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Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Islamic Ruling On MMM (32786 Views)
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Re: Islamic Ruling On MMM by YoungSoldier(m): 6:28pm On Nov 18, 2016 |
Zealoy:Religion(Islam) has to offer you what is more than food. Take the relationship btw a father and a child for example. There are laid down rules which are be expected to be followed by the child. So will saying you obeying you father's rules mean you are blinded by him? No! because you father brought you to life, he provides for you, he cares for you. So you must also obey him if you don't want to be punished. Same thing applies to God, Allah has rules and guides clearly stated in the holy Quran and it is expected of all creatures to follow without any complain. Failure to do so is very disastrous as applied to parents too |
Re: Islamic Ruling On MMM by seek4usman: 7:04pm On Nov 18, 2016 |
ak47yong:. Guy it is Haram. It is not from ribbon. |
Re: Islamic Ruling On MMM by begwong: 7:26pm On Nov 18, 2016 |
I DON'T KNOW WHAT'S YOUR PROBLEM
WITH MMM BIKO. THERE ARE HUNDREDS OF
SCAMMERS OUT THERE UNA NO FIT
DISCOURAGE PEOPLE NA THIS ONE WEY
PEOPLE DEY GAIN UNA DEY TAKE PANADOL
FOR EEH?
SEE NAIRABET, BETNAIJA ETC. DEY NO
WORSE PASS MMM? BC U USE YOUR MONEY
PLAY POOL U LOOSE WETIN CONCERN UNA.
BABA IJEBU SEF DON JOIN MMM WITH
ALPHAS AND PASTORS. OYO IS UNA CASE
BIKO |
Re: Islamic Ruling On MMM by me69: 7:31pm On Nov 18, 2016 |
Adek15:If it is interest they are paying on your investment then it is a MAJOR Sin. The Prophet (blessings and peace of Allah be upon him) explained the seven sins that doom a person to Hell in a saheeh hadeeth that was narrated by the two Shaykhs, al-Bukhaari and Muslim, in as-Saheehayn, in which it was narrated that the Prophet (blessings and peace of Allah be upon him) said: “Avoid the seven sins that doom a person to Hell.” We said: What are they, O Messenger of Allah? He said: “Associating others with Allah (shirk); witchcraft; killing a soul whom Allah has forbidden us to kill, except in cases dictated by Islamic law; consuming orphans’ wealth; consuming riba; fleeing from the battlefield; and slandering chaste, innocent women.” |
Re: Islamic Ruling On MMM by Abdulismzip(m): 8:43pm On Nov 18, 2016 |
[color=#990000][/color] MMM IS HARAM FOR YOU THAT WANT TO KNOW THE FACT EVEN NOT ONLY THAT, THE MONEY WE BORROW FROM MTN IS HARAM ALS |
Re: Islamic Ruling On MMM by Empiree: 6:21am On Nov 19, 2016 |
Abdulismzip:Slow down, buddy. Borrowing money is not haram. It's becomes haram if MTN charges interest in return. |
Re: Islamic Ruling On MMM by BetaThings: 6:47am On Nov 19, 2016 |
Okundaye4:Nobody really But the OP asked for the position of Islam on this matter because he believes that God cares |
Re: Islamic Ruling On MMM by BetaThings: 6:48am On Nov 19, 2016 |
Empiree:And MTN actually charges interest |
Re: Islamic Ruling On MMM by BetaThings: 7:07am On Nov 19, 2016 |
nature2abdul: Good point So shall we then listen to the opinion of scholars on this matter nature2abdul:It is not enough to want to help, the borrower must repay! Imagine the number of people who will ask people for loan and not repay nature2abdul:Please can you prove to me that the money is certain to come Because the website itself says nothing is guaranteed Read Please note that the use of the words 30% a month cannot be considered as a yield or interest rate since the funds were given away, we are not earning anything anywhere (we are a mutual-aid fund), and nobody promises or guarantees to pay it! Read over THE WARNING. nature2abdul:The definition of gambling has not changed, but the deals/schemes are being configured in various ways It is all about great wealth without serious effort If downtrodden muslims are not supported, it is an opportunity for you to step in and show good example There will always be sectrarianism whether or not downtrodden muslims are supported nature2abdul:Financial stability can only come from doing something you know, understand and can influence You can never be truly financially stable by depending on others for "help" |
Re: Islamic Ruling On MMM by BetaThings: 7:32am On Nov 19, 2016 |
https://www.naij.com/1053650-11-stages-addiction-every-mmm-new-convert-goes-no-6-soooo-true.html 11 stages of addiction every MMM new convert goes through 1. You think it is a scam 2. Someone tries to convince you otherwise 3. You register because of someone 4. You start with little money because you still have doubt 5. You get help 6. You increase your investment 7. You get desperate for referral bonus 8. You become an MMM promoter 9. You refuse to believe it will crash 10. You don’t believe it is a scam 11. You start to spend money anyhow |
