Individual Forex Trading Online: Shariah Issues

Abstract

Forex trading, or also known as online individual currency trading, is one of the hot issues involving public awareness of the Islamic financial and economic system, and whether its implementation is Shariah-compliant or otherwise. Thus, this study aims to highlight Shariah issues related to individual Forex trading so that the public is not easily deceived by the luxurious offers that are often advertised by certain platforms or brokers. This qualitative research used the document analysis method involving journal articles, theses, magazines, newspapers, videos and slides to collect data, which were then analysed using the descriptive method. Findings show that there are several significant Shariah issues related to Forex trading, such as the absence of qabd, the existence of usury, gambling and qard. Findings also show that these issues could outrightly prohibit individual Forex trading despite there being tirades and guidelines adduced by various parties, such as academicians, traders or brokers, to legalize it. One implication of this study is that it is able to provide an understanding to the Muslim community so that they are not easily influenced by individual Forex trading in the name of profit. This study can augment the existing corpus of literature on the topic of foreign exchange.

Fenomena Minat Masyarakat Indonesia Pada Forex Online ; Bagaimana Sudut Pandang Syariah ?

“…(Suryani, 2013) Sejalan dengan penelitian yang dilakukan oleh Ahmad dan Sobri bahwa terdapat masalah besar dalam kegiatan forex online seperti tidak adanya Qabd, terjadi praktik riba, judi dan transaksi qard, dengan demikian maka sewajarnya kegiatan ini dilarang secara syariah, oleh sebab itu memang diperlukan sosialisasi kepada masyarakat terutama yang muslim agar tidak mudah terpengaruh pada penawaran penawaran produk finansial yang menjanjikan keuntungan. (Ahmad & Sobri, 2022) Hasil penelitian terhadap 170 mata uang dan 35 broker valas diperoleh hasil bahwa Pasar Forex memiliki transaksi harian hingga USD 6.6 triliun atau USD 2.4 Kuadra triliun per tahun yang bertransaksi 24 jam sehari, memperdagangkan lebih dari 170 mata uang yang berbeda, dimana 88%nya transaksi adalah pada mata uang US Dolar. Secara risiko yang terjadi pada trader retail adalah 71% trader kehilangan uangnya (gagal), dan 29% berhasil.…”

Forex In The Eyes Of Shariah: A Qualitative Analysis In The Malaysian Context

“…While spot settlements align with shariah principles by avoiding riba and excessive speculation, they lack comprehensive risk management mechanisms. Deferred contracts, as discussed in the study by Ahmad and Sobri (2022), offer some risk mitigation but require careful limitations to prevent undue speculation, reflecting a more balanced approach in line with Islamic finance ideals.…”