KUALA LUMPUR: Bank Negara Malaysia said today that only licensed financial institutions and money changers are allowed to conduct foreign currency trading.
This statement came about after the National Fatwa Council’s ruling on Wednesday that forex trading is forbidden for Muslims.
The Council’s statement on it being permissible among banks and money changers was not prominently mentioned in the media, which created some confusion among the public.
BNM said licensed commercial banks, Islamic banks, investment banks and international Islamic banks are allowed to buy and sell foreign currency in Malaysia, as provided under the Exchange Control Act 1953.
And under the Money Services Business Act 2011, so too are licensed money services business providers or money changers.
Read more: Bank Negara clarifies Fatwa ruling on forex trading – Top News – New Straits Times http://www.nst.com.my/top-news/bank-negara-clarifies-fatwa-ruling-on-forex-trading-1.47541#ixzz1mYfdvQXM