Retail Forex Trading in the Period of Rupiah Depreciation: Analysis of Taqabudh Hukmi and Maysir

Authors

  • Moh. Asep Zakariya Ansori Institut Ummul Quro Al-Islami Bogor
  • Anisa Husnul Khotimah Institut Ummul Quro Al-Islami Bogor
  • Muhamad Abdul Ikhsan Institut Ummul Quro Al-Islami Bogor
  • Muhamad Afifudin Institut Ummul Quro Al-Islami Bogor
  • M. Naufal Abdurrahman Institut Ummul Quro Al-Islami Bogor
  • Haikal Ramdhani Fauzi Institut Ummul Quro Al-Islami Bogor

DOI:

https://doi.org/10.59890/ijels.v4i7.46

Keywords:

Retail Forex Trading, Rupiah Depreciation, Taqabudh Hukmi, Maysir, DSN-MUI Fatwa

Abstract

Rupiah depreciation triggers digital retail forex trading growth, raising concerns over Sharia compliance regarding taqabudh hukmi (legal delivery) and maysir (speculation). This normative juridical study analyzes digital forex trading based on Fatwa DSN-MUI No. 28/DSN-MUI/III/2002 using a conceptual approach. The results indicate that Contracts for Difference (CFD) mechanisms fail to satisfy taqabudh hukmi because actual currency ownership is never transferred. Additionally, high leverage and speculative orientations amplify maysir characteristics. Consequently, retail forex trading via CFDs is non-compliant with Sharia principles. These findings highlight the urgent need for robust regulatory enforcement and enhanced Sharia financial literacy in digital foreign exchange.

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Published

2026-08-01

Issue

Vol. 4 No. 7 (2026): July 2026

Section

Articles