Pelaksanaan Kontrak Foreign Exchange Swap (Fx Swap) Konvensional pada Persepektif Syariah
Implementation of Conventional Foreign Exchange Swap (Fx Swap) Contracts on Shariah Perspective
DOI:
https://doi.org/10.53840/ijiefer26Keywords:
Derivatif, Lindung Nilai, Swap, FX Swap, Isu SyariahAbstract
Swap merupakan salah satu produk derivatif yang terdapat dalam pasaran kewangan. Ianya digunakan sebagai salah satu mekanisme melindung nilai bagi pelabur dari terdedah dengan risiko ketidaktentuan harga pasaran. Pelaksanaan instrumen FX Swap konvensional telah dikritik hebat oleh ramai sarjana kewangan Islam semasa. Objektif artikel ini adalah untuk mengkaji struktur pelaksanaan FX Swap di institusi perbankan Malaysia. Selain itu, kajian ini juga akan mengenalpasti isu-isu syariah yang wujud dalam pelaksanaan kontrak ini. Kajian ini hanya menyentuh pelaksanaan instrumen FX Swap di perbankan Malaysia. Metodologi kajian adalah berdasarkan kajian kualitatif dan melibatkan kajian analisis dokumen. Hasil dari kajian ini mendapati setiap kontrak dalam swap mempunyai struktur dan tujuan yang berbeza-beza diantara satu sama lain. Selain itu juga, terdapat isu-isu syariah yang wujud antaranya ialah riba, gharar, perjudian dan spekulasi.
Swap is one of the derivative products available in the financial markets. It is used as one of the hedging mechanisms for investors from being exposed to the risk of market price uncertainty. The implementation of conventional FX Swap instruments has been criticized by many current Islamic finance scholars. The objective of this article is to review the structure of the FX Swap implementation in Malaysian banking institutions. In addition, this study will also identify the shariah issues that exist in the implementation of this contract. This study only discuses the implementation of the FX Swap instrument in Malaysian banking. The research methodology is based on a qualitative study and involves document analysis study. The results of this study show that each contract in the swap has different structures and objectives between one another. In addition, there are sharia issues that exist which include riba, gharar, gambling and speculation.
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