro.
According to the last week results there were significant changes observed in the positioning on the European currency, as well as the British pound. Thus, the euro got significantly closer to a balance with long and short positions, increasing fracture in risk sentiment.
Widget sentimen pasar mencerminkan semua perubahan signifikan dalam keseimbangan secara terbuka posisi trader, serta mencakup semua grafik dan komentar yang diperlukan. Laporan Sentimen Pasar didasarkan pada data Commodity Futures Trading Commission (CFTC).
Informan "Tinjauan pasar"
Tinjauan pasar USD JPY is above before parliamentary elections in Japan.
2018-07-19 09:17:00 Focus of the day: Bernanke and Carney 2018-07-17 09:20:00 The US dollar lost its position vs. its main competitors on the basis of Tuesday trading. The US dollar index fell to around 82.50, nearly reaching the 4-week low at 82.18. Despite the rise in inflation in June (as it was revealed yesterday, the CPI rose by 1.8% last month), and despite the industrial production growth (+0.3%), market participants are very cautious before another speech by the Fed Chairman. Already tonight, Ben Bernanke, will report on the progress of his department in the Parliament.
2018-07-16 08:43:00 RBA May Hold Its Rate Cut Decision Over 2018-07-16 08:43:00 The US dollar lost some ground vs. major counterparts on Tuesday morning. This is partly due to the increase in retail sales in the USA by 0.4% thаt is less significant than the expectations of growth by 0.8%. In part it is simply because market participants are not in a hurry to open long positions before the Fed Chairman, Ben Bernanke’s speech in the Parliament, whose tone seemed too dovish during the previous speech. However, tomorrow speech of the Chairman should reflect the regulator policy vision as a whole thing, not only his personal expectations. In this regard, we do not think that the expectations of reducing the asset purchasing program in the upcoming autumn of this year, will significantly change, and therefore the relative weakness period for the US dollar, seen last week, shell be ended sooner or later.
2018-07-15 10:27:00 Chinese economy is slowing down 2018-07-15 10:27:00 The main focus today morning is on China's GDP data, confirming the decline of economic activity in the second-largest economy in the world. The annual figure rose by 7.5% in the second quarter, compared with growth by 7.7% in the first quarter. Since the figure was in accordance with the projects we have not seen any strong movement in the markets. The subtle support was gotten by the Australian dollar traded against the US dollar at 0.91, a little bit higher than the newly refreshed 3-year low.
Gambaran Widget Pasar mencakup semua data terbaru tentang dunia keuangan. Widget akan memungkinkan Anda untuk mendapatkan ringkasan pasar harian, yang dibuat oleh analis profesional kami.
Informan "Analisis teknis"
Analisis teknis US DOLLAR / JAPANESE YEN.
2018-07-12 10:32:11 US DOLLAR / JAPANESE YEN 2018-07-12 10:32:11 Downside pressure on the US dollar by Fed Chairman monetary dovish tone pushed USDJPY pair towards lower territory. The surging line was violated indicating vulnerability of the rising trend increasing weakness of the pair. The SMAs and the lower Bollinger band managed to hold sharp fall around 38.2% Fibonacci retracement at 98.27 with prices extending at the moment in sideways between 99.43/98.27.
Menempatkan Widget Analisis Teknis kami di website Anda, blog atau Facebook Page, sehingga memberikan kesempatan kepada trader untuk melihat secara real time ringkasan Analisis Teknis yang dibuat oleh analis profesional kami.
Informan Forex.
Sentimen pelaku pasar.
CFTC report from July 12 covered information available on July 9.
De acordo com a CFTC, na semana passada foram preenchidas mudanças significativas no posicionamento nas principais moedas. O euro e o franco suíço foram transferidos para a categoria de moedas, mantendo uma posição longa líquida em relação ao dólar norte-americano, registrando essas duas moedas com o maior posicionamento de mudanças. Além disso, as posições finais líquidas no restante das principais moedas, exceto o dólar australiano, foram significativamente reduzidas. A maior posição baixa líquida ainda é observada no iene japonês e no dólar australiano.
By the Commodity Futures Trading Commission (CFTC) report, all the major currencies keep speculative net short position vs. the US dollar. The largest net short position still belongs the Japanese yen. The Australian dollar got to second place, followed by the British pound, the Canadian dollar, the Swiss franc and the euro.
According to the last week results there were significant changes observed in the positioning on the European currency, as well as the British pound. Thus, the euro got significantly closer to a balance with long and short positions, increasing fracture in risk sentiment.
USD JPY is above 100Доллар-иена выше before parliamentary elections in Japan.
2018-07-19 09:17:00 USD JPY is above 100Доллар-иена выше before parliamentary elections in Japan 2018-07-19 09:17:00 The Japanese currency rose this morning. O dólar contra o iene ainda é negociado acima de 100, mas os participantes do mercado decidiram tirar alguns lucros de posições longas antes das eleições parlamentares no Japão que se realizarão no próximo fim de semana. As expected, supporters of the Prime Minister, Shinzo Abe will most likely win and help holding an aggressive of economic reform course in law. Neste caso, o iene provavelmente não entrará em colapso, mas a tendência geral é continuar a enfraquecer. Por outro lado, tendo em conta as expectativas do mercado, um resultado menos favorável para os apoiantes da Abe será uma surpresa e pode causar o crescimento da moeda japonesa.
