In e na ional Jou nal o Social Science and Human Resea ch
ISSN (p in ): 2644-0679, ISSN (online): 2644-0695
Volume 08 Issue 11 No embe 2025
DOI: 10.47191/ijssh / 8-i11-90, Impac ac o - 8.007
Page No: 9250- 9254
IJSSHR, Volume 08 Issue 11 No embe 2025 www.ijssh .in Page 9250
Fo eign Exchange Accoun ing in Islamic Finance: Reconciling Fai Value
wi h Maqashid Al-Sha i’ah
Cin a Ra ie A aullah
Bandung Islamic Uni e si y
ABSTRACT: This s udy examines he concep ual alignmen and di e gence be ween PSAK 10 conce ning o eign exchange
ansac ions and he iqh al-ṣa amewo k in Islamic ju isp udence. Islamic Financial Ins i u ions (IFIs) ine i ably engage in o eign
cu ency ac i i ies due o globaliza ion, c oss-bo de ade, emi ances, and pilg image- ela ed inancial se ices. Howe e , he
applica ion o PSAK 10, which manda es ai alue adjus men s and he ecogni ion o un ealized gains and losses, po en ially
con lic s wi h Islamic legal p inciples ha equi e immediacy o exchange ( aqābuḍ) and p ohibi specula i e gains (maisi ). Using
a quali a i e, concep ual, and li e a u e-based analysis, his s udy compa es PSAK 10, DSN–MUI Fa wa No.
28/2002, and AAOIFI FAS 16 o es ablish a cohe en unde s anding o o eign exchange epo ing om bo h accoun ing and Islamic
pe spec i es. In addi ion, his esea ch d aws on he maqāṣid al-sha ī‘ah amewo k as a philosophical ounda ion maqāṣid
emphasizes wel a e, jus ice, and social o de , making i ele an o e alua ing e hical inancial epo ing. The indings e eal ha
PSAK 10 p io i izes economic ele ance and decision use ulness, while iqh al-ṣa emphasizes legi imacy and he pe missibili y o
p o i . AAOIFI p o ides a middle pa h o Sha ia-compliance disclosu e. The s udy concludes ha ha monizing PSAK 10 wi h
maqāṣid p inciples is c ucial o ensu ing anspa en , e hical, and sha ia-aligned epo ing in IFIs.
KEYWORDS: Fo eign Exchange Accoun ing, PSAK 10, Fiqh al-Ṣa , AAOIFI, Maqāṣid al-Sha ī‘ah, Islamic Finance
I. INTRODUCTION
The globaliza ion o inancial ma ke s has inc eased he in ol emen o Islamic Financial Ins i u ions (IFIs) in ac i i ies ha
equi e o eign cu ency ansac ions. These include in e na ional ade inancing, emi ances, c oss-bo de in es men s, and he
inancing o Hajj and Um ah. In Indonesia, Bank Sya iah Indonesia (BSI) plays a leading ole in he Hajj and Um ah inancial
ecosys em, wi h Saudi Riyal (SAR) ansac ions expe iencing signi ican g ow h du ing he 2024–2025 pilg image seasons. In 2025,
BSI eco ded SAR con e sions eaching 24.4 million SAR, equi alen o Rp 107.01 billion, demons a ing he g owing impo ance
o cu ency ope a ions in s eng hening i s halal alue chain. Despi e he ope a ional necessi y o o eign exchange, IFIs ace
concep ual and p ac ical ensions when applying PSAK 10, which manda es he ecogni ion o un ealized o eign exchange gains
and losses. This poses a po en ial con lic wi h Islamic ju isp udence on cu ency exchange ( iqh al-ṣa ), which emphasizes eal,
immedia e exchange ( aqābuḍ) and p ohibi s specula i e gain (maisi ). Acco ding o DSN-MUI Fa wa No. 28/2002, cu ency
exchange is pe missible only when conduc ed on a spo basis and d i en by genuine economic needs. Mo eo e , PSAK 10, de i ed
om IAS 21, equi es mone a y i ems in o eign cu encies o be e alued a closing a es a each epo ing da e, c ea ing un ealized
gains o losses. This accoun ing ea men has spa ked deba e among schola s o e i s compliance wi h Sha ia p inciples. In con as ,
AAOIFI FAS 16 o e s a mo e sha ia-a uned amewo k, emphasizing anspa ency and accoun abili y while accommoda ing he
economic necessi y o alua ion adjus men s. Gi en hese egula o y duali ies, his s udy aims o concep ually analyze he alignmen
and disc epancies be ween PSAK 10 and iqh al-ṣa — supplemen ed by he maqāṣid al-sha ī‘ah amewo k and AAOIFI
s anda ds— owa d de eloping a mo e cohe en pe spec i e on o eign exchange accoun ing in Islamic inance.
