KOTA BAHARU – The National Fatwa Committee today decided to adopt the Muslim illegal foreign exchange business, or known as Forex.
Committee Chairman, Tan Sri Dr Abdul Shukor Husin said this was because the business (forex) is done through foreign exchange does not conform with Islamic law, and raised doubts among Muslims too.
“The findings of this committee, we find that business involving foreign exchange and currency speculation involving these contradictory and inconsistent with Islamic law.”
“Therefore, the National Fatwa Committee decided that the Muslims are banned from practicing business system this way,” he told reporters after chairing a meeting of the National Fatwa Committee-98 here today.
Forex illegal for Muslim
Abdul Shukor said many questionable issues regarding forex, so the Muslims better no need to get involved.
“Other types of foreign exchange business, such as bank business is allowed, because it does not give currency speculation or profit loss volatility,” he added.
He also said other decisions also been made in meeting the require Muslims to make investments or make deposits through Premium Savings Certificate Scheme (SSPM) conducted the National Savings Bank (BSN).
He said the decision was made after the committee is satisfied with the method of implementation through the briefing presented by the Sharia Penal National Bank.
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