TRANSAKSI  VALUTA ASING (AL-SHARF) DALAM PERSPEKTIF ISLAM

The written text attempts to explain transactional problem (trade) foreign exchange of Islamic law trade. It is caused by the international trade phenomena that won’t be free from state currency one another as a payment tool in which accelerate the traffic of international trade activity. The necessity of currency conversion in the international trade will bring up out of foreign exchange demand and supply in the foreign exchange market; it will cause foreign exchange trade transaction at last. Based on the variety of Islamic laws analysis, it is known that the foreign currency trade practice (al-sharf) is allowed if done based on each other agreement and cash, not to have a speculation (undertake something hoping for the best), there is transactional needed or aware of (saving), and if the transaction done toward the same type of currency so, it must have the same value and if it’s different, it must be done using prevailed rate of exchange (kurs) in the moment of transaction. The following types of foreign exchange transaction in the foreign exchange market, it is only spot transactional type allowed, meanwhile forward, swap, and option are forbidden because they aren’t cash and contain of maisir (speculation). Besides, the participants should pay more attention toward constrains of foreign exchange trade transaction and they should be able to avoid divergences that are forbidden in Islamic of syariah trade like extortionate, forcing and many others. In this case, these cause the transaction of foreign exchange trade is prohibited.

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The equilibrium model of demand and supply at the Ukrainian Interbank Foreign Exchange Market: disclosure of problematic aspects

Banks and Bank Systems ◽

10.21511/bbs.12(4).2017.03 ◽

2017 ◽

Vol 12 (4) ◽

pp. 31-43 ◽

Cited By ~ 1

Author(s):

Anzhela Kuznyetsova ◽

Nataliia Misiats ◽

Olha Klishchuk

Keyword(s):

Foreign Exchange ◽

Equilibrium Model ◽

Foreign Exchange Market ◽

Inflation Targeting ◽

Foreign Currency ◽

Gap Analysis ◽

Exchange Market ◽

Demand And Supply ◽

Trade Offs ◽

The One

This article is devoted to building of the equilibrium model between demand and supply on foreign currency at the Ukrainian Interbank Foreign Exchange Market (non-cash share). The authors discussed that appeared trade-offs are a product of established current foreign arrangement, administrative measures provided by the National Bank of Ukraine and range of fundamental variables, which are traditionally significant for Ukrainian economy. By means of FAVAR modeling model of demand and supply equlibrium on non-cash foreign currency was built on empirical data of Ukrainian Interbank Foreign Exchange Market, splitted into the periods, proposed by the authors. Next, it was discussed disconnection properties in the model and shown log-linearized specification of the one. The efficiency of fulfillment hypothesis on decointegrating of the fundamental variables' time series has been provided in form of critical statistics values. Also, instrument of GAP analysis of deviation from equilibrium state was proposed and the further analysis of a regulation style of monetary authority was provided. In conclusion, it was summarized that increased share of the cash out of the banks has significantly jeopardized the price stability in Ukraine and the NBU interventions would become more effective if the flexible foreign exchange rate will be accompanied with flexible regime of inflation targeting.

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Foreign Exchange Market and the Asset Approach

International Journal for Research in Applied Science and Engineering Technology ◽

10.22214/ijraset.2021.37956 ◽

2021 ◽

Vol 9 (9) ◽

pp. 351-356

Author(s):

Dr. Varsha Agarwal

Keyword(s):

International Trade ◽

Exchange Rates ◽

Foreign Exchange ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Trade Flows ◽

Exchange Market ◽

Abstract Exchange ◽

Relative Prices ◽

Goods And Services

Abstract: Exchange rates play a central role in international trade because they allow us to compare the prices of goods and services produced in different countries. A consumer deciding which of two American cars to buy must compare their dollar prices. Households and firms use exchange rates to translate foreign prices into domestic cur-rency terms. Once the money prices of domestic goods and imports have been expressed in terms of the same currency, households and firms can compute the relative prices that affect international trade flows. Keywords: Foreign Exchange, Exchange Rate, International Trade, Foreign Currency, FOREX Rate, Assets Approach.

