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Fatwa council clarifies ruling

PETALING JAYA: The National Fatwa Council has clarified that its ruling on foreign exchange trading (forex trading) actually refers to illegal spot forex schemes run by individuals through electronic platforms.


Only real-time spot forex 'haram', Fatwa Council clarifies

KUALA LUMPUR: National Fatwa Council chairman Tan Sri Dr Abdul Shukor Husin has clarified that the council's declaration that foreign exchange (forex) trading was "haram" only applied to real-time individual spot forex transactions through the electronic medium.


Bank Negara explains forex trading status

KUALA LUMPUR: 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 1953.


Task force makes progress in battle to stem illegal flight of funds

KUALA LUMPUR: The Government has set up a special task force to address the huge illicit outflow of money - believed to be in the billions of ringgit - from the country.


New Act gives Bank Negara more enforcement powers

PETALING JAYA: Bank Negara now has more enforcement powers to act against wrongdoings by money changing, remittance and wholesale currency businesses.


Minimum wage and 16 other Bills passed by Senate

KUALA LUMPUR: The Dewan Negara was adjourned sine die after sitting for six days from July 4, during which 17 Bills, including the National Wages Consultative Council Bill 2011, were debated and passed.


Govt fair to all in award of licences

Bank Negara is colour blind when distributing licences to money changers, said Deputy Finance Minister Datuk Dr Awang Adek Hussein.