II. LITERATURE REVIEW
A. Fo eign Exchange
The o eign exchange (FX) ma ke is he la ges and mos liquid inancial ma ke in he wo ld since i s p ima y unc ion is o
acili a e in e na ional ade, in es men , and inancial ansac ions, c ea ing a massi e and cons an need o cu ency con e sion.
Danila & Agga wal (2025) examine he d beha iou in he ASEAN-5 o eign exchange ma ke s: Indonesia, Malaysia, he
Philippines, Singapo e, and Thailand. The absence o he ding may s em om undamen al mac oeconomic di e si y ac oss hose
Fo eign Exchange Accoun ing in Islamic Finance: Reconciling Fai Value wi h Maqashid Al-Sha i’ah
IJSSHR, Volume 08 Issue 11 No embe 2025 www.ijssh .in Page 9251
coun ies, such as di e ences in economic g ow h, in la ion, and exchange a e policies. Unde s anding hese mac oeconomic
ounda ions is essen ial o o eign exchange accoun ing because luc ua ions d i en by eal economic o ces di ec ly a ec he
measu emen o mone a y asse s and liabili ies. Unde in e na ional s anda ds such as IAS 21, hese i ems mus be emeasu ed using
closing exchange a es, which o en esul s in he ecogni ion o un ealized o eign exchange gains o losses. Consequen ly, he
ola ili y o exchange a es—whe he oo ed in undamen als o ma ke mic os uc u e—has ma e ial implica ions o ai alue
epo ing and inancial s a emen eliabili y.
B. Fiqh al-Ṣa
The akad al-ṣa e e s o he exchange o one cu ency o ano he , whe he o he same ype o hings o no (Sah & Ilman,
2018). The basis o i s pe missibili y is ijma' (consensus) o schola s, suppo ed by he Qu 'anic a gumen on he pe missibili y o
buying and selling (Q.S. Al-Baqa ah: 275), and he hadi hs o he P ophe SAW, which egula e he exchange o ibawi goods such
as gold and sil e . These ules equi e immedia e exchange ( aqābuḍ), equali y when exchanging he same ype o cu ency ( amāṯul),
and p ohibi ion o de e men (nasī’ah). Among con empo a y schola s, including al-Qa adawi and Taqi Usmani, i is said ha
mode n ia cu encies unc ion as haman is ilāḥī, he eby ex ending classical ulings on ibawi i ems o con empo a y cu ency
exchange (Billah & A abani, 2016). This es ablishes s ic condi ions o legi ima e cu ency ading in Islamic inance.
In esponse o he limi a ions o con en ional accoun ing s anda ds, such as IFRS, which a e alue- ee, he Accoun ing and
Audi ing O ganiza ion o Islamic Financial Ins i u ions (AAOIFI) was es ablished in 1991 in Bah ain as a non-p o i o ganiza ion
ocused on s anda dizing and ha monizing Islamic inancial p ac ices. AAOIFI de eloped a ious accoun ing, audi ing, go e nance,
e hics, and Sha ia s anda ds based on he p inciples o Maqāṣid al-Sha ī‘ah and he alue o amanah. These s anda ds a e designed
o inc ease anspa ency, consis ency, and public us in in e na ional Islamic inancial ins i u ions. In he con ex o his s udy,
AAOIFI s anda ds, pa icula ly Financial Accoun ing S anda d (FAS) 16 on Fo eign Cu encies, a e used as a concep ual
compa ison o PSAK 10 and DSN-MUI Fa wa No. 28/2002 o see he ex en o which sha ia alues can be implemen ed in mode n
sha ia inancial epo ing.
