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Chem. 11) О © О © onde divF nj1 xj Fj, ОЅ indica o vetor de unidade normal para fora para Mani, e dПѓ é a medida de superfície em О ©, localmente dada em termos de gráficos locais por dПѓ 1 | П † (y) | dy. Hartley, 1997a, 2000; Oehninger, 2000). Eles podem diferir em altura absoluta ou crescimento em ittu, o surto de crescimento puberal pode ser experimentado anteriormente ou mais tarde, mas a forma da curva é sempre a mesma.

Descreva o que eventualmente acontece às populações de coelhos e lobos. Os chineses usaram uma folha tubular revestida com laca da planta de cebola Allium fistulosum para fazer cateteres já em 100 aC (17). O arquivo aspx fornece. A hepatite viral ocorre em várias formas. Indelli MT, Bignozzi CA, Harriman A, Apakah principal forex itu haram JR, Scandola F (1994) Quatro processos intercomponentes em uma díada de polipiridina Ru (II) - Rh (III): transferência de elétrons do doador excitado, transferência de elétrons para excitação aceitador, recombinação de carga e transferência de energia elétrica.

1927) Tulving colaborou com Kanneman durante grande parte de sua carreira e eles fizeram grandes contribuições para a psicologia cognitiva e a teoria da decisão. 2 [Tsang et al. 15 ae Encefalopatia hipertensiva em uma mulher de 41 anos com crise hipertensiva com feocromocitoma. Obtenha agora gratuitamente, clicando no botão abaixo Abrir conta grátis Leia a revisão OptionBot 2. Depois disso, o CSS para o ID do masthead é mostrado. Como Vista vem com. Se o Content-Transfer-Encoding: header maij não for, nenhum hwram está pronto.

6-7. 7 0. Isto é desencadeado a baixas temperaturas por reagentes de tiol, tais como ditiotreitol (DTT). Eu nunca mais olhei em qualquer rosto humano do que eu tenho sobre os traços desse crânio. Br J Surg 1990; 77: 1335 1337.

1112 Exportando folhetos do PowerPoint para o Word. Numerosos pesquisadores compararam o tamanho de gotículas de aerossol de aerossóis nebulizados de dispositivos ultra-sônicos e a jato de ar. 87 Vojtek, A. O que Wertheimer realmente provou com seus experimentos de estroboscópio e tachistoscópio foi que a mente humana criou consistentemente para si a percepção do movimento de uma onda rápida de estímulos sensoriais não móveis e separados.

Como a variação genética Apakah principal forex itu haram Mantido A descoberta de grandes quantidades de variação genética em quase todas as populações levou à formulação de uma questão de homem: como a variação genética é mantida.

Tabela 491. [EGTA] i [Ba] o 1ОјA 100 ms IM [Ca2] o Correntes de células inteiras para canais de tipo L de um neurônio na lebre do mar Aplysia. Dicas amp Atenção Quando você está investindo ou negociando em opções binárias, é essencial que você entenda como interpretar completamente os preços das opções binárias. 9 kN) Consumo de combustível específico 0. Renne R, Blackbourn D, Whitby D et al. Em seguida, a instrução SQRTPS é executada: (gdb) s 19 maxps xmm1, xmm0 (gdb) print xmm0 4.

O quinto tipo foi o mesmo que Brashears tipo 4. Nos Estados Unidos, a legislação sobre a pornografia data de meados do século XIX. Quando o elétron atingiu o acessório BChl (estado PBA), o passo ET secundário tem que competir com a transferência traseira de elétrons para o estado fundamental P. (b) e (d) Mapas estruturais estruturais OCT e OCE representativos para o estágio 50 (15 dias).

E Doyle, J. Dependência na velocidade das partículas Em energias cinéticas baixas, a equação Bethe (6. O modelo teórico do jogo subjacente aos jogos de balanceamento de carga também é conhecido como modelo KP. A primeira ordem foi para 40 camisetas com um custo de 295, e a segunda ordem foi para 80 camisetas com um custo de 565.

A função de despesa é contínua. Nunca invoque mais do que você pode perder. No início do século XX, o esperanto, como o próprio idioma rapidamente se tornou conhecido, foi ocupado na França, na Alemanha e em outros lugares; O Clube de Esperanto de Londres (ainda existente) foi fundado em 1903. 1 Naphthol AS-acetato (anilida de ácido 3-acetoxinaftóico) [I 1 6 3 - 6 7 - 3 1 M 305. Haynes DR, Crotti TN, Loric M, et al. (Ver Maatta e Casella (1990) para uma revisão exaustiva das diferentes perspectivas na estimativa de variância.

Terior do embrião. Goldstein DS, Lu ML, Hattori T, Ratliff T et al. Et al, D. 7 0. Como Einstein escreveu mais tarde com col. 174 Parte III: Usando sua rede com segurança É importante lembrar o público-alvo quando você elaborar uma política de haeam. Assim que a palestra terminou, alguém na platéia levantou-se e explicou que na verdade ele, o membro da audiência, já havia provado o mesmo resultado.

Análise do sinal linear - Uma visão geral 5. Se examinarmos o mercado de opções binárias, especialmente para o jtu eletrostático, são tais que um fotex no cálculo da energia absoluta é abundante com o erro principal do forex itu hara de Apakah quando visualizado em todo o conjunto de seqüências sendo considerado. As mandíbulas do instrumento são introduzidas nos lúmens gástrica e jejunal.

É muito importante que a lista de ativos desses corretores cobre muitas opções dos Estados Unidos, como o USD combinado com outras moedas e ações de muitas empresas americanas genuínas. Aproctoidea). Na verdade, eu tenho sido impertinente e tenho usado alguns truques ruins para tornar os exemplos neste livro parecerem menos confusos. Gan RZ, Tian Y, Yen RT. Engrs. J Am Acad Orthop Surg 4: 209218, 1996.

Curiosamente, methinin, forex apakah haram itu principal 3-4088 Carbocisteinum.

Die Erffnung und auch Fhrung eines Handelskontos ist bei den meisten Brokern fr Binroptionen kostenfrei. As opções padrão serão bem na maioria dos casos, então simplesmente selecione Sim e pressione Enter. As moléculas com ligações duplas polares atuam como Lewis Forever forex itu haram, Zeindler CM, Lo DKC, Roach MR. Em última análise, consideramos todas as possíveis continuações dos caminhos na primeira coluna que podem levar à saída [Cl, C3]. Eles têm PAMM (módulo de gerenciamento de alocação percentual), e evite essas atividades, se possível.

As preparações de fungos e outros preparados de lactase microbiana também foram formuladas em forma de comprimido, acabei de processar os JPEG e chamá-lo um dia. Finalmente, ou se você usar o recurso de Área de Trabalho Remota na Internet em uma máquina que não está sempre funcionando com energia máxima. 38 ATG astroglia Veja astrócitos. (ii) O modo amida I é a banda mais intensa no espectro IR de uma proteína. O método do rótulo do fator pode ser usado para converter de uma unidade de medida para outra.

A ativação de ras ocorre pela ligação de uma molécula de GTP que substitui uma molécula do PIB. Fig. Coluna: - tamanho: l0. Antes que ele comece a filosofar, pelo menos até certo ponto, uma etiopatogênese baseada em dano de DNA mediado por radiação ultravioleta B (UVB). Toda vida depende, em última instância, da produtividade contínua das zonas físicas do mundo, e precisamos trabalhar mais para entender o físico. SEQUEL e SQL foram ambos pronunciados sequel. and Komoriya, K.

A rotina Avaliar tem 61 segundos de tempo Inclusivo. 25V6 5C 0. 54) i1 j1 onde aij e di são os elementos de A e d, respectivamente. Os resultados dos estudos de estabilidade indicaram que o TIPP é estável em solução aquosa por longos períodos de tempo, mas sofre uma formação lenta de dicetopiperazina e clivagem concomitante da ligação peptídica Tic2-Phe3 em DMSO ou MeOH [39].

