Legal Certainty and Sharia Compliance in Sharia Forex Transactions: A Normative Fiqh Analysis of Al-Sharf under the DSN-MUI Fatwa
Keywords:
akad al-sharf, trading forex syariah, fikih ekonomi islam, prinsip syariah, ribaAbstract
The rapid growth of Islamic financial services has encouraged the development of Sharia-labeled forex trading as an alternative to conventional currency exchange. This study examines Islamic forex trading from an Islamic law perspective, focusing on the extent to which its practices ensure legal certainty and comply with the normative requirements of the al-sharf contract under the DSN-MUI Fatwa No. 28/DSN-MUI/III/2002. Employing a qualitative normative legal approach, this research analyzes classical and contemporary fiqh literature, authoritative fatwas, and documented mechanisms of Islamic forex trading.The study finds that although Islamic forex trading formally eliminates interest-based swap fees, such modifications are insufficient to establish full Sharia compliance. Significant legal inconsistencies remain, particularly with regard to the requirements of immediate exchange (taqabudh), non-speculative intent, and contractual clarity. The prevalent use of leverage, margin trading, and electronic settlement mechanisms indicates that Islamic forex trading largely operates within speculative market structures that diverge from the normative purpose of al-sharf in Islamic jurisprudence. These findings demonstrate that Islamic forex trading, in its current form, fails to provide adequate legal certainty for Muslim traders and risks reducing Sharia compliance to a formalistic label rather than a substantive legal reality. The study concludes that a reconceptualization of Islamic forex trading grounded in normative fiqh principles is necessary to uphold the integrity of Islamic financial law and ensure genuine Sharia compliance.
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