In iqh muamalah, he p inciple o al-ṣa s ipula es ha he exchange o wo cu encies mus be done in cash (a - aqābuḍ) and he
ans e o owne ship mus occu be o e sepa a ion (qabḍ qabla al-i i āq). Ib ahim (2021) ea i ms he ou condi ions o a alid
cu ency sale and pu chase: (1) deli e y be o e sepa a ion, (2) al- amāṯul i he ypes a e he same, (3) cash paymen , and (4) no
khiyā sya ṭ. Based on hese p o isions, he ecogni ion o un ealized exchange a e gains o losses, as egula ed in PSAK 10, may
be inconsis en wi h Sha ia p inciples because legally execu ed ansac ions unde he con ac do no suppo i .
C. PSAK 10 (Indonesian S anda d) and Fai Value Repo ing
PSAK 10 go e ns how en i ies ecognize, measu e, and epo he e ec s o changes in o eign exchange a es. I equi es
ecognizing o eign exchange di e ences, bo h ealized and un ealized, in p o i o loss. S udies such as Nu malia e al. (2023)
highligh ha PSAK-complian epo ing enhances ele ance and eliabili y o use s o inancial s a emen s. Accu a e epo ing o
exchange a e di e ences is c ucial o e lec he ac ual alue in a company's inancial s a emen s and o ensu e ha he in o ma ion
p esen ed emains eliable and ele an o use s o inancial s a emen s (Sabila e al., 2024). Empi ical esea ch suppo s his
applica ion as an example, Cand adewi e al. (2024) ound ha PT Mandom Indonesia applies PSAK 10 o manage cu ency isk,
imp o ing he ele ance and accu acy o i s inancial epo ing. In ano he case, Sholihah e al. (2024) obse e ha PT Kalbe Fa ma,
despi e expe iencing signi ican o eign exchange di e ences, does no implemen a o mal hedging policy, which may expose i s
inancial s a emen s o ola ili y. Some a gue ha he ma e iali y o hese di e ences ma e s, Susilawa i & Wahyuni (2024) no e
ha in PT Supe Ene gy, he exchange di e ences unde PSAK 10 a e no ma e ial enough o a ec inancial p esen a ion
signi ican ly. Finally, ansla ional e ec s unde PSAK 10 ha e been compa ed wi h IFRS (IAS 21), e ealing ha di e ences in
ea men can ma e ially a ec consolida ed inancial s a emen s.
The e o e, while PSAK 10’s equi emen o epo un ealized exchange di e ences in p o i o loss enhances ele ance, i also
aises ques ions abou ola ili y, ai - alue measu emen , and he need o ca e ul disclosu e o al e na i e p esen a ion (such as
OCI) o main ain bo h eliabili y and meaning ulness o use s.
D. AAOIFI FAS 16
AAOIFI FAS 16 p o ides guidance o Islamic ins i u ions on o eign cu ency ansac ions. While i pe mi s e alua ion simila
o PSAK 10, i s eng hens he e hical dimension by equi ing clea disclosu e o un ealized gains/losses and asse ing ha hese
amoun s should no be dis ibu ed un il ealized. This b idges Islamic legal equi emen s wi h he needs o mode n inancial
epo ing. Compa a i e s udies indica e ha AAOIFI FAS 16 has a mo e cau ious pos u e han con en ional s anda ds such as
IFRS/IAS. Resea ch by Kusnan (2025) i demons a es ha unde AAOIFI, he e is g ea e emphasis on comp ehensi e disclosu e
and conse a i e ecogni ion, which seeks o balance inancial ele ance wi h Sha iah p inciples. This conse a ism helps mi iga e
he isks o ola ile cu ency e alua ions. Mo eo e , in high- ola ili y con ex s, AAOIFI’s concep ual amewo k suppo s
measu emen lexibili y, allowing o e alua ion while main aining s ong disclosu e equi emen s.