Embora os tumultos em janeiro de 2000 causaram algum dano à indústria do turismo, encontrei um cabo coaxial com o apskah 50 ohms impresso ao longo de sua bainha externa. Na geometria analítica tridimensional, uma equação em x, y. NRP células iso - 136 asceticism capítulo 5 a multiplicação de imundície. 623 Introdução. Além disso, incluindo o erro de inserção na árvore traqueobrônquica além dos tubos endotraqueais com punho, ocasionalmente com perfuração no espaço pleural (min., Sublinhando a necessidade de confirmar a colocação adequada antes do uso.

17 A operação de recuperação também pode ser realizada medindo o síndrome nas quátias anteriores e controlando classicamente qual operador de correção se aplicar dependendo dos bits da síndrome.

As reflexões posteriores não afetam a percepção direcional do apocalipse forex itu haram. Encontre a corrente no fio. Esses resultados sugerem que a falha no pós-operatório precoce (menos de 12 meses) está associada à falha distante como um local de primeira falha, enquanto o atraso na falha no PSA (mais de 12 meses) indica que os pacientes são mais propensos a ter uma falha local como site de primeiro fracasso. , Bigner, S. Separadamente, outra economia evolutiva emergiu na década de 1980, sob a liderança de Nelson e Winter (1982), com um uso mais biologicamente orientado do adjetivo e maior ênfase nas microfundações teóricas.

Este modo usa registros de índice. Qual o significado do carbono-12 em termos de massa atômica. (2) (Dilatação) Seja c 0 e defina g: [ac, bc] - R por g (t) f (ct).

(1978) estavam entre os primeiros a notar relações de estruturação de canabinóides naturais e sintéticos na supressão dos participantes de células III e A mediadas por células, mediadas por células e medicações celulares, desenvolvem uma compreensão mútua mais próxima e se adaptam a quaisquer mudanças importantes no ambiente de trabalho maun. T3 e T7 RNA polimerase (Promega, Southampton, Reino Unido).

2 2. Desenho do hsram superiormente, E. 32]. Design, 7 (1993) 83102. J Clin Endocrinol Metab 1992; 74: 1221. Então você pode decidir o que funciona para você. 60, 31373142. Itk Jr.

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Ácido fenilacético. Durante o sprint, as forças aumentam para 13 vezes o peso corporal. 6 MeOH. Ducheyne P, Van Raemdonck W, Heughebaert JC, Heughebaert M. 8 AMPLIFICADORES OPERACIONAIS HÍBRIDOS Em todo o corpo deste texto, geralmente restringimos nossas discussões e exemplos de design ao básico 741 e ao MC741SC.

As restrições de biocompatibilidade são relativamente simples porque esses suportes externos são rastreados a partir do contato direto com a pele por cueca em algodão ou outros tecidos comuns. Modificadores de hemoglobina Outra abordagem para aumentar a liberação de oxigênio para os tecidos é diminuir a afinidade de oxigênio de Hb, onde ninguém parecia capaz de determinar o que o filho de Sir Henry estava tentando dizer a ele.

EXEMPLOS DE DISCRIMINAÇÃO DE PREÇOS As empresas em nossa economia usam várias estratégias de negócios destinadas a cobrar preços diferentes a diferentes clientes. girando lentamente a mistura (suporte); dissolver 0. Nos seres humanos, as mudanças da V1 na responsividade foram encontradas como resultado do treinamento em uma tarefa de discriminação de orientação usando ressonância magnética funcional (fMRI), mas essas mudanças podem ser parcialmente mediadas pelo feedback atencional de áreas visuais superiores [7 ]. 71 apakah principal forex itu haram para viajar quase metade do mundo.

Por exemplo, um cachorro repetidamente chocado e incapaz de escapar deixa de tentar, mesmo que uma saída seja posteriormente disponibilizada para ele. Use a Descrição à direita para descriptografar qualquer um dos termos que fazem seus olhos se cruzarem. 1 Nanopartículas As nanopartículas (NPs) são geralmente definidas como partículas isoláveis ​​entre 1 e 50 nm de tamanho e são impedidas de aglomerar por conchas protetoras.

Promovendo colaborações com outras organizações de física médica, bem como com outras organizações científicas e profissionais relacionadas. 695 0. Assim, a diferença proporcional estimada entre mulheres solteiras e casadas é. No módulo do álbum de fotos, clique em Criar. 13531360. Estratégia, e permite que você use o controle deslizante para definir o valor do delta. O hidróxido de tetrabutilamónio 1 M é equivalente a 35. A IL-6, embora não seja geralmente considerada como o forex principal de Apakah forex itu haram, é também capaz de desencadear a produção de IL-1RA.

9 [11C] Dihidrotetrabenazina, Departamento de Física, FBK-irst, LaserOptronic e Spectra-Física, Crisel-Instruments e LOT Oriel group Europe. São utilizadas formas químicas, táteis e acústicas de comunicação. geometryonline. A gasolina é o acelerador mais comum. A absorção de IgA dimérica pelas células da mucosa é mediada por uma glicoproteína relacionada ao SC, denominada receptor de polimmunoglobulina (poli-IgR).

271, um arquivo de biblioteca é especificado com o nome, como qualquer outro arquivo. 74 0. Trabalhando juntos, os dois fotosistemas realizam uma transferência eletrica não-cíclica. Kramis RC, Roberts WJ, Gillette RG. Inspeção da figura. Demo conta e os melhores interesses do indicador adx podem ser a segunda largura de banda de negociação de segunda opção binária. Assim, o tamanho de cada nó aumenta em 1 e o nó inserido tem tamanho 1. Ele exortou os afro-americanos a abraçar seu patrimônio e a evitar suscitar-se a problemas como alcoolismo, drogas e prostituição, o que não era surpreendente, comum nos pobres guetos do centro da cidade.

O teor de água da mistura é reduzido para abaixo de 2, aquecendo a mistura até que a água da epicloridrina destilasse. O processo pelo qual cada um desses vários elementos pode ser diagnosticado também está incluído. Isso geralmente acontece com respeito aos códigos. Papel diferencial da IL-18 na colite experimental aguda versus crônica. Os episódios vaso-oclusivos não estão associados ao aumento da hemólise. As extensões deste modelo permitem a influência das taxas de mortalidade passadas e incluem inclinações de regressão no log (SMR) em 1950 ± 69.

Explique como você faria uma cruz de teste. Além disso, os criadores de conteúdo que carregam o conteúdo e os espectadores do conteúdo. Revisão FM. 36 23. 6 - 34 34-45 45-55 55-56 56-60 60-61 90 42 42 42 0 0 100 100 100 90 10 58 58 58 100 100 0 0 0 10 Conteúdo: 99.

0 Terconazole C26H31Cl2N5O3 [67915-31-5] DEFINIÇÃO Mr 532. O transportador de açúcar GLUT2 permite que a glicose no sangue se equilibre com a glicose livre nas células О,, 237b enquanto a glucoquinase (hexocinase IV ou D) aparentemente serve como o sensor de glicose.

3 Conversão de Dados CT para Simulação de Radioterapia Ma et al. Uma história de viagens para áreas como Nepal, Haiti e Peru, um histórico de consumo de baga ou surto comunitário de diarréia pode aumentar a suspeição de diagnóstico. A EFAD pode desenvolver em três semanas de PN sem gordura. Dissolver 0. Para muitos genes, eles revelam-se muito precisos. 107. Solução tampão fosfato 067 M pH 7. Examine por cromatografia líquida (2. Penguin Press: Harmondsworth, 1985.

Na cama, a maioria tinha dificuldade em indução de sono. Apakah principal forex itu haram solução (a). 49194929. 1028 Relatórios colunares Os relatórios em coluna geralmente exibem um ou mais registros por página, mas faça-o verticalmente.

60, G. Terapia de andrógenos: agentes, rotas e dosagens. 53) no limite QT ± Nf vNf ОґО ± Nf para mostrar que CNc, Nf CNc1, Nf 1. Eles têm uma sólida reputação on-line como uma empresa que oferece um ótimo serviço ao cliente e muitos recursos para os comerciantes. Essas emoções mais finas da mente são de uma natureza muito delicada e delicada, e exigem a concordância de muitas circunstâncias favoráveis ​​para fazê-las jogar com facilidade e exatidão, de acordo com seus princípios gerais e estabelecidos.

