Is Forex Halal Or Haram?

Is Forex Halal Or Haram?

Is Forex Halal Or Haram? –  One of the investment tools capable of providing profitable returns is Forex trading. However, the law of foreign exchange trading still causes controversy in the community, especially among followers of the Islamic religion. The controversial basis of halal or halal.

Learn about Forex Trading
Foreign exchange trading investment is an investment by trading foreign exchange or foreign exchange (forex). Forex is traded on the currency market. Forex trading trades specific currency pairs of your choice for the purpose of making a profit.

More specifically, forex trading is done by buying foreign currency when the value of the foreign currency is low. Second, foreign currency buyers or traders can resell the currency purchased when the currency is high, such as rupees to euros and rupees to US dollars.

This is where he can make a profit. This gain is called a capital gain and is the difference between the selling price and the purchase price.

If you are a novice trader, we recommend learning and practicing first. The learning media can be in the form of a demo account from a forex broker.

After feeling good knowledge, novice traders can move on to the next stage. This is to register or open an account with a Forex broker. Choosing a forex broker also requires its own analysis. We highly recommend that you choose a forex broker you can trust. Find achievements and testimonials from other users who have used the services of a Forex broker.

Pros and cons of society
Few people think that forex trading is related to gambling. From this comparison, some people conclude that forex trading is haram. The element of “opportunity” that can generate large profits is the background for the element of gambling in forex trading. This is true?

Baca Juga   Best time to trade forex

Physically, the activity of traders is not very clear. You can make transactions anytime, anywhere. For example, just sitting at home allows a trader to make money and become a billionaire. This encourages some people to think that forex trading is haram for themselves.

On the other hand, many people have explained that forex or the basic principle of forex is purely trading or business. The profit or loss experienced by a trader is taken from the exchange rate, depending on market conditions. This is different from gambling. In gambling, all player decisions are made by prediction or guesswork and depend on luck or hockey.

The trader’s mind is not physically visible, but the merchant’s mind works well. Decided carefully when trading. Considerations for making this decision include basic and technical analysis, a bit of natural intuition, and other unique strategies. In short, it is recommended that the general public and the uninformed general public refrain from trading forex.

Indonesian law country
In Indonesia, foreign exchange trading is regulated by law. Forex is included in futures trading. Therefore, forex trading is regulated in Law no. 32 of 1997. As a derivative, on November 28, 2002, the Jakarta Futures Exchange (JFX) issued Decree No. 037/DIR BBJ/11/02 which regulates foreign exchange margin trading.

Margin Forex trading must be registered with BBJ either over-the-counter or over-the-counter (OTC). All margin must be transferred to the Indonesian Futures Clearing House (KBI) in a separate account. Traders should be wary of forex with a margin system that does not place KBI in a separate account. Of course, the reason is that it is an illegal product.

Baca Juga   Trading without a deposit can be WD

In addition, foreign exchange trading is supervised by the Commodity Futures Trading Regulatory Agency (CoFTRA). This is not law. In 1997, the government also established a supervisory body called CoFTRA.

CoFTRA is responsible and under the control of the Minister. CoFTRA has Law no. 32/1997 and he

Achieving regular, fair, efficient and transparent futures trading activities in an atmosphere of fair competition.

Protect the interests of all parties in futures contract transactions.

Achieve futures trading activity and set transparent prices as a means of price risk management.

In addition, CoFTRA has several advantages. Kuftra’s authority includes investigation of permits, inspection orders, and investigations of parties suspected of violating the number of laws. March 1997.

Officially as a country, forex trading has a fixed legal umbrella. But what about the religious aspect, especially Islam? Islam is often a reference for people who believe in their activities.

In this regard, the Indonesian Ulema Council (MUI) has issued a fatwa on foreign exchange trading. The money market allows you to buy and sell anything, including foreign currency. However, the condition that the goods traded are not illegal goods must be met.

Not only that, there are many other conditions that come with it, such as not cheating, hiding flaws, and not including gambling or speculative elements.

Speculation here is like guessing the price. If you are lucky, get a good product. If you are unlucky, you will get a bad product.

The Ministry of Home Affairs has written the National Sharia Council Fatwa No. 28/DSN-MUI/III/2002 concerning the Sale and Purchase of Currency or what is called an honorarium. MUI states that foreign exchange (forex) transactions are allowed because the source of income is very clear.

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The large sums of money that traders earn are regulated globally, not as a result of betting on an international scale. Traders also know the flow of transactions, amounts and other information.

Online forex transactions require special rules. However, in short, even though the product is intangible, there is certainty in terms of name, time, etc.

Forex trading is considered haram if the price does not match the time the seller (broker) accepts the transaction and the time the buyer decides to trade.

Is Forex Halal Or Haram?

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