Ponzi operandi : affinity fraud risk for Sharaiah-compliant investment funds
Joint Authors
Nathie, Mahmud
Drew, Jacqueline M.
Drew, Michael E.
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 4, Issue 1 (30 Jun. 2012), pp.7-37, 31 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2012-06-30
Country of Publication
Malaysia
No. of Pages
31
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
- Islamic jurisprudence
- Islam
- Fraud
- Financing
- Investments
- Money
- Stockholders
- Case studies
- Southern Africa
- Egypt
- United States
- Islamic World
- Provisions of sharia
- Religious aspects
- Mutual funds
- Financial services industry
- Ponzi schemes
Abstract EN
Ponzi schemes using the principles of affinity fraud are a real and current risk for Islamic investors.
This paper examines the use of affinity fraud in targeting the Islamic community and analyses SharÊÑah norms that seek to protect people from fraud and cheating.
Using case studies from three countries, the paper identifies the common traits pervasive in Ponzi schemes including legal ruses aimed at circumventing the SharÊÑah interdiction on interest and other proscriptive acts by unscrupulous and fraudulent operators.
The examination shows that the nascent Islamic finance market should be vigilant of copycat schemes that have the potential to undermine the industry.
Like other affinity frauds, there is the need to develop early warning systems aimed at preventing, or at least minimising, the prevalence of such schemes in the Islamic financial industry
American Psychological Association (APA)
Nathie, Mahmud& Drew, Jacqueline M.& Drew, Michael E.. 2012. Ponzi operandi : affinity fraud risk for Sharaiah-compliant investment funds. ISRA International Journal of Islamic Finance،Vol. 4, no. 1, pp.7-37.
https://search.emarefa.net/detail/BIM-717650
Modern Language Association (MLA)
Nathie, Mahmud…[et al.]. Ponzi operandi : affinity fraud risk for Sharaiah-compliant investment funds. ISRA International Journal of Islamic Finance Vol. 4, no. 1 (Jun. 2012), pp.7-37.
https://search.emarefa.net/detail/BIM-717650
American Medical Association (AMA)
Nathie, Mahmud& Drew, Jacqueline M.& Drew, Michael E.. Ponzi operandi : affinity fraud risk for Sharaiah-compliant investment funds. ISRA International Journal of Islamic Finance. 2012. Vol. 4, no. 1, pp.7-37.
https://search.emarefa.net/detail/BIM-717650
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 34-37
Record ID
BIM-717650