Is there sharia trading ?
Sharia forex trading, foreign currency trading or trading under the guidelines of Islamic law, forex trading without usury is not like other conventional forex trading, in Indonesia itself it has been implemented and there are also many brokers who use the sharia trading system, because indeed most people from Indonesia is an Islamic country, so brokers are trying to enter into the state of society by cultivating religion.
In our own country, the sharia concept of trading is the main point is to look for trade that is free of usury or what is very visible is when you have a trading position that has not been closed and there stays there, then there are swap payments na that is considered usury and is not allowed by Islam so the concept is not halal anyway.
The sharia forex trading account itself has been legalized and has been recognized by the MUI in the fatwa of the national sharia council number. 28/DSN-MUI/III/2002, the point or content of the fatwa states that buying and selling foreign currency or e-currency is pronounced as al-sharf. MUI allows transactions that are spot and prohibits transactions that have swap, option, and forward factors in them.
In forex trading the transactions that are carried out are using the spot system, so for an explanation of the spot system below.
Usually for transactions with the spot model it is divided into 3 types, the following are among others.
Cash, Transactions made by selling or buying currency at the same time.
Tom, Abbreviation of Tomorrow or tomorrow, refers to the gift or delivery of currency that is attempted the next day or one day after the transaction is attempted.
Spot, Delivery or delivery of currency that must be completed within 48 hours after the agreement between the seller and the buyer.
What are the requirements from the MUI for forex trading ?
The MUI explains that forex trading in its fatwa that I have written above states that it is permissible and considered lawful, but there are several conditions in it and you can find them here. The following are among others.
- There is no such thing as speculative interest or luck.
- There is a need for savings.
- If you make transactions in the same currency, both must have the same value and be done in cash.
- If the value is different, you must use the applicable exchange rate and take place in cash.