Fo eign Exchange Accoun ing in Islamic Finance: Reconciling Fai Value wi h Maqashid Al-Sha i’ah
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Howe e , p ac ical adop ion o FAS 16 emains limi ed in some Islamic inancial ins i u ions. Some Islamic banks s ill lean
owa d IFRS-based epo ing a he han AAOIFI, o en ci ing ease o implemen a ion and in e na ional compa abili y as mo i a ing
ac o s. This gap be ween no ma i e ideals and p ac ical applica ion sugges s challenges in ully ha monizing Sha iahcomplian
accoun ing s anda ds in Islamic inance.
Fu he mo e, ins i u ional analyses sugges ha FAS 16 plays a s a egic ole in sa egua ding he e hical in eg i y o Islamic
inancial epo ing. Fo example, a e iew by Sa ea & Hane ah (2013) ha AAOIFI’s s uc u e ega ds FAS 16 as a co e s anda d
o managing o eign cu ency isks in a manne consis en wi h Islamic p inciples. By combining e alua ion mechanisms wi h
obus disclosu e, FAS 16 allows Islamic inancial ins i u ions o p esen exchange di e ences anspa en ly wi hou comp omising
on Sha iah-based accoun abili y.
E. Maqāṣid al-Sha ī‘ah
Acco ding o Shihan e al. (2023), maqāṣid al-sha ī‘ah now unc ions as a comp ehensi e e hical amewo k emphasizing jus ice,
communal wel a e, and he p e en ion o ha m. This mode n iew aligns wi h ecen schola ly wo k ha ex ends he applica ion o
maqāṣid o inancial con ex s. Qu aiba & Owais (2024) a gue ha Islamic banking p oduc s should be designed o ul ill maqāṣid
objec i es such as p ese a ion o weal h (ḥi ẓ al-māl), in ellec (ḥi ẓ al-ʿaql), and lineage (ḥi ẓ al-nasl), he eby p omo ing socio-
economic jus ice. In he con ex o con ac s such as mu ābāḥah, c i ically e alua e how ixed ma gins o en used in consume
mu ābāḥah may con adic maqāṣid alues, pa icula ly jus ice (al-ʿadl) and weal h p o ec ion (ḥi ẓ al-māl), as hei subs ance
some imes p io i izes adminis a i e compliance o e eal e hical subs ance (Nu baidah e al., 2025).
Fu he mo e, Fik i & Sub o o (2024) discuss he pa adigm o weal h p ese a ion h ough maqāṣid in mac oeconomic e ms,
examining Local Cu ency Se lemen (LCS) mechanisms in ASEAN h ough he lens o ḥi ẓ al-māl. They a gue ha p ese ing
local cu encies con ibu es o egional economic s abili y and aligns wi h maqāṣid goals o inancial so e eign y and communal
wel a e. In he mic o inance sec o , Muhammad e al. (2025) ind ha in eg a ing maqāṣid in o digi al accoun ing sys ems (such as
DAIS) in Indonesian BMTs esul s in g ea e emphasis on e hical accoun ing p ac ices and social jus ice, pa icula ly in p o ec ing
clien s’ weal h and ensu ing in ellec ual digni y. F om a go e nance and pe o mance e alua ion pe spec i e, Ha ahap e al. (2024)
p opose a maqāṣid al-Sha īʿah pe o mance model cen e ed on h ee main pilla s: educa ing indi iduals (Tahdhib alFa d),
es ablishing jus ice (Iqāmah al-ʿAdl), and p omo ing gene al wel a e (Jalb al-Maslahah). This model p o ides p ac ical me ics o
e alua ing whe he Islamic banks genuinely embody maqāṣid in hei ope a ions.
