Apr 13, 2007

Malaysia fatwa against Internet trading

No Internet trading? Huh?

KUALA LUMPUR (AFP) - A Muslim council in Malaysia has issued a religious ruling or fatwa banning people from using the Internet to trade shares or makes investments, reports said Friday.

National Fatwa Council chairman Abdul Shukor Husin said non-Muslim investment schemes accessed through the Internet pay interest and guarantee a steady profit, which is banned under Islamic or sharia law.

"We advise those making investments via the Internet to stop immediately," Abdul Shukor was quoted as saying in Malay-language daily Berita Harian.

"There are many alternative investment schemes based on Islamic principles initiated by the government which Muslims can participate in," he said.

Islamic funds ban the earning of interest and cannot invest in companies associated with tobacco, alcohol or gambling, which are considered taboo by Muslims.

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