Madinah Mining the investment scheme (scam?)

A recent case landed on my inbox for checking, it is a company called Madinah Mining. It is using the Madinah name to sound Islamic and marketing its services as an investment company. The company markets itself via FB Ads advertising how much returns each member gets but doesn't explain how does the company make money. 

Some of the leaders in Madinah mining claim that their operations has got Bank Negara approval and is Shariah compliant. The scheme offers different packages (eg silver, gold and platinum) just like the other investment platforms. 

Upon checking, Madinah Mining is indeed listed in Securities Commission Investors Alert List. So this case is quite straightforward. What I find interesting in the name, it rhymes and use Arabic terms with cryptocurrency terms. This investment scheme (scam) targets primarily the muslims in Malaysia.

Do note that Madinah Mining is not to be confused with Medina Mining which is a cryptocurrency mining company.



πŸ“Links

Investor Alert List (as at 9/12/2021) - Investor Alerts Announcements | Securities Commission Malaysia