eprintid: 77958
rev_number: 12
eprint_status: archive
userid: 12460
dir: disk0/00/07/79/58
datestamp: 2026-09-03 04:33:23
lastmod: 2026-09-03 04:33:23
status_changed: 2026-09-03 04:33:23
type: thesis
metadata_visibility: show
contact_email: muh.khabib@uin-suka.ac.id
creators_name: Alfin Izza Mahira, NIM.: 22103080021
title: ANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFM
ispublished: pub
subjects: 297.273
divisions: ek_syariah
full_text_status: restricted
keywords: Swap-Free, Contract for Difference (CFD), Leverage, Hukum Islam,
Hifdz al-Mal
note: Dr. H. Syafaul Mudawam, M.A., M.M.
abstract: The 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).
date: 2026-06-29
date_type: published
pages: 150
institution: UIN SUNAN KALIJAGA YOGYAKARTA
department: FAKULTAS SYARI’AH DAN HUKUM
thesis_type: skripsi
thesis_name: other
citation:   Alfin Izza Mahira, NIM.: 22103080021  (2026) ANALISIS HUKUM ISLAM TERHADAP PRAKTIK SWAP-FREE DALAM TRANSAKSI VALAS MODERN DI BROKER HFM.  Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.   
document_url: https://digilib.uin-suka.ac.id/id/eprint/77958/1/22103080021_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf
document_url: https://digilib.uin-suka.ac.id/id/eprint/77958/2/22103080021_BAB-II_sampai_SEBELUM-BAB-TERAKHIR.pdf