Institutional Repository UIN Sunan Kalijaga YogyakartaANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFMNIM.: 22103080021Alfin Izza MahiraauthorThe practice of modern foreign exchange trading through international brokers has continued to expand alongside the rapid development of financial technology. One of the facilities widely offered to Muslim investors is the swap-free or Islamic account provided by HFM. This facility is promoted as being compliant with Sharia principles because it eliminates swap charges imposed on overnight trading positions. Nevertheless, the existence of swap-free accounts raises legal concerns because the transactions remain based on Contract for Difference (CFD) instruments and leverage facilities, which in practice create issues regarding their compatibility with the requirements of al-sharf contracts in Islamic commercial jurisprudence. This study aims to analyze the mechanism of swap-free practices implemented by HFM, examine the structure of modern foreign exchange transactions employed on the platform, and determine their legal status from the perspective of Islamic law. This study employs normative legal research using conceptual and case approaches. The research data were collected through library research consisting of Islamic commercial jurisprudence literature, fatwas issued by the National Sharia Council of the Indonesian Council of Ulama (DSN-MUI), academic journals, books, and official documents published by HFM. The analysis is conducted using the theories of Uqudud Tijari, Uqudud Tamwili, and Imam al- Shatibi’s Maqasid al-Shariah, particularly the concept of Hifdz al-Mal (protection of wealth), as the analytical framework for assessing the conformity of trading practices with the objectives of Islamic law. The findings indicate that the elimination of swap charges in HFM's swapfree accounts does not alter the fundamental nature of the transactions, which continue to rely on CFDs and leverage mechanisms. The transaction structure does not satisfy the principle of taqabudh required in al-sharf contracts because no actual transfer of currency ownership takes place. Analysis based on the theories of Uqudud Tijari and Uqudud Tamwili demonstrates that the contractual structure and financing mechanism employed do not fully comply with Sharia principles governing commercial transactions. Furthermore, an analysis based on Imam al- Shatibi’s Maqasid al-Shariah reveals that the swap-free feature cannot be assessed separately from the overall transaction system. A comprehensive evaluation of the relationship between swap-free facilities, CFDs, and leverage demonstrates the existence of gharar fahish (excessive uncertainty) and maysir (speculation), both of which undermine the objective of protecting wealth (Hifdz al-Mal). Therefore, the benefit claimed through the elimination of swap charges cannot be recognized as a valid Sharia benefit because it remains embedded within a transaction structure that contradicts the objectives of Islamic law. These findings demonstrate that the swap-free practice implemented by HFM does not comply with Islamic legal principles, as it is more likely to generate mafsadah (harm) than to realize maslahah (benefit) in achieving the objective of protecting wealth (Hifdz al-Mal).297.273 Ekonomi Islam / Fiqih Muamalah2026-06-29UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS SYARI’AH DAN HUKUMThesis

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