Monday, June 7, 2010

Just What Is Halal Money Anyway?

Football betting is now legalized in Malaysia or already is, but the question is, is this money halal?

First of all, I would like readers to know that I'm not Muslim and may not have the expertise to explain this (but I do know gambling is haram), but it always fascinate me, how do the tax revenue from gambling industry can be halal-dified? And how those chairmen and Muslims who have stakes in this companies make their earnings halal. I am not writing this to provoke anything (this is not a political blog), just that there are something that I don't quite understand.

Lets go for the obvious first, the Gentings. We all Genting Malaysia (GENM) does not only owns the hotels/resorts in Genting but it also owns the casinos. From the GENM annual reports you could see the names of Tun Mohd. Hanif bin Omar (TMHO) and General Tan Sri Mohd Zahidi bin Hj Zainuddin (TSMZ) own 5000 shares and 10000 shares respectively. Those got to be Muslim names right. TMHO also has 101000 shares in Genting Bhd who owns 48.64% of GENM. In recently opened Genting Singapore PLC, TSMZ has 446000 shares in it. And those have not include their stock options. Remember the last 2 post, if one owns shares in a company, means he owns part of the business.

Now lets go to tax revenue which have been making all the headlines recently, Berjaya of courese. I will not go too deep into football betting legalisation topic, but my focus is on the tax revenue from these sort of companies, Berjaya Corp (football betting through Ascot), Berjaya Sports Toto (lottery), the Gentings and of course the other two lottery companies. Tax revenue, if properly allocated is used for the development of the country, citizens welfare and etc. Maybe I'm wrong, but from what I see, government revenue from tax are mixed of those halal and those from gambling business which looks non-halal to me.

Chances are, these revenues could be used by the Muslims in this country. Is this considered halal? If it is, aren't they indirectly involve in gambling business and aren't the owners of the Gentings directly involved in them? I understand that even monies that circulates around the world are the mix of both. Maybe there is some way to "clean" or "halal-dified". I don't know but I hope Muslims readers could help to advise. Just wondering.......

This comment is based on my personal thoughts and opinions. It should not be considered as facts. Do share your own thoughts. You can always place your comments here and or email me privately atluzeeker@gmail.com


1 comment:

Anonymous said...

youre right...im muslim, buy/hold couple bursa stock,,,act its haram to gambling even play stock like genting, bjtoto etc...here a fatwa for us muslim, hope u understand :

"Hukum bermain saham adalah HARUS dengan syarat pelaburan tersebut jelas, tidak terlibat dengan unsur riba dan gharar(penipuan)...sekiranya ia terlibat dengan riba, judi atau gharar, hukumnya adalah HARAM"