III. RESEARCH METHOD
This s udy uses a quali a i e app oach, g ounded in no ma i e legal and accoun ing esea ch, wi h a li e a u e analysis. Da a
we e collec ed h ough a comp ehensi e e iew o au ho i a i e ex s, including PSAK 10, AAOIFI FAS 16, DSN-MUI Fa wa
Numbe 28/2002, and classical and con empo a y iqh li e a u e on al-sa . This analysis p oceeds in h ee s ages: i s , a compa a i e
analysis o he ea men o o eign exchange gains and losses unde PSAK 10 and AAOIFI FAS 16; second, an e alua ion o hei
consis ency wi h he p inciples o iqh al-sa ; and hi d, an assessmen using he maqashid al-sha iah amewo k o ind a econciled
accoun ing model ha balances e hical legi imacy wi h inancial epo ing ele ance.
IV. RESULT & DISCUSSION
As iden i ied in he li e a u e e iew, he co e o he Sha ia compliance issue is ha un ealized gains canno be ca ego ized as
Ribh o p o i in he iqh e minology. Bu hey a e no ional gains ha a ise wi hou buying and selling, and a e called aqabud,
he eby iola ing he p ohibi ion on maisi in he Fa wa DSN-MUI ules, numbe 28/2002. The exis ing egula ions in PSAK 10
appea o equi e he ecogni ion o un ealized gains in he income s a emen , he eby au oma ically inc easing he p o i s a ailable
o dis ibu ion. This is wha causes he con lic , whe e Sha ia Financial Ins i u ions in Indonesia migh be dis ibu ing he p o i
ha has a dubious s a us (shubha ) and could e en be po en ially ha am i i is conside ed as maisi .
Compa a i e S udy
A compa ison be ween PSAK 10, Fiqh Muamalah as con ained in Fa wa DSN-MUI numbe 28/2002, and he in e na ional
s anda d AAOIFIFAS 16 e eals undamen al di e ences in bo h he philosophical basis and he echnical ea men o FX
ansac ions. Philosophically, PSAK 10, which is adop ed om IAS 21, is o ien ed owa ds he p inciple o he decision use ulness
o in o ma ion in economic decision-making. This app oach is secula and alue- ee, as i emphasizes objec i i y and ele ance o
da a wi hou conside ing e hical o eligious dimensions. In con as , iqh muamalah bases all inancial ansac ions on he p inciple
o Maqashid al-Sha iah, which emphasizes jus ice, bene i , and he p ohibi ion o exploi a ion. Financial epo ing no only se es
as a decision-making ool bu also a o m o mo al and legal esponsibili y o Allah and socie y. Meanwhile, he AAOIFI FAS 16
a emp s o in eg a e bo h app oaches h ough he concep o Accoun abili y. This is a Sha ia-based epo ing sys em ha combines
in o ma ion anspa ency wi h Islamic e hical alues.
In e ms o ini ial ecogni ion, he h ee app oaches a e gene ally consis en because hey all use he spo a e a he ime o he
ansac ion. Di e ences begin o appea when measu ing mone a y i ems a he end o he pe iod. PSAK 10 and AAOIFI bo h
Fo eign Exchange Accoun ing in Islamic Finance: Reconciling Fai Value wi h Maqashid Al-Sha i’ah
IJSSHR, Volume 08 Issue 11 No embe 2025 www.ijssh .in Page 9253
equi e he e alua ion o o eign cu ency asse s and liabili ies a he closing a e, so ha he inancial s a emen s e lec hei cu en
ai alues. Howe e , iqh muamalah does no ecognize he concep o exchange a e e alua ion, because i s ocus is no on ma ke
alue, bu on he alidi y o ansac ions and ce ain y o owne ship ( aqābuḍ).