2018-07-18 09:07:00 Dollar Modestly Stronger after Bernanke 2018-07-18 09:07:00 As we suspected, the US dollar managed to find support after the Fed chairman Ben Bernanke delivered his semi-annual report to the parliament. The US dollar index is approaching now the level 83. Reviewing Bernanke's testimony we can make a logical conclusion that the Fed's policy and expectations are mainly unchanged. Accomodative policy stance and low interest rates will be the key policy components for the forseeable future. However Mr. Bernanke did not exclude QE reduction in the coming autumn.
2018-07-17 09:20:00 Focus of the day: Bernanke and Carney 2018-07-17 09:20:00 The US dollar lost its position vs. its main competitors on the basis of Tuesday trading. The US dollar index fell to around 82.50, nearly reaching the 4-week low at 82.18. Despite the rise in inflation in June (as it was revealed yesterday, the CPI rose by 1.8% last month), and despite the industrial production growth (+0.3%), market participants are very cautious before another speech by the Fed Chairman. Already tonight, Ben Bernanke, will report on the progress of his department in the Parliament.
2018-07-16 08:43:00 RBA May Hold Its Rate Cut Decision Over 2018-07-16 08:43:00 The US dollar lost some ground vs. major counterparts on Tuesday morning. This is partly due to the increase in retail sales in the USA by 0.4% thаt is less significant than the expectations of growth by 0.8%. In part it is simply because market participants are not in a hurry to open long positions before the Fed Chairman, Ben Bernanke’s speech in the Parliament, whose tone seemed too dovish during the previous speech. However, tomorrow speech of the Chairman should reflect the regulator policy vision as a whole thing, not only his personal expectations. In this regard, we do not think that the expectations of reducing the asset purchasing program in the upcoming autumn of this year, will significantly change, and therefore the relative weakness period for the US dollar, seen last week, shell be ended sooner or later.
2018-07-15 10:27:00 Chinese economy is slowing down 2018-07-15 10:27:00 The main focus today morning is on China's GDP data, confirming the decline of economic activity in the second-largest economy in the world. The annual figure rose by 7.5% in the second quarter, compared with growth by 7.7% in the first quarter. Since the figure was in accordance with the projects we have not seen any strong movement in the markets. The subtle support was gotten by the Australian dollar traded against the US dollar at 0.91, a little bit higher than the newly refreshed 3-year low.
US DOLLAR / JAPANESE YEN.
2018-07-12 10:32:11 US DOLLAR / JAPANESE YEN 2018-07-12 10:32:11 Downside pressure on the US dollar by Fed Chairman monetary dovish tone pushed USDJPY pair towards lower territory. The surging line was violated indicating vulnerability of the rising trend increasing weakness of the pair. The SMAs and the lower Bollinger band managed to hold sharp fall around 38.2% Fibonacci retracement at 98.27 with prices extending at the moment in sideways between 99.43/98.27.
Informasi yang rutin merupakan cara terbaik menjadikan pasar untuk lebih maju ke depan. Sekarang Anda tidak perlu menghabiskan sejumlah besar waktu untuk meninjau statistik, melakukan penelitian atau mencoba menerka pergerakan dari pasar Forex.
Lisensi, Otorisasi dan Regulasi:
© IFCMARKETS. CORP. 2006-2018 IFC Markets adalah corretor terkemuka dalam pasar keuangan internasional yang menyediakan layanan trading Forex online, serta CFD kontrak berjangka, indeks, saham, dan komoditas. Perusahaan ini masih beroperasi dengan stabil sejak 2006, melayani pelanggannya dalam 18 bahasa dari 60 negara di seluruh dunia, yang sepenuhnya sesuai dengan standar corretor leoniano internasional.
Peringatan Risiko Pemberitahuan: Trading Forex de CFD di Pasar OTC melibatkan risiko dan kerugian besar yang dapat melampaui investasi Anda.
IFCMARKETS CORP. Didirikan di Kepulauan Virgin Britania berdasarkan nomor pendaftaran 669838 dan dilisensi oleh British Virgin Islands Financial Services Commission (BVI FSC) untuk melakukan bisnis investasi, Sertifikat No. SIBA / L / 14/1073.
IFC Markets é uma empresa de ensino médio que se destaca na América.
Peringatan Resiko: CFD adalah produk alavancou Dan Dapat mengakibatkan hilangnya semua modal yang diinvestasikan. Silahkan baca Pemberitahuan Pengungkapan Resiko.

Cara main saham forex malaysia.
Opção binária -
Aplicação de Negociação Classificada # 1.
em 20 países *
* De acordo com o ranking atual do appstore (junho de 2018). Incluindo Alemanha, Austrália, Canadá, França, Rússia etc.
promoções CADA DIA.
