1) National Council for Islamic Religious Affairs Malaysia

Ruling on Individual Spot Forex Electronic Transactions

The 98th Discourse of the Fatwa Committee of the National Fatwa Council for Islamic Religious Affairs Malaysia convened on 13-15 February 2012 had discussed the Ruling on Individual Spot Forex Electronic Transactions. The following decisions were made:

After listening to the briefing and clarification given by experts from the International Shariah Research Academy for Islamic Finance (ISRA), and upon examining the evidence, contentions and opinions that were forwarded, the Discourse emphasised that individual spot forex electronic transactions involve currency which is a ribawiitem, and from the Islamic jurisprudence standpoint, it is governed under the Islamic ruling on a contract of exchange of money for money (Bay’ al-Sarf). The general conditions of sale and purchase and specific requirements ofBay’ al-Sarfthat need to be complied with are as follows:

General conditions of sale and purchase:

(a) The parties entering the agreement must be qualified to perform the contract (Ahliyyah al-Ta’aqud);

(b) The purchase price must be clearly known by both parties to the agreement;

(c) The item purchased must be one that exists and is fully owned by the party selling it and is capable of being transferred to the purchaser

(d) The formal indication of willingness to enter into the agreement (sighah) must indicate the consent of both parties, be free of any time contingency, and the offer and acceptance must be consistent and match one another in terms of the details and rates.

Specific requirements of Bay’ al-Sarf:

(a) The two items involved in the exchange must be taken possession of before the separation of the two parties carrying out the transaction;

(b) The forex trading must occur on the spot and there cannot be any deferment; and

(c) The offer and acceptance of such a contract must be free of any optional condition (khiyar al-syart).

Apart from fulfilling the above conditions, the Discourse also emphasized that forex trading must be free from all elements of usury (riba), a sale contract with credit term (al-salaf wa al-bay’), gambling, excessive uncertainty, oppression or exploitation.

Based on the in-depth research conducted, the Discourse has found that individual spot forex electronic transactions contain elements of usury (riba) in the imposition of rollover interest, resemble a sale contract with credit term by way of leverage, is ambiguous in terms of the transfer of the possession of items exchanged between the parties, include the sale of currency that is not in possession as well as speculation that involves gambling. Furthermore, it is also illegal under the laws of Malaysia.

In relation to the above, the Discourse has agreed to decide that the existing individual spot forex electronic transactions are prohibited as they are contrary to the precepts of the Shariah and are illegal under Malaysian law. Therefore, the Muslim community is prohibited from engaging in forex transactions such as these.

The Discourse also stressed that the decision made is not applicable to foreign currency exchange operations carried out at licensed money changer counters and those handled by financial institutions that are licensed to do so under Malaysian law.

Source:

e-Fatwa, Department of Islamic Development Malaysia (JAKIM)

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Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik

1) Majlis Kebangsaan Bagi Hal Ehwal Ugama Islam Malaysia

Parameter Urusniaga Pertukaran Mata Wang Asing

Mesyuarat Jawatankuasa Perundingan Hukum Syarak Negeri Pahang Bil 1/2012  yang bersidang pada 14-15 Mac 2012 telah membincangkan Parameter Perdagangan Pertukaran Mata Wang Asing. Mesyuarat telah membuat keputusan seperti berikut:

Mesyuarat menegaskan bahawa perdagangan pertukaran mata wang asing (forex) oleh individu secara lani (individual spot forex) melalui platfom elektronik adalah melibatkan item ribawi (iatu mata wang) dan dari sudut fiqhiyyah ia tertakluk di bawah hukum Bay al-Sarf yang perlu dipatuhi syarat-syarat umum jual beli dan syarat-syarat khusus bagi Bay al-Sarf seperti berikut:

 Syarat-syarat umum jual beli:

1. Pihak yang berakad mestilah mempunyai kelayakan melakukan kontrak (Ahliyyah al-Ta’aqud);
2. Harga belian hendaklah diketahui dengan jelas oleh kedua-dua pihak yang berakad;
3. Item belian hendaklah suatu yang wujud dan dimiliki sepenuhnya oleh pihak yang menjual serta boleh diserahkan kepada pembeli;
4. Sighah akad hendaklah menunjukkan keredhaan kedua-dua pihak, tidak ada unsur penempohan dan sighah ijab dan qabul mestilah bersepadanan dan menepati antara satu sama lain dari sudut ciri-ciri dan kadarnya.

Syarat-syarat khusus Bay al-Sarf:

1. Berlaku taqabbudh (penyerahan) antara kedua-dua item yang terlibat dalam platform forex sebelum kedua-dua pihak yang menjalankan transaksi berpisah daripada majlis akad;
2. Jual beli matawang hendaklah dijalankan secara lani dan tidak boleh berlaku sebarang penangguhan; dan
3. Akad jual beli al-sarf mesti bebas daripada khiyar al-Syart.

Selain memenuhi syarat-syarat tersebut, Mesyuarat juga menegaskan bahawa operasi perdagangan pertukaran mata wang asing (forex) hendaklah bebas daripada sebarang unsur riba, elemen al-Salaf wa al-Bay (pemberian hutang dengan syarat dilakukan transaksi jual beli), unsur perjudian, gharar yang berlebihan dan kezaliman atau eksploitasi.

Berdasarkan kajian terperinci yang telah dilakukan, Mesyuarat mendapati bahawa perdagangan pertukaran mata wang asing (forex) oleh individu secara lani (individual spot forex) melalui platfom elektronik mengandungi unsur-unsur seperti riba melalui pengenaan rollover interest, pensyaratan jual beli dalam pemberian hutang melalui leverage, qabd yang tidak jelas ketika transaksi pertukaran, penjualan mata wang yang tiada dalam pegangan dan spekulasi yang melibatkan perjudian. Selain itu ianya juga tidak sah dari sisi undang-undang Kerajaan Malaysia.

Sehubungan itu, Mesyuarat 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. Selaras dengan itu, umat Islam adalah dilarang daripada melibatkan diri dalam perdagangan mata wang seumpama ini.

Mesyuarat juga menegaskan bahawa keputusan yang diputuskan ini tidak terpakai ke atas urus niaga pertukaran mata wang asing menerusi kaunter di pengurup wang berlesen dan urus niaga pertukaran mata wang asing yang dikendalikan oleh institusi-institusi kewangan yang dilesenkan di bawah undang-undang Malaysia.

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e-Fatwa, Jabatan Kemajuan Islam Malaysia (JAKIM)