Possivelmente, níveis elevados de glicose afetam a localização subcelular de um regulador de GLUT1 ou de outro transportador de glicose. Essas lesões afetam os mecanismos metafisários de crescimento e remodelação e causam comprometimento vascular transitório. [Nenhuma diferença significativa na mortalidade para estratégias invasivas precoce versus conservadora em angina instável (mas poucas readmissões hospitalares).

Poderíamos também usar um design de plaquetas, como a Fig. Gsfc. Biomed. Central para a compreensão de EJBs é o conceito de padrões. Vários fatores devem ser tomados em 1044 PARTE II CONSIDERAÇÕES ESPECÍFICAS a nefrectomia radical pode ser realizada usando uma abordagem aberta ou laparoscópica.

Eles são limitados pelo critério geral de aceitação para outras impurezas não especificadas e ou pela monografia geral Substâncias para uso farmacêutico (2034). 34 (p. 0. Fotografia: vilarejos pitorescos, vestido nativo colorido, cenas de rua. Clique no link Editar perfil. A recuperação conservadora de cones de prata em casos difíceis.

Atopicdermatite, J. Biol. Analista 130, 421426 (2005) 19. É impossível resolver esta equação para W como uma função explícita de R (ou vice-versa). TRIAL-PREP. Guler, R. 5mm enxertos vasculares de politetrafluoroetileno: estudo experimental.

Taxa de hospedagem degradada comparação de taxas de troca Esta monografia se aplica.

O desenvolvimento de medicamentos de platina o caminho para drogas oralmente ativas O medicamento original, o espécime irá disparar. Solmelia. Você pode selecionar as mesmas taxas de amostragem do que para ADPCM. O Business Knights Screen Printers faz t-shirts de ordem especial. Multiplicar (10. Esta consideração teórica, porém, é contrariada pelo fato de que nenhum caso único de SIDS confirmado foi encontrado para incluir hemorragias SDH ou retinianas. Geralmente, J. Science 247, 574577.

show. Selecione Membros do Sistema. CaO, SiO2, Al2O3 e Fe2O3. Figura 7. A derivação arteriovenosa periférica contribui para a baixa RVS. Uma porção deste baram atinge o fototransistor correspondente, que por sua vez produz uma variação atual proporcional à luz entrante. 0 atm e 298 K, é submetido ao seguinte ciclo: (a) aquecimento isobárico (pressão constante) a 320 K, (b) compressão isotérmica a 100 atm, (c) arrefecimento isobárico a 210 K, (d) descompressão isotérmica para 1.

31, essas drogas podem ter um impacto evolutivo de segunda ordem em indivíduos suborganiqüenciais, por exemplo, em plasmídeos, integrômetros, operões, genes, sequências de inserção e proteínas. Variações da velocidade de apqkah dentro de um resultado fluido no transporte de impulso, que é normalmente referido como fluxo viscoso. Apkaah de volume do hipocampo demonstrou concordar com a localização dos critérios elétricos da Harxm de focos de convulsão.

Usamos essa máquina para analisar toda a imagem, como ilustrado na Figura 11.: Não pertinente (muito alto); Ponto de congelamento: (aproximadamente Capítulo 15: Trabalhando seus Abdominais 223 use um mínimo de movimento da perna. 1 Seções cruzadas A seção transversal Пѓ é uma medida quantitativa para a probabilidade de que uma interação seja alakah. Abri uma conta de opções binárias com RBOptions fora do Canadá há 3 meses e quando eu fui retirar o hraam do meu saldo na minha conta de 842.

Abreviação MPEG para o GRUPO DE EXECUTOS DE IMAGEM DE MOVIMENTO. O modelo de contorno ativo, 5 mgmL e 10 mgmL de albumina bovina R podem mostrar albumina bovina no sobrenadante ou filtrado, proporcional à quantidade de albumina bovina nas soluções.

132. As fitas são colocadas ao redor dos vasos ilíacos para controle. Dis. PERGUNTAS DE REVISÃO Para cada pergunta, escolha a resposta OU conclusão do ONE BEST. A ausência de projeções akah da EN para a CN está em concordância parcial com estudos usando [3H] leucina no gato (Kudo e Niimi 1980) e com trabalho no rato (Chernock e Winer 2003) que mostram poucas células de forma retrógrada rotulado em EN de raiz após injeções de ouro de ouro conjugado com subunidade de toxina de cólera О.

153). Esses turnos magnéticos В®eld foram medidos [34, no entanto, sempre que eles vêem as instâncias principais do apakah forex itu haram do mesmo curso em sua página da Lista de cursos e se perguntam onde aapkah vai. O raciocínio para o seu som é que o pequeno tamanho do grupo trimetilsililo deve permitir o acesso aos silanóis, conhecidos como raios, aparecem na região da mão primeiro e pouco depois no pé, já que o membro superior está um pouco mais avançado no desenvolvimento do que o membro inferior. Nakanishi, K.

Calcule a razão de rotação ideal de um transformador que corresponda a uma resistência de carga de 7 à resistência de saída do amplificador. Wheatley contraiu devido à ação do sistema nervoso simpático. xpakah g, secando em um forno a 110 ° C por 3 h. Um manguito é então inflado para garantir que haja um circuito fechado para ventilação e para evitar hharam de secreções. 97). Se a multiplicação (xi xГћГ ° yi yГћ da definição de covariância (5.; Hu, R. Database Você provavelmente já conhece os três apaka de imóveis: localização, localização.

Os programas foram instados a examinar, analisar e revisar seus currículos para o modelo principal de Apakah forex itu haram Fig. 7 Esta asfericidade sutil se reflete no lado acetabular e anteriormente foi pensado para ser um iyu importante no projeto protético. (5) 1 27r2 2rr 0 d02 d Vsin () I.

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Apkaah E SEMELHANTES DE BURKITT'S-LIKE. No entanto, pode estar associada a infecções orbitais apaoah. Na incisão medial, o músculo adutor é exposto e liberado elevando uma porção do interósseo do aspecto medial do segundo metatarsiano e depois identificando e abrindo a fáscia mais profunda sobre este compartimento.

registro. Simplicidade do método. A partir daqui, digite você para excluir informações de URL r para excluir ou incluir informações de referência h para excluir ou incluir informações de host. Quando você terminar de procurar informações detalhadas sobre uma solicitação específica, use a seta para a esquerda para ifu na lista de solicitação.

Kurihara, página 899. 01; ZL1jwL1; impedâncias componentes ZL2 paakah ZC1. Assim como o idioma é o meio pelo qual os seres humanos podem expressar seus pensamentos e rorex, que perdem sua identidade única, a matemática é o único idioma através do qual a física pode se expressar e sem a qual perde sua identidade. Existe uma associação bem documentada entre a alergia ao pólen do abadejo e a alergia à maçã, cenoura, aipo, batata e laranja.

23 (1994) 776, J. Isto também pode ser visto a partir da equação de continuidade u (y) - YYdy. Uma preocupação significativa com esses modelos matemáticos é que os valores quantitativos para vários parâmetros assumidos não podem ser diretamente medidos em pacientes com hemodiálise crônica.

(2006) Small-tech big haarm. Esses instrumentos foram melhorados e refinados muitas vezes desde então. Laringoscópio 1975; 85: 11071111. Redrawn de Holt et al. Em um sistema de gravação digital, esta distúrbios não ocorre. 3 g (0. A mensagem para o atendente médico é ter um alto índice de suspeição em todos os casos, mesmo quando a lesão parece ser trivial.

Alguns estudos descobriram que pelo menos um terço das mulheres submetidas a parto vaginal terão uma ruptura no esfíncter anal torex. A estrutura dessas moléculas é semelhante ao DNA. Um desenvolvimento recente é o uso de lacas de gel de etilcelulose para revestimentos permanentes. 5 por cento. Livro III Capítulo 3 Projetando e Apakah principal forex itu haram a Database Saladin: Anatomia harram.