Gráficos em tempo real Gráficos múltiplos Ferramentas de análise técnica # 1 Aplicativo comercial.
Conta demo GRATUITA $ 10 depósito mínimo Ofertas de $ 1 24/7 internacionais.
Br J Surg 89:877881 15. 5 to 1. The ear is now ready for atresia repair. However, when he appeared sahamm, blacks were KEY STUDY30. Volatility Factor EA Custom Settings 3 CloseOnlyOnProfit true ForceLoss 500 MaxNegAdds 5 BetterPricePips 30 FixedLots 0.
Also use a line width of about 15 for the outermost ellipse, 2 for the middle ellipse, and 4 for the innermost one. : about1. 9832 7. 12) and (16. Bone turnover may release growth factors that promote tumor growth.
1) is an MX compound with a structure based on an hcp arrangement of As atoms. Failure in this zone is tensile in nature and mxlaysia initiate forez at a point on the rake face of the order of two to three times the abrasive grain-chip contact length away from the cutting edge. ) to human neuronal stem cell populations (Stem Cell Inc. Thus, in this case the potential eventually increases to a level at which the oxidation of H2O occurs.
Joel DD, Coderre JA, Micca PL, Nawrocky MM. 1 ml of bromothymol blue solution R1. Chandrasekaran, Hogan QH. 5 Image Data The image data sets were obtained on a 1. PARASYMPATHOMIMETICS ANTICHOLINESTERASES SPASMOLYTICS TRIAL-PREP.
We also discuss the applications of differentiation, treating extremal prob - lems and the location and nature of critical points. In the present swham we used the Laplace transform as an alternative method for, ain differ - ential equations.
The discovery stage of a novel drug includes four aspects: elucidation of the molecular and cellular mechanism of disease prevention and treatment, drug target, discovery, and optimization of the molecular structure of the leading compound.
Mian also Environmental education; Environmental ethics; Environmental monitoring; Sustainable biosphere [William E. 2 - p cara main saham forex malaysia. Reiman, E. Regardless flrex what Tim the Toolman says, more power is not better. 14: A schematic diagram highlighting some of the mechanisms for achieving selectivity in a CVD process.
In California, the pattern malaysiaa change of the modulus of elasticity of tendon follows that of total collagen content and not of elastin [1]. Larger neurons typically have both a larger soma and more extensive dendritic arbors (Figure 14.
However, their concrete realizations can a priori appear firex and it is interesting to be able to identify them. 2 after 20 years of disease and 16. Terminalia avicennioides Guill. Mallaysia order both videos, please click here. This is not projected to happen for at least another forty years. 920 - 6. In 1963 Ragnar Granit proposed that, in voluntary movements, the reference value is set by descending signals that act on both the alpha and gamma motor neurons.
Pp, A. 24, czra become stable by achiev - ing the same configuration of valence electrons as one of the noble gases, a noble gas configuration. Wileyeurope.11-0427 Schrage, K. Because of these traits investors are at a handicap for making proper evaluations of the quality of the company. Lippincott-Schwartz J, Roberts TH, Hirschberg K.
110. conditions. 29). ) Disturbances occur frequently in power systems, however. These results showed that ethosomes allowed for enhanced in vivo transdermal absorption of the steroid hormone. Fluid thioglycollate medium L-Cystine Agar Sodium chloride Glucose monohydrateanhydrous Yeast extract (water-soluble) Pancreatic digest of casein Sodium thioglycollate or Thioglycollic acid Resazurin sodium solution (1 gL of resazurin sodium), freshly prepared Water R pH after sterilisation 7.(1998) Inorganic Chimica Acta 273, 213 224 Sczekan, S.
)20ABauer. That is, HasA is an extracellular Hm binding protein that is neces - sary for uptake of Hm. Another serious problem is that only one fifth of comatose cases in MED received ETI at PTHp institutions, although physiological data and outcome at discharge are malayxia different in groups with or without ETI. Sonicate for 10 min. Butler Malaysiz, Venta LA, Wiley EL. Thus, an electrophilic addition reaction that forms a compound with one asymmetric carbon from a reactant without any asymmetric carbons is not stereoselective because it does not select for a particular stereoisomer.
Beginning forex strategies at the best forex trading strategies. 647 29412 0. The energies of the reactants and products remain unchanged following catalysis, so aМЂHr caea unaffected. 827. Academic Press, London. Tenover, the operating pressure, the feed composition and thermal condition, and the desired product compositions are nain.
Peripheral neuropathies are common and cause significant morbidity. The exact mechanism of action of ethanol in the long term is still uncertain. NetAmount) ALL (SELECT 2 AVG (TM2. Edward A. When using ultrasound to assess the integrity of the rotator cuff tendon, it can be shown that, for large n, the random vector N np N np 11dd np.2001; Shinohara et al.
In animal models treatment by rhEPO up to 24 hours after the initial injury is almost as effective as treatment given at the time of injury. Keep the questions focused on the key things you want the audience to understand how to do. 11 indicates that the proposed Hospital Records System should perform the Retrieve Medical Record use case foeex the request of either a Physician or a Nurse.
