THERE are many investment schemes out there, some of which purport to be syariah-compliant, and it can be difficult to tell which ones are legitimate.
Recently, posts on social media offering hefty profits have popped up, advertising quick returns and saying that the schemes are syariah-compliant.
Is it true that scammers are misusing the name of a local bank to dupe victims of their money?
Verdict:
TRUE
In a statement on its official Facebook page, Bank Islam said it was aware of such offers and advertisements on social media and stressed that it was not linked to them in any way.
"Bank Islam would like to emphasise that all products, services and social media posts from such accounts are not and do not have direct relation to Bank Islam in any way," the bank said in its post.
It added that the public can get confirmation of the licensing status of any financial institution involved in deposit-taking activities via Bank Negara at www.bnm.gov.my.
"Individuals and companies involved in investment activities are regulated by the Securities Commission and any information on such activities can be checked at its website www.sc.com.my," Bank Islam added.
It ended its post with another warning for the public to be alert and not to fall for such scams.