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A Study On Technical Analysis With Reference To International Forex

Think India ◽

10.26643/think-india.v22i3.8470 ◽

2019 ◽

Vol 22 (3) ◽

pp. 1129-1144

Author(s):

Bichith C. Sekhar ◽

A. Umamaheswari

Keyword(s):

Foreign Exchange ◽

Abnormal Return ◽

Foreign Exchange Market ◽

Relative Strength ◽

Exchange Market ◽

Strength Index ◽

Technical Tool ◽

Alpha Beta ◽

Decentralized Market ◽

Currency Conversion

The foreign exchange market (Forex, FX, or currency market) is a global decentralized market for the trading of currencies. The foreign exchange market assists international trade and investments by enabling currency conversion. Our study is to test the technical tools to analyze about the technical impact and its return in the market. For this purpose 13 cross currency pairs were taken as sample size and Jensen’s Alpha, Beta, Relative Strength Index, and Buy and Hold Abnormal Return were used as technical tool for analysis and the conclusion is that it’s not preferred to invest in JPY pairs as the volatility and the return are not up to the mark and its preferred to invest in EURCAD as the return was high when compared to other scripts and the market was moving accordingly to its cross currency pair.

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HEDGING CURRENCY RISKS IN INTERNATIONAL BUSINESS USING THE OPPORTUNITIES OF THE INTERNATIONAL FOREIGN EXCHANGE MARKET

Market Infrastructure ◽

10.32843/infrastruct56-21 ◽

2021 ◽

Author(s):

Olena Liegostaieva

Keyword(s):

Exchange Rate ◽

Foreign Exchange ◽

International Business ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Exchange Market ◽

Currency Risk ◽

Exchange Rate Fluctuations ◽

Current Value ◽

Financial Result

The article is devoted to the study of currency risk hedging in international business. The article notes that the international foreign exchange market is the largest and fastest growing of all world markets. The characteristic features of the international currency market are substantiated and offered. It is also noted that foreign exchange transactions provide economic ties between participants located on different sides of state borders: settlements between firms from different countries for the supply of goods and services, foreign investment, international tourism and business travel. It is determined that hedging of currency risks is the protection of funds from the unfavorable movement of exchange rates, and is carried out in fixing the current value of funds by concluding an agreement on the foreign exchange market. When hedging, the risk of exchange rate changes disappears, and this makes it possible to forecast the company's activities and see the financial result, which is not distorted by exchange rate fluctuations, which will allow you to determine product prices, calculate profits, etc. The main difference between hedging and other types of transactions is that its purpose is not to generate additional profits, but to reduce the risk of potential losses, as risk reduction is almost always necessary to pay, hedging, of course, involves additional costs. Hedging is a way to improve business planning. An enterprise wishing to use this service shall pledge the specified amount, from which losses on its positions will be deducted. In today's conditions, thanks to the foreign exchange market, there is a very reliable way to hedge currency risk. This method is to fix the current value of funds by concluding agreements in this market. With hedging, the company eliminates the risk of exchange rate fluctuations, and this allows you to forecast activities and see the financial result, which is not changed by exchange rate fluctuations. Allows you to pre-determine product prices, determine profits, etc. Thus, the principle of hedging in international business is to open a currency position in a foreign currency account for future transactions to convert funds.

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EXCHANGE MARKET PRESSURE INDEX AS A MACROECONOMIC RISK MEASURING INSTRUMENT

Economy and sociology ◽

10.36004/nier.es.2020.1-01 ◽

2020 ◽

pp. 10-20

Keyword(s):

