FatwaPerakTransactions & Finance
Hukum Perdagangan Pertukaran Mata Wang Asing Oleh Individu Secara Lani (Individual Spot Forex) Melalui Platform Elektronik
What is the ruling on individuals trading foreign currency on the spot market (individual spot forex) through electronic platforms?
Short answer
The Perak State Fatwa Committee adopted the decision of the MKI Muzakarah Committee and ruled that individual spot forex trading through the electronic platforms currently available is haram.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- Perak State Mufti Department
- Status
- Fatwa committee decision
- Series
- Fatwa Yang Tidak Diwartakan
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The Perak State Fatwa Committee adopted the decision of the MKI Muzakarah Committee and ruled that individual spot forex trading through the electronic platforms currently available is haram. The reasons given are that it contradicts the requirements of Shariah and is not legally valid under national law, so Muslims are prohibited from participating. The ruling does not apply to currency exchange at licensed money changer counters or to transactions run by financial institutions licensed under Malaysian law.
Written in our own words from the original fatwa — check the source before acting on it.
perdagangan pertukaran mata wang asing (forex) oleh individu secara lani (individual spot forex) melalui platform elektronik yang ada pada masa ini adalah haram kerana ia bercanggah dengan kehendak syarak dan juga tidak sah dari sisi undang-undang negara.
Read the full fatwa on the Perak website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
Perak State Mufti Department. “Hukum Perdagangan Pertukaran Mata Wang Asing Oleh Individu Secara Lani (Individual Spot Forex) Melalui Platform Elektronik”, date not stated. https://mufti.perak.gov.my/images/Fatwa%20tidak%20warta/16.FATWA%20MENGENAI%20HUKUM%20PERDAGANGAN%20PERTUKARAN%20MATAWANG%20ASING%20OLEH%20INDIVIDU%20SECARA%20LANI.pdf. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/ruling-individual-spot-forex-electronic-platforms/