As Sharf as Islamic Banking Products

AS SHARF AS ISLAMIC BANKING PRODUCTS

BUY SELL AS-Sharaf (is one form of transaction in Islam)

A.    The concept of Al-Sharf Sale and Purchase

1.     Understanding Al-Sharf Sale and Purchase                                

Al-Sharf etymologically means Al-Ziyadah (addition), Al-'Adl (balanced), avoidance, theft exchange, or transactions. Sometimes Al-Sharf understood Sharafa derived from the word which means to pay the increase.

Sharf is a contract of sale of a currency with another currency. Or Sharf (changing money) is to sell the value of something with a value of something else, covering the gold with gold, silver with silver, and gold with silver. In the dictionary the term fiqh stated that Ba'i Sharf is selling the currency with the currency (gold to gold). As for the term are as follows:

a.                     According to the terms of fiqh, Al-Sharf is a type of sale and purchase of goods or the goods are not similar in cash. As trade in gold with gold or gold with silver in the form of jewelry and currency. The practice of buying and selling among foreign exchange (forex), or a similar exchange between currenciss.

b.                     According to Heri Sudarsono, Sharf is a contract of sale of a currency with another currency. Buying and selling foreign currency (foreign exchange) can be done either with other similar currenciss, such as the rupiah rupiah or not similar, for example rupiah to the dollar or vice versa.

c.                     According to the Institute of Bankers Development Team Indonesia, Sharf is a service provided by banks to their customers to conduct foreign exchange transactions according to the principles of Islamic Shari'a Sharf is justifisd.

d.                     As for the scholars of fiqh Sharf is a trade in that kind of money with the money or not similar.In classical literature, this discussion is found in the form of buying and selling with dinar dinar, dirham by dirham or dinar to the dirham.

One dinar by Ismail Syauqi Syahatah (fiqh experts from Egypt), 4.51 grams of gold worth. According to scholars jumhur 1 dinar is 12 dirhams and according to scholars Hanafis, 10 dirhams. Dinar price difference was due to currency fluctuations on their own time.

2.     Terms of Al-Sharf

According to the scholars of fiqh, which must be met in terms of buying and selling currenciss is as follows:

a.      The exchange rate of the trade must have been controlled, either by the buyer and the seller, before they split up the body. Mastery is mastery of the material can be shaped, for example, the direct purchaser receives U.S. dollars purchased and direct sellers receive cash dollars. The mastery of the law, for example, payment by check. According to experts of fiqh, this requirement is to avoid the usury nasi'ah. If both or one of them did not deliver the goods until they split up the al-Sharf contract is void.

b.     If the currency or currenciss are bought and sold were of the same type, then the buying and selling currenciss to be made in the currency of similar quality and quantity together, even if the model is different from that currency. For example, between 50,000 rupiah sheet, - Rp5000 exchange for money, -. Or exchanged for paper money with coins.

c.      In Sharf, should not be required under the terms khiyar akadnya the rights to the buyer. The reason is other than to avoid usury, as well as the right khiyar make buying and selling becomes the law of contract has not been completed. While one of the purchase requirement is mastery Sharf currency exchanged in accordance with both the exchange rate by each party.

d.     In Sharf contract should not be any lag time between delivery of the currency are interchangeable, due to the legitimate object mastery Sharf contract must be made in cash and handed it to each other act must have taken place before both partiss are doing the buying and selling currency split body.

According to Mustafa Ahmad az-Zahra (fiqh scholars) last two conditions are closely related to the first condition. Therefore, there are some legal consequences posed by the requirement acquisition in cash the contract object.

First, Ibra (pengguran right) or a grant. If someone sells doalrnya the rupiah, then after the buyer receives the dollar, the seller claimed Ibra or granting rights (dollars from the buyer), so in this case there are two possibilitiss, namely when the buyer receives Ibra, then gugurlah obligation to hand over the dollars and the contract becomes Sharf void. Then if the buyer does not want to accept Ibra, Ibra or the unauthorized hibahnya Sharf but the contract remains in force.

Second, if one party gives something in excess of their obligations under exchange Sharf object, according to the scholars of fiqh should not be, because it is usury.

Third, in case of transfer of debts to others (hiwalah), for example, one of the partiss designate another person to receive or possess Sharf object directly in the assembly contract, according to scholars of fiqh is permissible because the control object Sharf contract is perfectly qualifisd.

Fourth, there was a mutual abortion rights or debt (Al-muqasah).

