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Abstract
Introduction
One of the business transactions that developed in the digital era is futures trading. This type of transaction involves high risk where profit is obtained from the difference between buying and selling, with goods being delivered at a later date. Profits are obtained from price fluctuations on traded commodities. This type of futures trading is also done on the Binance platform. Many traders are interested in this type of trade but do not have sufficient knowledge and understanding, especially regarding Fiqh legality.
Objectives
The study aims to explain the practice of futures trading on the Binance platform from the perspective of Fiqh Muamalah.
Method
This study is literature research with a juridical-normative approach that relates facts to futures trading cases.
Results
The results of this study explain that futures trading on the Binance platform includes bay' al-şarf, a type of money trade in which money is obtained and delivered at a later date.
Implications
Futures trading on the Binance platform in Fiqh Muamalah is prohibited because it involves elements of uncertainty (gharar) and speculation (maysir). The exchange rate is uncertain, which can cause one party to benefit and the other party to be harmed.
Originality/Novelty
This research contributes to the theory of Fiqh legality in future trading practices.
Article Details
Copyright (c) 2024 Rifki Zulkarnain , M. Roem Syibly
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References
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Anjum, M. I. (2022). An Islamic critique of rival economic systems’ theories of interest. International Journal of Ethics and Systems, 38(4), 598–620. https://doi.org/10.1108/IJOES-08-2021-0155
Anugrah, M., & Maulana Siregar, A. R. (2024). The position of informed consent between midwives and patients in childbirth according to Law Number 17 of 2023 concerning Health. International Journal of Research and Review, 11(5), 286–294. https://doi.org/10.52403/ijrr.20240533
Arif, M. I. A. M., Kamaruddin, N. C., & Markom, R. (2024). Cryptocurrency: A currency or investment asset? KnE Social Sciences, 4th International Conference on Law Reform (4th INCLAR), 997–1012. https://doi.org/10.18502/kss.v8i21.14815
Azizah, A. S. N., & Irfan, I. (2020). Fenomena cryptocurrency dalam perspektif hukum Islam [The phenomenon of cryptocurrency in the perspective of Islamic law]. Shautuna: Jurnal Ilmiah Mahasiswa Perbandingan Mazhab, 1(1), 62–80. https://doi.org/10.24252/shautuna.v1i1.12424
Cai, T., Dong, M., Chen, K., & Gong, T. (2022). Methods of participating power spot market bidding and settlement for renewable energy systems. Energy Reports, 8, 7764–7772. https://doi.org/10.1016/j.egyr.2022.05.291
Chen, R., Wei, B., Jin, C., & Liu, J. (2021). Returns and volatilities of energy futures markets: Roles of speculative and hedging sentiments. International Review of Financial Analysis, 76, 101748. https://doi.org/10.1016/j.irfa.2021.101748
Cheng, I.-H., Kirilenko, A., & Xiong, W. (2015). Convective risk flows in commodity futures markets. Review of Finance, 19(5), 1733–1781. https://doi.org/10.1093/rof/rfu043
Choudhury, M. A., Rahman, A. A. B., & Hasan, A. (2018). Trade versus riba in the Qurʾān with a critique of the role of bank-saving. International Journal of Law and Management, 60(2), 701–716. https://doi.org/10.1108/IJLMA-03-2017-0021
Chowdhury, M. A. M., & Razak, D. B. A. (2019). Dynamism and mechanism of digital currency (cryptocurrency) towards Islamic finance. European Journal of Islamic Finance, 14, Article 2. https://doi.org/10.13135/2421-2172/3736
Christiani, K., Wibisono, A., & Tw, G. H. (2022). Perlindungan hukum terhadap nasabah cryptocurrency di Indonesia [Legal protection of cryptocurrency customers in Indonesia]. SALAM: Jurnal Sosial Dan Budaya Syar-i, 9(5), 1541–1556. https://doi.org/10.15408/sjsbs.v9i5.27644
Christiani, T. A. (2016). Normative and empirical research methods: Their usefulness and relevance in the study of law as an object. Procedia - Social and Behavioral Sciences, 219, 201–207. https://doi.org/10.1016/j.sbspro.2016.05.006