Re: Islamic Ruling On MMM by BetaThings: 7:36am On Nov 19, 2016 |
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company) History MMM was established in 1989 by Sergei Mavrodi,[2] his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders' surnames. Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatisation. This effort was similarly unsuccessful.[citation needed] MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi's initial intention, inasmuch as such extravagant returns might have been possible during the Russian hyperinflation in such commerce as import-export.[citation needed] MMM grew rapidly. In February 1994, the company reported dividends of 1,000%, and started an aggressive TV ad campaign. Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.[citation needed] An important factor in the scheme's success was word of mouth, but most of the company's success came from its extremely aggressive ad campaign, which appealed to the general public by using "ordinary" characters that viewers could identify with. The most famous of them, a "folk hero" of early 1994, was Lyonya Golubkov. Another notable marketing effort was a giveaway of free Metro trips to all Moscow citizens on a particular day. MMM also was one of the first well-known companies in Russia with a logotype and slogans ("Flying from shadow to the light" and others).[citation needed] At its peak the company was taking in more than 100 billion rubles (about 50 million USD) each day from the sale of its shares to the public. Thus, the cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.).[citation needed] Regular publication in the media of the rising MMM share price led President Boris Yeltsin to issue a decree in June 1994 prohibiting financial institutions from publicising their expected income.[citation needed] The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return. One company promised annual returns of 30,000%.[citation needed] On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.[citation needed] Several organisations of "deceived investors" made efforts to recover their lost investments, but Sergei Mavrodi manipulated their indignation and directed it at the government. In August 1994 Mavrodi was arrested for tax evasion. However, he was soon elected to the Russian State Duma, with the support of the "deceived investors". He argued that the government, not MMM, was responsible for people losing their money, and promised to initiate a pay-back program. The amount ultimately paid back was minuscule compared to the amount owed.[citation needed] In October 1995, the Duma cancelled Mavrodi's right to immunity as a deputy. In 1996, he tried to run for Russia's presidency, but most of the signatures he received were rejected. MMM declared bankruptcy on September 22, 1997.[citation needed] While it was believed that Sergei Mavrodi left Russia and moved to the United States, it is possible that he stayed in Moscow, using his money to change apartments regularly and employ a group of former special agents. With the help of a distant relative he started Stock Generation Ltd., another pyramid scheme based around trading non-existent companies' stocks in a form of the "stock exchange game" on the company's site, stockgeneration.com. Despite a bold-letter warning on the main page that the site was not a real stock exchange, between 20,000 and 275,000 people, according to various estimates, fell for the promised 200% returns and lost their money. According to U.S. Securities and Exchange Commission, losses of victims were at least USD 5.5 million.[citation needed] Mavrodi was found and arrested in 2003. While in custody, Mavrodi was given until January 31, 2006 to read the documents in his fraud case against him (The criminal case consisted of 650 volumes, each 250-270 pages long).[citation needed] At the end of April 2007, Mavrodi was convicted of fraud, and given a sentence of four and a half years. Since he had already spent over four years in custody, he was released less than a month later, on May 22, 2007.[citation needed] He later went on to creating yet another pyramid scheme called MMM-2011. The MMM scandal led to increased regulation of the Russian stock market, but the legacy of the fraud led many to become extremely suspicious of any joint stock companies. In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a "30% per month" return through a "social financial network".[3] The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.[4] In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme staged a protest march in Johannesburg.[5] .[6] In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered). |
