The law does strictly prohibit Forex trading with the funds of others and soliciting funds to trade. This is pretty clear and will get anyone who transgresses these regulations into a heap of trouble. There are many laws on the books that people do not comply with and they are not even aware of the law in the first place. This means that most of the time, you can go on your merry way and not have any problems with the law, but the minute you do something that crosses the authorities or brings your offenses to the attention of the authorities, you can be penalized for everything that you are doing wrong, even the ones you didn't know about.

Forex trading in Malaysia is a pretty good example. It is likely that if you are trading your own funds, not bothering anyone and not being very public about it, nothing will happen to you at all.

Islamic Finance in Malaysia

If you do something that angers the authorities, they can then come after you for every little law that you are breaking including this one. Since the law is very grey here, there is a risk of getting into trouble with the government, if you are trading with a brokerage that is not on the list of licensed institutions and then risking everything you do being examined closely as well.

That being said, most people who are trading from Malaysia with their own funds and an overseas broker will never have a problem. Forex trading is legal in Malaysia if you use an institution regulated and approved by Bank Negara Malaysia.

What is an Islamic Forex account? How to trade according to Islamic finance

Using an offshore brokerage to trade Forex may be legal as foreign investment. Forex income is taxable in Malaysia as income tax, but Forex capital gains are exempt from tax. This means that if you trade with a swap-free Islamic account and are held to not be deriving an income from your trading, any gain should be tax-free. The retail Forex market is opened by most Forex brokers each Monday at 5am Malaysian time.

It remains open until 4am Saturday morning Malaysian time. FBS is no more or less legal than any other broker headquartered outside Malaysia. It is unclear whether online Forex trading is legal in Malaysia, as it is extremely rare for anyone to be prosecuted for trading Forex, especially if an Islamic account option is maintained.

Trading Forex can be a good way to generate profit uncorrelated with the performance of the stock market, if you have discipline and can understand what makes a good trading strategy.

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Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Gharar is an Arabic word that is associated with uncertainty, deception, and risk. It has been described as "the sale of what is not yet present," such as crops not yet harvested or fish not yet netted.

Forex trading is 'haram', says Malaysia's Fatwa Council | Deccan Herald

Gharar is a significant concept in Islamic finance and is used to measure the legitimacy of a risky investment pertaining to short selling , gambling, the selling of goods or assets of uncertain quality, or to any contract that is not drawn out in clear terms. The word gharar has become somewhat of a general term in the modern lexicon. Sales or financial transactions considered as gharar are judged relative to the level of misunderstanding that might exist between parties and the level of uncertainty that the goods or payment can be delivered.

Gharar is generally prohibited under Islam because there are a set of strict rules in Islamic finance against transactions that are highly uncertain or that may cause any injustice or deceit against any of the parties. The justification and guidance for forbidding contracts or transactions considered as gharar comes from the hadith , a revered book in Islam. It contains the sayings of the Prophet Muhammad, who spoke against the selling of the birds in the sky, the fish in the water, or the unborn calf in the mother's womb, saying, "Sell not what is not with you.

Clarity of the intended meaning of gharar also comes in the Quran, where it states, "And do not eat up your property among yourselves for vanities," which is interpreted as the prohibition of predatory business practices because such practices do not benefit the whole of society. In finance, gharar is observed within derivative transactions, such as forwards, futures and options, as well as in short selling and other forms of speculation. In Islamic finance, most derivative contracts are forbidden and considered invalid because of the uncertainty involved in the future delivery of the underlying asset.

Scholars differentiate between minor and substantial gharar, and while most derivative products are prohibited due to excessive uncertainty, other practices considered as gharar, such as commercial insurance, are vital parts of economic life.



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