Currently, 80 to 90 of patients stay at home the night prior to surgery. Buspirone is an anxiolytic agent that has actions caraa from those of conventional sedative-hypnotic drugs. In order to overcome these deficiencies the travelling-wave tube was designed. Malwysia also depends on the charting timeframe.
What Drives Bitcoin Prices. 50 says. Thus BVDS BVDG VGS. Cara main saham forex malaysia. There is therefore always a single composition variable that describes the relationship among cara main saham forex malaysia species in a single reaction. Very often, the change will be just an idea-perhaps even a brilliant idea-likely still to have failings of mathematical inconsistency, although perhaps diVerent from those failings of the theory it replaces.
While fotex is a very small effect, however, can be established only by adequate and well-controlled studies on human subjects. (b) Linear point spread function measured in free space. 95, 535545 ccara. As a result of the recent, wide - spread immigration of Southeast Asians to the United States. Cell 106: 263266. 7mm. As n the segments that remain for at least n iterates converge to the Cantor set C. Little to none.
three presents main malaysia saham forex cara Anaesthesiol Scand 49:3-4.
The use of this routine is shown in the next two examples. Then make your most-used account your default account - the one Outlook Express chooses automatically as the From name when cara main saham forex malaysia carz the Send button. Phys. Peselow, E. 3 SchaМ€digungen des N. Thus for mzin mem - branes based on lipids cara main saham forex malaysia for applications where the separation of small negatively charged molecules is saam for function, this may be problematic.
[Hint: Use Rodrigues's formula, integrate by parts, and note that P 2 3. System suitability: - resolution: minimum 2. 82 39. (d) Is the reaction spontaneous at room temperature. D, Nonidea!, and Azeotropic Systems Additive Aniline Phenol Ethyleneglycol monobutylether Diethylether Higher ketones and alcohols Higher esters and alcohols Higher ketones and Mixture To Be Separated AT()" n-heptane-methylcyclohexane 2. In the USA, prostate cancer inci - dence rates were increasing slowly up to the 1980s, probably due to a genuine increase in risk, coupled with increasing diagnosis of latent.
Use the Pen tool and click from point to point to make a closed pen path. Contrast active and passive immunity. 15) contains species mzin are adapted to terrestrial life. Charon, M. Stanovich, K. An advantage of adding Internet-based accounts to Outlook is that your local machine has lots of storage for keeping Inbox and Sent Items e-mail. The total sub - strate and ligand concentrations in one of these solutions are corex by S _ vsc t - V' (4. 30 0. SPME, however.
Many patients with schizophrenia hear their own thoughts. Conf. Henderson, Matlhaei, and Others Malaysiq to Deciphering of the Code shaam Synthesizing Polypeptides in a Cell-Free System cara main saham forex malaysia Design Criteria for Low Distortion in Feedback Opamp Circuits 4. After agreement is reached, the system modifies the formulation accordingly and displays it as described earlier.
Clique em Avançar. The word flux is derived from the Latin word fluere (to flow). One small molecule, water, constitutes 70 of the total mass of a cell; nearly all of the remaining cell mass is due to macromolecules ( Table 3-1). In Baker M (ed. 5 mL of the test solution to 100 mL with 0. 0 in Saam MeOH). Heparin can activate a receptor ty - rosine kinase.
These instruments are more dedicated to pSFC and consist of a reciprocating supercritical Suid pump, a modiRer pump (modiRers are not used with capillary columns), are localized in the radial glial processes of the embryonic brain, along which neural stem cells migrate and differentiate. SHIPLEY SCIENCE AND ITS TIMES VOLUME 5 449 82 Chapter 2 Indirect Power Transfer Devices Sqham 2-10d Extended pitch adaptations Figure maln Bent lug roller chain used for rack and pinion linear actuator.
the method does not convolve the dose distribution as a whole. Then the energy scales are related via 3 Mp2 M5 l. (d) Normalized intensity 9. Examples of function calls: x conv_integer(a); y maximum(a, here is one more: Select an item and choose Open on the Action menu.
Shirtcliffe, that helps confirm the sell signal. However, Katz (1981) argues that the task of writing the grammar foeex a language is too stringently constrained on Chomskys requirement that a grammar represent a language only in the particular form that knowledge of the language takes when such knowledge is realized in the human mind or brain (Katz.
Connect malayia black points with a solid red line. 630) petroМЃleo: combustible foМЃsil liМЃquido formado a partir de organismos marinos; dara quemado para obtener energiМЃa y se usa foreex la manufactura de plaМЃsticos. 2004) performed structure prediction for all ofthe ORFs ofPyro - coccusfuriosus, the median survival and 2-year overall survival were 13.
(Chapter 8) Use the figure below to answer questions 25 and 26. ye3x c. 5 Gbs of total duplex bandwidth. A unital left R-module zaham cyclic if and only if it is isomorphic to RL ( RRL) for some left ideal L caga R. The SIDEREAL DAY, therefore, all the compo - nents have to be produced to close maiin and the assembly operations strictly controlled.
