Muamalah

RULING ON ONLINE FOREX TRADING

The original ruling on the exchange of currency with another currency (al-ṣarf) is permissible on the condition that the exchange or transaction is conducted with transfer of ownership by both parties in cash and immediately (al-taqābuḍ).

As for currency trading online through platforms, whether local or foreign, it is prohibited whether conducted by individuals or institutions for the following reasons:

1. The absence of transfer of ownership by both parties in cash and immediately (al-taqābuḍ), whether actual or constructive (ḥukmī).

2. The existence of the element of ribā (usury), namely in the leverage facility (cash loan) by the platform that stipulates currency trading be conducted with paid charges only with the same platform. Ribā also occurs in the overnight charge on loans not settled on the same day

3. The presence of gharar (uncertainty), arising from the unclear identity of the platform provider, the legal framework governing the trading, and the validity of the transactions carried out.

4. The presence of maisir (gambling), which exposes traders to the chance of profit or risk of loss based on speculation (forecasting) of currency movements that are beyond their control, effort, or influence. This is akin to placing money as a stake, where one party gains at the expense of the other, and profit or loss depends on chance.

Hereby, in order to restore the stability of a given currency’s value, currency trading for the purpose of speculative profit must be stopped, so that currency is not treated as a mere commodity. Such practice would further weaken an already fragile fiat‑money system and increase inflation.

RULING ON THE SALE OF PRODUCTS USING RUQYAH VERSES (VERSES OF AL-QUR'ĀN) FOR COMMERCIAL PURPOSES

1. Ruqyah or incantations used to seek the removal of illness or to drive away satanic afflictions are well‑established practices from the Prophet ﷺ. Indeed, they constitute a sunnah, as they were among his own practices and he encouraged their use.

2. Taking remuneration for incantations that fulfil the conditions stipulated by sharī'ah is permissible.

3. Selling incantation materials commercially is something not practised by the pious predecessors (Salaf al-Ṣāliḥ) and may lead to confusion and result in the misuse of the name of Allah for worldly gain.

4. The commercial sale of such materials is therefore prohibited, because it involves gharar (uncertainty) in the transaction, particularly regarding the determination of price and the actual effectiveness of the benefit claimed.

5. Therefore, the Perlis State Fatwa Committee urges that such practices be immediately prohibited, so that terms such as “sunnah food” and similar expressions are not misunderstood by the public in an inappropriate context.

6. The Committee hereby rules that the use of ruqyah on any product for commercial purposes is prohibited, whether for labelling, advertising, or promotional purposes.

MANAGEMENT OF LOST PROPERTY (LUQAṬAH)

After being publicly announced for one year in a manner enabling the general public to be aware of it and there is no valid claim, then such property may be transferred to become the property of the Perlis Islamic Religious Council and Malay Customs (MAIPs) to be used for public benefit (maṣlaḥah). If there is a valid claim after the stipulated period, then the claimant is entitled to obtain an appropriate value taking into consideration the costs that have been borne by MAIPs.

PROPOSAL FOR DISPOSAL OF MAIPs FUNDS INTO ISLAMIC PAWNBROKING, YAYASAN ISLAM PERLIS

The Meeting agreed to stipulate that the funds of the Islamic Religious Council and Malay Customs of Perlis into Islamic Pawnbroking, Yayasan Islam Perlis, are as a loan that must be repaid by Yayasan Islam Perlis to the Islamic Religious Council and Malay Customs of Perlis with the original principal amount of one million ringgit.