Hukum Pemakaian Kaedah “Lock Price” dalam Urusniaga Emas Fizikal

Muhamad Zuhaili Saiman, Ahmad Dahlan Salleh

Abstract


Kaedah “lock price” atau kunci harga merupakan kaedah yang popular khususnya dalam urusniaga emas fizikal. Nilai emas di pasaran sentiasa berubah-ubah, ekoran itu kaedah ini memberikan kelebihan kepada pelanggan untuk mengunci harga di paras rendah pada sesuatu waktu sebelum menerima emas fizikal. Bagaimanapun kaedah ini dilihat berkait dengan soal bertangguh ke atas urusniaga emas fizikal tersebut disebabkan tempoh urusniaga yang berlaku selepas “lock price”. Kaedah ini boleh dikaitkan dengan konsep wacd, muwÉcadah dan wacdÉn dalam konteks tempahan serta lindung nilai urusniaga yang dijalankan. Tumpuan kajian ini mempunyai tiga objektif. Pertama, mengkaji pemakaian kaedah “lock price” dalam urusniaga semasa yang melibatkan emas fizikal di pasaran. Kedua, mengkaji wacd, muwÉcadah dan wacdÉn menurut fiqh al-mucamalat. Ketiga, menilai dan menambahbaik kaedah “lock price” dalam urusan lindung nilai bagi urusniaga emas fizikal dan mengelakkan bertangguh. Metodologi yang digunakan ialah kajian kualitatif yang menggunakan pendekatan kajian kepustakaan dan analisis data-data dapatan. Menurut fiqh, wujudnya perbezaan antara wacd, muwÉcadah dan wacdÉn yang melibatkan kemestian dalam proses janji yang berlaku. Dapatan hasil kajian menunjukkan konsep lindung nilai pasaran hadapan nilai emas mampu diaplikasikan dalam penambahbaik kaedah “lock price” dengan syarat-syarat tertentu agar tidak berlaku soal bertangguh. Apabila ia memenuhi syarat maka sah urusniaga sebaliknya jika tidak dipenuhi syarat maka urusniaga tersebut terdedah kepada gharar dan pelanggaran etika khusus yang melibatkan urusniaga item ribawi. Kesimpulannya, wujudnya keperluan di masa kini dalam membincangkan soal lindung nilai ini antaranya penggunaan kaedah “lock price” dalam urusniaga emas fizikal memandangkan konteks pasaran yang sangat meluas seperti import dan eksport antara dua negara yang berjauhan.

The Law of Applying the Lock Price Method in Physical Gold Transactions

The “lock price” method is a popular method especially in physical gold transactions. The value of gold in the market is constantly changing, given that this method gives customers the advantage of locking the price at a low level at a time before receiving physical gold. However, this method is related to the deferred issue of the physical gold transaction due to the transaction period that occurs after “lock price.” This method can be linked to the concept of wacd, muwÉcadah and wacdÉn in the context of bookings and hedging transactions. The focus of this study has three objectives. First, examine the application of the “lock price” method in the current transaction involving physical gold in the market. Secondly, studying wacd, muwÉcadah and wacdÉn according to fiqh al-mucamalat. Third, evaluating and improving “lock price” methods in hedging transactions for physical gold transactions and preventing delay. The methodology used is a qualitative study using literature study approach and analysis of data findings. According to the fiqh, there is a difference between wacd, muwÉcadah and wacdÉn which involves the necessity of the process of promulgation. The findings of the study show that the concept of gold hedging of the value of gold can be applied in the enhancement of the “lock price” method with certain conditions in order to avoid delay. When it qualifies then a legitimate transaction is otherwise unconditional, then the transaction is exposed to gharar and specific ethical violations involving transaction of usury (ribawi) item. In conclusion, there is a need today in discussing the hedging issue including the use of the lock price method in physical gold transactions in view of the widespread market contexts such as imports and exports between two far-off countries


Keywords


Lock price; emas fizikal; item ribawi; urusniaga bertangguh; wa'd

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ISSN 0126-5636

Faculty of Islamic Studies
Universiti Kebangsaan Malaysia
43600 UKM Bangi, Selangor Darul Ehsan
MALAYSIA

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