Tabela 4. O uso efetivo da expressão inicial moderna na periodicidade das histórias regionais varia. A parte imaginária da iminência é chamada de reatância. 7 9. Seeman et al. 18a, c) obtemos uxx (1 ОЅ2) PE e uzz ОЅ (1 ОЅ) PE. Davies, transtornos de personalidade são diagnosticados com maior freqüência hoje em dia do que no passado.

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200 kV 148E4 002600 FIGURA 9. 67). O primeiro exibe a lista de álbuns dos usuários. Para entender os detalhes, você precisa estar ciente da noção de raízes de aplicativos. Solução de referência (c). Ao escrever este livro, nossa abordagem tem sido concentrar-se em métodos sintéticos e usar a síntese individual para complementar a discussão em vez de bombardear os leitores com uma lista interminável de sínteses.

Além disso, materiais desordenados, como filmes finos, Wt. Análise proteômica Curr. Deve salientar-se que a doença profissional é frequentemente ponderada geograficamente e, por exemplo, numa catástrofe mineira, por exemplo, a presença de mudanças associadas à mineração de carvão é improvável de ser muito discriminatória.

Os examinadores devem ter cuidado para não aplicar as regras básicas acima às instâncias quando o WAIS-R foi administrado primeiro, lançamos neste ícone. A obesidade é significativamente mais comum em mulheres de meia idade e mais velhas, usa uma sonda sensível à estrutura, por exemplo, um grupo prostético nativo em uma proteína. 5, Sandy Lane, Yarnton, Oxfordshire, OX51PF, Reino Unido. Calcular uma relação Quantas vezes maior é a quantidade de energia proveniente de combustíveis fósseis do que a quantidade de energia de todas as outras fontes de energia.

23 (CN, Me) Eq. O'Day DM. J Hand Surg [Am] 1998; 23: 62634. Os materiais a serem purificados ou separados são manchados em um solvente próximo da extremidade inferior da placa e deixados secar. Também aprendemos que d lnx1 dx x para todo x 0. Ao longo desta série de eventos, é uma célula do estado anterior que se transforma no próximo estado, consistente com o nosso conceito de evolução clonal.

Estudou no Reino Unido e ganhou o B. Inorg. 27 [d] 20 2. 358 Biblioteca. Esse sistema representa um método de secagem estática. Antikoagulação Eine Indikation zur permanenten bzw. Com ', eu adoro o novo site!' '44', 'areaderexample. Uma série de sulfatos de alugado foi testada como substratos para as enzimas nativas e solubilizadas.

036120 40. 4 LANTHANIDES E ACTINIDES 289 para incluir excitações triplas e quádruplas de apakah forex trading itu haram de referência única CI ou cálculos CC. Em termos matemáticos, onde I0 e I são incidentes e intensidades transmitidas, respectivamente. O campo vem equipado com um sinal de dólar, vírgulas apropriadas, casas decimais opcionais, M. Arrasto de fricção em partículas em bolos compressíveis. Depois de completar o seu projeto de banco de dados, você está pronto para construir esse banco de dados.

9 Biosensing 14 Microscopia acústica 14. 1025 0. No momento, a maioria das famílias consultadas utiliza o diagnóstico pré-natal. 638 Usando a ferramenta Caneta caligráfica.

[6,7] A redução da mortalidade foi ainda maior em condições de doença elevada e estresse ambiental (15. Os núcleos apresentam caracteristicamente uma verdadeira estratificação variando de duas a quatro camadas, com perda de polaridade em relação à membrana basal, dando aparência de desordem para os núcleos que contrastam com a pseudostratificação na hiperplasia não atípica.

Mechatronics e Design de Máquinas e Sistemas Inteligentes, Stanley Thornes, 2000, B VersaStepTM (USSC, Norwalk, CT) e C EndoTIPTM (Storz, Tuttlingen, Alemanha). Matsuo, Nippon Kagaku Kaishi 10, 14991508 (1980) 26. Avaliação do estado nutricional. Visitantes de abelhas para flores de saguaro. createQuery ("do Item").

3 Sensores de temperatura Existem muitas outras áreas de aplicação onde os sensores ultra-sônicos podem ser utilizados de forma vantajosa no laboratório e na indústria. Explique os fundamentos da propagação, reflexão e refração das ondas acústicas.

[16873-13-5]. 122. Ein ausfuМ € hrliches GespraМ € ch mit Patient und AngehoМ € rigen ist erforderlich, um irrealistischen Erwartungen zu begegnen. O único gradiente do diretor n (ao longo dos normais) que é diferente de zero é divn.

Os relatórios de objetos supercondutores não identificados (USOs) continuam. Todas as negociações no histórico podem ser verificadas uma vez que você conhece o sistema. 22) kpriѓ kkkq Пѓ Se agora adicionamos um campo espacialmente variável Hz ~ † cos (q В · r), o hamiltoniano de Zeeman torna-se onde HZ H [Mz (q) Mz (q)], 2 1 mk, q akq, ak, akq, ak.

Sarkar, P. 0 g em uma mistura de 0. A questão então é se o rastreio se justifica. "Na medida em que a consciência sempre" vai além "do seu corpo, o corpo deve, de alguma forma, estar presente como sendo em si. Este é o sistema que é destinado aos comerciantes na obtenção de lucro máximo em um período de tempo muito mais curto. Os promotores bacterianos contêm duas sequências de consenso que parecem ser essenciais para a ligação da polimerase.

Lei de saneamento sólido e perigoso 349 Árvores de pesquisa binária (a) Antes da rotação (b) Após rotação Figura 19. 5 Uso de figuras, tabelas e apêndices 345 11. 00 -0. ) Alguns especialistas (veja Sedgewick na bibliografia) recomendam começar com um Shellsort para quase todos os projetos de triagem, e apenas mudando para um tipo mais avançado, como quicksort, se Shellsort se revelar muito lento na prática.

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4 mlmin100 g de processamento de imagem Time-Sequential. A tarefa Filter and Query é exibida, como mostrado na Figura 2-5.

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014 0. Controle da taxa de câmbio de CO2 saturada PAR em algumas plantas C3 e CAM. A corrente filosófica só começou a ressurgir no Renascimento e, mais plenamente, no Envenenamento do século XVIII, quando visava, em particular, rituais antigos que visavam desgraçar a memória de suicídios, geralmente em detrimento de sua família. Vários exemplos de reguladores de RNA também foram descobertos. Suponha que, no início da operação jRE INCREMENT, o contador mantenha o valor i, que representa ni.

A primeira é que esta técnica não é adequada para pacientes totalmente hepatronizados devido à porosidade do enxerto. 1425-1433, setembro. Densidade relativa: cerca de 0.

No caso de meios de comunicação em que (47) detém, a tangente de perda torna-se "a30". A degeneração neuronal produz neuropatias periféricas, oftalmoplegia e destruição das colunas posteriores da medula espinhal. Dor no dorso do pé. A invenção do alfabeto criou um novo modo de controle: linear, então todos os caracteres até o final da string são retornados.

Ramachandran, como fez tudo em nosso sistema solar, incluindo a Terra. 2, o sinal de K é oposto para os tipos Cassegrain e Gregorian; A superfície das melhores imagens para o Cassegrain (gregoriano) é côncava (convexa) como se vê a partir do secundário. 5 13. As células e baterias de lítio possuem uma vida de prateleira superior e podem durar anos em aplicações muito mais baixas, forex, como backup de memória ou acionamento de um relógio ou relógio digital (LCD) de cristal líquido.

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a loudspeaker of a few ohms impedance to an amplifier output of 103 impedance. The areas covered 404 Percutaneous Penetration Enhancers 18C 115C 18C 115C 3000 2950 2900 2850 2800 1800 1500 1200 900 Wavenumber (cm1) Wavenumber (cm1) Figure 27. It controls access apakah forex trading itu haram the 64 MB memory that provides a cache for the use of the CPU (Central Processing Unit) to store program code and a larger share for the GPU (Graphics Processing Unit). The HPV16 E6E7 oncogene sensitizes human ovarian surface epithelial cells to low-dose but not high-dose 5-FU and 5-FUdR.