Re: Islamic Ruling On MMM by Nobody: 8:25am On Nov 19, 2016 |
BetaThings:International loan has its modalities. These modalities must be adhered to by the borrowing nations. So no Nation can abscond from the agreement of loan. On the issues of crashing, I think someone else has answered that. Even conventional banks are also crashing today. Are we not still operating them? MMM can only crash when members have stop providing help due to the panic that individuals and and government agencies are creating. Do you know that as big as first bank, if people stop depositing their money out of panic and only go there to withdraw, it will crash within a Day? On the issue of 'help', no body is giving out free money to anybody. You need to make more research on what they call help In MMM. MMM is a system that seek to deviate from the conventional banking system that is so skewed in favour of the rich. |
Re: Islamic Ruling On MMM by ikupakuti(m): 8:35am On Nov 19, 2016 |
Empiree: True that Borrowing or lending is not harram until intrest is involed |
Re: Islamic Ruling On MMM by Empiree: 11:02am On Nov 19, 2016 |
ikupakuti: BetaThings:Really? . Why would people borrow m Kinney for calls? . Isn't better to work and earn money than borrowing from them? . Do they give time before charging interest?. |
Re: Islamic Ruling On MMM by ikupakuti(m): 11:15am On Nov 19, 2016 |
Empiree: Nooo o... They dont give time o When they lend (credit) u with like say #1k which attracts an intrest of 10%, u‘ll only get an airtime of #900 instantly They cut their intrest even b/f the fund gets to u |
Re: Islamic Ruling On MMM by Empiree: 12:17pm On Nov 19, 2016 |
ikupakuti:This is nonsense and fraud. This should be avoided and it doesn't make sense. They simply want to make money off the credit.I dont think it makes sense for consumers to borrow airtime from them. You spend 900 in no time but still owe money. Better to save money than this. I repeat that people need to return to farming rather than shading nonsense like this.. |
Re: Islamic Ruling On MMM by ikupakuti(m): 12:28pm On Nov 19, 2016 |
Empiree: Well, their fraudlent system endured cos... some ppl are foolish or forced atimes to borrow on such ridiculous terms |
Re: Islamic Ruling On MMM by Nobody: 5:26pm On Nov 19, 2016 |
As received The Shariah Provision on "MMM" By Sheikh Jabir Sani Maihula For sometime now, a lot of people have been asking me about MMM, germane to which a question was posed to me when I delivered a lecture in ABU Zaria. My inbox has been flooded with questions about the 'business'. I either replied with "I don't know" or left the questions unattended to, because I had not made a detailed research as regards the scheme. However, I have made my research and drawn up my juristic position (fatwa/edict) based on the sources I consulted, which are as follows: I) The MMM website II) Securities and Exchange Commission website (to see their view on the scheme) III) Online videos and documentaries about MMM, a 45mins documentary introducing the scheme in Nigeria. IV) Discussion with people who have participated in the scheme/business As a result of this, I have arrived at the following juristic conclusions: 1. The "business" is impermissible (HARAM!). This is because it is a classic case of riba al fadl [adding to the value of an item when exchanging it for another of the same type]. Islam prohibits this. You can't give money to someone in need only to receive more in return. 2. The scheme is extremely dangerous since it's not protected by the law in Nigeria and a host of other countries. Securities and Exchange Commission have strongly warned Nigerians to desist from the scheme. In one of their published articles dated 30th August 2016, they said, "The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribes to this illegal activity does so at his/her own risk". This alone should suffice as deterrent to people who wish to indulge in the scheme. 3. The scheme is shrouded in gharar (ambiguity). The prophet (sallallahu alaihi wasallam) forbade ambiguous transactions as established in the tradition reported by Muslim. Hence, any discerning person who studies the scheme would come to the conclusion that its end result will be loss. Abridged and rendered into English by Abdurrahman Islam(Abu Jamaal).... Copied... |
Re: Islamic Ruling On MMM by Nobody: 5:34pm On Nov 19, 2016 |
