ANALISIS SHARI’AH COMPLIANCE PADA TRADING FOREX ONLINE
Keywords:
trading, forex online, shariah compliance
Abstract
Penelitian ini bertujuan untuk mengetahui bagaimana operasional trading forex online baik yang Islami maupun yang konvensional dan kesesuaiannya dengan prisip-prinsip bay‟ Sharf dalam Islam, selain itu artikel ini juga menganalisa unsur-unsur syariah compliance yang ada pada trading tersebut. Ide dan pemikiran tentang rancangan konsep trading forex online yang Islami juga menjadi fokus dalam penelitian ini. Pendekatan yang dilakukan dalam penelitian ini adalah pendekatan deskriptif atas data kualitatif di mana akan dijelaskan fakta yang terjadi di dalam operasional trading forex online untuk kemudian dilihat kesesuaiannya dengan prinsip-prinsip Islam secara komprehensif. Temuan penelitian ini adalah bahwa meskipun sekilas Islamic forex trading berbeda dengan conventional forex trading, namun masih terkesan bias di mana secara teknis hampir tidak terdapat perbedaan yang signifikan antara kedua type transaksi tersebut. Artinya meskipun para broker akun forex Islami menawarkan transaksi tanpa elemen Rollever Interest,[1] namun sebagian besar dari mereka masih mengenakan fee lainnya atas trader yang melakukan open positon lebih dari semalam, atau mengenakan kadar spread yang lebih tinggi menggantikan rollever interes.
[1] Rollover interest adalah charge yang dikenakan oleh broker atas trader yang posisinya terbuka lebih dari 24 jam. Charge ini dikarenakan dana yang dipergunakan dalam trading sifatnya adalah pinjaman dari broker kepada trader melalui konsep leverage.
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Khas, cet. Ke-3, Cairo: Dar al-Nasyr li al-Jami‟at, 1998.
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Fakhry Rafik, Omar dan Eleri Jones, Critical evaluation of the compliance of online Islamic FOREX trading with Islamic principles, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 8 Iss: 1, 2015.
Goodhart, Charles, Ryan Love, Richard Payne dan Dagfinn Rime, Analysis of Spread in the Dollar/Euro and Deutschemark/Dollar Foreign Exange Markets, Journal of Economic Policy, Villey, Vol.17, No.35, 2002.
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Kamali, MH, Islamic Commericial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences,14 (2), 1996.
Karbalaee, H, Risk and Return in Retail Forex, Social Science Research Network, 15 Juni 2012.
Mohd Dali, Nuradli Ridzwan Shah dan Sanep Ahmad, “ A Review of Forward, Futures, and Options From The Shariah Perspective: From Complexity to Simplicity,” makalah dipresentasikan di Seminar Ekonomi & Kewangan Islam (SEKI 2005) Conference, ESSET Bangi, August 29-30, 2005, Diakses dari http://www.kantakji.com.
Riyadi, Slamet, Financial Reeinginering Forward Transaction Into Islamic Forward to Incrase the Role of Islamic Banking in Indonesia in the Global Market, Interntional Journal of Advance Research, Vol. 3, Issue 12, 2015.
Rodoni, Ahmad, Daniel Sutadji dan Indo Yama Nasaruddin, Hipotesis Overreaction Market dan Size Firm di Bursa Efek Jakarta, Jurnal Etikonomi, Jurnal Ekonomi UIN Syarif Hidayatullah Jakarta, Vol.2, No.2, 2003.
Sami, Suwailem, Hedging in Islamic Finance, Jeddah: Islamic Devolepment Bank, Occasion Paper No.10.
Abdul Rahman, Aisyah, Raudha MD Ramli, Islamic Cross Currency Swap (ICCS): Hedging Against Currency Fluctuations: Emerald Emerging Markets Case Studies, Kuala Lumpur: Emerald Group Publishing Limited, 2015.
Abdul Rahman, Yahia, The Art of RF (Riba-Free) Islamic Banking and Finance: Tools and Techniques for Community-Based Banking, New Jersey: John Wiley & Sons, 2014.
Abdulkader, Thomas, Interest in Islamic Economics, Canada: Routledge, 2008.
