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Bank Negara Malaysia clarified on Thursday that the 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 Such trading is also allowed with licensed money services business providers money changers as provided for under the Money Services Business Act 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, Bank Negara said in a statement.
The clarification follows the National Fatwa Council's ruling that foreign exchange trading is forbidden for Muslims. The council's chairman, Tan Sri Dr Abdul Shukor Husin, said on Wednesday that Muslims should real time forex technical analysis trader tip engage in forex trading as there were 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, were permissible, as they do not involve currency speculation scalper friendly forex brokers uncertain outcomes.
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