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Internet Investment Scheme Banned By National Fatwa Council

April 15, 2007 by  

I came across a shocking headline while reading AFP news recently which says the Malaysia fatwa against Internet trading.

The news reads :

“A Muslim council in Malaysia has issued a religious ruling or fatwa banning people from using the Internet to trade shares or makes investments.”

Regardless of one’s religion, this banning is worrying to those who are working and doing business on the Internet in Malaysia.

I started to imagine how this could seriously hamper the development of e-commerce and the future of doing business via the Internet in Malaysia.

My worries soon evaporated as I checked the local news sources and was relieved to find out that this banning applies only to Internet investments that promised a fixed return such as those containing elements of a pyramid or ponzi scheme. One of these is the widely popular Swiss Cash Mutual Fund.

A ponzi scheme is a fraudulent investment scheme that promise abnormally high returns to investors. The ever increasing flow of money comes from new investors rather than from net revenues generated by doing a real business.

In case you missed the news, here are some of them

National Fatwa Council Forbids Share Trading In The Internet

Call For Muslims To Abide By Fatwa On Internet Investment Schemes

Majlis Fatwa haram pameran hantu, pelaburan internet

Pelaburan internet hanya manipulasi wang

Laman web pelaburan internet ke BNM

Pelabur akur keputusan majlis fatwa

What is Ponzi scheme and how it works

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19 Comments »

Comment by ketyung
2007-04-15 22:15:43

I guess those recently hot ones such as empay and ipcshopping will probably get banned soon

 
Comment by Raymond.CC
2007-04-16 10:03:01

The latest ponzi scheme that a lot of Malaysian took part is BuyEBarrel.us which the owner just shut down and took off with everyone’s money. It’s even in the news few days ago.

People would never learn that there are no 100% money making method without working for it.

 
Comment by ketyung
2007-04-16 13:38:03

Indeed, every1 wanna get rich quick … haha… I got lots of frenz consulted me abt those empay and ipcshopping, that’s what I told them “one day the top owner will close it down and run away with everybody’s money”. The BuyEBarrel sounds new to me.. In this world, there isn’t any biz that u can invest little in terms of money and time, and make mega return.

 
Comment by ABN
2007-04-16 14:24:10

I think they better comment about the 4D outlet first, then talk about internet biznes later. If RIBA is so bad, then why GAMBLE is still legally around?

But still, its a CHOICE for certain people. Wanna go HELL, or HEAVEN… :D hehe..:P

Comment by Gaman
2007-04-16 17:48:58

AFAIK gambling and 4D are already haram for muslim to participate – no need to issue a fatwa for those.

 
 
Comment by Kay Kastum
2007-04-16 22:56:00

I wonder if my friend that is into this has already retired young and wealthy…he must be in the Carri beans somewhere…

 
Comment by Malaysia Property
2007-04-17 10:33:18

hehe…too much of all this internet scam around. But banning people from using the Internet to trade shares or makes investments??? That closes Malaysia market. There is much opportunity in investing online as people could buy without any agent (or website replaces agent fee) and anytime when they are comfortable. There is a lot of legit company doing this especially with US stocks if anyone interested to buy.

They should start a body controling internet website who takes money for investment. NOT BANNING IT

 
Comment by chinalang
2007-04-20 17:03:53

So, you are not happy with ipcshopping? Have you taken some time to find out how this IPCshopping doing its business? Please investigate properly before you are making any comment.

Comment by Gaman
2007-04-22 08:38:01

You better direct this question to the national fatwa council.

Comment by chinalang
2007-04-23 14:04:33

hi ketyung , even ipcshopping got banned in malaysia, so what ? Recently ,IPCshopping just joined up with china 500 cities and will joinup with taiwan as well. Follow by korea …..
Malaysia still way too far away to accept such concept of business stratergy.

China lang wanna go back china liao.

(Comments wont nest below this level)
 
 
Comment by wtf
2008-01-31 00:22:03

IPCSHOPPING, EM-pay, EM-globalnet…watever cb
stop come out to harm the public…we have enough information that what you guys doing actually is scheme

 
 
Comment by ipc member
2007-05-03 12:25:01

who said ipc was banned, pls check again, ipc is legal busines , not cepat kaya.

Comment by wtf
2008-01-31 00:23:37

is cepat kaya bodoh….
proof to me tht steven liew not cb kia

 
Comment by wtf
2008-01-31 00:28:19

it is a scam…
IPCshopping leaders stop coming out
those women go bck home play with your kids dun come out

 
 
Comment by crosscreek Subscribed to comments via email
2007-06-12 10:48:03

is sunshine empire a scam?

 
Comment by cashmarble.com
2008-01-31 16:02:45

scam scam scam

 
Comment by Sam Mok (EmMax)
2008-10-14 15:18:48

IMPORTANT NOTICE 重要通告
Dear Our Valued Distributors ,
亲爱的会员,

James Phang(EmMax) have decided that there will be no pay out for the refund to all Sunshine Empire Malaysia and Indonesia merchant .

Base for the member application form that all the merchant have signed .EmMax would not have any responsible to pay for the refund money.

ICC card would not be issued to all Malaysia and Indonesia merchant .

EmMax will be stronger ever !!

For any further inquiry you may contact Emmax Management :00852-2377-1777 or 00852-2199-7887.

Regards,
Sam Mok
The EmMax Management Team
帝无限管理层

 
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