ILLEGAL CURRENCY TRADING SCHEME: AN EMPIRICAL STUDY FROM ISLAMIC PERSPECTIVE

Farah Safura Muhammud, Nur Airin Hafiza Umor

Abstract


Illegal currency trading schemes are illegal trading schemes that are prohibited in Islam because there are elements that violate Islamic Sharia such as riba, gharar, maysir elements that prevent Muslims from engaging in illegal currency trading such as Forex, Bitcoin etc. This study was carried out in an effort to educate the community, particularly Muslims, about the dangers of illegal currency trade and to encourage them to exercise greater caution when engaging in any activity that involves trading. This research has been done through qualitative analysis which is interview through face-to-face interviews. The researchers have used transcription and content analysis methods to quantify and analyse the existence, meanings, and linkages of certain words, themes, or concepts of the topic. The results of the study have answered the research questions about the concept of illegal currencies trading schemes in islamic perspective, the factors that influence Malaysians and Muslims to involve in illegal currencies, and the last question is about how to prevent the illegal currency traders. The conclusion is various factors that cause people in Malaysia to be affected by these schemes.

Keywords


illegal currency trading schemes, cyber crimes, forex, bitcoin, muamalat

Full Text:

PDF

References


Ahmad, A. A., & Sobri, N. A. (2022). Individual Forex Trading Online: Shariah Issues. International Journal of Academic Research Economics and Management and Sciences, 11(3), 60–70. https://hrmars.com/papers_submitted/14397/individual-forex-trading-online-shariah-issues.pdf

Fakihah, H. (2018). Perdagangan Mata Wang (Forex)-Kedudukannya dalam Undang-Undang dan kesannya ke Atas Ekonomi. Kertas Persidangan E-Muamalat. .https://e-muamalat.islam.gov.my/en/bahan-ilmiah/kertas-persidangan/216-perdagangan-mata-wang-forex-kedudukannya-dalam-undang-undang-dan-kesannya-ke-atas-ekonomi

Jabatan Mufti Negeri Perlis (2018). Bitcoin dan Analisis Pandangan Fiqh Islam. Mesyuarat Jawatankuasa Fatwa Negeri Perlis Kali Ke-38/2018 https://oarep.usim.edu.my/jspui/handle/123456789/14347

Mitchell, C. (2021). Forex (FX) Definition and Uses. Investopedia. https://www.investopedia.com/terms/f/forex.asp

Portal Rasmi Fatwa Malaysia (2012) Hukum Perdagangan Pertukaran Matawang Asing oleh Individu Secara Lani (Individual Spot Forex) Melalui Platfom Elektronik http://e-smaf.islam.gov.my/e-smaf/index.php/main/mainv1/fatwa/pr/10293

Rahim, N., & Wajis, N. (2021). Perdagangan Mata Wang AtAS talian (Online forex Trading): Kewajaran Pengharaman dari Perspektif Syariah dan Undang-Undang Malaysia, Seminar Antarabangsa Islam dan Sains (SAIS) 9 September 2021

Tarmizi, L. (2018). Bayan Linnas Siri Ke - 153: Hukum Penggunaan Mata Wang bitcoin. Pejabat Mufti Wilayah Persekutuan. https://muftiwp.gov.my/ms/perkhidmatan/artikel-soal-jawab/2773-bayan-linnas-153-hukum-penggunaan-mata-wang-bitcoin


Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Jurnal 'Ulwan

This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0), permitting copy and redistribute the material in any medium or format.