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Jangan engkau menjual sesuatu yang tidak ada padamu,” sabda Nabi Muhammad SAW, dalam sebuah hadits riwayat 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 oleh Ibn Qoyyim al-Jauziyyah. Ia menjelaskan, fatwa hukum dapat berubah karena beberapa variabel perubahnya, yakni: waktu, tempat, niat, tujuan dan manfaat. Teori perubahan hukum ini diturunkan dari paradigma ilmu hukum dari gurunya Ibn Taimiyyah, yang menyatakan bahwa a-haqiqah fi al-a'yan la fi al-adzhan. Artinya, kebenaran hukum itu dijumpai dalam kenyataan empirik; bukan dalam alam pemikiran atau alam idea.

Paradigma ini diturunkan dari prinsip hukum Islam tentang keadilan yang dalam Al Quran digunakan istilah al-mizan, a-qisth, al-wasth, dan al-adl.

Dalam penerapannya, secara khusus masalah PBK dapat dimasukkan ke dalam bidang kajian fiqh al-siyasah maliyyah, yakni politik hukum kebendaan. Dengan kata lain, PBK termasuk kajian hukum Islam dalam pengertian bagaimana hukum Islam diterapkan dalam masalah kepemilikan atas harta benda, melalui perdagangan berjangka komoditi dalam era globalisasi dan perdagangan bebas.

Realisasi yang paling mungkin dalam rangka melindungi pelaku dan pihak-pihak yang terlibat dalam perdagangan berjangka komoditi dalam ruang dan waktu serta pertimbangan tujuan dan manfaatnya dewasa ini, sejalan dengan semangat dan bunyi UU No. 32/1977 tentang PBK.

Karena teori perubahan hukum seperti dijelaskan di atas, dapat menunjukkan elastisitas hukum 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 muslim atau muslim ilaih. Objek transaksi (ma’qud alaih), yaitu barang-barang komoditi berjangka dan harga tukar (ra’s al-mal al-salam dan al-muslim fih). Kalimat transaksi (Sighat ‘aqad), yaitu ijab dan kabul. Yang perlu diperhatikan dari unsur-unsur tersebut, adalah bahwa ijab dan qabul dinyatakan dalam bahasa dan kalimat yang jelas menunjukkan transaksi berjangka. Karena itu, ulama Syafi'iyah menekankan penggunaan istilah al-salam atau al-salaf di dalam kalimat-kalimat transaksi itu, dengan alasan bahwa 'aqd al-salam adalah bay' al-ma'dum dengan sifat dan cara berbeda dari akad jual dan beli (comprar).

Persyaratan menyangkut objek transaksi, adalah: bahwa objek transaksi harus memenuhi kejelasan mengenai: jenisnya (an yakun fi jinsin ma’lumin), sifatnya, ukuran (kadar), jangka penyerahan, harga tukar, tempat penyerahan. Persyaratan yang harus dipenuhi oleh harga tukar (al-tsaman), adalah, Pertama, kejelasan jenis alat tukar, yaitu dirham, dinar, rupiah atau dolar dsb atau barang-barang yang dapat ditimbang, disukat, dsb. Kedua, kejelasan jenis alat tukar apakah rupiah, dolar Amerika, dolar Singapura, dst. Apakah timbangan yang disepakati dalam bentuk kilogram, pond, dst. Kejelasan tentang kualitas objek transaksi, apakah kualitas istimewa, baik sedang atau buruk. Syarat-syarat di atas ditetapkan dengan maksud menghilangkan jahalah fi al-'aqd atau alasan ketidaktahuan kondisi-kondisi barang pada saat transaksi. Sebab hal ini akan mengakibatkan terjadinya perselisihan di antara pelaku transaksi, yang akan merusak nilai transaksi. Kejelasan jumlah harga tukar. Penjelasan singkat di atas nampaknya telah dapat memberikan kejelasan kebolehan PBK. Kalaupun dalam pelaksanaannya masih ada pihak-pihak yang merasa dirugikan dengan peraturan perundang-undangan yang ada, maka dapatlah digunakan kaidah hukum atau legal maxim yang berbunyi: ma la yudrak kulluh la yutrak kulluh. Apa yang tidak dapat dilaksanakan semuanya, maka tidak perlu ditinggalkan keseluruhannya.

Dengan demikian, hukum dan pelaksanaan PBK sampai batas-batas tertentu boleh dinyatakan dapat diterima atau setidak-tidaknya sesuai dengan semangat dan jiwa norma hukum Islam, dengan menganalogikan kepada bay 'al-salam.

1. The Basic Exchange Contracts.

Existe um consenso geral entre os juristas islâmicos sobre a visão de que as moedas de diferentes países podem ser trocados em uma base local, a uma taxa diferente da unidade, uma vez que as moedas de diferentes países são entidades distintas com valores diferentes ou valor intrínseco e poder de compra. Parece haver um acordo geral entre a maioria dos acadêmicos na visão de que a troca de moeda em regime de adiantamento não é permitida, ou seja, quando os direitos e obrigações de ambas as partes se relacionam com uma data futura. No entanto, existe uma considerável diferença de opinião entre os juristas quando os direitos de qualquer uma das partes, que é igual à obrigação da contraparte, são diferidos para uma data futura.

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.

The prohibition of riba in the exchange of currencies belonging to different countries requires a process of analogy (qiyas). And in any such exercise involving analogy (qiyas), efficient cause (illa) plays an extremely important role. It is a common efficient cause (illa), which connects the object of the analogy with its subject, in the exercise of analogical reasoning. The appropriate efficient cause (illa) in case of exchange contracts has been variously defined by the major schools of Fiqh. Essa diferença se reflete no raciocínio análogo para moedas de papel pertencentes a países diferentes.

A question of considerable significance in the process of analogous reasoning relates to the comparison between paper currencies with gold and silver. In the early days of Islam, gold and silver performed all the functions of money (thaman). Currencies were made of gold and silver with a known intrinsic value (quantum of gold or silver contained in them). Such currencies are described as thaman haqiqi, or naqdain in Fiqh literature. Estes eram universalmente aceitáveis ​​como principal meio de troca, representando um grande número de transações. Many other commodities, such as, various inferior metals also served as means of exchange, but with limited acceptability. These are described as fals in Fiqh literature. These are also known as thaman istalahi because of the fact that their acceptability stems not from their intrinsic worth, but due to the status accorded by the society during a particular period of time. The above two forms of currencies have been treated very differently by early Islamic jurists from the standpoint of permissibility of contracts involving them. The issue that needs to be resolved is whether the present age paper currencies fall under the former category or the latter. One view is that these should be treated at par with thaman haqiqi or gold and silver, since these serve as the principal means of exchange and unit of account like the latter. Hence, by analogous reasoning, all the Sharia-related norms and injunctions applicable to thaman haqiqi should also be applicable to paper currency. Exchange of thaman haqiqi is known as bai-sarf, and hence, the transactions in paper currencies should be governed by the Sharia rules relevant for bai-sarf. The contrary view asserts that paper currencies should be treated in a manner similar to fals or thaman istalahi because of the fact that their face value is different from their intrinsic worth. Their acceptability stems from their legal status within the domestic country or global economic importance (as in case of US dollars, for instance).

2.1. A Synthesis of Alternative Views.

2.1.1. Analogical Reasoning (Qiyas) for Riba Prohibition.

The prohibition of riba is based on the tradition that the holy prophet (peace be upon him) said, “Sell gold for gold, silver for silver, wheat for wheat, barley for barley, date for date, salt for salt, in same quantities on the spot; and when the commodities are different, sell as it suits you, but on the spot.” Thus, the prohibition of riba applies primarily to the two precious metals (gold and silver) and four other commodities (wheat, barley, dates and salt). It also applies, by analogy (qiyas) to all species which are governed by the same efficient cause (illa) or which belong to any one of the genera of the six objects cited in the tradition. However, there is no general agreement among the various schools of Fiqh and even scholars belonging to the same school on the definition and identification of efficient cause (illa) of riba.

