scholarly journals Kontrak Tukaran Matawang Asing Melalui Internet: Satu Tinjauan Hukum

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  

scholarly journals TRANSAKSI VALUTA ASING (AL-SHARF) DALAM PERSPEKTIF ISLAM

IQTISHODUNA ◽  
2011 ◽  
Vol 3 (2) ◽  
Author(s):  
Muhammad Sulhan
Keyword(s):  
International Trade ◽  
Foreign Exchange ◽  
Foreign Exchange Market ◽  
Foreign Currency ◽  
Islamic Law ◽  
Exchange Market ◽  
Demand And Supply ◽  
Written Text ◽  
The Moment ◽  
Currency Conversion

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.

Non-Usury Bank Corporation (NUBankCo): The Solution to Islamic Banking

2019 ◽  
Vol 2 (1) ◽  
pp. 53-66
Author(s):  
Bijan Bidabad
Keyword(s):  
Corporate Governance ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Financial Institution ◽  
Precious Metals ◽  
Behavioral Model ◽  
Islamic Banking ◽  
Currency Exchange ◽  
Financial Characteristics ◽  
Conventional Banks

In this paper, we are going to introduce a new Islamic financial institution with elaborated economic and financial characteristics. «Non-Usury Bank Corporation» (NUBankCo) is defined in a way that depositors are the shareholders of the Bank. This corporation is a new kind of shared ownership corporation which its shareholders are deposit holders and their deposits work as corporation’s equities. The defined bank can perform non-usury operations, and by designing a behavioral model, it is shown that NUBankCo can draw an environment that the welfare of society is to be maximized. Mobility of deposit resources in NUBankCo is less than conventional banks, and there are fewer conflicts between large and small shareholders/depositors and limits the emergence of shareholders’ cartels and thus huge sudden outflow of funds which creates bankruptcy crises.OECD’s corporate governance criteria are completely adaptable to this bank. Other pronouncements like Basel, AAOFI, IFSB, and FSF can be applied to this bank. NUBankCo can be established in different countries and can be adapted to different monetary, banking, foreign exchange, and commercial laws and regulations and can coexist in competition with conventional banks.NUbankCo will be Islamic in deposit mobilization side and will be Islamic in the loan/credit side for certain Islamic contracts and banking operations. Foreign currency exchange operations, bonds, commercial papers, and precious metals transactions, cash and draft operations, and credit and beneloan (non-interest loan) operations are characterized for NUBankCo to be fully Islamic.

scholarly journals Uprawnienia kredytobiorcy zaciągającego kredyt denominowany lub indeksowany do waluty innej niż polska w świetle ustawy antyspreadowej

Ekonomia ◽  
2018 ◽  
Vol 24 (1) ◽  
pp. 39-56
Author(s):  
Magdalena Paleczna ◽  
Edyta Rutkowska-Tomaszewska
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Consumer Credit ◽  
Competitive Position ◽  
Credit Facility ◽  
Currency Exchange ◽  
Currency Exchange Rate ◽  
Credit Law ◽  
Credit Contract

Rights of the borrower committing denominated or indexed loan in a foreign currency in light of the Anti-spread ActIn 2004–2008 banks offered consumer denominated loan in a foreign currency, which was a competitive position in relation to a PLN credit facility. Banks had not informed about foreign exchange differences, therefore had caused increase in household indebtedness. Banks also had reserved that consumer has to buy currency only from the bank-lender. In 2011 the Anti-spread Act was adopted, which amended banking law and consumer credit law. Creditors were obligated to inform consumer about rules of determining the manners and dates of fixing the currency exchange rate on the basis of which in particular the amount of credit, its tranches and principal and interest instalments are calculated, and the rules of converting into the currency of credit disbursement or repayment. That information and information about the rules of opening and operating the account shall be concluded in a credit contract. Borrower can repay principal and interest instalments and prepay the full or partial amount of the loan directly in that currency.

scholarly journals Foreign Exchange Market and the Asset Approach

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.

scholarly journals Tindak Pidana Pencurian Jaringan Wifi Menurut Pasal 30 Undang-Undang Nomor 19 Tahun 2016 Tentang Informasi dan Transaksi Elektronik

2021 ◽  
Vol 6 (1) ◽  
pp. 51
Author(s):  
M. Syuib ◽  
Maisarah Maisarah
Keyword(s):  
Mobile Phone ◽  
Islamic Law ◽  
Security System ◽  
The Internet ◽  
Electronic Information ◽  
Modus Operandi ◽  
Research Problems ◽  
The Law ◽  
Banda Aceh ◽  
Or Applications