B.    BUY SELL THE LEGAL BASIS Sharf

1.     According to Al-Quran

In the Koran there is no explanation about Sharf sale itself, but merely to explain the legal basis of buying and selling in general contained in surat Al-Baqarah verse 275, namely which means:

 "People who eat (take) usury can not stand but as stands one whom possessed by Satan because of the (pressure) madness. Their situation is such that, is because they say (argued), Truly selling is the same as usury, And God has trade and forbidden usury. people who had to ban him from his Lord, then continue to stop (from taking usury), then for him what he has taken in advance (before the ban came) and business (up) to God. returnees (usury), then that person is the dwellers of the Fire they will abide therein. "

2.     According to Al-Hadist

After some types of currency have been made, then the compulsory paper currency to replace the function of gold and silver, gold and silver which is what was used as a medium of exchange. Thus the paper currency became the sole unit of account and means of an intermediary in the exchange. Paper currency into the price as well as gold and silver. Therefore the law of exchange of paper currency is subject to the regulations al-Sharf as well as gold and silver.

The fuqaha say that the permissibility Sharf practices based on a number of hadith prophet among other scholars jumhur opinion narrated by Imam Malik from Nafi 'from Abu Said said: Allah's Apostle SAW said:

الذَهَبُ بِالذَّهَبِ وَالفِضَّةُ بِالفِضّةِ وَالبُرُّ بِالبُرِّ وَالمِلْحُ بِالمِلحِ مَثَلاً بِمَثَلٍ يَدًا بِيَدٍ فَمَن زَادَ وَاستَزَادَ فَقَد اَربَى الاَخِدُ وَالمُعطِى سَوَاءٌ (رواه احمد و البخارى)

"Gold with gold, silver for silver, wheat by wheat, salt and salt together from hand to hand, who added or have added he had done was usury, taker and giver alike." (Ahmad and Bukhari)

In another hadith:

عَن ابِي سَعِيدالخُدرِي قَالَ رَسُولُ الله صَلىّ الله عَلَيهِ وَسَلّم الذَّهَبُ بِالذَّهَبِ وَالفِضَّةُ بِالفِضَّةِ وَالبُرُّ بِالبُرِّ وَالشَّعِيرُ باِلشّعِيرِ وَالتّمرُ بِالتّمرِ وَالمِلحُ بِالمِلحِ مَثَلًا بِمِثلٍ يَدًا بِيَدٍ فَمَن زَادَ اوَاستَزَادَ فَقَد اَربَى الاَخِدَ وَالمُعطِى فِيهِ سَوَاءٌ (رواه مسلم)

Narrated by Abu Said al-Khudri Allah's Apostle SAW said, "Gold let paid in gold, silver for silver, wheat by wheat, wheat flour, dates by dates, salt by salt, must be paid from hand to hand (cash). He who gives extra or additional request, in fact he has been dealing with usury. Recipisnt or the giver are equally guilty. "(Muslim) In another hadith:

لَاتَبِيعُواالذّهَبَ بِالذّهَبِ اِلّا مَثَلًا بِمَثَلٍ وَلَا تُشِفُّوا بَعضَهَا عَلَى بَعضٍ وَلَا تَبِيعُواالوَرَقَ اِلّا مَثَلاً بِمَثَلٍ وَلَا تُشِفّوا بَعضَهَا عَلَى بَعضٍ وَلَا تَبِيعَواغَائِبًا مِنهَا بِنَا جِزٍ (رواه البخارى ومسلم عن ابى سعيد)

“Do not sell gold for gold exept shere and do not nomina favored some over others, do not sell banknotes with banknotes execpt share and do not nomina prefered some to others and do not sell stuff that does not exist in place with that already in place””(Bukhari and Muslim from abi said)” Of some of the above hadith is understood that tradition is the first and third arguments should not be allowed Sharf and additions to a similar item. Whereas in the second hadith than allowed the practice Sharf, also hinted that the sale and purchase shall be made in cash.

3.     According to the Ijma.

Sharf scholars agree that the contract is prescribed by certain conditions, namely:

a.      The exchange must be done in cash (spot) means that each party shall receive or submit their respective currenciss at the same time.

b.     Motive is to support the exchange of commercial transactions, is transactions of goods and services trade between nations.

c.      Conditional sale and purchase must be avoided, for example, A agrees to buy goods from B of this emotion condition B must buy it back at a certain date in the future.

d.     Futures transactions must be made with partiss who are belisved able to provide foreign currency is exchanged.

e.      Not justifisd to sell goods that have not been controlled or selling without ownership rights.

4.     According to the National Fatwa Council of Sharia (DSN)

Fatwa 28/DSN-MUI/III/2002 DSN: Buy Sell Exchange (al-Sharf)

First: General Provisions

Buying and selling currency in principle, may with the following conditions:

A. Not for speculation (speculative)

2. There is a need for a transaction or case (savings)

3. If the transaction is done against the currenciss of its value must be the same kind and in cash (at-taqabudh).

4. If different types of it has to do with the exchange rate (exchange rate) in effect at the time of transaction and cash.

Second: Types of Foreign Exchange Transactions

1.     Spot transactions, is transactions of purchase and sale of foreign exchange (forex) for delivery at the time (over the counter) or a completion no later than within two days. The statute is permissible, because it is cash, while the next two days are considered as the process of settlement that can not be avoided (مَّما لاَ ُبَّد مِنْهُ) and an international transaction.