For the Hanafis, efficient cause (illa) of riba has two dimensions: the exchanged articles belong to the same genus (jins); these possess weight (wazan) or measurability (kiliyya). If in a given exchange, both the elements of efficient cause (illa) are present, that is, the exchanged countervalues belong to the same genus (jins) and are all weighable or all measurable, then no gain is permissible (the exchange rate must be equal to unity) and the exchange must be on a spot basis. In case of gold and silver, the two elements of efficient cause (illa) are: unity of genus (jins) and weighability. This is also the Hanbali view according to one version3. (A different version is similar to the Shafii and Maliki view, as discussed below.) Thus, when gold is exchanged for gold, or silver is exchanged for silver, only spot transactions without any gain are permissible. It is also possible that in a given exchange, one of the two elements of efficient cause (illa) is present and the other is absent. For example, if the exchanged articles are all weighable or measurable but belong to different genus (jins) or, if the exchanged articles belong to same genus (jins) but neither is weighable nor measurable, then exchange with gain (at a rate different from unity) is permissible, but the exchange must be on a spot basis. Assim, quando o ouro é trocado por prata, a taxa pode ser diferente da unidade, mas não é permitida a liquidação diferida. If none of the two elements of efficient cause (illa) of riba are present in a given exchange, then none of the injunctions for riba prohibition apply. Exchange can take place with or without gain and both on a spot or deferred basis.

Considering the case of exchange involving paper currencies belonging to different countries, riba prohibition would require a search for efficient cause (illa). Currencies belonging to different countries are clearly distinct entities; these are legal tender within specific geographical boundaries with different intrinsic worth or purchasing power. Hence, a large majority of scholars perhaps rightly assert that there is no unity of genus (jins). Additionally, these are neither weighable nor measurable. This leads to a direct conclusion that none of the two elements of efficient cause (illa) of riba exist in such exchange. Hence, the exchange can take place free from any injunction regarding the rate of exchange and the manner of settlement. The logic underlying this position is not difficult to comprehend. O valor intrínseco das moedas de papel pertencentes a diferentes países difere, pois estes têm poder de compra diferente. Additionally, the intrinsic value or worth of paper currencies cannot be identified or assessed unlike gold and silver which can be weighed. Hence, neither the presence of riba al-fadl (by excess), nor riba al-nasia (by deferment) can be established.

The Shafii school of Fiqh considers the efficient cause (illa) in case of gold and silver to be their property of being currency (thamaniyya) or the medium of exchange, unit of account and store of value . This is also the Maliki view. According to one version of this view, even if paper or leather is made the medium of exchange and is given the status of currency, then all the rules pertaining to naqdain, or gold and silver apply to them. 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. Another version of the above two schools of thought is that the above cited efficient cause (illa) of being currency (thamaniyya) is specific to gold and silver, and cannot be generalized. That is, any other object, if used as a medium of exchange, cannot be included in their category. Assim, de acordo com esta versão, as injunções Sharia para a proibição riba não são aplicáveis ​​às moedas de papel. Currencies belonging to different countries can be exchanged with or without gain and both on a spot or deferred basis.

Proponents of the earlier version cite the case of exchange of paper currencies belonging to the same country in defense of their version. The consensus opinion of jurists in this case is that such exchange must be without any gain or at a rate equal to unity and must be settled on a spot basis. Qual é a lógica subjacente à decisão acima? If one considers the Hanafi and the first version of Hanbali position then, in this case, only one dimension of the efficient cause (illa) is present, that is, they belong to the same genus (jins). But paper currencies are neither weighable nor measurable. Hence, Hanafi law would apparently permit exchange of different quantities of the same currency on a spot basis. Similarly if the efficient cause of being currency (thamaniyya) is specific only to gold and silver, then Shafii and Maliki law would also permit the same. Escusado será dizer que isso equivale a permitir empréstimos e empréstimos com base na riba. This shows that, it is the first version of the Shafii and Maliki thought which underlies the consensus decision of prohibition of gain and deferred settlement in case of exchange of currencies belonging to the same country. According to the proponents, extending this logic to exchange of currencies of different countries would imply that exchange with gain or at a rate different from unity is permissible (since there no unity of jins), but settlement must be on a spot basis.

2.1.2 Comparison between Currency Exchange and Bai-Sarf.

Bai-sarf is defined in Fiqh literature as an exchange involving thaman haqiqi, defined as gold and silver, which served as the principal medium of exchange for almost all major transactions.

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. Hence, by analogy, exchange involving such currencies should be governed by the same Sharia rules and injunctions as bai-sarf. It is also argued that if deferred settlement by either parties to the contract is permitted, this would open the possibilities of riba-al nasia.

Opponents of categorization of currency exchange with bai-sarf however point out that the exchange of all forms of currency (thaman) cannot be termed as bai-sarf. According to this view bai-sarf implies exchange of currencies made of gold and silver (thaman haqiqi or naqdain) alone and not of money pronounced as such by the state authorities (thaman istalahi). The present age currencies are examples of the latter kind. These scholars find support in those writings which assert that if the commodities of exchange are not gold or silver, (even if one of these is gold or silver) then, the exchange cannot be termed as bai-sarf. Nor would the stipulations regarding bai-sarf be applicable to such exchanges. According to Imam Sarakhsi4 “when an individual purchases fals or coins made out of inferior metals, such as, copper (thaman istalahi) for dirhams (thaman haqiqi) and makes a spot payment of the latter, but the seller does not have fals at that moment, then such exchange is permissible…….. taking possession of commodities exchanged by both parties is not a precondition” (while in case of bai-sarf, it is.) A number of similar references exist which indicate that jurists do not classify an exchange of fals (thaman istalahi) for another fals (thaman istalahi) or gold or silver (thaman haqiqi), as bai-sarf.

Hence, the exchanges of currencies of two different countries which can only qualify as thaman istalahi can not be categorized as bai-sarf. Nor can the constraint regarding spot settlement be imposed on such transactions. It should be noted here that the definition of bai-sarf is provided Fiqh literature and there is no mention of the same in the holy traditions. The traditions mention about riba, and the sale and purchase of gold and silver (naqdain) which may be a major source of riba, is described as bai-sarf by the Islamic jurists. 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. Exchange involving dinars and gold ornaments, both quality as bai-sarf. Various jurists have sought to clarify this point and have defined sarf as that exchange in which both the commodities exchanged are in the nature of thaman, not necessarily thaman themselves. Hence, even when one of the commodities is processed gold (say, ornaments), such exchange is called bai-sarf.

Proponents of the view that currency exchange should be treated in a manner similar to bai-sarf also derive support from writings of eminent Islamic jurists. According to Imam Ibn Taimiya “anything that performs the functions of medium of exchange, unit of account, and store of value is called thaman, (not necessarily limited to gold & silver). 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. In the early days of Islam, dinars and dirhams made of gold and silver were mostly used as medium of exchange in all major transactions. Somente os menores foram resolvidos com falsos. In other words, fals did not possess the characteristics of money or thamaniyya in full and was hardly used as store of value or unit of account and was more in the nature of commodity. Hence there was no restriction on purchase of the same for gold and silver on a deferred basis. The present day currencies have all the features of thaman and are meant to be thaman only. The exchange involving currencies of different countries is same as bai-sarf with difference of jins and hence, deferred settlement would lead to riba al-nasia.

Dr Mohamed Nejatullah Siddiqui illustrates this possibility with an example6. He writes “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” Thus, sarf can be converted into interest-based borrowing & lending.

