Trading before the term capital and financial market with all the distortion due to the abuse, the substance is a trading activity or bai '. General principles of sharia in the purchase and sale as may be inferred from what the scholars in the books of fiqh such as M. Rifa'i in Kifayatul Akhyar (184) and Wahbah Az-Zuhaili in al-Fiqh al-Islami wa Adillatuhu namely:
1. Basically, buying or selling is allowed as a good tool in finding sustenance. (QS.al-Baqarah: 194, An-Nisa ': 29)
2. Goods resold or instrument that it should be prohibited from selling halal buy illicit goods such as alcohol, drugs, ribawi bank interest. (QS.Al-Maidah: 3, 90)
3. And contains useful benefits with the value to the consumer or buyer and not harmful.
4. Goods sold can be submitted, either directly or symbolically overall
5. Goods are sold to clear the situation, their properties, quality, quantity and its units, and other characteristics.
6. Made the process "ijab qabul" both in terms of traditional or modern. as in paper trading trade show in the form of paper documents and electronic trading / e-commerce data showing the computer and other electronic data (Paperless trading). Both media show the nature of the goods substance, quality, type, guarantee for the correctness of data and documents and proof of transaction agreement (dealing).
7. Transactions conducted on the basis of voluntary mutual ( 'an taradhin), resonance and clarity. (Surat an-Nisa ': 29)
8. There is no element of fraud or gambling (gambling). (QS.al-Baqarah: 278, al-Maidah: 90)
9. Fair, honest and mandate (QS.al-Baqarah: 278)
10. General proposition transactions in Allah says: "... and God justifies the sale and purchase and forbids usury ..." (QS.al-Baqarah: 275). "O you who believe! You shall not eat each other neighbor's property by falsehood, except with the prevailing commercial street with the same likes likes of you, ... "(Surat al-Nisa ': 29). "O you who believe! Fulfill the agreements it ... "(Surat al-Ma'idah: 1)." ... You do not (be) persecuted and not (also) be persecuted "(Surat al-Baqara: 279).
Thus, several things must be guided in this context is; avoid speculative element which tends to be maysir of gambling, data and clear information about whether the concerned units, quality, criteria, types and properties as well as price and delivery, to the carrying value of benefits and no harm.
In summary it can be said that the buying and selling securities as an investment instrument suitable or not in accordance with Islamic rules concerning three things that become criteria in the Islamic capital market
1. Investment by way of trading is speculation that by gambling,
2. Investments that do not fit Islamic instruments in terms of structure,
3. Investments that are not appropriate in terms of Islamic asset / operational issuers concerned. One of the appropriate stock index of the operational aspects of sharia issuers assets / operations are listed in the Jakarta Islamic Index (JII) consists of about 30 stocks in the category including liquid known as LQ45 traded on the stock exchanges of Indonesia 45 stock option liquidity criteria trade and market capacity.
Before discussing the securities laws and stock trading is useful to review some of the things associated with capital markets include:
Sharia or Islamic securities are classified as shares sharia (JII), Islamic bonds, Islamic Mutual Funds, Collective Investment Contract Asset Backed Securities (ABS KIK) Sharia and other securities in accordance with Syariah principles;
1. Securities The information or material facts or information is important and relevant facts about events, events, or facts that may affect the price of securities on stock exchanges and / or decisions investors, prospective investors or other interested parties for information or facts;
2. Sharia is the Collective Investment Contract Asset Backed Securities and structure of contracts in accordance with Islamic principles.
3. KIK EBA Islamic Securities Portfolio is a collection of Islamic Securities owned by the Investor Parties;
4. Mutual Funds Mutual Funds Sharia is operating according to the provisions and principles of Islamic Sharia, whether in the form of the covenant between the investors as owners of property (al-mal/rabb sahib al-mal) to the Investment Manager as representatives shahib al-mal, or between Investment Manager as the representative shahib al-mal with users of investment;
5. Exchange Transaction is a contract made by the Stock Exchange Members in accordance with the requirements stipulated by the Stock Exchange of securities trading, securities borrowing and loans, or other contracts on securities or securities prices;
6. Units is a unit of measure that represents the interests of each party to the collective investment portfolio.
Criteria Sharia Securities Issuer:
1. Types of businesses, products and services offered and how the management of the Issuer companies should not be contrary to Islamic principles.