Daly, S., & Frikha, M. (2016). Islamic finance: Basic principles and contributions in financing economic. Journal of the Knowledge Economy, 7(2), 496–512. https://doi.org/10.1007/s13132-014-0222-7
Engel, A. (2015). Buying time: Futures trading and telegraphy in nineteenth-century global commodity markets. Journal of Global History, 10(2), 284–306. https://doi.org/10.1017/S1740022815000078
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Fajar, R., & Sugiyono, H. (2024). The legal risks for investors due to market manipulation in the cryptocurrency market. Law Development Journal, 5(4), 430–442. https://doi.org/10.30659/ldj.5.4.430-442
Floros, C., & Salvador, E. (2016). Volatility, trading volume and open interest in futures markets. International Journal of Managerial Finance, 12(5), 629–653. https://doi.org/10.1108/IJMF-04-2015-0071
Fuadi, F., Afrizal, A., Shabri Abd. Majid, M., Marliyah, M., & Handayani, R. (2022). A study of literature: Cryptocurrency of syariah perspective. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(1), 1–8. https://doi.org/10.54443/ijebas.v2i1.135
Gaol, C. P. L., Morales, U., & Lopez, V. (2023). Juridical review concerning the legitimacy of cryptocurrency in Islamic law. At-Tasyrih: Jurnal Pendidikan Dan Hukum Islam, 8(2), 115–125. https://doi.org/10.55849/attasyrih.v8i2.148
Glavina, S. G., & Asmyatullin, R. R. (2024). The fourth industrial revolution in Islamic finance: The case of digital currencies of central banks. International Trade and Trade Policy, 9(4), 169–178. https://doi.org/10.21686/2410-7395-2023-3-169-178
Hairudin, A., Sifat, I. M., Mohamad, A., & Yusof, Y. (2022). Cryptocurrencies: A survey on acceptance, governance and market dynamics. International Journal of Finance & Economics, 27(4), 4633–4659. https://doi.org/10.1002/ijfe.2392
Hamzani, A. I., Widyastuti, T. V., Khasanah, N., & Rusli, M. H. M. (2023). Legal research method: Theoretical and implementative review. International Journal of Membrane Science and Technology, 10(2), 3610–3619. https://doi.org/10.15379/ijmst.v10i2.3191
Han, Q., & Liang, J. (2017). Index futures trading restrictions and spot market quality: Evidence from the recent Chinese Stock Market crash. Journal of Futures Markets, 37(4), 411–428. https://doi.org/10.1002/fut.21825
Hassan, T. A., & Mano, R. C. (2019). Forward and spot exchange rates in a multi-currency world*. The Quarterly Journal of Economics, 134(1), 397–450. https://doi.org/10.1093/qje/qjy026
Jihad, B., Lamrabet, H., & Oussama, B. (2024). Islamic innovation in financial technology: Islamic digital currencies as a model. Educational Administration: Theory and Practice, 30(5), 1810–1820. https://doi.org/10.53555/kuey.v30i5.2361
Karianga, H., & Fernando, Z. J. (2024). The damage of the shadow economy: The urgency of addressing foreign bribery in Indonesia. Pakistan Journal of Criminology, 16(2), 783–796. https://doi.org/10.62271/pjc.16.2.783.796
Khan, S. N. (2023). The legality of cryptocurrency from an Islamic perspective: A research note. Journal of Islamic Accounting and Business Research, 14(2), 289–294. https://doi.org/10.1108/JIABR-02-2022-0041
Kharbanda, V., & Singh, A. (2018). Futures market efficiency and effectiveness of hedge in Indian currency market. International Journal of Emerging Markets, 13(6), 2001–2027. https://doi.org/10.1108/IJoEM-08-2017-0320
Kirilenko, A., Kyle, A. S., Samadi, M., & Tuzun, T. (2017). The flash crash: High-frequency trading in an electronic market. The Journal of Finance, 72(3), 967–998. https://doi.org/10.1111/jofi.12498
Kristardi, F. S. (2024, May 31). Review Binance Indonesia: Pilihan trading, platform, dan komisi 2025 [Binance Indonesia Review: Trading options, platforms and commissions 2025] [HTML]. Rankia: Komunitas Keuangan. https://rankia.id/review-binance-indonesia/
Malhotra, M., & Sharma, D. K. (2016). Volatility dynamics in oil and oilseeds spot and futures market in India. Vikalpa: The Journal for Decision Makers, 41(2), 132–148. https://doi.org/10.1177/0256090916642686
