Assalam I am not a scholar but a CISAA certified advisor and auditor from AAOIFI and I hold a degree in economics and jurisprudence To answer your question The answer needs to be in the focus of islamic economic framework such as
*Muslims are not to deal in interest.* "Those who devour usury will not stand....Allah has permitted trade and forbidden usury.... Allah will deprive usury of all blessing, but will give increase for deeds of charity..." (Qur'an 2:275-6). "O you who believe! Devour not usury, doubled and multiplied. But fear Allah, that you may really prosper" (Qur'an 3:130) This prohibition is for all interest-based transactions, whether giving or receiving, whether dealing with Muslims or non-Muslims. It is reported that the Prophet Muhammad (peace be upon him) cursed those who pay interest, those who receive it, those who write a contract based on it, and those who witness such a contract. - *Forbidden are earnings from gambling, lotteries, and the production, sale, and distribution of alcohol.* "O you who believe! Intoxicants and gambling, sacrificing to stones, and divination by arrows are an abomination of Satan's handiwork. Eschew such abomination, that you may prosper" (Qur'an 5:90) - *A Muslim should be responsible in spending money.* Extravagance and waste are strongly discouraged. "[The Servants of Allah are] Those who, when they spend, are not extravagant and not stingy, but hold a just balance between those extremes" (Qur'an 25:67). "O Children of Adam! Wear your beautiful apparel at every time and place of prayer. Eat and drink, but waste not by excess, for Allah loves not the wasters" (Qur'an 7:31). There is no specific standard for clearance HOWEVER as to clearance of commodies i refer you to standard no immediate clearance of transactions umber 1 on clearance of foreeign exchange operations and commodies which are based on the prophet pbuh sayings and hadiths referring to the need to clear transactions on the same majlis reference to *Fiqhi Issues* In Commodity Futures* Mohammad Hashim Kamali**<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn1> **<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref1>Professor of Islamic law and Jurisprudence, International Islamic University, Malaysia, Kuala Lumpur. Muhammad Akram Khan made a statement that “futures trading is alien to Islamic law as it involves trading without actual transfer of the commodity or stock to the buyer, which is explicitly prohibited by the Prophet.”[1]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn1>The *H**ad**i**th* cited in support addressed a Companion, Hakim ibn Hizam to “sell not what is not with you.” Khan did not take this *H**ad**i**th* to its logical conclusion and has not explored the juristic discourse of the * fuqah**a**’* and commentators on the issues he has raised, and yet he stated categorically that “all the transactions in these chain are unlawful;” and “the Islamic position on futures market is quite clear.”[2]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn2>Khan passed the same negative judgment on forward contracts: Futures contracts “have a strong element of speculation” and forward contracts which consist of an exchange of promises “are not legally enforceable.”[3]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn3> In his 1983 publication on the Islamic law of obligations, Subhi Mahmassani stated in passing that “contracts concerning future things (*al ashya’ al mustaqbalah*) are basically invalid, for such things are non-existent at the time of contract – except for the fact that the majority of jurists have exceptionally permitted certain contracts such as *salam* (forward sale) and *isti**s**n**a[* (contract of manufacture).”[4]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn4>It is stated further that proprietary contracts ([ *uq**u**ūd al taml**i**k*), which seek to postpone the transfer of ownership of the object specified in the contract is a form of gambling, which is why they are prohibited.[5]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn5> In his 1982 article entitled “Ra’y al Tashri[ al Islami fi Masa’il al Bursah” (The *Shar**i[**ah* Perspective on Bourse-Related Issues, Ahmad Yūsuf Sulayman reviewed the *fiqh**i* rules on such issues as the sale of objects that the seller does not own, sale prior to taking possession, deferred sale, an sale of the nonexistent. He applied the rules of conventional sale on these issues directly to futures and passed prohibitive judgments on almost every case. Sulayman also relied on the earlier quoted *H**ad**i**th* but has not looked into its meaning and rationale, and stated that the *Shar**i[**ah* has validated *salam*(forward sale in which only the price is paid at the time of contract, but delivery is postponed to a future date), and that this is the only framework within which a deferred sale involving a future delivery can be validly concluded.