{ "department": "FAKULTAS SYARI’AH DAN HUKUM", "subjects": [ 297.273 ], "eprintid": 77958, "thesis_type": "skripsi", "date": "2026-06-29", "userid": 12460, "documents": [ { "language": "id", "placement": 1, "eprintid": 77958, "files": [ { "hash_type": "MD5", "mtime": "2026-08-20 01:21:00", "datasetid": "document", "fileid": 1858424, "objectid": 1071189, "uri": "http:\/\/digilib.uin-suka.ac.id\/id\/file\/1858424", "mime_type": "application\/pdf", "hash": "22711a7c403c5804b59a491497a20661", "filesize": 10657938, "filename": "22103080021_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf" } ], "content": "published", "rev_number": 3, "uri": "http:\/\/digilib.uin-suka.ac.id\/id\/document\/1071189", "main": "22103080021_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf", "mime_type": "application\/pdf", "docid": 1071189, "format": "text", "security": "public", "pos": 1, "formatdesc": "ANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFM" }, { "language": "id", "placement": 2, "eprintid": 77958, "files": [ { "hash_type": "MD5", "mtime": "2026-08-20 01:21:03", "datasetid": "document", "fileid": 1858427, "objectid": 1071190, "uri": "http:\/\/digilib.uin-suka.ac.id\/id\/file\/1858427", "mime_type": "application\/pdf", "hash": "323f79cfa07964f8478d5e1697dbaf3c", "filesize": 15598985, "filename": "22103080021_BAB-II_sampai_SEBELUM-BAB-TERAKHIR.pdf" } ], "content": "published", "rev_number": 3, "uri": "http:\/\/digilib.uin-suka.ac.id\/id\/document\/1071190", "main": "22103080021_BAB-II_sampai_SEBELUM-BAB-TERAKHIR.pdf", "mime_type": "application\/pdf", "docid": 1071190, "format": "text", "security": "validuser", "pos": 2, "formatdesc": "ANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFM" } ], "rev_number": 12, "creators": [ { "name": { "lineage": null, "given": "NIM.: 22103080021", "honourific": null, "family": "Alfin Izza Mahira" } } ], "dir": "disk0\/00\/07\/79\/58", "keywords": "Swap-Free, Contract for Difference (CFD), Leverage, Hukum Islam,\r\nHifdz al-Mal", "lastmod": "2026-09-03 04:33:23", "ispublished": "pub", "metadata_visibility": "show", "date_type": "published", "eprint_status": "archive", "status_changed": "2026-09-03 04:33:23", "datestamp": "2026-09-03 04:33:23", "uri": "http:\/\/digilib.uin-suka.ac.id\/id\/eprint\/77958", "thesis_name": "other", "note": "Dr. H. Syafaul Mudawam, M.A., M.M.", "full_text_status": "restricted", "contact_email": "muh.khabib@uin-suka.ac.id", "divisions": [ "ek_syariah" ], "abstract": "The practice of modern foreign exchange trading through international\r\nbrokers has continued to expand alongside the rapid development of financial\r\ntechnology. One of the facilities widely offered to Muslim investors is the swap-free\r\nor Islamic account provided by HFM. This facility is promoted as being compliant\r\nwith Sharia principles because it eliminates swap charges imposed on overnight\r\ntrading positions. Nevertheless, the existence of swap-free accounts raises legal\r\nconcerns because the transactions remain based on Contract for Difference (CFD)\r\ninstruments and leverage facilities, which in practice create issues regarding their\r\ncompatibility with the requirements of al-sharf contracts in Islamic commercial\r\njurisprudence. This study aims to analyze the mechanism of swap-free practices\r\nimplemented by HFM, examine the structure of modern foreign exchange\r\ntransactions employed on the platform, and determine their legal status from the\r\nperspective of Islamic law.\r\nThis study employs normative legal research using conceptual and case\r\napproaches. The research data were collected through library research consisting\r\nof Islamic commercial jurisprudence literature, fatwas issued by the National\r\nSharia Council of the Indonesian Council of Ulama (DSN-MUI), academic\r\njournals, books, and official documents published by HFM. The analysis is\r\nconducted using the theories of Uqudud Tijari, Uqudud Tamwili, and Imam al-\r\nShatibi’s Maqasid al-Shariah, particularly the concept of Hifdz al-Mal (protection\r\nof wealth), as the analytical framework for assessing the conformity of trading\r\npractices with the objectives of Islamic law.\r\nThe findings indicate that the elimination of swap charges in HFM's swapfree\r\naccounts does not alter the fundamental nature of the transactions, which\r\ncontinue to rely on CFDs and leverage mechanisms. The transaction structure does\r\nnot satisfy the principle of taqabudh required in al-sharf contracts because no\r\nactual transfer of currency ownership takes place. Analysis based on the theories\r\nof Uqudud Tijari and Uqudud Tamwili demonstrates that the contractual structure\r\nand financing mechanism employed do not fully comply with Sharia principles\r\ngoverning commercial transactions. Furthermore, an analysis based on Imam al-\r\nShatibi’s Maqasid al-Shariah reveals that the swap-free feature cannot be assessed\r\nseparately from the overall transaction system. A comprehensive evaluation of the\r\nrelationship between swap-free facilities, CFDs, and leverage demonstrates the\r\nexistence of gharar fahish (excessive uncertainty) and maysir (speculation), both of\r\nwhich undermine the objective of protecting wealth (Hifdz al-Mal). Therefore, the\r\nbenefit claimed through the elimination of swap charges cannot be recognized as a\r\nvalid Sharia benefit because it remains embedded within a transaction structure\r\nthat contradicts the objectives of Islamic law. These findings demonstrate that the\r\nswap-free practice implemented by HFM does not comply with Islamic legal\r\nprinciples, as it is more likely to generate mafsadah (harm) than to realize maslahah\r\n(benefit) in achieving the objective of protecting wealth (Hifdz al-Mal).", "type": "thesis", "title": "ANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFM", "institution": "UIN SUNAN KALIJAGA YOGYAKARTA", "pages": 150 }