Technological developments have made it easier to buy gold. Buying gold in installments or online is currently a trend and growing in Indonesia. Buying and selling transactions like this have not been explained in detail in classical fiqh. This research is a normative research with a comparative approach, namely comparing the laws of a country with the laws of one or more other countries regarding the same case. The data analysis techniques used in this article are in the form of data reduction, data presentation, and drawing conclusions. The results of this study state that there are differences of opinion between the Indonesian Ulema Council and the Saudi Arabian Fatwa Institute. The Saudi Arabian fatwa institution issued a fatwa regarding the prohibition of buying and selling gold in futures, because gold is a type of usury property and contains 'illat as a unit of price or means of payment. Meanwhile, the National Sharia Council of the Indonesian Ulema Council stipulates a fatwa regarding the permissibility of buying and selling gold in cash or futures, because at this time, gold is no longer a price (tsaman), but gold is an ordinary merchandise or commodity. The discussion about buying and selling gold is in the realm of ijtihad, which is inseparable from differences of opinion (khilafiyah), because there is no definite text in this matter.
This research aims at explaining more in-depth about Islamic hedging related to the problem of muwa’adah status in Islamic hedging. The use of muwa’adah as an Islamic hedging instrument which promises to carry out transactions in the future, actually still becomes a subject of debate since there are some different opinions about whether or not it is permissible to carry out the concept of muwa’adah in a transaction. This research is descriptive qualitative research and uses qualitative data analysis, by conducting a direct analysis of the hedging scheme through the process of data reduction, data display, and verification. The results of this study reveal that in sharia hedging, swap and forward contracts should not be used, because swaps and forwards contain elements of usury. While the option contract contains speculation (maysir). If the forbidden aspects (haram) in ‘forward’ and ‘swap’ instruments are analyzed, generating al-sharf al-ajil and maysir (khathar/speculation), then the alternatives are 1) forward agreement by way of a price-fixing agreement; 2) bay’ al-iltizam; 3) bay’ al-‘urbun; and 4) al-bay’ bi al-shart.
The amount of zakat funds that must be distributed to mustahiq as well as demands for a guaranteed security system in zakat management become the main focus to attain the goal of zakat management; that is to improve the effectiveness and efficiency of services. Therefore, to attend this goal, blockchain technology is created, which is a digital data storage system consisting of multiservers. This current study explains the legality and validity of zakat blockchain in Indonesia. In collecting data, qualitative approach was employed established in the form of literature review. The techniques of data analysis used were data reduction, data presentation, data triangulation, verification and conclusion of the obtained data. The results indicate that blockchain technology for zakat management is permissible to be used as long as it is not against the Shari’a principles and does not cause mafsadah (harm) or negative consequences. However, regulation that specifies the technology of zakat blockchain in Indonesia is not issued yet, and also some obstacles in its application are still found due to the regions of Indonesian have conditions that are different from one another.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.