Abu Dawud, Sunan Abi Dawud, Beirut: Al-Maktabah al-
„Asriyyah, t.t.
Ackert, L. F. & Deaves, R. Behavioral Finance: Psycology, Decision Making and Markets, South Western., 2010.
Ahmad Dal‟ur, Muhammad, Raddu Muftarayat al-Riba, Ḥaula Hukmi al-Riba wa Fawaid al-Bunuk, cet. ke-1, Lebanon: Dar al-Nahdhah al-Islamiyyah, 2002.
Al-Sawi, Muḫammad Salah Muhammad, Musykilatu al-Istithmar fi al-Bunuk al-Islamiyyah wa Kaifa „Alajaha al-Islam,
Cairo: Dar Mujtama‟ dan Dar al-Wafa‟, 1990.
Al-Sayyid al-„Awdi, Rif‟at dan „Ali Jum‟ah Muhammad,
Mausu‟ah al-Iqtisad al-Islami fi al- Masarif wa alNuqud wa al-Aswaq al-Maliyah, Cairo: Maktabah Dar al-Salam, 2009.
Al-Syarbini, Mugni al-Muhtaj, Dar al-Kutub al-„Ilmiyyah, 1415 H.
Al-Tirmidhi, Al-Sunan, Cairo: Maktabah Mustaf‟al Babi alHalabi, 1975.
Al-Zarqa‟, Mustafa Ahmad, Syarh al-Qawa‟id al-Fiqhiyyah, Lebanon: Dar al-Ghuraba‟ al-Islami, 1983.
Al-Zuhaili, Wahbah, al-Mu‟amat al-Maliyah al-Mu‟asirah, Damaskus: Dar al-Fikr, 2002.
Al-Zuhaili, Wahbah, Fiqhu Islami wa Adillatuh, Jilid 4, Damaskus: Dar al-fikr, 2004.
Bin Nuh, Abdullah dan Oemar Bakry, Kamus Indonesia-Arab, Arab-Indonesia, Jakarta: PT. Bentara Antar Asia, 1991.
Cox, J.C., Rubinstein. M, Option Markets, Prentice-Hall, 1985.
Chowdhury, Masudul Alam, Money in Islam: A Study in Islamic Political Economy, London, Routledge, 1997.
…………, A Monetary System With 100-Per Cent Reserve Requirement and The Gold Standard: Theory, Fact And Policy,
Douglas, A, P Pontikis dan L Lovrencic, FX Trading: A Guide to Trading Foreign Exchange, Melbourne:Wrightbook 2012.
Elder, Alexander, Trading for a Living; Psychology, Trading Tactics Money Management, John Wiley and Sons, Inc, 1993.
El-Diwani, Tarek, The Problem With Interest (Sistem Bunga dan Permasalahannya), t.tp: Akbar Media Eka Sarana, 2005.
El-Gamal, Mahmoud A, Islamic Hedge Fund, Strategies & Tools. Dubai: IIF, 2003.
El-Gammal Muhammad Sayyid, Abd. Monem, Islamic Economy, Beirut: Dar al-Kitab al-Lubnani, 1986.
Fatwa DSN No.40/DSN-MUI/X/203/2003 tentang Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Pasar Modal.
Haneef, Rafe, Ali Saeedi, dkk, Serries of Essay on Islamic Capital Market, SEO, Securities and Exchange
Organization, Teheran, 2009.
Haroen, Nasrun, Fiqh Muamalah, Jakarta: Penerbit Gaya Media Pratama, 2000.
Hong, Ding Lai, The Foreign Exange Market, Kuala Lumpur: Institut Bank-Bank Malaysia, 2007.
Hull.JC, Options, Futures and Other Derivatives, 6th Edition, Prentice Hall College Div, 2005.
Ismath Bacha, Obiyatulla, Financial Derivatives; Markets and Applications In Malaysia, Kuala Lumpur: Universiti Putra Publishers, 2001.
Kamali, Mohammad Hashim, Islamic Commercial Law, An Analysis of Futures and Options, Kuala Lumpur: Ilmiah Publishers, 2002.