Obas101: How can you claim that when the website itself says; Please note that the use of the words 30% a month cannot be considered as a yield or interest rate since the funds were given away, we are not earning anything anywhere (we are a mutual-aid fund), and nobody promises or guarantees to pay it! Read over THE WARNING. So if the site claims, the 30% is not a certainty, why should you? Mind you if its not a certainty, then its gambling. |
Re: Islamic Ruling On MMM by Obas101(m): 8:06pm On Nov 19, 2016 |
lexiconkabir:Abeg i no get strength
|
Re: Islamic Ruling On MMM by Nobody: 8:11pm On Nov 19, 2016 |
Obas101: The truth is, you've seen haqq(truth) its left for you to accept. Salaam alaykum! |
Re: Islamic Ruling On MMM by Empiree: 1:22am On Nov 20, 2016 |
lexiconkabir:Bolded, actually this is how all businesses should be. Certainty or uncertainty is NOT evidence of riba. Business can fail. BUSINESS IS, where I have money. You have money and we both invest the money to yield profit. If the business is successful, say for instance, 60% of investment is profited, we deduct our prinncipal investments and share whatever profit left. This is business. If the business fails, we both share the lost. This is business. Business is NOT guaranteed. BUSINESS IS, you have money I don't have. I come to you to loan me money for investment. If the business yields profit i give you back the principal and the profit is mine. I do not pay you interest on your loan. This is business. But if the business fails, I have to find a way to pay you back the loan. Islam says you have to give me time and not charge me interest just bcus you have to wait for your money. RIBA IS, you loan me money to do business but you put condition that you want 30% on your loan in return. Which means whether or not my business is successful I give you back your principal loan with 30% interest. Islam says this is Haram |
Re: Islamic Ruling On MMM by Nobody: 3:29am On Nov 20, 2016 |
Empiree: I didn't say, it is evidence for riba, have you read the analysis a shaykh from Ahmad bello university gave? I posted it. |
Re: Islamic Ruling On MMM by Empiree: 5:38am On Nov 20, 2016 |
lexiconkabir:Yes. Thats was nice piece. Besides, i was only responding "certainty" you mentioned actually. Maybe i misunderstood it. |
Re: Islamic Ruling On MMM by Nobody: 6:20am On Nov 20, 2016 |
Empiree: You know, the definition of gambling in English is quite different from the sharee'ah, in the shareeah what is considered is the "gharar", when gharar is too gigantic, the transaction is seen as gambling. gambling is defined bi shareeah as a financial transaction where the individual brings forth a definite cost, he has the ability to gain or lose profit, and has virtually no control over the possible outcome, yani the gharar is too high. An example is taking a coin, and aiming it at a set of pots. If it enters certain pots it fetches you a prize, others will not, and none of the pots are marked. this is gambling in islam. another is if you pay me an amount of money for an unknown material and i only reveal the material when you pay me. MMM works the same way, this person https://www.nairaland.com/3324051/how-current-mmm-likely-end#49000643 says, he used 500k and lost it, people put in money without having any control over the outcome, this is what i mean by UNCERTAINTY. |
Re: Islamic Ruling On MMM by quadrialhaji(m): 10:48am On Nov 20, 2016 |
ashas50:Fixing money in bank is also Haram, no doubt about that 1 Like |
Re: Islamic Ruling On MMM by Nobody: 10:50am On Nov 20, 2016 |
quadrialhaji: You mean non-islamic banks. |
Re: Islamic Ruling On MMM by Empiree: 12:17pm On Nov 20, 2016 |
lexiconkabir:Okay. So this is what MMM does. Obviously, this is awkward. I thought people only paid registration fees. Common sense really. I am never paying for what i dont see. This not just riba but scam/fraud too. I dont really know anything about MMM. People better get real job than this nonsense. The fellow could have invest 500k on farming or something else |
Re: Islamic Ruling On MMM by Empiree: 5:24pm On Nov 20, 2016 |
Sounds like people going crazy over MMM thing. Who introduced it to Nigeria to begin with?
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Re: Islamic Ruling On MMM by Nobody: 5:41pm On Nov 20, 2016 |
Empiree: Lol, saw a news where a husband beat his wife to coma because she used his money to invest on MMM without telling him. 1 Like |
Re: Islamic Ruling On MMM by Empiree: 6:18pm On Nov 20, 2016 |
lexiconkabir:Chai, people think from their behind these days |
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