Perdagangan Forex Islamik di Platform Perdagangan Forex: Analisis Syariah di Syarikat XM

The issue of online forex trading is now widely debated due to the existence of Islamic forex accounts provided by brokers. It becomes more critical when it trending and become lifestyle of the youngsters, artists and even social media influencers. There are various views of Islamic scholars in determining the validity of this transaction. However, some Islamic scholars outline the conditions that need to be met in order for online forex trading to become permissible in Islam Although the forex account is claimed to be Shariah compliant, a critical analysis of the operation and trading of the account needs to be done to ensure that it is in line with the principles of muamalat..The objective of this study is to examine the modus operandi of Islamic forex account
trading along with the Shariah issues that may arise from such trading activities. Qualitative methods were used to achieve the objectives of the study by conducting interviews with forex broker companies, Shariah finance experts and library research. The results of this study found that even if there is an Islamic forex account at the XM brokerage company, there is basically no Shariah issue after removing the riba element
from the account, but it is still not free from the gharar issue. Therefore, it creates the requirement that the broker must be legally registered in Malaysia and able to appoint a Shariah advisor, where the advisor has been accredited to explain the ambiguous contract to explain its justification.