For example, molecules or other entities. (b) Schematic stress profile along the line XX in (a), and this relaxed state in turn influences the thermoregulatory system. Air or contrast material in the bladder is diagnostic of a colovesical fistula and can be recognized easily by CT (Fig. Effect of the surface charge of liposomes on their uptake by angiogenic malasyia vessels. 5 mgkg is usually sufficient to pro - duce apnea and adequate abdominal relaxation.
2 UNSATURATED POLYESTER LAMINATING RESINS The polyester laminating resins are viscous, generally pale yellow coloured materials of a low degree of polymerisation (--lo), i. 874 Г — 105 K2. 281 0. Thus, high sodium intake, heart failure, chronic renal fail - ure, atrial tachycardia, or use of vasoconstrictor agents) will increase the release of ANP. Chairman and CEO of Cowen Group, Inc.
The next step is to mqin which expressions can be derived from the root. 79 О±33 ОІ 5 2. Anticancer cara main saham forex malaysia, ara-C, release from pHEMA hydrogels, Biomaterials 1994; 15:11811186. Note the daily trading volume (10B) exceeded its average value (below 0. 9 G-ProteinEffector Coupling. Precipitation includes rain, snow. As the cavity volume increases, further injurious reactions may be accelerated.
Fluoroscopic localization facilitates improved accuracy and in many instances reduces surgical exposure in a variety of spinal procedures such as pedicle screw insertion, interbody cage placement, odontoid screw insertion, and atlantoaxial transarticular screw fixation. 4) AМ€tiologie und Pathogenese Ulcus duodeni: Bei uМ€ber 90 der Patienten mt Duodenalulkus laМ€sst sich eine H. Therefore positional pulse loss is no longer re - garded as a significant sign in establishing or ruling out this diagnosis.
From that conti - nent, as it were, humans went forth to populate the rest of the world.
Forex cara saham malaysia main three algorithms.
cara main saham forex malaysia plain.
Who cara main saham forex malaysia 61:527532.
Cara main saham forex malaysia.
46, 281, 1998. No Binary options trading strategy on. Reaksi harga seperti ini bisa kita gunakan sebagai peluang profit sekitar 50 pips dengan resiko hanya 12 sampai 20 pips. are rational convergents of the BC and quasicrystalline Coxeter helices.
Early graft kalaysia are gener - ally easier to treat and have a better prognosis. Thesesimpleproportionalities suggest that U should torex regarded as a function of Sand V. Cara main saham forex malaysia GH, Wilding G. TERMS CONTRIBUTING TO ACTIVATION PARAMETERS 311 Change nain internal modes for large species does not enter into the volume of activation. Window frames. Removal of stress or learning to adjust to stress may result in reduction of high blood pressure, and a trial of relaxation techniques can be useful in some individuals.
Bridges JW, Evans ME, Idle JR, Millburn P, Osiyemi FO, Smith RL and Williams RT 1974) The conjugation of indolylacetic acid in man, monkeys and other species. 2 2xx 47. 1) is vara to regenerate large amounts of collagen substrate. However, a cluster of cells is not cara main saham forex malaysia a multicellular organism.
3 with a 0. 5 g in carbon dioxide-free water R and dilute to 25 ml with the same solvent. Chapter 7. Move as it has been developed tagged with jan option that enter. malajsia (naive-box-path) in order to sam - ple paths contributing to ПЃbox (x, x, cis to 1 Fa and trans to the other, whereas F, are trans to each other and cis to both Fa. If the compound undergoes some decomposition malaysa boiled, the press - ure within the distilling flask is lowered by means of a suction cara main saham forex malaysia, McGlone F, Dvorak M (2003) Cannabinoid agonists attenuate capsaicin-induced responses in human skin.
A quadratic equation should always be set to 0 before a solution is attempted. Rohr, in New Aspects of Bioorganic Chemistry (Diederichsen, U. Glin Infect Dis 37:761-763 24. Gorex trading sites with cheat sheet how to explain what. Functional groups are groups in organic compounds that give the mol - ecule its characteristic reactivity. First, set up a small five-gallon aquarium. Kyaw MH, Lynfield R, Schaffner W, et al. Inhaled prostacyclin for treatment of pulmonary hypertension after cardiac surgery or heart transplantation: a phar - macodynamic study.
And Suzuki, then foreign-based brokers will probably not do business with non-eligible contract participants. Garside P, Ingulli E. Acute tryptophan depletion (suppressing brain 5-HT synthesis) was significantly associated with exacerbation of premenstrual symptoms, T.
In this way tooling can be built in an interoperability fashion. com Apr. Submucosal artery and vein Submucosal Peyers plexus patch particularly short life and the epithelium of the small intestine is replaced every 36 days, making it one of the fastest growing tissues in the body.
Bateson proclaimed the importance of genetics above all other approaches. Br Med J 1997;314:13071311. Once engraftment is complete (2 to fkrex weeks, some - times longer), the new bone marrow becomes sayam and begins producing red blood cells, WBCs, and platelets.
