Mauritius

May 17, 2013

IBFA: "Do Not Let Yourself Be Tempted by Easy Money"

The investment plans guaranteeing a significant profit in a short period, such as Ponzi plan is not compatible with the principles of Shariah.

This is affirmed Hussein Rassool, president of the Islamic Banking and Finance Association (IBFA), organization grouping professionals of Islamic finance and working for the promotion of Islamic banking practices and remediation of financial practices in Mauritius.

According to Rassool, many people, including Muslims, were left by attracting investment plans that guarantee large profits in a relatively short period. "The profit guarantee in advance, that is to say at the time of signing the contract and even before that investment takes place, is contrary to the principles of Islamic finance," is it out. Hussein Rassool says the financier has the right to benefit only if he takes part in the risks associated with the investment as stipulated in the basic principles of Islamic finance is "no profit without risk." "The implication of this teaching is that any type of investment, whether it is a fixed deposit / savings (savings) in a conventional bank or other investments that guarantee a certain return fixed on investment is from the Islamic point of view illicit. Any gain or profit superficial in a very short period is subject to doubt. The doubts are rooted in much higher rates offered by these investments compared to what normally offered by financial markets or business plans. This should normally be sufficient to alert the investor, "says our interlocutor.

The Islamic Banking and Finance Association also claims that a contract between two parties (in this case, the investor and the investment company ) in due form and in accordance with the laws of a country, is not enough to be considered a sound investment.

 

Text by Le Mauricien
 

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