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Forex Law in Islam and Its Evidence

Derived from the word Forex, foreign exchange or foreign exchange is based on online pairs or pairs.  Regarding the issue of halal or haram forex, a fatwa regarding the sale and purchase of currency issued by the National Shariah Council of the MUI No. 28/DSN-MUI/III/2002. [Al-Sharf].  But in this fatwa, this Islamic business law is not clearly stated.

 

In this fatwa, only forex trading is mentioned in general, money sales and transactions are mainly allowed such as:

 

Not for speculation or profit

 

There is a need for transactions or just in the case and savings

 

If the transaction is made in the same currency, the price must be the same and in cash [at taqabudh]

 

If the transactions carried out are of different types, they must be carried out at the exchange rate or exchange rates prevailing at the time of the transaction and must be carried out in cash.

 

Al-Tsaman: The transparency of the means of exchange is in the form of dirhams, dinars, rupiahs, dollars and so on, or in the form of weighed items.

 

Transaction Object Clarity: The qualitative transparency of the transaction object as exceptional, moderate, or poor quality.  This is done to avoid Jahala fi al-Aqd, or ignorance of the condition of the goods at the time of the transaction, as it creates misunderstandings between the parties to the transaction and affects the value of the transaction.

 

A MUI fatwa is issued if currency buying and selling transactions are not made for speculation.  This means that the sale and purchase of money makes the law haram because it is a form of gambling if it is based on speculation.

 

If there is a need for trading or savings, MUI will issue a fatwa if this is allowed.  This means that Mu’amallah’s business needs such as travel, paying off debts to foreigners in Islam and so on are not fulfilled because they deliberately seek to make a profit from the exchange rate.

 

The bad thing is that if the buying and selling of currency is done only for profit, then the law is haram.  However, forex trading is always done with the intention of making profit and saving on currency exchange.  With this, it can be concluded that forex trading is illegal.

Islamic law regarding foreign exchange transactions

There are several requirements related to the problem of Islamic forex trading, such as our review below.

 

There is Qubul Ijab.

 

Foreign exchange transactions should be done through ijab qobul ie agreement of giving and receiving.  The seller must deliver the goods and the buyer must pay in cash and acceptance can be done verbally, by messenger or in writing.  Both buyers and sellers have full right to exercise and take all legal actions of their mature and sound mind.

 

Complete sales and purchase transactions

Foreign currency transactions carried out must meet the requirements of being used as instruments for buying and selling transactions.  The object must be sacred, not profane, and capable of conferring benefits, of giving away, and of being sold or bought by the authority or consent of the owner or possessor.  In addition, if the items are found in response, the items on hand.

Hadith about buying and selling in Islam

 

There are many hadiths about buying and selling in Islam itself, some of which are as follows.

 

Ahmad Bin Hambal and Al Bayhaqi from Ibn Mas’ud Hadith

 

The sale and purchase of goods that do not take place at the place of transaction is allowed under the condition that its nature and character must be explained.  If the item matches the information provided by the seller, the sale and purchase is valid.  However, if it does not match, the buyer has the right to proceed with the sale and purchase or to cancel the purchase.

 

“If the owner sees what he did not see, he has the right to buy it.”. [Hadits Nabi riwayat Al Daraquthni dari Abu Hurairah]

QS al-Baqarah[2]: 275

 

Allah SWT also said that buying and selling is a permissible activity, but usury is a prohibited activity for various types of business.

 

“Allah has permitted trade and forbidden usury.”

 

Al-Bayhaqi and Ibn Majah Hadith

Buying and selling activities are allowed only if it is based on the consent of both parties.

“Indeed, buying and selling can only be done voluntarily (between the two parties)”. [HR. albaihaqi dan Ibnu Majah, dan dinilai shahih oleh Ibnu Hibban].

 

Muslim Hadith from Abu Saeed Al-Qudri

 

In other words, the selling price may not exceed the value of the item.

“Do not sell gold for gold (at its price), but do not add to each other.”  Do not sell silver for silver.  Do not add one to the other.  Do not sell gold or silver that is not cash.

 

The story of Tirmidhi hadith from Amr bin Awf

 

In one report, it is said that the agreement made by our Muslims is permissible.  However, this is not allowed if the agreement is illegal or justifies illegality.

 

“Agreement can be made between Muslims except those who prohibit what is permissible or prohibit what is halal; and Muslims are held to their status except those who prohibit what is permissible or what is haram.”

Evidence of buying and selling

 

Among the arguments they show is that if the law of trade and sale is fined in gold and silver or in dinars and dirhams, then in cash and in Islam there is no debt or credit.  Here are some arguments that illustrate this rule.

HRS Muslim

 

“Gold is sold for gold, silver is sold for silver, wheat is sold for wheat, syar (type of wheat) is sold for syar, dates are sold for dates, salt is sold for salt, the measure/balances) must be the same and cash.  A person who has increased or demanded has committed usury;  In this case, the giver and receiver are the same.

Al Bukhari and Muslim

 

“Do not sell gold for gold, but it is the same thing, do not call one of them different from the other. Do not sell silver for silver, but the same thing, one is not better than the other. And do not sell one of them for cash to another for cash.”

 

Imam Malik and Al Baihaqi

“And if he asks you to wait for him for a while until he enters his house before leaving his goods, do not be willing to wait for him. Indeed, I am afraid that you are exceeding the legal limit, and to exceed the limit of halal is usury. Do not sell gold for gold, but as it is; do not sell one for another. Do not sell silver for silver, but the same thing.” You are not superior to the other. And do not sell one of them in exchange for another that does not receive cash. Do not sell silver for gold, the one does not give in cash and the other gives in cash.”

Transactions are forbidden in Islam.

 

Islam itself dictates what types of transactions are permitted and what examples of buying and selling are prohibited or prohibited.

Carefully done

 

Transactions must be conducted based on the principle of caution and are not permitted if they are conducted on the basis of usury, gharar, riswah, tyranny and also speculation or fraud involving disobedience.

Types of haram transactions

 

Some of the prohibited transactions are:-

 

Bai’ Alma Dum: Selling Shariah goods or securities that are not yet owned or are short-selling.

Najsi: Giving or offering false offers.

Insider Trading: The use of inside information to profit from prohibited trading.

Providing misleading information

Margin Trading: Conducting transactions with Shariah securities and interest bearing credit institutions on the obligation to settle Shariah securities.

 

Ihtikar or Hoarding: Buying or hoarding Shariah securities with the intention of influencing other parties to create the value of Shariah securities.

 

So our review of forex law in Islam.  With this assessment, it will bring many benefits and can conduct business without speculation but properly used analysis, the result of which will be halal and successful according to Islam.

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