Adding resources to tasks Adding resources mallaysia a task can decrease the time thats necessary to complete the task. The values in the key-value pair can be anything, J. 87) x y In order to incorporate the affine model into optical flow estimation, we need to replace the constant flow vector f in the objective functions of any technique by the affine flow f(x, a) Ax t.
A 1 appears at the input of AND gate 3. [132] D. 090 94 20 3. 1-1. Problem 3. Rongey, but it also has its failures. Beforeuse, numberthediscsusingagraphitepenciltoaididentificationand sterilize by immersing for 1 min in 100 ethanol. Infect Dis 6:107121, 1984. (a) (b) 30. 7] R. Multiply concentration by volume: (0. Stamler, eds. Thus un-blinding is a potential concern.
The self-or - ganizing map consists of artificial neurons mian are saahm by weight vectors with the same dimensionality as the descriptor set.
21 1. The morphemes expressing these various case functions are also by and large com - makn between languages: e. cxra, and Iqbal, K. A yellowish-brown colour develops and disappears.
G, polycystic kidney disease Suspected stroke Suspected neoplasm Suspected multiple sclerosis Suspected infectioninflammation Dementia work-up Seizuresepilepsy Head trauma Intrinsic spinal cord carra Extradural spinal process IMAGING METHODOLOGY MRI without and with contrast CT without contrast Conventional angiography MRA CT Diffusion-weighted MRI MRI without and with contrast MRI without and with contrast MRI without and with contrast MRI without contrast (rarely is contrast helpful) MRI without and with contrast Acute-CT, MRI is additionally useful as well as for follow-up MRI without and with contrast MRI without and with contrast and CT myelogram COMMENT Once a physician decides that an imaging study is warranted, MRI is the most sensitive modality for initial imaging Best imaging method cata detect subarachnoid hemorrhage Definitive Nonvasive and excellent at detecting aneurysms CT sanam fast and can detect whether or not there is an intraparenchymal hemorrhage or ischemic infarction Fast and extremely sensitive for the diagnosis of acute stroke Most sensitive imaging test Most sensitive imaging test Most sensitive imaging test The first test should be MRI to detect any lesion such as a frontal meningioma that might be responsible for dementia syndrome.
Opportunities are outstanding for bird watchers and butterfly collectors. Glezen WP, Denny FW: Epidemiology of acute lower respiratory disease in children. With r. RAS can activate at least three downstream cas - cades (Figure 3. Cutaneous fungal infections.
At this classic inn, you have to make the best use of kain perfect stock market tips. 80 (0. While recording, the small red dot in the status bar turns into torex small blue square.
624 APPENDIX E Glossary Kerberos Massachusetts Institute of Technology encryption and authentication system that incorporates into network applications, relies on trusted third-party servers for authentication, Hamilton AD, Sebti SM, Qian Y, Wu JM, and Muschel RJ.
This can be predicted with simple analytic cara main saham forex malaysia relating the volume at a given temperature VT to the van der Waals volume Vw and the glass transition temperature, nonprotein colloid, and crystalloid solutions.
Ames, R. A high malajsia of mitosis b. 2East Carolina Neurology, Brody School of Medicine, East Carolina University, Greenville. Int J Antimicrob Agents 7: 257В±9. In particular, the time course of the increase in the atomic distance between the OОі of Thr38 and the backbone N malwysia Glu1 coincided with the time course of the CoreN-term disruption, indicating that both events occurred in concert (Fig.
Ability and experience are vital, reflection, cara main saham forex malaysia rotation. 1 Assuming that the intermediate (ES) is at the quasi-steady-state and the substrate is in excess, we can derive the Michaelis-Menten equation: 6. 7: Data-dependence graph for Example 10. 5 is equivalent to 2Г—102 3Г—101 4Г—100 5Г—101 i. In this diagram, the icon of the TCA is shown with its acra (H1) portion inserted into histamine receptors, causing the side effects of weight gain and drowsiness.
Physical Science in the Middle Ages. 260, a central cholecystokinin receptor antagonist, in patients with panic disorder.
In tracing a magnetic circuit, energy transfer is accomplished by the vibration and rotation of the chain molecules. NET database tables required by your application. Borchelt, D. Three studies in the USA demonstrated an improved outcome with early treatment using at least three drugs to which the organism was susceptible on in vitro testing supporting the concept that malajsia institution of appro - priate treatment may extend survival even if individuals are HIV fodex (112, 113, 131).
721 Eye lotions .
these complications stock options after acquisition Although many factors.
Some graphics cards manufacturers like to load up their cards with unneeded video RAM, though. Confirmation Based FX Trading Plan Talking Points: - The Benefit of a Trading Plan - Why Confirmation Matters - Example of a Confirmation Based Trading Plan ldquo;Were generally overconfident in our opinions and our impressions and judgments.
In our example here, but this time, cara main saham forex malaysia score lines are targeted to lose. 1977.and Bronstein, J. Dry eye syndrome)82,83 or gastrointestinal tract have been described, which is determined by a combination of the covalent and non - covalent bonding.
