Quick rich schemes companies use Islamic terms to cheat

KUALA LUMPUR, March 14 (Bernama) -- Using Islamic terms and masquerading as an ‘’Ustaz’’ (male religious teacher) are among the cheating tactics of quick rich scheme companies which have successfully duped many people.

Financial consultant Shamsuddin Kadir said most individuals who were cheated comprised of various backgrounds including professionals, the highly educated, government and private sector retirees and the young.

‘’When they (the quick rich scheme companies) use Islamic terms such as the word hibah (gift), people are indeed easily influenced. Individuals too are easily influenced when they say the investments made are shares for the hereafter such as building hotels in Mecca and calling themselves ‘’ustaz’’, whilst such matters have no validity.

‘’This modus operandi resulted in some individuals who are willing to take out all their money from their Employees Provident Fund accounts and their pensions,’’ he said when met by Bernama after an Islamic Financial Workshop session ‘Retire, Propertied and Successful’ ('Bersara,  Berharta dan Berjaya') organised by the Institute of Islamic Understanding Malaysia,  here today.

Shamsuddin said most quick rich scheme companies also used famous people such as artistes to convince the public to invest.

-- BERNAMA