12 April 2007, a meeting of National Council of Fatwa issues an Islamic decree on online investment. The council releases that any internet investment (HYIP) is prohibited from Islamic viewpoint. SwissCash is mentioned in front as an example of typical online investments which are prohibited.
The Council’s decision is based on two points: HYIP contains interest which is prohibited for Muslim and doubtful transaction. This definitely will affect the performance of HYIPs to which many Malaysian Muslim have joined. Approximately, there are more than 500.000 Malaysian Muslims who currently join in various HYIPs, ranging from lay ordinary people up to professionals and states honors.
Professor Datuk Dr. Abdul Shukor Husin, Chairman of National Council for Fatwa, said, any investment which guarantee high constant profit like those offered by SwisshCash is prohibited. According to him, Islam never allows its followers to invest their money in such programs. There are plenty alternatives which is basically profitable and allowed from Islamic viewpoint.
Utusan Malaysia, a local news, reported that National Bank Malaysia also issues that SwisshCash is illegal since it takes illegal deposits. SwisshCash is frequently mentioned as it is the most popular HYIP in Malaysia.
Beside SwisshCash, other HYIP webs are also listed down as illegal: www.ABFund.biz; www.WinliFund.com; www.empay.com; www.buyebarrel.us; www.eaindex.com; www.fical.us; www.GlobalForex.us; www.Arabic.com; www.eracapital.com; www.e-investpro.com; www.GG-trade.com and www.smartindex.net.
I believe that those above-mentioned HYIPs will take some actions within next few days. The government of Malaysia has decided today (13/04/07) to investigate how HYIPs runs their business and who are their representative in the region.
My post at http://www.ecommerce-journal.com/
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