This research is motivated by the number of internet (Wi-Fi) stealing around Syiah Kuala Sub District, Banda Aceh, in which this action can disserve the owner of the internet and against to the law. The method of this research is qualitative in which it describes the result of research objectively to conditions encountered in the gorund. The research problems are how the Wi-Fi internet is theft (modus operandi) and what are juridical consequences of the act according to Article 30 of Law No. 19/2016 concerning Electronic Information and Transactions, and how is the Islamic law perspective on the act of internet stealing. The result showed that the modus operandi of Wi-Fi internet stealing is by using a laptop or mobile phone and downloading certain software or applications they need to break through the security system and obtain a username and password. Theft or internet (Wi-Fi) stealing in Syiah Kuala District, Banda Aceh City, can be punished under Article 30 paragraph (1), (2) and (3) in conjunction with Article 46 paragraph (1), (2) and (3) Law No. 19/2016 concerning Electronic Information and Transactions. The action categorized as illegal access. The theft of the Wi-Fi internet in Islamic law perspective is clearly prohibited (haram) due to someone has used other people property without permission. So, it is expected that the perpetrators or other people in order not to do the actin because it is against to the law, and also expected the Wi-Fi owner could report the case to the police.

The effects of eliminating Riba in foreign currency transactions by introducing global FinTech network

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Selim
Keyword(s):  
International Trade ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Banking System ◽  
Global Network ◽  
Content Type ◽  
Positive Effects ◽  
Cross Border ◽  
Financial Transactions ◽  
Number Of Customers

Purpose This paper aims to investigate the effects of eliminating Riba in foreign currency transactions. Riba or interest arises when foreign currencies are bought and sold at different rates. From the Islamic perspective, the difference between the buying and selling rates of foreign exchange will constitute Riba. Also, this paper examines the effects of eliminating such Riba on major macroeconomic variables. Design/methodology/approach This study is based on the hadith which imply that if buying and selling rates of currencies or foreign exchanges are same, i.e. if one sells BD1 = Dh10 and Dh10 = BD1 on spot, there will be no Riba. This can be guaranteed if the Islamic banking system introduces the technology, often known as FinTech interest-free foreign exchange bank machines (IFfexBM), which will automatically dispense BD10 for Dh100 and vice-versa, both locally and globally, and it will have tremendous positive effects in the economy. Furthermore, the effects of introducing FinTech for eliminating Riba will be analyzed on economic and international trade activities by using aggregate expenditure (AE) and aggregate output model within the tenets of Islamic principles. Findings If Islamic banks (IBs) can introduce FinTech global network system where any client can buy or sell foreign currency at the same rate without any markup, it will increase the market share for IBs by increasing the number of customers and number of branches, and it will increase the inflow of funds and volumes of transactions, especially in international trade, global financial transactions and cross-border shopping. Such an increase in transactions will increase AE and AE will continuously shift up. Such an upward shift will have positive effects on equilibrium output, employment and prosperity. Originality/value This is, perhaps, one of the latest attempts to eliminate Riba from foreign exchange transactions by introducing FinTech IFfexBM in each and every locality. Such elimination of Riba will not only reduce the cost of cross-border transactions but it will also reduce cost in international trade and financial transactions among nations, and therefore, it will have expansionary effects on equilibrium output, employment and global prosperity.

scholarly journals An Intelligent Event-Sentiment-Based Daily Foreign Exchange Rate Forecasting System

2019 ◽  
Vol 9 (15) ◽  
pp. 2980 ◽  
Author(s):  
Muhammad Yasir ◽  
Mehr Yahya Durrani ◽  
Sitara Afzal ◽  
Muazzam Maqsood ◽  
Farhan Aadil ◽  
...  
Keyword(s):  
Deep Learning ◽  
Exchange Rate ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Foreign Exchange Rate ◽  
Exchange Rate Forecasting ◽  
Currency Exchange ◽  
Currency Exchange Rate ◽  
Us Dollar ◽  
The Exchange Rate

Financial time series analysis is an important research area that can predict various economic indicators such as the foreign currency exchange rate. In this paper, a deep-learning-based model is proposed to forecast the foreign exchange rate. Since the currency market is volatile and susceptible to ongoing social and political events, the proposed model incorporates event sentiments to accurately predict the exchange rate. Moreover, as the currency market is heavily dependent upon highly volatile factors such as gold and crude oil prices, we considered these sensitive factors for exchange rate forecasting. The validity of the model is tested over three currency exchange rates, which are Pak Rupee to US dollar (PKR/USD), British pound sterling to US dollar (GBP/USD), and Hong Kong Dollar to US dollar (HKD/USD). The study also shows the importance of incorporating investor sentiment of local and foreign macro-level events for accurate forecasting of the exchange rate. We processed approximately 5.9 million tweets to extract major events’ sentiment. The results show that this deep-learning-based model is a better predictor of foreign currency exchange rate in comparison with statistical techniques normally employed for prediction. The results present evidence that the exchange rate of all the three countries is more exposed to events happening in the US.