2. Types of business activities that conflict with Islamic principles, include: 1. Business gambling and gambling games or belonging to a prohibited trade; 2. Conventional financial institution (ribawi), including conventional banking and insurance; 3. Businesses that produce, distribute, and trade food and drink unclean; 4. Businesses that produce, distribute, and / or provide goods or services that are corrupt and harmful.
3. Islamic Securities Issuers must sign and comply with the covenant in accordance with Islamic sharia on the issued securities.
Islamic Securities Criteria
Islamic Securities are securities that covenant and how the publication does not violate Islamic principles.
Islamic Securities Type
1. Is proof of ownership of shares of a company that meets the criteria of Islamic
2. Islamic bonds are a long-term securities based on sharia principles issued by the Issuer to holders of Islamic bonds that require the Issuer to pay the income to the holders of bonds for the Syariah / margin fees, and bond funds to pay back at maturity
3. KIK Units Islamic Fund is a unit of measure that represents the interests of each party in the investment portfolio of a Fund KIK Sharia.
4. Islamic Asset Backed Securities are securities issued by collective investment contract Sharia ABS portfolio comprises of financial assets arising from commercial paper, bills which arise in the future, the sale of the ownership of physical assets by financial institutions, securities investment is guaranteed by the government, the means increasing investment / cash flow and financial assets equal in accordance with Islamic principles.
5. Commercial Securities Sharia is the recognition of a financing in a certain period in accordance with Islamic principles.
Islamic Securities Transactions Prohibited:
1. Implementation of the transaction must be done according to the principle of prudence and not allowed to gamble gambling (maysir) in which an element dharar, gharar, maysir, and zhulm.
2. Actions mentioned above include:
a. Najsy, ie fake bidding
b. Bai 'al-ma'dum, which is making sales of goods (Islamic Securities) who did not have (short selling)
c. Insider trading, which is used inside information to gain a prohibited transaction.
d. Distributing misleading information to gain a prohibited transactione.
e. Investing in companies which at the time of the transaction, the rate (ratio) debt to financial institutions is more dominant than ribawi capital.
f. Margin trading, ie transactions of Islamic Securities lending facility for the purchase of securities settlement obligations of the Sharia
g. Ihtikar (buildup), which is making a purchase or collection of a Securities and Sharia to cause changes in securities prices Sharia, with the aim of influencing the other party.
Naturally Market Pricing
1. Fair market price of Islamic Securities valuation should reflect the value of the real condition of the assets on which the issuance of these securities in accordance with market mechanisms are not engineered.
2. If the fair market price, as mentioned in Article 8 paragraph 1 above is difficult to determine, in the case of sharia is traded securities through the stock price can be used a weighted average of exchange transactions on the last day as a reference.
Investment by way of speculation is a gambling attitude or the chance to get as much profit as other investors harm. This speculation was based on, through margin trading, short selling and options to exploit the opportunities of capital gains through speculative transactions. However, not all hope of profit through capital gains can be categorized, including speculation. While margin trading, short selling and option forbidden, because Islam does not allow someone to sell something that is not mastered (the principle of the hadith: "la tabi 'ma laisa' Indak). In addition also the prohibition to do business with chancy way (maysir).
Investments that are not in accordance with Islamic Sharia is the instrument in terms of providing benefits through the mechanism of interest payments (interest), as in the bonds because it is one form of the practice of usury.
Investment into companies that have the assets or operating mechanism that is not in accordance with Islamic sharia. These industries are working in the field: Alcohol, narcotics, psychotropic and addictive substances and their derivatives; Food illegitimate and its derivatives; Pornography and art showing the beauty of a woman's body; Prostitution; Gambling; companies that run their business and provide and earn profits through interest (interest); industry is clearly the weapon used against the product of the Islamic world or the Muslims. (See: William Clark, the Islamic Securities Market: The Australian Experience, 1997).
