Exchange Rate and Foreign Currency Systems in Islam
DOI:
https://doi.org/10.65310/28xqfe10Keywords:
Exchange Rate, Foreign Exchange, Islamic Economics, Ṣarf Usury, Sharia FinanceAbstract
Global economic developments have made foreign exchange transactions an important necessity in international trade. The exchange rate system plays a role in determining the economic stability of a country. From an Islamic perspective, every economic activity, including currency trading (foreign exchange), must be based on sharia principles such as the prohibition of usury, gharar, and maisir. This study aims to explain the concepts of exchange rates and foreign exchange based on Islamic law, examine the fiqh provisions related to ṣarf contracts, and analyze their implementation in Indonesia according to the Fatwa of the National Sharia Council-Indonesian Ulema Council (DSN-MUI). The method used is a literature study by examining the latest journals and scientific sources. The results of the study show that Islam permits foreign exchange transactions on the condition that they are conducted in cash (spot transactions), for real needs, and free from speculation.
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Copyright (c) 2025 Muhammad Andreansyah, Fadhli Suko Wiryanto, Muhammad Faiz Andeaz Fawwaz (Author)
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