Muslims warned of financial fraud

National 2 minutes, 2 seconds


MUSLIMS were warned of the dangers of financial fraud or get-rich-quick schemes, with the Friday sermon describing such activities as “sinful”.

The imams said such investments are clearly against Islamic law and state laws for those who are directly or indirectly involved in such financial schemes.

“Islam strongly encourages its followers to seek provision through their own hard work such as in the fields of agriculture or commerce,” said the imams.

“However, we need to be very careful to ensure we abide by the conditions governing commerce as determined by religious law.”

The sermon described individuals who commit financial fraud as “very sly” and advised others to be careful of such tactics.

“We need to be careful and always check and refer to the authorities when we get any kind of offer or information on such schemes,” said the imams.

They further raised concerns with financial fraud perpetrators who are Muslims.

“It is sad to find that there are people within the Muslim community who have been influenced and are involved in such frauds without considering whether the income obtained is halal or otherwise.”

They added, “What is even more worrying is that this income is spent on the maintenance and provisions for the wife, children and family, on food, clothing and housing”.

Imams said financial schemes that do not meet the conditions and principles of Islamic commerce possess certain traits such as unclear transaction contracts, doubtful business commodities (in terms of legality and those that may render it haram) and those that are uncertain and have insufficient information.

The sermon said uncertainty and insufficient information are elements of fraud and contrary to Islamic law, hence sinful when carried out.

“Insufficient information happens when the identity of the scheme’s fund or company manager is not immediately known and there is no licence to prove their existence and accountability.

“Buying, selling and investing without knowing the identity of the manager may render the contract void because one of the conditions validating it is not met. Islam strongly prohibits transactions that have elements of fraud,” added the imams.

Congregants were advised to report to the Brunei Darussalam Monetary Authority (AMBD) if they come across any suspicious financial schemes.

“What is important is to realise that, as Muslims, it is obligatory for us to seek provision from halal sources so that we will reap blessings and goodness living on earth and in the hereafter.”

The Brunei Times