In the Indonesia Stock Exchange (IDX) is a public company that specializes in acquiring liquor and money, while the food is unlawful and gambling usually not a core businessmereka. The pornography industry, prostitution manufacture and marketing of weapons, not listed on the Stock Exchange.
While that is not allowed in terms of the operationalization of these public companies is the behavior that reflects the business practices of fraud, Hoarding of goods (ihtikar), game prices (najasy), monopolies and oligopolies that are cartel.
In addition to the factors above, there are also a number of behaviors or methods performed by those who jump in world capital markets. Such behavior can not be justified, either in the view of Islam as well as business ethics in general. Even in the regulation of capital markets themselves have been banned, the following sanctions can be imposed on the perpetrators. Executors of the ways that this can not be justified is the investors, investment advisors, brokers (brokers), public accountants, appraisal, internal issuers themselves, or others.
These acts may be done alone or cooperate with each other between the parties, for the sake of profit which is not often just fantastic. These ways is: Margin Trading, Short selling, insider trading, Corner, Window Dressing (accounting engineering).
Margin trading is trading stock by buying shares with borrowed cash and to third parties to pay the additional shares purchased. Buyer expectations for a profit margin of a double with a little capital. Decision of the Chairman of Bapepam Kep-07/PM/1997 number, the rules on the number IV.B.1 Number 12.h. prohibit mutual fund investment manager form of Collective Investment Contracts for the purchase of securities involved in the margin. The same prohibition applies to mutual fund managers based on the company form the Chairman of Bapepam Decree number Kep-19/PM/1996 number 12.h.
Short selling is the sale of shares owned by short sellers, who sold the stock short is obtained by borrowing from third parties. Short sellers borrow shares hoping to buy the stock later at a lower price and simultaneously return the borrowed shares, also take advantage of the price decline. In general, the Act No. 8 Year 1995 concerning Capital Market Regulations prohibit VD3 companies selling securities received orders from customers who do not have stock. Meanwhile, Chairman of Bapepam Decisions Kep-07/PM/1997 number, the rules on the number IV.B.1 Number 12.g. prohibit mutual fund investment manager form of Collective Investment Contract to be involved in the purchase of securities that have not owned (short sale). The same prohibition applies to mutual fund managers based on the company form the Chairman of Bapepam Decree number Kep-19/PM/1996 number 12.g.
In this case we should bear in mind that some significant differences between trading stocks and futures are most at commoditas be in the form of metals, agricultural products, and financial inetrumen are:
1. On the purchase of shares will generally be obtained ownership (ownership), but the purchase of futures is not entitled to ownership of underlying asset until the buyer decides to submit the termination of the contract. Generally the players are rarely held futures contract until the time of delivery (delivery) and they sell the contract before maturity.
2. Facilities leverage (using debt) is generally greater in the futures market compared to the stock market. On the stock market only a small portion of transactions using margin facility, while the futures of all types of futures contract can gain margin.
3. In stock transaction for the use of margin facilities are subject to interest this does not apply in the Islamic capital market, while the futures are not charged on margin, because this type of contract is a type of delayed delivery contracts (deferred delivery contract).
4. Price fluctuations in the stock market is generally not restricted (the BEI an automatic stock will be subject to suspen in trade if in one day has been an increase or a decrease of 50%). In stock futures, contracts generally have a daily limit and transaction prices can not be done after reaching this limit, and had forwarded the next day.
5. Trade in the market interest rate of any and all interest-based transactions regardless of its form muamalah not allowed in Islam, thus obliged to be avoided by the Islamic business.
Thus, buying and selling stocks with the intent and purpose of obtain additional capital, acquire illiquid assets, and expects to have dividends until the due date for Islamic securities (hold to maturity) in addition to any time function can be sold (available for sale) profits berupacapital gains with an increase in stock value as the increase in value and performance of the publishing company (issuer) in order to bring investment to develop the company's performance, is something that is permissible as long as it did not in terms of the unlawful. But when the activity is buying and selling shares misused and become a tool of speculation profits at the expense of others, it is haraam because it turned into a gambling stock. Wallau knows best Wa Billahit Taufiq Hidayah wal
By: Dr. Setiawan Budi Utomo
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