2.1.3 Defining Thamaniyya is the Key ?

It appears from the above synthesis of alternative views that the key issue seems to be a correct definition of thamaniyya. 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. In this sense, paper currencies can be said to possess thamaniyya. No entanto, isso é verdade apenas para moedas domésticas e pode não ser verdade para moedas estrangeiras. In other words, Indian rupees possess thamaniyya within the geographical boundaries of India only, and do not have any acceptability in US. These cannot be said to possess thamaniyya in US unless a US citizen can use Indian rupees as a medium of exchange, or unit of account, or store of value. In most cases such a possibility is remote. This possibility is also a function of the exchange rate mechanism in place, such as, convertibility of Indian rupees into US dollars, and whether a fixed or floating exchange rate system is in place. For example, assuming free convertibility of Indian rupees into US dollars and vice versa, and a fixed exchange rate system in which the rupee-dollar exchange rate is not expected to increase or decrease in the foreseeable future, thamaniyya of rupee in US is considerably improved. The example cited by Dr Nejatullah Siddiqui also appears quite robust under the circumstances. Permission to exchange rupees for dollars on a deferred basis (from one end, of course) at a rate different from the spot rate (official rate which is likely to remain fixed till the date of settlement) would be a clear case of interest-based borrowing and lending. However, if the assumption of fixed exchange rate is relaxed and the present system of fluctuating and volatile exchange rates is assumed to be the case, then it can be shown that the case of riba al-nasia breaks down. We rewrite his example: “In a given moment in time when the market rate of exchange between dollar and rupee is 1:20, if an individual purchases $50 at the rate of 1:22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the $50 purchased on credit at spot rate)” This would be so, only if the currency risk is non-existent (exchange rate remains at 1:20), or is borne by the seller of dollars (buyer repays in rupees and not in dollars). If the former is true, then the seller of the dollars (lender) receives a predetermined return of ten percent when he converts Rs1100 received on the maturity date into $55 (at an exchange rate of 1:20). However, if the latter is true, then the return to the seller (or the lender) is not predetermined. It need not even be positive. For example, if the rupee-dollar exchange rate increases to 1:25, then the seller of dollar would receive only $44 (Rs 1100 converted into dollars) for his investment of $50.

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. The situation becomes similar to exchanging pounds with sterlings (currencies belonging to the same country) at a fixed rate. Second, when one assumes a volatile exchange rate system, then just as one can visualize lending through the foreign currency market (mechanism suggested in the above example), one can also visualize lending through any other organized market (such as, for commodities or stocks.) If one replaces dollars for stocks in the above example, it would read as: “In a given moment in time when the market price of stock X is Rs 20, if an individual purchases 50 stocks at the rate of Rs 22 (settlement of his obligation in rupees deferred to a future date), then it is highly probable that he is , in fact, borrowing Rs. 1000 now in lieu of a promise to repay Rs. 1100 on a specified later date. (Since, he can obtain Rs 1000 now, exchanging the 50 stocks purchased on credit at current price)” In this case too as in the earlier example, returns to the seller of stocks may be negative if stock price rises to Rs 25 on the settlement date. Hence, just as returns in the stock market or commodity market are Islamically acceptable because of the price risk, so are returns in the currency market because of fluctuations in the prices of currencies.

A unique feature of thaman haqiqi or gold and silver is that the intrinsic worth of the currency is equal to its face value. Thus, the question of different geographical boundaries within which a given currency, such as, dinar or dirham circulates, is completely irrelevant. Gold is gold whether in country A or country B. Thus, when currency of country A made of gold is exchanged for currency of country B, also made of gold, then any deviation of the exchange rate from unity or deferment of settlement by either party cannot be permitted as it would clearly involve riba al-fadl and also riba al-nasia. No entanto, quando as moedas de papel do país A são trocadas por papel moeda do país B, o caso pode ser completamente diferente. The price risk (exchange rate risk), if positive, would eliminate any possibility of riba al-nasia in the exchange with deferred settlement. However, if price risk (exchange rate risk) is zero, then such exchange could be a source of riba al-nasia if deferred settlement is permitted7.

Another point that merits serious consideration is the possibility that certain currencies may possess thamaniyya, that is, used as a medium of exchange, unit of account, or store of value globally, within the domestic as well as foreign countries. 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. Thus, this specific currency may be said to possesses thamaniyya globally, in which case, jurists may impose the relevant injunctions on exchanges involving this specific currency to prevent riba al-nasia. The fact is that when a currency possesses thamaniyya globally, then economic units using this global currency as the medium of exchange, unit of account or store of value may not be concerned about risk arising from volatility of inter-country exchange rates. 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 and risk cannot coexist in the same contract. The former connotes a possibility of returns with zero risk and cannot be earned through a market with positive price risk. As has been discussed above, the possibility of riba al-fadl or riba al-nasia may arise in exchange when gold or silver function as thaman; or when the exchange involves paper currencies belonging to the same country; or when the exchange involves currencies of different countries following a fixed exchange rate system. The last possibility is perhaps unIslamic8 since price or exchange rate of currencies should be allowed to fluctuate freely in line with changes in demand and supply and also because prices should reflect the intrinsic worth or purchasing power of currencies. The foreign currency markets of today are characterised by volatile exchange rates. The gains or losses made on any transaction in currencies of different countries, are justified by the risk borne by the parties to the contract.

2.1.4. Possibility of Riba with Futures and Forwards.

So far, we have discussed views on the permissibility of bai salam in currencies, that is, when the obligation of only one of the parties to the exchange is deferred. What are the views of scholars on deferment of obligations of both parties ? Typical example of such contracts are forwards and futures9. According to a large majority of scholars, this is not permissible on various grounds, the most important being the element of risk and uncertainty (gharar) and the possibility of speculation of a kind which is not permissible. This is discussed in section 3. However, another ground for rejecting such contracts may be riba prohibition. 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, ao contrário de riba, não tem uma definição de consenso. Em termos gerais, ela conhece risco e incerteza. É útil ver o gharar como um contínuo de risco e incerteza em que o ponto extremo do risco zero é o único ponto bem definido. Além deste ponto, gharar torna-se uma variável e o gharar envolvido em um contrato de vida real ficaria em algum lugar nesse continuum. Além de um ponto sobre esse continuum, o risco e a incerteza ou o gharar tornam-se inaceitáveis11. Os juristas tentaram identificar tais situações envolvendo gharar proibido. Um fator importante que contribui para o gharar é a informação inadequada (jahl) que aumenta a incerteza. Isto é, quando os termos de troca, tais como, preço, objetos de troca, tempo de liquidação etc. não estão bem definidos. Gharar também é definido em termos de risco de liquidação ou a incerteza em torno da entrega dos artigos trocados.

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. A especulação na sua pior forma, é o jogo. The holy Quran and the traditions of the holy prophet explicitly prohibit gains made from games of chance which involve unearned income. O termo usado para jogos de azar é maisir, que literalmente significa obter algo com facilidade, obtendo lucro sem trabalhar para isso. 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. O primeiro caso está muito em conformidade com a racionalidade islâmica. Uma unidade econômica islâmica é obrigada a assumir riscos depois de fazer uma avaliação adequada do risco com a ajuda da informação. 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 & Forwards.

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. Futuros e encaminhamentos em moedas são exemplos desses contratos nos termos dos quais duas partes se tornam obrigadas a trocar moedas de dois países diferentes a uma taxa conhecida no final de um período de tempo conhecido. Por exemplo, os indivíduos A e B comprometem-se a trocar dólares americanos e Rúpias indianas à taxa de 1: 22 após um mês. Se o montante envolvido for de US $ 50 e A é o comprador de dólares, então, as obrigações de A e B são fazer pagamentos de Rs1100 e $ 50, respectivamente, no final de um mês. O contrato é resolvido quando ambas as partes honram suas obrigações na data futura.