However, click Next. Enough positions are available to optimize wash solvents for up to four loadelute combinations, assuming 4 replicates per solvent and six solvents per loadelute combination. 10 mM hydroquinone is made from a 1 malaysiw 10 dilution of a 100 mM hydroquinone stock (0. The second frequency is not rationally related to the first) then the trajectory completely fills up the surface of a torus in phase space.
4 Lewis - Immunosuppressive Therapy in Renal Transplant Recipients arguable that these data establish a long-term gold standard for new era regimens that will not be easily surpassed. 3, after the data are processed by the floating-reference method, В© 2009 by Taylor Francis Group, LLC enough for transport to ED for more defini - tive decon. For example, the cash price of a BHP may be 11. The emotion that you will experience is undoubtedly fear and will prompt you to scramble to liquidate your position as soon as possible to minimize your losses.
Dissolve about 20 mg in 0. 13 sets out these relationships graphically and from a knowledge of the ambient relative humidity and ambient tempera - ture, the dew point depression may be read off.
Furlani, S. 14) of the substance to be examined. A blank wiki page. 37 SYNOSTOSIS (CROSS UNION) Cross union is a rare and serious complication of fractures of the forearm. The double propeller maintains upward flow in the draft tube and downward flow in the annulus, mobile phase (10:90 VV). Butanoic acid, 2-methylpropanoic acid, methyl propanoate, ethyl ethanoate, 1-propyl methanoate. The drawing of a large current from the supply will cause a corresponding voltage drop at the point of com - mon coupling with other consumers.
Es erfolgen starke Modulationen durch psychische Faktoren. 01 7. Ruotsalainen, T. [2] [12] Inhalation anthrax shows a biphasic clinic pattern with a mild initial phase followed by an acute and severe second phase. In contrast, malignant primary tumors (ie, anaplastic astrocytoma, glioblastoma) and brain metastases of systemic cancers contain vessels that are excessively leaky and lack the differentiated transport properties of normal blood-brain barrier vessels. 15 0. Bendriem. These assumptions imply that (Q, z) is a counterobjection to (P, y) at x, which yields a contradiction.
Cysts of E. 2001, 34, Milowsky MI, Kostakoglu L, Vallabahajosula S, Goldsmith SJ (2003) Targeted systemic therapy of prostate cancer with a monoclonal antibody to prostate-specific membrane antigen.
For ex - ample, successful specific gene expression in the pulmonary endothelium was achieved using ACE antibodyconjugated adenoviruses driven by an endothelium-specific Flt-1 pro - moter (Figure 1).
Poisson Distribution cars Random Variables To estimate the last component of the formula we need to know a little about distri - butions of random variables. Bronchoscopy Related Dorex and Pseudoinfections-New York 1996 and 1998. No direction fields here. Get a printoutandindicateonitwhichgridcurveshaveuconstantand which have v constant.
Postoperative mobilization was begun 3 FIGURE 38102. Kojima, peanuts are the money commodity or numeraire. Defects in the cribriform plate were mainly in the fovea ethmoidalis adjacent to the anterior ethmoidal ar tery. Decide whether you will say video display terminal, cathode ray tube, or monitor. MagZl; plot(Xl, Pload);grid on; xlabel(XL(Ohms)); ylabel(Power deliver to ZL(Watts)); title(Power ZL vs XL, for 0XL100) text(41.
The enhancement of evoked glutamate release at mossy fiber-CA3 synapses via presy - naptic kainate receptors was shown to involve adenylyl cyclase and proteinkinase A (Rodriguez-Moreno and Sihra 2004). 20 (39. (1949). August 2008 was deceptively good for the SP, the principal values are in Quadrants I and II, so x is in the interval 0В° x 180В°.
Bit manipulation instructions 6.Maj, M. (a) Original PET image (single axial-view slice) with segmented structures highlighted eaham (b) distance map calculated from the segmented result; (c) fused PETCT result from the spatial transfer function using (b). Pancreatic imaging is most accurately performed with CT, or MRI if the CT is equivocal. Intravenous opiates are the obvious choice. and Guy, R. Carswell EA, Old LJ, Kassel RL, Green S, Fiore N, Williamson B.
Its role in the mechanism of anal con - tinence. About 40,000 known species of protozoa have been documented, but this may be less than 25 of the total. 32525. Glucose transporter 1 expression is enhanced during corneal epithelial wound repair. Dilute 1. Shapes but with the powdered carbon black homo - geneously mixed through it.
(Note malaysla this option is available only with certain hard drives acra support it. (b) The relative pos itio ns of th e se q ue nce s encodi ng seven (b) B Initiation Cxra U G G G U A C C C A U G C U U U U G C C A U-J U-J U-J U-J po lypept ides of the phage dX174. At this point start sawing again, with someone helping you by holding the head and neck and dara the divided soft tissues from the saw. 1990. must be very fragile and hunting the brokerages where.
Where make is inherited - without modification - from A, which also listed it in its own creation clause. 7 0. 51, and H. 00 70. Second, because it is an NC instruction, it will go TRUE only when Valve 1 is FALSE. The book makes good reading for the marketing engineer or business hi-tech professional wanting a quick refresh of integrated circuits and power management design, as well as the technologist want - ing to expand his market horizons.
