Abstract
Foreign currency exchange contracts or foreign exchange (forex) began to arise when there is an international trade transaction involves two countries using different currencies. The legal assessment of the said issue should apply methods of interpretation and understanding of the terms to be applied in the contract. Terms such as leverage, hedging (hedging) and swap are thoroughly evaluated based on a practical modus operandi allowing for the precise legal assessment. This article discusses the contractual issues and modus operandi of foreign currency transactions and its application from the practical aspects using the Internet. Discussion on the legal assessment is based on the Islamic law of transactions on applied type of contract ('akad), the use of hedging and leverage in foreign exchange contracts via the Internet. Keywords: Contract, Foreign Exchange, Islamic Transaction, Leverage, Muamalat
Highlights
Foreign currency exchange contracts or foreign exchange began to arise when there is an international trade transaction involves two countries using different currencies
The legal assessment of the said issue should apply methods of interpretation and understanding of the terms to be applied in the contract
Terms such as leverage, hedging and swap are thoroughly evaluated based on a practical modus operandi allowing for the precise legal assessment
Summary
Sejarah penggunaan matawang juga dikatakan telah melalui beberapa fasa. Bermula daripada empat khalifah terawal (632-661 M), Ummayyad (661-750 M), Abbasid (749-1258 M) dan Ottomans (13241691M) dan revolusi industri (1880 hingga tercetusnya Perang Dunia (I) dan kadar pertukaran terapung 1973 hingga kini), matawang telah digunakan dengan meluas untuk tujuan pertukaran (seperti jual-beli barang dan perkhidmatan), simpan nilai (di institusi kewangan) juga untuk pelaburan (menghasilkan dividen). (Abd Ghafar, Azura: 2003). Pertukaran matawang ini sebenarnya memiliki sejarah yang panjang sejak zaman pertukaran emas dan perak sehinggalah ke zaman matawang kertas.(M.Iqbal 2007: 18-26). Penggunaan pertukaran wang fiat ini semakin berkembang dengan adanya pasaran pertukaran asing. Pada peringkat awal penggunaan wang fiat (wang kertas), ianya disandar sepenuhnya kepada emas, dan sesiapa juga yang memiliki wang kertas boleh menukarkannya dengan emas sebanyak yang tercatat pada kertas itu. Rizab emas negara semakin berkurangan dan wang kertas tidak lagi disandarkan kepada emas dengan sepenuhnya. Selepas berakhirnya Perjanjian Bretton Woods pada 1971, wang kertas dunia tidak lagi disandarkan secara langsung kepada emas ( Imran Hosein 1997: 129-130) walaupun kemungkinan sesebuah negara masih lagi mempunyai rizab emasnya sendiri. Maksud firman Allah: “Hai orang-orang yang beriman, janganlah kamu memakan riba dengan berlipat ganda dan bertakwalah kepada Allah supaya kamu mendapat keberuntungan” (al-Imran: ayat 130)
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