'Halal' Ponzi Scams and Islamic Finance in #India – Need for a Strict Shariah-Compliance Certification Framework

Prominent Islamic Finance activists have been trying to create recognition and make an impact in the implementation of Islamic Finance in India since decades. Recent years have seen quite a few setbacks in the Islamic Finance initiatives, with many financial initiatives being eventually discovered as Ponzi schemes. Some of these prominent schemes include Heera Gold, Ambiant Marketing, and now the latest is called I Monetary Advisory (IMA). Investigations revealed that IMA did not even have a Shariah board to begin with, and often used non-Shariah compliant statements in its marketing resources. Despite claiming to be a Shariah-compliant investment avenue, IMA had promised a fixed minimum return. A country with a sizeable Muslim population like India demands a central Shariah-Compliance Certification platform that keeps a strict control over Islamic Finance activities.