Malliaris, A. G., & Ziemba, W. T. (2013). Futures markets: An overview. In The world scientific handbook of futures markets (pp. 3–22). World Scientific. https://doi.org/10.1142/9789814566926_0001
Mu’adzah, N., Rachmad, D., & Rusydiana, A. S. (2024). Abu Ubaid’s perspectives and the dynamics of digital currency in modern Islamic economics. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 13(1), 144–162. https://doi.org/10.46367/iqtishaduna.v13i1.1847
Muedini, F. (2018). The compatibility of cryptocurrencies and Islamic finance. European Journal of Islamic Finance, 10, Article 3. https://doi.org/10.13135/2421-2172/2569
Narayanan, P., Sebastian, T. K., & Karunakaran, N. (2024). Volatility linkages in commodity futures markets: Evidence from the rubber futures market in India. SDMIMD Journal of Management, 15(1), 109–118. https://doi.org/10.18311/sdmimd/2024/32928
Nosić, A., Sedlar, D. K., & Jukić, L. (2017). Oil and gas futures and options market. Rudarsko-Geološko-Naftni Zbornik, 32(4), 45–54. https://doi.org/10.17794/rgn.2017.4.5
Pakpaharan, J. T. (2024). Analysis in decision making for XAUUSD (Gold/USD) Pair transactions in futures trading. Jurnal Indonesia Sosial Sains, 5(10), 2587–2595. https://doi.org/10.59141/jiss.v5i10.1235
Parameshwara, P., & Riza, K. (2023). Ideal management of social assistance funds as a prevention and mitigation effort corruption. Journal of Multidisciplinary Academic and Practice Studies, 1(3), 203–211. https://doi.org/10.35912/jomaps.v1i3.1529
Prasetiyo, L., & Janah, U. R. (2022). Cryptocurrency as money: Islamic monetary system perspective. Al-Tahrir: Jurnal Pemikiran Islam, 22(1), 71–94. https://doi.org/10.21154/altahrir.v22i1.3617
Rahardja, U., Chen, S.-C., Lin, Y.-C., Tsai, T.-C., Aini, Q., Khan, A., Oganda, F. P., Dewi, E. R., Cho, Y.-C., & Hsu, C.-H. (2023). Evaluating the mediating mechanism of perceived trust and risk toward cryptocurrency: An empirical research. Sage Open, 13(4), 21582440231217854. https://doi.org/10.1177/21582440231217854
Sapanji, R. A. E. V. T., & Saudi, M. H. M. (2019). Conceptual research: Sharia-based cryptocurrency. Journal of Advanced Research in Dynamical and Control Systems, 11(Special Issue 3), 138–143. https://www.researchgate.net/publication/334821645_Conceptual_Research_Sharia-based_Cryptocurrency
Selcuk, M., & Kaya, S. (2021). A critical analysis of cryptocurrencies from an Islamic jurisprudence perspective. Turkish Journal of Islamic Economics, 8(1), 137–152. https://doi.org/10.26414/A130
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References
Abubakar, M., Hassan, M. K., & Haruna, M. A. (2019). Cryptocurrency tide and Islamic finance development: Any issue? In J. J. Choi & B. Ozkan (Eds.), International Finance Review (pp. 189–200). Emerald Publishing Limited. https://doi.org/10.1108/S1569-376720190000020019
Alam, N., Gupta, L., & Zameni, A. (2019). Cryptocurrency and Islamic finance. In N. Alam, L. Gupta, & A. Zameni (Eds.), Fintech and Islamic finance: Digitalization, development and disruption (pp. 99–118). Springer International Publishing. https://doi.org/10.1007/978-3-030-24666-2_6
Almahendra, R., Okta Viyani, A., & Nabawi, M. (2024). Is crypto legitimate? Study on the relationship between legitimacy and public engagement on crypto market in Indonesia. Intangible Capital, 20(2), 393–411. https://doi.org/10.3926/ic.2425
Anjum, M. I. (2022). An Islamic critique of rival economic systems’ theories of interest. International Journal of Ethics and Systems, 38(4), 598–620. https://doi.org/10.1108/IJOES-08-2021-0155
Anugrah, M., & Maulana Siregar, A. R. (2024). The position of informed consent between midwives and patients in childbirth according to Law Number 17 of 2023 concerning Health. International Journal of Research and Review, 11(5), 286–294. https://doi.org/10.52403/ijrr.20240533
Arif, M. I. A. M., Kamaruddin, N. C., & Markom, R. (2024). Cryptocurrency: A currency or investment asset? KnE Social Sciences, 4th International Conference on Law Reform (4th INCLAR), 997–1012. https://doi.org/10.18502/kss.v8i21.14815
