- Imam Murtadha Muhammad Gusau has spoken against the MMM transactions which give a monthly interest or return of 30% on money invested, which have been an avenue in which some people in Nigeria have used their hard-earned to patronise
- Recently, reports have it that the Ponzi scheme is facing a trying time at the moment as the account of the high-interest yielding venture has been frozen, with the likes of a Nigerian like Boniface Peter thanking his stars after he was was tempted to join MMM by his friends and relatives
MMM transactions entail a system whereby some groups of people offer assistance to provide aid in expectations of getting a bigger reward in assistance at the end of each month (30 percent per month above the starting capital).
Muslim faithfuls learn from their religion about giving charity and monetary assistance in order to get reward on the Day of Judgment
According to Imam Murtadha Muhammad Gusau, “whenever we prepare some money to be donated, we already intend to get the rewards in the Hereafter.”
The leader of the Muslims in a Mosque in Kogi state quoted chapter 2 verses 261-262 to prove his stance as stated below:
“The example of those who spend their wealth in the Way of Allah is like that of a grain of corn that sprouts seven ears, and in every ear there are a hundred grains. Thus Allah multiplies the action of whomsoever He wills. Allah is Munificent, All-Knowing. Those who spend their wealth in the Way of Allah and do not follow up their spending by stressing their benevolence and causing hurt, will find their reward secure with their Lord. They have no cause for fear and grief.”
Imam Gusau likewise said: "The Messenger of Allah (peace and prayer of Allah be upon him) also advised us, so that no matter how small that we give, we give it due to our fear of Allah’s punishment.
“Fear the Hell, (and protect yourself from it) even with a half of date fruit. If you don’t have it, then by saying good words,” which were narrated by Bukhari no. 1413, Muslim no.1016, and others.
The Muslim cleric said there are copious verses and hadith that shed light on issues related to MMM dealings.
Islam also teaches us to give something to other without wishing for greater return. Allah reminded us:
The other proofs he used include: “And bestow not favour in order to seek from others a greater return.” (Suuratul Al Mudathir verse 6) as well as Imam al-Qurtubi who interpreted the verse: “Do not give something to seek for a better return.” (Tafsir al Qurtubi, 19/67)
He concluded by saying: “This is how Islam teaches the Muslims, to build the nonprofit spirit in doing the social deeds. Moreover to wish for return from the aid given.
“It all shows that the MMM transaction is not in line with some principles of Islam, thus it shouldn’t be preserved.”