Do names like Ambidant, Aala, Morgenall, Heera Gold, Burraqh and other similar companies ring a bell? These are Ponzi schemes in which thousands of people, especially investors from the Muslim community have lost thousands of crores in the past year alone.
In this interview with The Cognate, Saif Ahmed, a Bangalore-based Islamic finance expert and Founder of Zamzam Capital LLP, explains how Ponzi schemes operate in general, how they lure investors, the Shari’ah compliance criteria for investment schemes, and more.
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