|
بوابة بلاك بيري Fatwa and speculative currency
Date: Friday, 26/05/2000
Mufti: a. D. Ali Mohiuddin Qurra Professor and Head of Department of
Fiqh and assets of the Faculty of Law - University of Qatar.
Subject of dialogue: the financial transactions.
Question
Ruling on the financial transaction the following? I trade at world
stock exchanges (London / New York / Hong Kong) to buy and sell
currencies and minerals through a financial intermediary Margin Margin
by the following rules:
1. To open an account with the financial intermediary at a bank in
America, where I put the amount (10000 dollars).
2. I buy / sell currencies, gold rate (2000 dollars per transaction)
where it is to apportion the amount (10000) to 5 deals, and the
financial intermediary to provide me with the rest of the amount of each
transaction to join Pmarzin (20%), for example, the value of the deal,
the financial intermediary pays the rest, and the transaction is
recorded in my name, as the market price shown on the screens trading
price sale or purchase.
3. Waiting for prices to become Salehi profitable, and I sell the deal /
transaction, and to be put value of the transaction in my account at the
bank, and I have to pay the amount (35 dollars commission) on sale for
every terminated the financial intermediary, regardless of being won or
lost, and but the mediator does not take me any commission when the
procurement process.
4. The financial intermediary does not assume the value of losses
resulting from the deal so that I do I bear all the resulting risk and
value of the amount you pay (2000 dollars) for each transaction, and I
was covering, and can continue to deal as long as in my account to cover
their losses, and if there was nothing to cover the losses is to sell
the deal immediately if they exceed the value of the loss (2000 dollars)
and taking (35 dollars commission) is also for sale with the observation
that it also takes a bit of profit in the case of profit on the sale,
but only takes his commission .
5. Amount (10000 dollars), which I own is not enough to pay all the
value of one transaction;, but enter the market with the assistance of a
financial intermediary in exchange for not gained or lost, and but for
his commission. And is it thus had provided me the opportunity to deal
in the market way.
6. I know that al-Faisal in trading gold and silver currency is: to be
hand in hand, and will not sell something one does not have. And I am
committed to this and also do not take the benefits from the bank in the
case of sale of transactions and put the money he had at night, with the
benefits it gives me, but he takes me when you get the benefits of the
purchase money is done by night in the bank. What is the ruling that
that happened, with my concern for the lack of any deal is done by
buying or selling even if the loss occurred to avoid the issue of
payment or taking the benefits?
7. In the fact that such treatment is not legally award because of all
the proprietary value of the deal. Will be awarded when the proprietary
of the amount in my account, but I did not pay value-all and paid a
portion and the financial intermediary has to pay the rest, or become a
prize when I pay the full value of the deal on my own without the
intervention of the mediator with me, and the role of mediator in this
situation is provided to enter the market and the statement prices and
financial analysis in return for his commission (35 dollars)? Please
advise me.
Answer
There is no doubt that dealing in currencies of the most difficult
financial transactions in Islamic jurisprudence; agreement where the
same sitting of the Council, and is what he called the Prophet (r):
(hand in hand). But contemporary scholars considered the amount recorded
in the bank account as a receivable, and so were the collective
decisions and opinions; Therefore, it is most important conditions for
dealing with currencies as follows:
Be buying and selling immediately and not delay the requirement.
The two currencies to enter and win some for my seller and buyer.
To pay for the transaction in full without any delay.
That there is no interest in making these deals, if there is any
interest be paid the contract is invalid and void and prohibited.
And therefore the only way out of this forbidden either way: either to
buy the rights as much as he has money, or taking interest-free loan
from the broker, as it does not take any interest be paid from his
money.
And by the way, there are some funds for investment currency abide by
these terms. |
