Malaysia Islamic Clerics Forbid Forex Trading

Discussion in 'Indo Pacific & East Asia' started by Galaxy, Feb 18, 2012.

  1. Galaxy

    Galaxy Elite Member Elite Member

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    Malaysia Islamic Clerics Forbid Forex Trading

    Kuala Lumpur. Malaysia’s highest Islamic body has issued an edict forbidding foreign exchange trading by Muslim individuals, saying such speculation violates Islamic law.

    The National Fatwa Council ruled forex trading by money changers or between banks was allowable but trading by individuals “creates confusion” among the faithful, according to a report issued on Wednesday by state news agency Bernama.

    Council chairman Abdul Shukor Husin warned “there are many doubts about it [forex trading] and it involves individuals using the Internet, with uncertain outcomes,” Bernama reported.

    “A study by the committee found that such trading involved currency speculation, which contradicts Islamic law,” he was quoted saying.

    A council official confirmed the ruling to AFP but gave no further details.

    Islam lays out a strict code of ethics for business that forbids speculation and usury.

    While Malaysia’s brand of Islam is more moderate than in much of the Muslim world, some 60 percent of its 28 million people are Muslim and remain subject to Islamic law in civil affairs.

    In 2008, the National Fatwa Council banned yoga for Muslims, saying it could erode their faith.

    That triggered an uproar from moderate Muslims, prompting then prime minister Abdullah Ahmad Badawi to wade in, saying Muslims could do yoga as long as it had no Hindu spiritual elements.

    Malaysia Islamic Clerics Forbid Forex Trading | The Jakarta Globe
     
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  3. asianobserve

    asianobserve Elite Member Elite Member

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    http://thestar.com.my/news/story.asp?file=/2012/2/17/nation/10756484&sec=nation

    'PETALING JAYA: The National Fatwa Council has clarified that its ruling on foreign exchange trading (forex trading) actually refers to illegal spot forex schemes run by individuals through electronic platforms.

    “The ruling does not involve forex through licensed money exchanges and licensed commercial banks,” he said in a statement yesterday.
    xxx'
     
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  4. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    Awesome, more reason to convert to Christianity.
     
  5. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Galaxy, I would just like to take the time and commend your tenacity to find the most obscure regressive Muslim issues and bring them to our knowledge. It must be a very fulfilling experience.:D


    And thanks to asianobserve for posting the clarification. AFAIK, even the hardline Salafis consider forex trading permissible with a few conditions like paying/earning of interest is not allowed which applies to overnight spot trades
     
  6. asianobserve

    asianobserve Elite Member Elite Member

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    The literal interpretation of the fatwa would be the death kneel of Malaysia's forex trading...
     
  7. The Messiah

    The Messiah Bow Before Me! Elite Member

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    Even christians aren't allowed to earn interest...its one of the reasons why back in the day jews were the men to go to get loans.

    Basically christians have thrown out all the "rules".

    Might as well become atheists than christians.
     
  8. asianobserve

    asianobserve Elite Member Elite Member

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    My mother is Christian and her family in Philippines have lending business... :shocked:
     
  9. The Messiah

    The Messiah Bow Before Me! Elite Member

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    christians and muslims aren't supposed to earn interest of the money they lend.

    jews cant earn interst from from other jews but can from non-jews. In europe earlier jews were the biggest money lenders to christians because of this very reason.

    christians these days dont follow there religion and is a free for all. majority of the churches go empty across europe.
     
  10. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    That's funny considering Christian rules on money lending come from Judaism. Jews started the banking system. The only verse dealing with interest is Exodus 22:25 " If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest." As long as the person isn't starving, we can charge interest.
     
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  11. Ray

    Ray The Chairman Defence Professionals Moderator

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    Good thing.

    Let them have their own system and live in a cocoon.

    However, it is not the Malay who run the economy.

    It is the Chinese!

    The sad part is that the Muslims bring in religion in every thing that is done.

    Tomorrow, they will say there is an Islamic way to even laugh or cry!

    Are Muslims a part of the world or are they on Mars?

    I am tired of this imposition of Islamic ways around the world and also in India as the sole panacea of everything that is life!
     
    Last edited: Feb 19, 2012
  12. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    With time this phenomena will grow. The ostriches, the fools, and the societies led by corrupt buffoons and traitors will suffer the most!
     
  13. mattster

    mattster Respected Member Senior Member

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    All Islamic majority societies everywhere are hobbled by the same flaws -

    1) extreme intimidation in matters of faith.....leading to death threat for apostasy, insulting the prophet, etc, etc.....the list goes on and on,

    2) lack of human rights, religious freedom.

    3) 2nd class status for women. (Prehistoric medieval dress for women in name of religiousity).

    4) 3rd class status for Non-muslim minorities.

    5) 2nd class status for Muslim minorities like Shia, Ahmedis, etc.

    6) Extreme levels of corruption and poor governance.

    7) The fight between the hardline groups and moderate groups that want Sharia law, and turn their countries into Saudi Arabia.

    8) The endless parade of idiotic fatwas issued by so-called Muslim scholars making a laughing stock of their own faith.


    Look at every single Muslim majority country, and the evidence is simply too overwhelming to wipe it off as a coincidence.

    I cant speak for other people, but I was raised as a Malayalee Christian and like most people have a natural affection and loyalty for my own religious cultural tradition - but if I looked around all Christian majority countries, and I saw what I see in the Muslim world today - I would be the first one to dump my religion without the slightest hesitation.

    Religion and all that it stands for, has to be for the better good of society, community and humanity.

    In the Muslim world, religion has become a "Hydra-headed Monster" that traps its people, deprives them of their most basic fundamental human-rights, and impoverishes their mind, body and soul.


    Hell, Man.......who needs religion for that ???
     
    Last edited: Feb 20, 2012
  14. mattster

    mattster Respected Member Senior Member

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    Malaysia just deported the Saudi poet who is wanted for insulting the prophet.
    He is only 24, for sure he will be killed.
     

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