Malaysia's top Islamic body bans forex trading for Muslims

Kuala Lumpur, Feb 16(ANI): Malaysia's top Islamic body, National Fatwa Council has banned foreign exchange trading (forex trading) for Muslims.

Council chairman Tan Sri Dr Abdul Shukor Husin said forex trading was against Islamic law.

"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 participate in such trading," The Star quoted him, as saying after after chairing the Council's 98th conference.

Shukor said Muslims should not participate in forex trading as it involved individuals using the Internet with uncertain outcomes.

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

He said the meeting has, however, decided to permit Muslims to invest or save under the Premium Saving Certificate scheme by Bank Simpanan National (BSN).

He added that the committee also agreed to formulate guidelines on Muslim couples having their wedding ceremony in a mosque to allay doubts that the ceremony purportedly follows Christian practices. (ANI)