Economic Development ◽

International Trade ◽

Foreign Exchange ◽

Financial Stability ◽

Foreign Exchange Market ◽

The State ◽

Exchange Market ◽

Republic Of Moldova ◽

Pressure Index ◽

The Republic

The financial sector of the Republic of Moldova belongs to the developing ones and is characterized by a higher level of risk and, therefore, a higher likelihood of a systemic crisis. Globalization and development of advanced information technologies not only create great opportunities for rapid economic development, but also pose serious security threats to the economic development of states, especially in a developing economy. In these conditions, the issue of ensuring the financial stability of the state is becoming increasingly relevant. The state of the financial and foreign exchange market represents one of the most important aspects of the financial security of the state. This study has been developed as part of the scientific project 15.817.06.02A "Development of tools for measuring the financial stability of the state". The study analyzes various macrofinancial risk management tools. The purpose of this study was to calculate the pressure index on the foreign exchange market of both the Republic of Moldova and the main partner countries in terms of international trade. The results of related studies conducted by the authors of this work, which revealed that stability indicators in the foreign exchange market are associated with foreign trade risks served as an argument for the authors of the work to calculate the pressure index on the currency market of Romania and the Russian Federation for comparison with the indicators of the Republic of Moldova. Methods used in research include theoretical and comparative approaches, descriptive statistics and econometric models. The results of the research showed that international trade and the foreign exchange market are interdependent. The first can be considered a channel for transmitting the currency crisis, since demand increases with increasing imports, and this leads to increased pressure on the foreign exchange market. Increased exports reduce pressure on the foreign exchange market. But the greatest impact on the foreign exchange market in the Republic of Moldova is made by remittances from abroad, which are directly correlated with the dynamics of labor exports. At the same time, it was concluded that at present, due to macroprudential regulation, there are no linear dependencies in financial markets and, therefore, there are no correlations, but only the interdependence of variables.

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Kontrak Tukaran Matawang Asing Melalui Internet: Satu Tinjauan Hukum

UUM Journal of Legal Studies ◽

10.32890/uumjls.6.2015.4593 ◽

2015 ◽

Author(s):

Alias Azhar ◽

Mohd Zaki Zainol ◽

Mohd. Nizho Abdul Rahman

Keyword(s):

International Trade ◽

Foreign Exchange ◽

Foreign Currency ◽

Islamic Law ◽

The Internet ◽

Modus Operandi ◽

Legal Assessment ◽

Currency Exchange ◽

Internet Discussion

Foreign currency exchange contracts or foreign exchange (forex) began to arise when there is an international trade transaction involves two countries using different currencies. The legal assessment of the said issue should apply methods of interpretation and understanding of the terms to be applied in the contract. Terms such as leverage, hedging (hedging) and swap are thoroughly evaluated based on a practical modus operandi allowing for the precise legal assessment. This article discusses the contractual issues and modus operandi of foreign currency transactions and its application from the practical aspects using the Internet. Discussion on the legal assessment is based on the Islamic law of transactions on applied type of contract ('akad), the use of hedging and leverage in foreign exchange contracts via the Internet. Keywords: Contract, Foreign Exchange, Islamic Transaction, Leverage, Muamalat

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ACQUAINTANCE TO FOREX FOREIGN EXCHANGE MARKET

Vìsnik Sumsʹkogo deržavnogo unìversitetu ◽

10.21272/1817-9215.2020.1-20 ◽

2020 ◽

pp. 174-180

Author(s):

O. Zaitsev ◽

T. Dvorianova

Keyword(s):

Foreign Exchange ◽

Professional Training ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Point Of View ◽

Easy Access ◽

Exchange Market ◽

Potential Threat ◽

Currency Market ◽

Financial Transactions

The article draws attention to the steady growth of the general trend of direct participation of individuals in financial transactions using electronic platforms. In particular, the article notes the increased interest in participating in operations in the Forex currency market. It is emphasized that relatively technically easy access to participation in financial transactions through the use of electronic platforms is currently a potential threat to financial security for the funds of participants in such transactions. This is a lack of professional training of most novice traders who voluntarily become participants in financial transactions. It is emphasized that stock exchange transactions on stock markets, purchase and sale of currency on electronic platforms, transactions with gold, etc. require, along with general, also special knowledge on certain specific areas of economic development and financial relations. Also, psychological and behavioral factors begin to "work" in such relationships. It is noted that only from the beginning of 2019 in Ukraine at the legislative level began a systematic regulation of the structure of the foreign exchange market and the procedure for trading in foreign currency. The article states that it is time to pay attention to digitalized trading activities from a professional point of view and start teaching in educational institutions the relevant disciplines for training and acquiring students' general skills in trade and financial transactions on electronic platforms. From this point of view, the article provides an introductory review of the Forex currency market, outlines the principles of its operation, pays more attention to trading strategies. As a result, the following conclusions are made that, first, the foreign exchange market is highly profitable provided that its trends are mastered; secondly, the foreign exchange market is high risk; it is necessary to understand not only in many terms, but, especially, in processes and situations in the financial-globalized world to confidently use charts of change of cost of currencies for profit; thirdly, there are many different strategies that can be used successfully in the currency market, from the simplest - for amateurs, to more complex - for experienced traders, but none of them will fit perfectly for a particular psychotype, professional level and amount of time a person - trader can pay trade. Of particular value, according to the authors, is the following conclusion: a trader creates his own strategy, which provides a greater likelihood of earnings in the international Forex market. Currency trader is a creative activity, but an activity based on mastering a large base of professional knowledge.