Kettel, Brian, Islamic Finance in A Nutshell, United Kingdom: John Willey & Sons Ltd., 2010.
Lim, Conrad Elvin, Secret Psychology of Millionaire Traders, ALKC, Singapore, 2008.
Manzoor, Nayyer, Islamic Economics A Welfare Approach, New Delhi: Adam Publisher & Distributors, 1999.
May, Ellen, Smart Traders not Gamblers, PT.Gramedia Pustaka Utama, Jakarta, 2016.
Mohd Dali, Nuradli Ridzwan Shah, dan Sanep Ahmad, A Review of Forward, Futures, and Options From The Shariah Perspective; From Complexity to Simplicity, Journal of ISEFED, Kuala Lumpur, 2006.
Muhammad Yusuf Kamal, Mustalahat al-Fiqhi al-Mali alMu‟asir-Mu‟amalat al-Suq, Cairo: Al-Ma‟had al-„Alami li al-Fikri al-Islami, 1418H-1997 M.
Muslim, Sahih Muslim, Beirut: Dar Ihya‟ al-Turath al-„Arabi, t.t.
Nofrianto, Implementasi Syariah Complaint pada Saham Syariah Bursa Efek, Jambi: Suthan Taha Press, 2012.
Oxford Dictionary of Finance and Banking, Oxford University Press, 3nd ed, 2005.
Person, John, A Complete Guide to Technical Trading Tactics:How to Profit Using Pivot Points, Candlestick, and Other Indicators, John Willay and Sons, Inc, Hoboken, New Jersey, 2004.
Person, John, A Complete Guide to Technical Trading Tactics:How to Profit Using Pivot Points, Candlestick, and Other Indicators, John Willay and Sons, Inc, Hoboken, New Jersey, 2004.
Qahfi, Munzir, Asssiyat al-Tamwil fi al-Islami, Kuala Lumpur:
ISRA, International Shari‟ah Research for Islamic Finance, 2011.
Qal‟aji, Muḥammad Rawwas, Mabahith fi al-Iqisad al-Islami: Min Usulih al-Fiqhiyyah, Beirut: Dar al-Nafais, 2000.
Rahman, Afzalur, Economic Doctrines of Islam, Lahore: Islamic Publication, 1990.
Rusli, Saiful Azhar, Critical Issues on Islamic Banking and
Financial Market, Kuala Lumpur: Dinamas Publishing, 2005.
Tell Vibbi, Santo, When to Buy and Sell, Candlestick can, Vibbi Printing, 2007.
Tharp, Van K, Discliplined Trading: How to Trade Your Way to Financial Freedom, t.t.
Trading Forex: What Investors Want to Know, Chicago: National Future Association, 2010.
Vogel, Frank E dan Hayes, Islamic Law and Finance: Religion, Risk and Return, t.tp, Kluwer Law International, 1998.
Widjoatmojo, Sawiji, Cara Sehat Investasi di Pasar Modal, Jakarta: Gramedia, 2006.
Yusuf Kamal Muhammad, Fiqh Iqtisad al-Suq: al-Nisyat al-
Khas, cet. Ke-3, Cairo: Dar al-Nasyr li al-Jami‟at, 1998.
Ahmad, AA, SE yacob, dan MNM Zain, The Use of Wa'dan in Islamic Contract FX Forward: Weighting between Maslahah and Mafsadah, Journal of Asian Social Science, Vol.10, Issue 22, 2014.
Ahmad, Azlin Alisa, Halim, Mustafa 'Afifi Ab, The Concept of Hedging in Islamic Financial Transactions, Journal of Asian Social Science of Canadian Center of Science and Education 42, Vol.10, Issue 8 , 2014.
Al-Darīr, Ṣiddīq Muḥammad al-Amịn, Al-Gharar in Contract and its Effect on Contemporary Transaction, IRT IsDB.Eminent Scholars Lectures Series No.9, 1997.
Al-Harran, Saad, Introduction: Cases in Islamic Finance, Journal of Arab Law Quarterly, Brill, Vol.15, No.3, 1999.
Alisa, Azlin, Ahmad, Halim dan Mustafa „Afifi, The Concept of Hedging in Islamic Financial, Transactions, Asian Social Science Journal, Vol.10, Iss. 8, pp. 42-49, 2014.
