law and regulation in Malaysia concerning forex trading. He said it was not known why there was a difference in the amount of losses referred to in the documents and annual report. Shariah Advisory Council (SAC the mandate of the Shariah Advisory Council is to ensure that the implementation of the Islamic Capital Market complies with the Shariah principles since a majority of Malaysians are Muslims. This article first appeared in The Edge Malaysia Weekly, on September 25, 2017 - October 01, 2017. "There is also no denying my accountability for the forex losses. Interestingly, it is also the only figure often cited as losses suffered in the 1990s, although it was for just one year 1993. However, former prime minister Tun Dr Mahathir Mohamad and the then finance minister Tun Daim Zainuddin both claimed that they were not aware of the huge losses. Zeti told the RCI that the forex losses accrued in that period amounted to RM32.07 billion. Mr Nor Mohamed, 70, said during his work at the central bank in the early 1990s that he did not report to either finance minister or the prime minister. Unfortunately, the European currencies crashed after the non-ratification of the Maastricht Treaty by Denmark in February 1992. And so, it remains to be seen what the outcome of the RCI is as the commissioners submit their recommendations to the Yang di-Pertuan Agong on Oct.
The RCI was set up upon a special task forces recommendation following former Bank Negara assistant governor Datuk Abdul Murad Khalids statement on Jan 27 that the central bank suffered losses of US10 billion in the 1990s. Its alpha Forex Benutzerbereich functions are: Supervision of exchanges, clearance of houses and central depositories. Ishak is said to have known about the massive losses because he cited its seriousness in a letter dated March 31, 1993, to Anwar, which prompted the latter to see to the matter urgently. In addition, Shariah-compliant financial products, including foreign exchange related transactions, offered and transacted by licensed Islamic financial institutions are approved by the Shariah Committee of the respective financial institutions with endorsement from the Shariah Advisory Council of Bank Negara Malaysia. It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer. Bank Negara Malaysia, bank Negara Malaysia is the Central bank of Malaysia and it controls all matters concerning the Malaysian currency and also advises the government on the financial stand of the economy. The most startling testimony must have been Tan Sri Nor Mohamed Yakcops he admitted to mistakenly hedging 100 on the currency instead of 60 or less. The last figure, audited by the then auditor-general Tan Sri Ishak Tadin, and Bank Negaras annual report were presented to the Cabinet and later tabled in Parliament by the then finance minister Datuk Seri Anwar Ibrahim. Even Anwar, who was aware of the additional RM9.5 billion losses (the difference between RM15.29 billion and RM5.7 billion) in 1993, said he was bound by the 1993 annual report that was audited by Ishak, which showed losses of RM5.7 billion.