16.02.2012
The National Fatwa Council has ruled that foreign exchange
trading (forex trading) is haram for Muslims, Bernama Online reported today.
Council chairman Tan Sri Dr Abdul Shukor Husin told the news
portal that forex trading is against Islamic law, as such trading involves
currency speculation.
He also said Muslims should not engage in forex trading as
there are many uncertainties surrounding the practice and it involves
individuals using the Internet, with uncertain outcomes.
Abdul Shukor, on the other hand, confirmed that 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 also announced that the same meeting ruled that it is
permissible for Muslims to invest in or save with the Premium Saving
Certificate scheme managed by Bank Simpanan Nasional (BSN).
He said the decision was reached after a briefing by the
Bank Negara syariah panel on the scheme's implementation and a change in the trading
system to the Islamic concept of Mudharabah.
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