Al-Saati, Abdul Raheem, The Permisible Gharar, Risk in Clasical Jurisprudence, Journal of Islamic Economic of King Abdul Aziz University, 2005.
Binti Abdull Manaf, Azwina Wati dan Ruzian Binti Markom, Currency Trading in Modern Islamic Bank in Malaysia, Malaysia: National University of Malaysia, 2015.
Capra, Umar, Islam and the Ecinomic Challenge, Leicester, UK: The Islamic Fondation, 1992.
Cavallo, A Eduardo, Output Volatility and Opennes to Trade: A Reasessement, Journal of The Latin America and Carribean Ecocomic Assosiation, Vol.1, No.1, 2008.
Dasuki, Asyraf Wajdi, Fiqh Issues in Short Selling as Implemented in the Islamic Capital Market in Malaysia, Vol.2.No.2, 2008.
DeBondt, W. dan R.Thaler, Does the Stock Market Overreact?, Journal of Finance, Vol.40, No.3.
El-Gamal, Mahmoud A, Al-Gharar, Risk and Insurance/Discussion Forum. International, Journal of Islamic Financial Services. Vol. 1, No. 1, 1998.
Fakhri Omar, Rafik dan Elleri Jones, Critical evaluation of the compliance of online Islamic FOREX trading with Islamic principles", International Journal of Islamic and Middle Eastern Finance and Management, Vol.8 Iss:1, 2015.
Fakhry Rafik, Omar dan Eleri Jones, Critical evaluation of the compliance of online Islamic FOREX trading with Islamic principles, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 8 Iss: 1, 2015.
Goodhart, Charles, Ryan Love, Richard Payne dan Dagfinn Rime, Analysis of Spread in the Dollar/Euro and Deutschemark/Dollar Foreign Exange Markets, Journal of Economic Policy, Villey, Vol.17, No.35, 2002.
Hamid, A, Transaksi Valas (Forex Exchange) Secara Online: Study Analitis Menurut Perspektif Islam, Jurnal EBIS (Ekonomi dan Bisnis Islam) IAIN Langsa, Vol. 1 No. 1, April 2016.
Ismath Bacha, Obiyatulla, Risk Management And Islamic Capital Markets, Islamic Capital Markets Conference, Securities Commission, March 2002, Kuala Lumpur, Malaysia.
Kamali, MH, Islamic Commericial Law: An Analysis of Futures, The American Journal of Islamic Social Sciences,14 (2), 1996.
Karbalaee, H, Risk and Return in Retail Forex, Social Science Research Network, 15 Juni 2012.
Mohd Dali, Nuradli Ridzwan Shah dan Sanep Ahmad, “ A Review of Forward, Futures, and Options From The Shariah Perspective: From Complexity to Simplicity,” makalah dipresentasikan di Seminar Ekonomi & Kewangan Islam (SEKI 2005) Conference, ESSET Bangi, August 29-30, 2005, Diakses dari http://www.kantakji.com.
Riyadi, Slamet, Financial Reeinginering Forward Transaction Into Islamic Forward to Incrase the Role of Islamic Banking in Indonesia in the Global Market, Interntional Journal of Advance Research, Vol. 3, Issue 12, 2015.
Rodoni, Ahmad, Daniel Sutadji dan Indo Yama Nasaruddin, Hipotesis Overreaction Market dan Size Firm di Bursa Efek Jakarta, Jurnal Etikonomi, Jurnal Ekonomi UIN Syarif Hidayatullah Jakarta, Vol.2, No.2, 2003.
Sami, Suwailem, Hedging in Islamic Finance, Jeddah: Islamic Devolepment Bank, Occasion Paper No.10.
Published
2020-06-30
How to Cite
Rafiqah. (2020). ANALISIS SHARI’AH COMPLIANCE PADA TRADING FOREX ONLINE . MISYKAT: Jurnal Ilmu-Ilmu Al-Quran Hadits Syari’ah Dan Tarbiyah, 5(1), 147-164. Retrieved from https://ejurnal.iiq.ac.id/index.php/misykat/article/view/2269
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Articles
