KUALA LUMPUR, Feb 16 (Bernama) -- Bank Negara Malaysia clarified that
buying and selling of foreign currency in Malaysia is only allowed with licensed
commercial banks, Islamic banks, investment banks and international Islamic
banks as provided for under the Exchange Control Act 1953.
Such trading is also allowed with licensed money services business providers
(money changers) as provided for under the Money Services Business Act 2011.
In addition, Shariah-compliant financial products, including foreign
exchange related transactions, offered and transacted by licensed Islamic
financial institutions are approved by the Shariah Committee of the respective
financial institutions with endorsement from the Shariah Advisory Council of
Bank Negara Malaysia, it said in a statement today.
The clarification followed a report yesterday that the National Fatwa
Council ruled that foreign exchange trading is forbidden for Muslims.
Council chairman, Tan Sri Dr Abdul Shukor Husin, said Muslims should not
engage in forex trading as there are many doubts about it and that it involved
individuals using the internet, with uncertain outcomes.
However, he said 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.
-- BERNAMA
MSL MSL NN
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