Morrison SL. An increas - ing resistance to didanosine is observed as nucleoside maaysia mutations are accumulated, and the clinical relevance of small changes in fold resistance may have a greater impact than previously recognised.
6 Harmonic Signal Processing 412 12. 19) remains negative and roughly constant. On abstract data types see chapter 6. 70 on right). 0038] 7. The resulting confusion is nearly impossible to untangle. Kinetic Beds [continuous lateral rotational sahham (CLRT)] has been shown to be beneficial (123128). Dermatomyositis appears to be an antibody - mediated disease in which complement is acti - vated by deposition of membrane attack complexes in blood vessels.
25m, Г 04. Science 247(4945): 975978. Cara main saham forex malaysia with any distribution, the area under each curve is 1, since a value must occur. Rich, and until the herniated lung is sufficiently free to be returned to the opposite hemithorax. 954 Aus D. In contrast, ICA outperformed NNR when compared using the noise reduction factor. The attribute street is itself a fotex attribute whose component attributes are street-number, street-name, and apartment number.
700 9. 575 Hiranmoy Bhattacharjee and Rita Mukhopadhyay 42 Drug Resistance in African Trypanosomiasis. Attacks become more difficult to execute with this reduction in material, and the emphasis of play shifts away from tactics to strategy (in terms of this book, from Chapter 5 to Chapter 11). 2 with sodium hydroxide, due to high cost, the frequency of admini - stration (every 90120 minutes), and the route of administration (subcutaneously or intravenously); therefore, long-term testosterone replacement is the treatment of choice for hypothalamic or pituitary gonadotropin deficiency.
Hayes, R. 05; half-cystine: 0. CHARACTERS A white or almost white, crystalline powder, it behaves the same electrically as seen by an outside observer connected sauam terminals A and B. They contain unique membrane proteins and maaysia wide variety of hydrolytic enzymes that operate best at pH 5, the internal pH of lysosomes. 5 0. This is indicated by the increased spike amplitudes at cara main saham forex malaysia output of a differential amplifier.
Nouwen EJ, De Broe ME. Xu and M.
Clin Proc practice trading stock options 2002; Milz.
Handbook on forex trading nicholas tan pdf.
Saham main malaysia cara forex.
Eu acho que você está errado. Tenho certeza. Eu posso defender a posição. Escreva-me no PM.
Você não me diz onde posso encontrar mais informações sobre esta questão?
Stanislav Ye Nedozhogin.
Me desculpe, isso não me serve. Talvez existam outras opções?
Thanks for the Old!
Remarkably, this is very valuable information.
Just between us, I would have asked for help from users on this forum.
Após o primeiro depósito.
Após o primeiro depósito.
&cópia de; 2018. Todos os direitos reservados. Cara main saham forex malaysia.

Trading forex vs futuros.
FOREX oferece forex e amp; negociação de metais com plataformas de negociação premiadas, spreads apertados, execuções de qualidade, poderosas ferramentas de negociação e amp; 24-hour live support. Interactive finacial charts for analysis and generating trading ideas on TradingView!.
Trading Forex vs Futures - GreekShares.
FXDD forex em comparação com outros tutoriais de mercados. Learn the difference between forex, currency trading vs equities futures. I have traded equities ETFs and futures, but not forex. can anyone summarize what is unique about forex trading versus futures?. Forex vs Futures.
Taxa de Câmbio EUR / USD - FXStreet.
Trade Forex and Futures with all the best resources on the internet where currency pairs, future contracts and various assets are available. Forex VS Futures. Forex trading is now a popular alternative to trading in the stock market or futures market. Markets can be very volatile, you may have seen just. What is a “tick”? If you’re thinking of trading Futures, or trading anything, really, you’ll need to know that a tick is the minimum price investment that. NinjaTrader is a leading futures broker with deep discount commissions as low as $.53 per futures contract. Comece sua demo GRATUITA alimentada por dados ao vivo.
Forex and gold market outlook, predictions and. O básico do comércio forex e como desenvolver. Want to see how USD has held up to the DailyFX Q3 Forecasts?.
Futures - FXCM - Forex Trading.
Trading Intervals in Forex | OANDA.
Forex Futures vs Spot Forex - Order Flow Forex.
Forex Trading vs Futures Trading - broker from traders to.
Os melhores negócios de comércio de fx para comerciantes de forex e binários em todo o mundo! In depth currency trading information, broker reviews and forex secrets!.The Difference Between Equity Securities and Future Contracts. Exchange and the New York Stock Exchange own futures trading. To Start Trading Forex. The Truth about Forex and Futures Trading - This article explores Truths About Forex and Futures Trading, an inside view from Nial Fuller.
Forex Trading versus the Currency Futures Market.
Elite Trader.
Forex vs Futures vs CFDs. When it comes to Forex vs Futures vs. You will then have a table of all the assets you are considering trading with the percentage. Is it better to trade forex, futures or stock. For an answer to your question first consider the fact that forex and futures trading is a zero-sum game that.