Jordan's mufti issues fatwa against electronic currency trading

Amman- Jordan's top religious official on Saturday issued a fatwa (judgement) that bans electronic trading of currencies owing to the 'financial risks' involved in such a type of business. 'Trading of currencies is a taboo and illegal from a religious viewpoint, given the financial risks involved in such transactions,' Grand Mufti Nouh Salman said. Earning profits from the trading of money, which is not seen as an asset under most interpretations of Islamic law, is frowned upon by many Muslim religious scholars. 'Such transactions are tantamount to gambling,' Salman said, alluding to a large number of Jordanians who reportedly have incurred severe losses and been obliged to sell their real estate and their wives' jewellery. The Jordanian government recently enacted a new law regulating the trading of currencies on the internet after scores of citizens went bankrupt, suffering big losses in currency trading with foreign markets. However, Jordan, which follows an open-market economic policy, is not expected to adopt the mufti's recommendations in this respect, financial analysts said.

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SP4: a telling pieceSep 7th, 2008 - 00:19:51

'...follow us back to a culture of rigid religious superstition!'

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