Wednesday, February 22, 2012

You do FOREX, we will send our religious police to arrest you UNLESS you are a bank

Part-time currency traders, beware: You might be violating Muslim law, at least in Malaysia.

An Islamic body last week warned Muslims that participating in individual spot foreign exchange trading through electronic platforms is in conflict with Islamic laws. The National Fatwa Council, which comes under the nation’s Department of Islamic Development (the main agency handling Islamic affairs at the federal level), said that a study by a committee found that such trading involves currency speculation, which is against Islamic laws. It is therefore “haram,” or forbidden, for Muslims, it said.