[6]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftn6> ------------------------------ [1]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref1>Muhammad Akram Khan, “Commodity Exchange and Stock Exchange in an Islamic Economy,” *The American Journal of Islamic Social Sciences* 5, no. 1 (Spring 1988): 91. [2]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref2>Ibid., 99. [3]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref3>Ibid., p. 104. [4]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref4>Subhi Mahmassani, *al-Mawjibat wa al **[**Uqūd fi al Fiqh al Islami*, 3rd ed. (Beirut: Dar al Ilm li al Malayin, 1983), 327. [5]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref5>Ibid., 475. [6]<file:///C:/Users/y/Downloads/Fiqhi%20Issues%20in%20Commodity%20Futures%20by%20Mohammad%20Hashim%20Kamali.doc#_ftnref6>Ahmad Yūsuf Sulayman, “Ra’y al Tashri[ al Islam fi Masa’il al Bursa,” *iya* (Cairo: al Ittihad al Duwali li al Bunūk al Islamiya, 1402/1982) 5:387ff.** More references: Shariah Parameters on *Islamic Foreign Exchange* Swap as Hedging *...*<http://www.kantakji.com/fiqh/Files/Finance/N398.pdf> Mechanism in *Islamic* Finance. By: Dr. Asyraf Wajdi Dusuki*. Abstract. * Islamic* *Foreign Exchange* Swap (hereafter *Islamic* FX Swap) is a contract that is designed *...* www.kantakji.com/fiqh/Files/Finance/N398.pdf *Islamic Foreign Exchange* Swap as a Hedging Mechanism<http://www.eurekahedge.com/news/09_dec_IFN_Islamic_Foreign_Exchange_Swap_as_a_Hedging_Mechanism.asp> *Islamic foreign exchange* swap (*Islamic* FX swap) is a contract that is designed as a hedging mechanism to minimise market participants' exposure to volatile *...* www.eurekahedge.com/news/09_dec_IFN_Islamic_Foreign_Exchange_Swap_as_a_Hedging_Mechanism.asp shariah parameters on the *islamic foreign exchange* swap<http://www.asyrafwajdi.com/home/index.php/en/publication/islamic-finance?download=13%3Ashariah-parameters-on-the-islamic-foreign-exchange-swap-as-a-hedging-mechanism-in-islamic-finance> ISRA International Journal of *Islamic* Finance • Vol. 1 • Issue 1 • 2009. Sharشرah ParameterS on the. *ISlamIc ForeIgn exchange* SwaP. aS a hedgIng * ...* www.asyrafwajdi.com/home/index.php/en/publication/islamic-finance?download=13:shariah-parameters-on-the-islamic-foreign-exchange-swap-as-a-hedging-mechanism-in-islamic-finance I hope i shed some light on the sources regards dear sir 2012/9/10 Musa Bala <[email protected]> > > > *Assalamu alaikum warahmatullahi wabarakatuh* > > *Dear respected scholars, bankers, professionals in Islamic Banking, may > almighty Allah protect and bless you all.* > > *I would like to solicit for your kind assistance to provide me with some > knowledge about the procedures of check clearance in Islamic Banks. I do > have some knowledge about the check clearance in Conventional Banks but I > want to know about the procedures in Islamic banks too, for the purpose > of improving my theses. I would like to know, is there any difference > between the procedures which have being practiced in Islamic and > Conventional banks? * > > *Thank you and May Almighty Allah give return to your kindness* > > -- > -- > You received this message because you are subscribed to the Google Groups > "Kantakji Group" group. > To post to this group, send email to [email protected] > To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان > التالي رسالة فارغة, send email to > [email protected] > For more options, visit this group at > http://groups.google.com/group/kantakjigroup?hl=en > سياسة النشر في المجموعة: > ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد > الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على > مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر > العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد > الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم > على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة > تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة. > > > > -- *Maan Barazy* *Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - **MA Islamic Comparative Jurisprudence - **BS International Economics * *Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer* -- -- You received this message because you are subscribed to the Google Groups "Kantakji Group" group. To post to this group, send email to [email protected] To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان التالي رسالة فارغة, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kantakjigroup?hl=en سياسة النشر في المجموعة: ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
