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fortune 15-02-2012 10:12 PM

FX trading is haram
KOTA BARU: The National Fatwa Council today ruled that foreign exchange trading (forex trading) is forbidden (haram) for Muslims.

Council chairman Tan Sri Dr Abdul Shukor Husin said forex trading is against Islamic law and creates confusion among Muslims.

"A study by the committee found that such trading involves currency speculation, which contradicts Islamic law.

"For that reason, the National Fatwa Council has decided that it is haram for Muslims to be engaged in such trading," he told reporters after chairing the Council's 98th conference here today.

Abdul Shukor said Muslims should not engage in forex trading as there are many doubts about it and it involves individuals using the internet, with uncertain outcomes.

"Other forms of trading in foreign currencies, such as by money changers or between banks, are permissible, as they do not involve currency speculation or uncertain outcomes," he said.

He said the meeting also ruled that it is permissible for Muslims to invest or save in the Premium Saving Certificate scheme managed by Bank Simpanan Nasional (BSN).

He said the decision was reached after the committee was satisfied with the briefing by the Bank Negara syariah panel on the scheme's implementation.

"At first we had doubts about the scheme's implementation, but we were satisfied after the trading system was changed into the Islamic concept of Mudharabah," he said.

forum_admin 16-02-2012 09:40 AM

I think smoking should also be banned. It not only affects your own health but also people around you. :eek:

Ipohite39 16-02-2012 03:31 PM

Okay, I think now all the Indian Muslim Moneychangers in town can close shop now if it the fatwa is enforced. No wait, no speculation involved in that? oh, really? How come no Reminbi in town when it's peak season? I can swear my moneychanger buys more Rupiah when it is cheap.

asiaforexmentor 04-06-2012 06:45 PM

hi, how do you say forex trading is haram?

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