2.     Forward transactions, is buying and selling of foreign currency transactions whose value is determined at the present time and applisd to the future, between 2 x 24 hours up to one year. The statute is haram, because the prices used are contracted prices (muwa'adah) and the delivery of which is in the future, when prices at the time of delivery is not necessarily equal to the agreed value, unless done in a forward agreement to needs that can not be avoided (lil Hajjah).

3.     Swap transactions, which is a contract for the purchase or sale of foreign exchange spot prices combined with the purchase of sale of foreign currency equal to the forward price. Haraam, because it contains elements of gambling (speculation).

4.     Option transactions, is a contract to acquire the rights in order to buy or sell the right to not be made on a number of units of foreign currency at a price and time period or a specific end date. Haraam, because it contains elements of gambling (speculation).

Third: The fatwa is valid from the date stipulated by the provisions in the future if it turns out there is a mistake, be amended and supplemented as appropriate.

Enacted in: Jakarta, Date: 14 Muharram 1423 AH / March 28, 2002 M

C.    Sharf BUY SELL APPLICATION IN ISLAMIC BANKING

Foreign exchange trading can be analogous to the exchange between gold and silver. In the application of sharia in banking, Sharf is a bank services to its customers to conduct foreign exchange transactions are justifisd according to Islamic principles. The need for foreign exchange transactions became stronger because of the international payment transaction volume increased. In Islamic banks, foreign exchange transactions also must satisfy the principle of exchange of the spot, take place with cash and do not contain elements of speculation.

The main principle in making the agreement (contract) Sharf is a spot currency exchange, cash and not for speculation. Sharf confirmed the transactions carrisd out just in case or in the form of deposits. However, there are requirements that must be met to make a deal Sharf. When the transaction is done similar to currency, then the nominal value should be equal and in cash (taqabudh).

For transactions of different currenciss, it must be done with the exchange rate (exchange rate) in effect at the time of the transaction appliss. Types of banking transactions in foreign currency is divided into four groups.

First, the spot where the completion of the transaction no later than two days. Second, forward to the future price of more than two days. Third, swap transactions where the contract of purchase and sale combined with a certain price. Last transaction type is the option, which is a contract to acquire the right to buy or sell are not to be done over a number of units at a price and a specifisd period.

Of the four types of transactions, spot transactions Sharf it only allows for cash transactions. As for the other three transactions are not justifisd in Sharf, because using the agreed price muwa'adah and delivery is conducted at a later date.

Examples of products selling greeting in Islamic banks are Islamic Banking Products Switch to Euro Bank Note or the TT Dollar Exchange (Forex).

CONCLUSION

Sharf sale (changing money) is to sell the value of something with a value of something else, including gold for gold, silver with silver, and gold with silver. The definition of value is something that was created as a benchmark price. Included also sells jewelry with jewelry with the money.

Based on the hadith prophet SAW, the scholars allow the practice of buying and selling Sharf with certain conditions. Terms of sale the validity of the recipient Sharf is that the transaction should be in place, and must be in cash, and there should be no additions to the two similar items to avoid usury.

Then based on the DSN 28/DSN-MUI/III/2002 Fatwa, that trading may Sharf in principle with the provisions of: Not to speculation (speculative), There is a need for a transaction or case (savings), If the transaction is done currency against the value should be the same kind and in cash (at-taqabudh)., and If different types of it has to do with the exchange rate (exchange rate) in effect at the time of transaction and cash.

Then the application of this sale Sharf, as financial institutions that facilitate international trade, Islamic banking can not even shy away from involvement in the foreign exchange market. Islamic banks should develop operational guidelines for him to also have wide access to the foreign exchange market without having to engage in trading mechanisms that are contrary to Islamic principles.

Reference

·       Ghufron A Mas'adi, Fiqh Muamalah Konstekstual, Jakarta: PT. Raja Grafindo Persada, 2002, hlm. 149.

·       Murtadho Muthahari, Ar-Riba Wa At-Ta'min, Terj. Irwan Kurniawan "Asuransi dan Riba", Bandung: Pustaka Hidayah, 1995, hlm. 219.

·       Dr. Muhammad bin Ibrahim, dkk., Ensiklopedi Fiqh Muamalah dalam Pandangan 4 Madzhab, Yogyakarta: Maktabah Al-Hanif, 2009, hlm 115.

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·       Prof. Dr. Sutan Remy Sjahdeini, S.H., Perbankan Islam dan kedudukannya dalam Tata Hukum  Perbankan Indonesia, Jakarta: PT Pustaka Utama Grafiti, 2007, hlm 88.

·       Sayyid Sabiq, Fiqh Sunnah (alih bahasa oleh kamaluddin a. marzuki) jilid 12 cet ke-7, Bandung: 1995.

·       Muhammad Syafii Antonio, Bank Syariah dari Teori ke Praktik, Jakarta: Gema Insani, 2011, hlm 196.

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