FatwaNationalTransactions & Finance
Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik
Is it permissible for individuals to trade spot forex through electronic platforms?
Short answer
The National Fatwa Committee Muzakarah ruled that individual spot forex trading through currently available electronic platforms is haram, and Muslims are prohibited from participating in it.
A reference, not a fatwa. First sentence of the summary below — read the original fatwa and consult your state authority before acting.
- Authority
- National Fatwa Committee (JAKIM)
- Date
- Status
- Fatwa committee decision
- Series
- Kompilasi Pandangan Hukum Muzakarah Jawatankuasa Fatwa MKI (JAKIM, terbitan 2016)
- Topic
- Transactions & Finance
No evidence of gazettement in the source — this is not a gazetted fatwa.
Summary
The National Fatwa Committee Muzakarah ruled that individual spot forex trading through currently available electronic platforms is haram, and Muslims are prohibited from participating in it. Currency exchange falls under Bay al-Sarf, which requires immediate mutual delivery within the contract session, no deferment and no khiyar al-Syart. The platforms were found to involve riba through rollover interest, loans made conditional on a sale, unclear possession, selling currency not held and gambling-like speculation, and they are also not legal under Malaysian law. The ruling does not apply to currency exchange at licensed money changer counters or through financial institutions licensed under Malaysian law.
Written in our own words from the original fatwa — check the source before acting on it.
Sehubungan itu, Muzakarah bersetuju memutuskan bahawa perdagangan pertukaran mata wang asing (forex) oleh individu secara lani (individual spot forex) melalui platfom 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 National website (new tab)
How to cite
Cite the original fatwa and its authority. Rujuk Fatwa is only where you found it.
National Fatwa Committee (JAKIM). “Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik”, 15 February 2012. https://www.islam.gov.my/images/ePenerbitan/KOMPILASI_MUZAKARAH_MKI_2016.pdf#hukum-perdagangan-pertukaran-matawang-asing-oleh-individu-secara-lani-individual-spot-forex-melalui-platfom-elektronik. Found via Rujuk Fatwa: https://rujukfatwa.com/en/fatwa/ruling-individual-spot-forex-trading-electronic-platforms/