Azizah, A. S. N., & Irfan, I. (2020). Fenomena cryptocurrency dalam perspektif hukum Islam [The phenomenon of cryptocurrency in the perspective of Islamic law]. Shautuna: Jurnal Ilmiah Mahasiswa Perbandingan Mazhab, 1(1), 62–80. https://doi.org/10.24252/shautuna.v1i1.12424
Cai, T., Dong, M., Chen, K., & Gong, T. (2022). Methods of participating power spot market bidding and settlement for renewable energy systems. Energy Reports, 8, 7764–7772. https://doi.org/10.1016/j.egyr.2022.05.291
Chen, R., Wei, B., Jin, C., & Liu, J. (2021). Returns and volatilities of energy futures markets: Roles of speculative and hedging sentiments. International Review of Financial Analysis, 76, 101748. https://doi.org/10.1016/j.irfa.2021.101748
Cheng, I.-H., Kirilenko, A., & Xiong, W. (2015). Convective risk flows in commodity futures markets. Review of Finance, 19(5), 1733–1781. https://doi.org/10.1093/rof/rfu043
Choudhury, M. A., Rahman, A. A. B., & Hasan, A. (2018). Trade versus riba in the Qurʾān with a critique of the role of bank-saving. International Journal of Law and Management, 60(2), 701–716. https://doi.org/10.1108/IJLMA-03-2017-0021
Chowdhury, M. A. M., & Razak, D. B. A. (2019). Dynamism and mechanism of digital currency (cryptocurrency) towards Islamic finance. European Journal of Islamic Finance, 14, Article 2. https://doi.org/10.13135/2421-2172/3736
Christiani, K., Wibisono, A., & Tw, G. H. (2022). Perlindungan hukum terhadap nasabah cryptocurrency di Indonesia [Legal protection of cryptocurrency customers in Indonesia]. SALAM: Jurnal Sosial Dan Budaya Syar-i, 9(5), 1541–1556. https://doi.org/10.15408/sjsbs.v9i5.27644
Christiani, T. A. (2016). Normative and empirical research methods: Their usefulness and relevance in the study of law as an object. Procedia - Social and Behavioral Sciences, 219, 201–207. https://doi.org/10.1016/j.sbspro.2016.05.006
Daly, S., & Frikha, M. (2016). Islamic finance: Basic principles and contributions in financing economic. Journal of the Knowledge Economy, 7(2), 496–512. https://doi.org/10.1007/s13132-014-0222-7
Engel, A. (2015). Buying time: Futures trading and telegraphy in nineteenth-century global commodity markets. Journal of Global History, 10(2), 284–306. https://doi.org/10.1017/S1740022815000078
Eyerci, C. (2021). Basics of Islamic economics and the prohibition of riba. In C. Eyerci (Ed.), The causes and consequences of interest theory: Analyzing interest through conventional and Islamic economics (pp. 87–130). Springer International Publishing. https://doi.org/10.1007/978-3-030-78702-8_6
Fajar, R., & Sugiyono, H. (2024). The legal risks for investors due to market manipulation in the cryptocurrency market. Law Development Journal, 5(4), 430–442. https://doi.org/10.30659/ldj.5.4.430-442
Floros, C., & Salvador, E. (2016). Volatility, trading volume and open interest in futures markets. International Journal of Managerial Finance, 12(5), 629–653. https://doi.org/10.1108/IJMF-04-2015-0071
Fuadi, F., Afrizal, A., Shabri Abd. Majid, M., Marliyah, M., & Handayani, R. (2022). A study of literature: Cryptocurrency of syariah perspective. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(1), 1–8. https://doi.org/10.54443/ijebas.v2i1.135
Gaol, C. P. L., Morales, U., & Lopez, V. (2023). Juridical review concerning the legitimacy of cryptocurrency in Islamic law. At-Tasyrih: Jurnal Pendidikan Dan Hukum Islam, 8(2), 115–125. https://doi.org/10.55849/attasyrih.v8i2.148
Glavina, S. G., & Asmyatullin, R. R. (2024). The fourth industrial revolution in Islamic finance: The case of digital currencies of central banks. International Trade and Trade Policy, 9(4), 169–178. https://doi.org/10.21686/2410-7395-2023-3-169-178
Hairudin, A., Sifat, I. M., Mohamad, A., & Yusof, Y. (2022). Cryptocurrencies: A survey on acceptance, governance and market dynamics. International Journal of Finance & Economics, 27(4), 4633–4659. https://doi.org/10.1002/ijfe.2392
Hamzani, A. I., Widyastuti, T. V., Khasanah, N., & Rusli, M. H. M. (2023). Legal research method: Theoretical and implementative review. International Journal of Membrane Science and Technology, 10(2), 3610–3619. https://doi.org/10.15379/ijmst.v10i2.3191