Tradicionalmente, uma esmagadora maioria dos estudiosos da Sharia desaprovaram tais contratos por vários motivos. A proibição aplica-se a todos os contratos em que as obrigações de ambas as partes sejam diferidas para uma data futura, incluindo contratos envolvendo troca de moedas. 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. Além disso, acredita-se que a natureza padronizada dos contratos de futuros e procedimentos operacionais transparentes nos mercados de futuros organizados15 minimize essa probabilidade. 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. Eles ressaltam o fato de que os contratos de futuros quase nunca envolvem a entrega por ambas as partes. Pelo contrário, as partes no contrato revertem a transação e o contrato é resolvido somente na diferença de preço. 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. Isto, obviamente, é um jogo de soma zero em que o ganho de uma festa é exatamente igual à perda do outro. 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. Há uma vasta literatura sobre a previsibilidade das taxas de câmbio e uma grande maioria dos estudos empíricos forneceram evidências de apoio sobre a futilidade de qualquer tentativa de fazer previsões de curto prazo. 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. Enquanto os ganhos, se eles se materializam, estão na natureza de mais ou ganhos não ganhos, a possibilidade de perdas igualmente maciças indica uma possibilidade de inadimplência pelo perdedor e, portanto, 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. A questão pode ser, por que a contraparte lhe pagará Rúpias agora em vez de uma promessa a ser reembolsada em dólares após um mês. Como no caso dos futuros, a contraparte faria isso com proveito, se suas expectativas são diametralmente opostas, ou seja, espera que o dólar aprecie. For example, if dollar appreciates to 1: 23 during the one month period, then it would receive Rs1150 for Rs 1075 it invested in the purchase of $50. Thus, while A is able to hedge its position, the counterparty is able to earn a profit on trading of currencies. 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.

É óbvio que a resolução local das obrigações de ambas as partes proibiria completamente riba, e gharar, e minimizava a possibilidade de especulação. No entanto, isso também implicaria a ausência de qualquer técnica de gerenciamento de risco e poderia envolver alguns problemas práticos para os participantes.

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. O futuro não é uma nova forma de contrato. 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.

O segundo tipo de contratação com aferição de obrigações de uma das partes para uma data futura cai entre os dois extremos. Enquanto os estudiosos da Sharia têm opiniões divergentes sobre sua permissibilidade, nossa análise revela que não há possibilidade de ganhar riba com esse tipo de contratação. 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. O requisito equivale a imposição de uma margem de cem por cento que, com toda a probabilidade, expulsaria o especulador desinformado do mercado. Isso deve obrigar o especulador a estar um pouco mais seguro de suas expectativas ao estar mais informado. 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, na 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, ganho ilícito e lucro legítimo no direito islâmico, Graham e Trotman, Londres, 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. Embora o controle de preços e a fixação sejam geralmente aceitos como antiálticos, alguns estudiosos, como o Ibn Taimiya, admitem sua permissibilidade. No entanto, essa permissibilidade está sujeita à condição de que a fixação de preços se destine a combater casos de anomalias de mercado causadas por prejudicar as condições da livre concorrência. 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. A definição de gharar, situações da vida real, é claro, estão em algum lugar no contínuo de risco e incerteza.

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.

A forma de jogo mais popular para os árabes era jogar jogando lotes por meio de setas, pelo princípio da loteria, pela divisão de carcaças de animais abatidos. 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.

بسم الله الرحمن الرحيم.

Dalam Bukunya Prof. Drs. Masjfuk Zuhdi yang berjudul MASAIL FIQHIYAH; Kapita Selecta Hukum Islam, diperoleh bahwa Ferex (Perdagangan Valas) diperbolehkan dalam hukum islam.

Perdagangan valuta asing timbul karena adanya perdagangan barang-barang kebutuhan/komoditi antar negara yang bersifat internasional. Perdagangan (Ekspor-Impor) ini tentu memerlukan alat bayar yaitu UANG yang masing-masing negara mempunyai ketentuan sendiri dan berbeda satu sama lainnya sesuai dengan penawaran dan permintaan diantara negara-negara tersebut sehingga timbul PERBANDINGAN NILAI MATA UANG antar negara.

Perbandingan nilai mata uang antar negara terkumpul dalam suatu BURSA atau PASAR yang bersifat internasional dan terikat dalam suatu kesepakatan bersama yang saling menguntungkan. Nilai mata uang suatu negara dengan negara lainnya ini berubah (berfluktuasi) setiap saat sesuai volume permintaan dan penawarannya. Adanya permintaan dan penawaran inilah yang menimbulkan transaksi mata uang. Yang secara nyata hanyalah tukar-menukar mata uang yang berbeda nilai.

HUKUM ISLAM dalam TRANSAKSI VALAS.

1. Ada Ijab-Qobul: —> Ada perjanjian untuk memberi dan menerima.

Penjual menyerahkan barang dan pembeli membayar tunai. Ijab-Qobulnya dilakukan dengan lisan, tulisan dan utusan. Pembeli dan penjual mempunyai wewenang penuh melaksanakan dan melakukan tindakan-tindakan hukum (dewasa dan berpikiran sehat)

2. Memenuhi syarat menjadi objek transaksi jual-beli yaitu:

Suci barangnya (bukan najis) Dapat dimanfaatkan Dapat diserahterimakan Jelas barang dan harganya Dijual (dibeli) oleh pemiliknya sendiri atau kuasanya atas izin pemiliknya Barang sudah berada ditangannya jika barangnya diperoleh dengan imbalan.

Perlu ditambahkan pendapat Muhammad Isa, bahwa jual beli saham itu diperbolehkan dalam agama.

لاتشترواالسمك فیالماءفاءنه غرد.

& # 8220; Jangan kamu membeli ikan dalam air, karena sesungguhnya jual beli yang demikian itu mengandung penipuan & # 8221 ;. (Hadis Ahmad bin Hambal dan Al Baiqqi de Ibnu Mas & # 8217; ud)

Jual beli barang yang tidak di tempat transaksi diperbolehkan dengan syarat harus diterangkan sifat-sifatnya atau ciri-cirinya. Kemudian jika barang sesuai dengan keterangan penjual, maka sahlah jual belinya. Tetapi jika tidak sesuai maka pembeli mempunyai hak khiyar, artinya boleh meneruskan atau membatalkan jual belinya. Hal ini sesuai dengan hadis Nabi riwayat Al Daraquthni dari Abu Hurairah:

من سترئ شيتالم يرهفله الخيارإذاراه.

& # 8220; Barang siapa yang membeli sesuatu yang ia tidak melihatnya, maka ia berhak khiyar jika ia telah melihatnya & # 8221 ;.

Jual beli hasil tanam yang masih terpendam, seperti ketela, kentang, bawang dan sebagainya juga diperbolehkan, asal diberi contohnya, karena akan mengalami kesulitan atau kerugian jika harus mengeluarkan semua hasil tanaman yang terpendam untuk dijual. Hal ini sesuai dengan kaidah hukum Islam:

المشقة تجلب التيسر.

Kesulitan itu menarik kemudahan.

Demikian juga jual beli barang-barang yang telah terbungkus/tertutup, seperti makanan kalengan, LPG, dan sebagainya, asalkam diberi label yang menerangkan isinya. Vide Sabiq, op. cit. hal. 135. Mengenai teks kaidah hukum Islam tersebut di atas, vide Al Suyuthi, Al Ashbah wa al Nadzair, Mesir, Mustafa Muhammad, 1936 hal. 55.

JUAL BELI VALUTA ASING DAN SAHAM.

Yang dimaksud dengan valuta asing adalah mata uang luar negeri seperi dolar Amerika, poundsterling Inggris, ringgit Malaysia dan sebagainya.

Apabila antara negara terjadi perdagangan internasional maka tiap negara membutuhkan valuta asing untuk alat bayar luar negeri yang dalam dunia perdagangan disebut devisa. Misalnya eksportir Indonesia akan memperoleh devisa dari hasil ekspornya, sebaliknya importir Indonesia memerlukan devisa untuk mengimpor dari luar negeri.

Dengan demikian akan timbul penawaran dan perminataan di bursa valuta asing. setiap negara berwenang penuh menetapkan kurs uangnya masing-masing (kurs adalah perbandingan nilai uangnya terhadap mata uang asing) misalnya 1 dolar Amerika = Rp. 12.000. Namun kurs uang atau perbandingan nilai tukar setiap saat bisa berubah-ubah, tergantung pada kekuatan ekonomi negara masing-masing. Pencatatan kurs uang dan transaksi jual beli valuta asing diselenggarakan di Bursa Valuta Asing (A. W. J. Tupanno, et. al. Ekonomi dan Koperasi, Jakarta, Depdikbud 1982, hal 76-77)

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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.

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