18 Februari 2009


Capital market is one of the important milestones in the world economy at this time. Many industries and companies that use institutional capital markets as a medium to absorb investment and the media to strengthen the financial position.

In factual, the capital market has become the financial nerve-center (nervous financial world, Red) modern world economy. In fact, the modern economy will probably not exist without the capital market with a well organized. Every day the transaction occurred trilion rupiah through this institution.

As a modern institution, the capital market is not released from various weaknesses and errors. One speculation is action. In general, processes of business transactions that occur are controlled by the speculator.

They always take the market changes, create a variety of analysis and calculations, and take action on the speculation in the purchase or sale of shares. This activity makes the market remains active. However, this activity is not always profitable, especially when the cause of depression extraordinary.

Fact speculation activities can be specified as follows. First, the speculation is not an investment indeed, despite the similarity between them is. A very fundamental difference between them lies in the 'spirit' that menjiwainya, not on form.

The speculator to buy securities for the benefit of re-sell them in the future. While the investors to buy securities with the objective to participate directly in the business.

Second, speculation has increased unearned income for a group of people in the community, without giving them any contribution, whether they are positive or productive. In fact, they are taking advantage on the cost of the community, which however is very difficult to be justified on economic, social, and moral.

Third, is the source of speculation is the cause of a financial crisis. The facts show that the activity of the speculator is what caused the crisis on Wall Street in 1929 which resulted in a remarkable depression of the world economy in 1930-an.

Similarly, Pounds Sterling 1967 devaluation, the currency crisis and the franc in 1969. This is only a sample only. Even to this day, monetary authorities and financial experts are always busy to take steps to anticipate the action and the impact that may be incurred by the speculator.

And, fourth, speculation is the outcome of the mental attitude 'want rich quick'. If someone has been stuck in this mental attitude, he will try with all kinds of ways menghalalkan regardless of signs-signs for religious and ethical. Therefore, the teachings of Islam explicitly prohibits this action speculation, as the diametric opposite of the values illahiyah and insaniyyah.

Basic principles

There are some basic principles for developing the capital market system in accordance with the teachings of Islam. While for implementation, it required a long process diskursus.

Principle, among others, does not diperkenankannya sales and purchase directly. Currently, if someone or a company want to sell or buy shares, he will use a service broker or broker. Then the broker will contact the jobbers and the intent to deal, both in the purchase or sale of shares.

Then the jobber offers 2 rate prices, the rate will dibelinya prices that are usually much lower rate and the price will dijualnya which usually higher.

Then the jobber is obliged to purchase these shares. Transaction model provides two implications. The first, the jobber will purchase shares when they are not necessarily needed.

They buy shares in the hope that will be able to sell them back to the parties that need. This will open the door of speculation. The speculator knows that they can buy shares from the market because the jobber is able to provide ready stock.

Similarly, when the stock was less profitable, they can also quickly remove it. Implications next price change is only determined by the strength of the market, where there is no change in the meaning of intrinsic value in shares.

In the teachings of Islam, the capital market rules should be made in such a way to make the action as a business venture that is not interesting. Therefore, the procedure of purchase / sale of shares directly is not permitted.

Procedures, any company that has a certain quota shares to give authority to the agent at the exchange floor, to make a deal on the shares. The task of this agency is to bring together companies with potential investors, and not buy or sell them directly.

Stock-shares are sold or purchased if available. If many parties who want to share a certain, they first must be registered as Applicant, and the stock is then sold / purchased with the principles of first-come-first-served (he who comes first served).

Determinasi price

Currently, the stock price is determined by the strength of supply and demand. Meanwhile, in the Islamic rule, the determination of stock prices is different from the determination of prices, as happened at the moment.

If we see the balance sheet of the joint stock company, then that asset with the capital stock plus the liabilities. Asset is a representation of the capital, where the obligation is assumed equal to zero.

So, the certificates sahamnya have a certain value, where value will be equal to the value of their assets. Every stock price is above or below the value of their assets, does not indicate the condition indeed.

But the strength of the market is able to make stock prices are above / below the value of their assets. In the view of Islam, to prevent the occurrence of this distortion, stock prices should be in accordance with the intrinsic value.

The calculation formula is: the same as the stock price of capital stock + profit - loss + profit accumulation - the accumulation losses, which all divided by the number of shares (Muhammad Akram, Issues in Islamic Economics).

This formula will give the actual value of the share certificate, and will reflect more real conditions. None are allowed to buy or sell at various price levels based on the regulations unless the price has been set.

Question, whether a policy such as this, the speculator will not be interested in the activities spekulasinya? There are two reasons that explain this. Price will not change quickly. Price declared the date of the balance sheet date and are valid until the next balance sheet.

In addition, the buy or sell shares is not easy work, and a lot of uncertainty. The speculator will not be hasty in buying shares before the date of the balance sheet. This activity will be to press speculation.

The principle is basic research account books carefully. Standard business practices and management accounting should be applied to all companies that have a certain quota shares. Then, there is the need to audit and investigation to examine the sudden truth of a company's balance sheet.

In addition, each company should be required to announce the financial position every three months, so that the public will know how indeed intrinsic value of stocks at least four times a year.

Of course, a closing date of the company will be different with other companies, so the announcement date financial position will be different. Thus, almost every sunday all year round, there will be closure and the financial position, and this will make the market remains active throughout the year.

This basic principle also forbids companies to sell shares they own. The Company further prohibited to sell its own shares in the market without any permission from the registrar / registrant Join Stock Company.

In addition, the restrictions have a credit for speculation purposes. The provision of loan funds for the purpose of speculation in the capital market is prohibited in Islam.

Forward transaction

One of the big business of speculation is the existence of a forward transaction, where the two parties agreed to do the deal on the delivery date in the future. Usually between one to twelve months after the date of the transaction. In the London Stock Exchange, a forward transaction was prohibited in a wider scale.

In addition, there is also not allowed to short selling. This is a sell shares before someone has, in the hope that you can buy it back with a lower price.

Contango also not allowed. There are two reasons why the contango will not occur in the capital market sharia. First, the price will not change quickly because the price is determined by the intrinsic value of the shares. Then the second, the funds for that from contango usury will not be available because Islam prohibits usury or the like.

Similarly transaction option, either single or double option option they are not allowed in Islam, as it be in the Mishkat al-Bai.

Having the overall supervision of capital markets activity. To ensure the effectiveness of the implementation of sharia capital markets, as well as to prevent the occurrence of distortions of Islamic values, the necessary existence of institutions that have full authority, of not only financial experts, but also legal experts / Islamic sharia.

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