Han, Q., & Liang, J. (2017). Index futures trading restrictions and spot market quality: Evidence from the recent Chinese Stock Market crash. Journal of Futures Markets, 37(4), 411–428. https://doi.org/10.1002/fut.21825
Hassan, T. A., & Mano, R. C. (2019). Forward and spot exchange rates in a multi-currency world*. The Quarterly Journal of Economics, 134(1), 397–450. https://doi.org/10.1093/qje/qjy026
Jihad, B., Lamrabet, H., & Oussama, B. (2024). Islamic innovation in financial technology: Islamic digital currencies as a model. Educational Administration: Theory and Practice, 30(5), 1810–1820. https://doi.org/10.53555/kuey.v30i5.2361
Karianga, H., & Fernando, Z. J. (2024). The damage of the shadow economy: The urgency of addressing foreign bribery in Indonesia. Pakistan Journal of Criminology, 16(2), 783–796. https://doi.org/10.62271/pjc.16.2.783.796
Khan, S. N. (2023). The legality of cryptocurrency from an Islamic perspective: A research note. Journal of Islamic Accounting and Business Research, 14(2), 289–294. https://doi.org/10.1108/JIABR-02-2022-0041
Kharbanda, V., & Singh, A. (2018). Futures market efficiency and effectiveness of hedge in Indian currency market. International Journal of Emerging Markets, 13(6), 2001–2027. https://doi.org/10.1108/IJoEM-08-2017-0320
Kirilenko, A., Kyle, A. S., Samadi, M., & Tuzun, T. (2017). The flash crash: High-frequency trading in an electronic market. The Journal of Finance, 72(3), 967–998. https://doi.org/10.1111/jofi.12498
Kristardi, F. S. (2024, May 31). Review Binance Indonesia: Pilihan trading, platform, dan komisi 2025 [Binance Indonesia Review: Trading options, platforms and commissions 2025] [HTML]. Rankia: Komunitas Keuangan. https://rankia.id/review-binance-indonesia/
Malhotra, M., & Sharma, D. K. (2016). Volatility dynamics in oil and oilseeds spot and futures market in India. Vikalpa: The Journal for Decision Makers, 41(2), 132–148. https://doi.org/10.1177/0256090916642686
Malliaris, A. G., & Ziemba, W. T. (2013). Futures markets: An overview. In The world scientific handbook of futures markets (pp. 3–22). World Scientific. https://doi.org/10.1142/9789814566926_0001
Mu’adzah, N., Rachmad, D., & Rusydiana, A. S. (2024). Abu Ubaid’s perspectives and the dynamics of digital currency in modern Islamic economics. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 13(1), 144–162. https://doi.org/10.46367/iqtishaduna.v13i1.1847
Muedini, F. (2018). The compatibility of cryptocurrencies and Islamic finance. European Journal of Islamic Finance, 10, Article 3. https://doi.org/10.13135/2421-2172/2569
Narayanan, P., Sebastian, T. K., & Karunakaran, N. (2024). Volatility linkages in commodity futures markets: Evidence from the rubber futures market in India. SDMIMD Journal of Management, 15(1), 109–118. https://doi.org/10.18311/sdmimd/2024/32928
Nosić, A., Sedlar, D. K., & Jukić, L. (2017). Oil and gas futures and options market. Rudarsko-Geološko-Naftni Zbornik, 32(4), 45–54. https://doi.org/10.17794/rgn.2017.4.5
Pakpaharan, J. T. (2024). Analysis in decision making for XAUUSD (Gold/USD) Pair transactions in futures trading. Jurnal Indonesia Sosial Sains, 5(10), 2587–2595. https://doi.org/10.59141/jiss.v5i10.1235
Parameshwara, P., & Riza, K. (2023). Ideal management of social assistance funds as a prevention and mitigation effort corruption. Journal of Multidisciplinary Academic and Practice Studies, 1(3), 203–211. https://doi.org/10.35912/jomaps.v1i3.1529
Prasetiyo, L., & Janah, U. R. (2022). Cryptocurrency as money: Islamic monetary system perspective. Al-Tahrir: Jurnal Pemikiran Islam, 22(1), 71–94. https://doi.org/10.21154/altahrir.v22i1.3617
Rahardja, U., Chen, S.-C., Lin, Y.-C., Tsai, T.-C., Aini, Q., Khan, A., Oganda, F. P., Dewi, E. R., Cho, Y.-C., & Hsu, C.-H. (2023). Evaluating the mediating mechanism of perceived trust and risk toward cryptocurrency: An empirical research. Sage Open, 13(4), 21582440231217854. https://doi.org/10.1177/21582440231217854
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