scholarly journals Tourism Demand Analysis Using Probabilistic Travel Model: A Study In Pokhara

Pravaha ◽  
2018 ◽  
Vol 24 (1) ◽  
pp. 58-63
Author(s):  
Dila Ram Bhandari
Keyword(s):  
Foreign Exchange ◽  
Foreign Currency ◽  
Demand Analysis ◽  
Tourism Demand ◽  
Policy Makers ◽  
Foreign Earnings ◽  
Currency Exchange ◽  
Tourism Sector ◽  
International Tourist ◽  
The World

Tourism is now one of the largest industries in the world that has developed alongside the fascinating concept of eco-tourism. Nepal Tourism Policy 2009 identifies tourism sector as an important vehicle for economic and social development. Revenue from tourism sector is observed from foreign currency exchange made by tourists and tourism industries as proxy of income. According to Tourism Towards 2030, the number of international tourist arrivals worldwide is expected to increase by an average of 3.3% a year over the period 2010 to 2030. At the projected rate of growth, international tourist arrivals worldwide are expected to reach 1.4 billion by 2020, and 1.8 billion by the year 2030. Nepal aims to transform its tourism sector into one of the largest foreign exchange earners in 2016 by attracting 2.5 million high spending tourists. Tourism was ranked as the fifth largest source of foreign exchange earnings in 2012 and third largest in 2013 contributing 5.2 percent to total foreign earnings of the country. This study shows the tourism infrastructure as well as seasonal arrival of tourists in Nepal and to develop the probabilistic travel model on the basis of tourist perception which will help the tourism department for the further economic development of the area. R-Studio based on data from the sample period from 2008 to 2016. The formula presented in this study can be used by policy makers to calculate future foreign exchange earnings, employment, arrivals and prices related to tourism in Nepal. Pravaha Vol. 24, No. 1, 2018, Page: 58-63

scholarly journals Forecasting INR Exchange Rate Against USD, GBP, JPY, SGD, EUR, AED Using Machine Learning

2021 ◽  
pp. 684-689
Author(s):  
Sumith Pevekar
Keyword(s):  
Machine Learning ◽  
Exchange Rate ◽  
Random Forest ◽  
Foreign Exchange ◽  
Foreign Currency ◽  
Foreign Exchange Rate ◽  
Random Forest Algorithm ◽  
Currency Exchange ◽  
Predicting Performance ◽  
Machine Learning Model

The price of a native currency expressed in terms of another currency is known as a foreign exchange rate. In other terms, a foreign exchange rate compares the value of one currency to that of another. The value of standardized currencies varies with demand, supply, and consumer confidence around the world due to which their values fluctuate over time. To forecast the exchange rate of INR, I have developed a machine learning model. The model was trained to estimate six foreign currency exchange rates against the Indian Rupee using historical data. This model uses Random Forest algorithm to train and predict the values. The suggested system’s predicting performance is assessed and contrasted using statistical metrics. According to the findings, the Random Forest algorithm-based model predicts well and achieves an accuracy of 93.61%. KEYWORDS: Regression, Random Forest, Exchange Rate, INR

scholarly journals The Requisite Knowledge for Construction Professionals in the Middle East Regarding Foreign Exchange Currency Fluctuation Risk The Requisite Knowledge for Construction Professionals in the Middle East Regarding Foreign Exchange Currency Fluctuation Risk

2020 ◽  
Author(s):  
Haitham Almsaeed
Keyword(s):  
Middle East ◽  
Construction Industry ◽  
Foreign Exchange ◽  
Global Economy ◽  
Foreign Currency ◽  
Operating Performance ◽  
Oil Prices ◽  
Currency Exchange ◽  
Exchange Rate Movements ◽  
The Impact

Construction is commonly known as a high-risk business; the risks and uncertainties associated with construction activities are usually higher and more dynamic than any other industry. One of the risks imposed on the firms working abroad is related to the impact of currency fluctuation on operating performance. In the Middle East, the data collected on the ground indicate that many construction professionals, including estimators and cost controllers, either lack the necessary related knowledge or they tend to pay insufficient attention to this critical risk in their projects. Because of the unstable global economy, a decreasing pipeline of new opportunities due to the deterioration of oil prices, and the more laborious and lengthy payment terms enforced in contracts across the Middle East, exchange rate movements play an increasing role in the contractors performance. Those who work in this region have begun to realise the challenges associated with managing the foreign currency exchange (FOREX) fluctuation risk. This article provides an overview of the currency fluctuation risk within the context of the construction industry, identifies the associated challenges and attempts to offer a framework for the regional companies that could mitigate the FOREX risk.

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