The mos subs an ial di e ence lies in he ea men o o eign exchange gains and losses. In PSAK 10, bo h un ealized
gains/losses and ealized gains/losses a e ecognized in he cu en pe iod income s a emen . This p o ision e lec s he mode n
accoun ing iew ha changes in economic alue, e en i no ye e lec ed in ac ual ansac ions, emain ele an in o ma ion o
use s o inancial s a emen s. In con as , iqh muamalah ejec s he ecogni ion o un ealized gains as ibh (p o i ) because hey a e
no based on ac ual business ac i i ies. P o i s a ising solely om exchange a e luc ua ions a e conside ed syubha o e en maisi
(specula i e) and he e o e canno be ecognized as legi ima e p o i s. Wi hin he AAOIFI amewo k, he posi ion aken is mo e
mode a e: un ealized gains a e s ill ecognized in he income s a emen . Howe e , hey mus be suppo ed by addi ional disclosu es
ha emphasize hei un ealized na u e and ha hey canno be used as a basis o dis ibu ing p o i s o und owne s be o e hey a e
ealized.
De i a i e ansac ions, such as o wa ds and swaps, a e no egula ed by PSAK 10. Fiqh Muamalah explici ly p ohibi s
de i a i e ansac ions due o hei elemen s o gha a and maisi . Meanwhile, AAOIFI pe mi s hedging con ac s wi hin ce ain
limi s, p o ided hey a e in ended o mi iga e isk a he han o p o i om exchange a e changes.
O e all, his analysis shows ha PSAK 10 is o ien ed owa ds economic ele ance and ai alue epo ing. A he same ime,
iqh muamalah emphasizes he legi imacy o ansac ions and he alidi y o p o i s based on he p inciple o aqābuḍ. Meanwhile,
AAOIFI seeks o media e be ween he wo h ough a sha ia-based accoun abili y app oach ha balances e hical compliance and
mode n inancial in o ma ion needs.
V. CONCLUSION
This analysis has demons a ed a undamen al ension in accoun ing o o eign exchange ansac ions in Islamic Financial
Ins i u ions (IFIs), a ising om he di e gen philosophical ounda ions o con en ional ai alue accoun ing and Islamic
comme cial law. The analysis con i ms ha he manda o y ecogni ion o un ealized o eign exchange gains and losses unde PSAK
10, while enhancing he economic ele ance and decision-use ulness o inancial s a emen s, con lic s wi h he co e p inciples o
Fiqh al-Sa . These p inciples, as ou lined in he Indonesian Regula ion, equi e immediacy o exchange ( aqābuḍ) and he
p ohibi ion o de e men (nasī'ah), he eby ende ing un ealized gains illegi ima e as p o i ( ibh) due o hei specula i e na u e
(maisi ).
The compa a i e assessmen e eals ha AAOIFI FAS 16 o e s a c i ical middle pa h. By pe mi ing e alua ion o
anspa ency while imposing s ic disclosu e equi emen s and p ohibi ing he dis ibu ion o un ealized gains, i success ully
b idges he gap be ween mode n inancial epo ing needs and Sha ia compliance. This app oach is unde pinned by he e hical
amewo k o maqāṣid al-sha ī'ah, which p io i izes jus ice (al-'adl), he p ese a ion o weal h (ḥi ẓ al-māl), and he p e en ion o
ha m.
The e o e, o IFIs in Indonesia o achie e bo h anspa en inancial epo ing and unwa e ing Sha ia in eg i y, a ha moniza ion
o PSAK 10 is impe a i e. This s udy concludes ha he p inciples o AAOIFI and he objec i es o maqāṣid alsha ī'ah should guide
such ha moniza ion. I is ecommended ha he Indonesian accoun ing s anda ds boa d and he Financial Se ices Au ho i y conside
ei he : Adop ing an AAOIFI-inspi ed amendmen o PSAK 10 o IFIs, equi ing sepa a e disclosu e o un ealized gains/losses and
clea ly es ic ing hei dis ibu ion, o o mally endo sing AAOIFI FAS 16 as he p ima y s anda d o IFIs in Indonesia. Such a
no ma i e shi is c ucial o ensu e ha IFIs' inancial epo ing is no only economically in o ma i e bu also e hically sound and
i mly oo ed in he p inciples o Islamic law.
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