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IMPLEMENTASI TEKNOLOGI INFORMASI UNTUK PERAMALAN DINAMIKA BISNIS (STUDI PADA BISNIS VALAS)

J-MACC : Journal of Management and Accounting ◽

10.52166/j-macc.v3i2.2069 ◽

2020 ◽

Vol 3 (2) ◽

pp. 55-61

Author(s):

Khofifah Amalia ◽

Amalia Salsabila Ariyanto

Keyword(s):

Foreign Exchange ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Business Sector ◽

Exchange Market ◽

Business World ◽

Legal Tender ◽

Quantitative And Qualitative Research ◽

A Value ◽

Exchange Transactions

This study aims to determine the implementation of information technology in foreign exchange. By using quantitative and qualitative research methods as well as associative. research that comes from the presence of data and utilizes existing theories as an explanation. With the development of technology, every company tries to always provide the best service to its customers in the business field. In the business sector, technology plays an important role, especially in banking. It cannot be separated from one that we may rarely hear but which plays an important role in the business world, namely the existence of foreign exchange. Foreign currency or commonly referred to as foreign exchange is the currency that is used as a legal tender in the country. Foreign currency will have a value if that foreign currency can be exchanged for another foreign currency without restrictions. Foreign exchange transactions can occur in the foreign exchange market.

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Foreign exchange market pressure index and monetary policy in Iraq

Economic Annals ◽

10.2298/eka1819061k ◽

2018 ◽

Vol 63 (219) ◽

pp. 61-82

Author(s):

Ammar Khalaf

Keyword(s):

Monetary Policy ◽

Foreign Exchange ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Series Data ◽

Policy Intervention ◽

Exchange Market ◽

Exchange Market Pressure ◽

Pressure Index ◽

Market Pressure

This paper?s aims are to adequately measure a foreign exchange market pressure index that can be used to discover pressures in the Iraqi foreign exchange market early on, and to examine the effect of monetary policy intervention in the Iraqi foreign exchange market. The modelling approach used is Autoregressive Distributed Lag (ARDL), with monthly time series data spanning 2013-2017. The index used in this paper was able to identify different periods of pressure in the Iraqi foreign exchange market. In addition, the econometric analysis found that the traditional proxies for monetary policy intervention in the foreign exchange market, such as domestic credit and money multiplier, were ineffective in the case of Iraq. The results show that the Central Bank of Iraq (CBI) relied extensively on foreign reserves to mitigate pressures in the foreign exchange market. Due to the nature of the Iraqi economy and where the main source of foreign currency is oil exports, the CBI adopted a fixed exchange rate regime to control inflationary expectations and stabilize the foreign exchange market.

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New hybrid fuzzy time series model: Forecasting the foreign exchange market

Contaduría y Administración ◽

10.22201/fca.24488410e.2021.2623 ◽

2020 ◽

Vol 66 (3) ◽

pp. 263

Author(s):

José Eduardo Medina Reyes ◽

Salvador Cruz Aké ◽

Agustín Ignacio Cabrera Llanos

Keyword(s):

Time Series ◽

Exchange Rate ◽

Foreign Exchange ◽

Foreign Exchange Market ◽

Foreign Currency ◽

Time Series Data ◽

Arima Model ◽

Fuzzy Time Series ◽

Series Data ◽

Exchange Market

This paper develops the comparison of the volatility prediction of the traditional models (ARIMA, EGARCH, and PARCH), with respect to the Hybrid Fuzzy Time Series and Fuzzy ARIMA Model of Tseng’s and Tanaka’s methodology (FTS-Fuzzy ARIMA Tseng and FTS-Fuzzy ARIMA Tanaka). For this purpose, it applies to the time series of the foreign exchange market to forecast the foreign currency exchange rate of Mexican Pesos against American Dollar, the growth rate of the time series data in a daily format from January 2008 to December 2017, to perform the sample test is used January 2018. The main result is that the models based on fuzzy theory generate a better estimate of the volatility of the foreign exchange rate.

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