Saturday, December 09, 2017

Forex Business Is Lawful Or Not In View Of Islam

Halal or Haram forex for Islam
Forex halal or haram, do the same with gambling, forex and forex in Islamic law. Forex is one of the businesses which can be done online. Because this business berfisat flexible, meaning that it can be done anytime and anywhere, it's no wonder when more and more people are interested in Forex trading business to cultivate it. However, on the other hand a new polemic raises Forex Trading. To this day there is still much debate as to whether forex halal or haram. Maybe you currently also are finding out the truth about halal or haram Forex from both his dissent.

In this occasion, I will present a detailed explanation about law of Forex Trading in a wide range of viewpoints. So after you read this article, you will get a clear picture of the variety of sources and you can conclude it myself later.

Not a few people assumed that Forex is the same as gambling. This may be because the person that person holds that in the forex business could result in huge losses in a short time. In addition, the lay people in the Forex world also thought that working on Forex it is enough to sit around and get money.

Is it true that Forex is the same with gambling? It is not. Forex is not gambling, but pure trading Forex, namely trade currencies. Here I describe the differentiating factors of gambling with Forex.

  • Gambling are fortunately a chance, while the Forex is not. Because in Forex Trading can be done the analysis, that analysis in technical and fundamental.
  • Gambling are detrimental to opponents, whereas in Forex are a win win solution, are mutually beneficial.
  • There is no gambling in the products that are traded, while Forex products clearly, that is the currency of dollars traded.
  • The result of gambling cannot be predicted that, whereas in the Forex there is "Money Management" is clear, so that limits losses and gains can be in control of the well.
  • Gambling are is uncertain, whereas in Forex can be sure 100% if the price is too high then the prices will fall, so do the opposite when the price was too cheap.
  • Gambling is strictly prohibited by the State, while forex allowed by the State.


The Islamic perspective in determining a matter of halal and haram is very broad. Not only in the world of trading, but in any case it should be very clearly explain. Something basically lawful will be unlawful if done by incorrect or incompatible with Islamic jurisprudence. Trade was allowed in Islam, but trade in liquor is unlawful. That's called perspective. Depending on the corner where we look at covenants, and halal.

In a book titled FIQHIYAH MASAIL, written by a jurist named Prof. Drs. Masjfuk Zuhdi, claimed that foreign currency trading is permissible in Islamic law. Trading Forex or foreign currencies exist because the global market needs indirectly includes all countries. To meet the needs of the diverse Country that is the role of the currency becomes the most important factor.

Here is a source that can be used as a polemic Forex currently crowded discussed;

"Do not buy fish in the water, because actually selling that contain fraud".
(The Hadith that Ahmad bin Hambal and Al-Bayhaqi from Ibn Mas'ud)
In the rules of the sale, the seller must notify and explain to the buyer in detail the State of the goods sold. The seller should explain the characteristics and properties of nature. In Forex, the products sold is very clear, both the nature and the value. So, each time doing transactions, Forex must be with the agreement of both parties.
"And God justifies selling and proscribed usury ... "
(QS. Al-Baqarah [2]: 275)
Forex trading is a pure and do not include riba. Forex currency trading is Different, once when we lend money to someone with more change to expect. And it's clear that trade is indeed allowed.
"Verily, selling it could only be done on the basis of readiness (between the parties) "
(Narrated by Ibn maajah, and albaihaqi and graded Saheeh by Ibn Hibbaan).
In a forex transaction will not occur if the seller and buyer does not perform the agreement (compliance). So in practice, there is no element of coercion or fraud that is mutually detrimental.

Assembly of Indonesia Ulema (MUI), as a role model in taking a decision based on the Islamic Sharia ever issued a fatwa about halal and haram his Forex Trading.

MUI stated that trading forex with SPOT transactions are allowed. As for the types of transactions that are not allowed i.e. transactions swaps, options, and forward. Spot transactions categorized transactions settlement resolved because kosher at the time, too. As for the slowest completion is 2 days.

The following are the types of types of Forex trading :

  • SPOT transactions: is buying and selling foreign currency are carried out at the time of delivery as well. If there is a delay, should not exceed a period of two days.
  • The SWAP transactions: is a foreign currency sale and purchase contracts with spot price combined with the purchase of foreign currency sales between the same forward.
  • FORWARD transactions: the foreign currency sale and purchase transactions are set out in the present moment and put in place at the time to come. The tempo of his watunya between 2 × 24 hours up to a year.
  • The transaction OPTION: is contract to obtain the rights to buy and sell rights that should not be done on a number of units of the foreign currency on the price and length of time or a specific end date.

If we drag the outline, forex transactions can be done provided by using transaction of the same spot.

In any activities already regulated the law, whether prohibited or allowed. For Forex matters whether halal or haram it all depends from how and how the type of transactions carried out. Hopefully this discussion can give you a clear picture as to whether Forex it halal or haram. So so you will be able to draw your own conclusions.

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