As Habibi Coin launches, allegations the founder misled investors refuse to go away

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As Habibi Coin’s chief remains silent on the allegations, the public’s call for accountability may eventually engulf him and the entire organisation.

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Com Mirza, the founder of Habibi Coin, is alleged to have misused investors’ funds and misled investors, not just in Habibi Coin, but in other ventures. These startling claims are made by Com’s original business partners who closely worked on both Habibi Coin and the Intentional Success Group.

As the official launch of Habibi Coin gets under way, Muslim Reviews will present the allegations and share interesting details, letting the public decide if Habibi Coin can be trusted with their finances.

Com Mirza’s allegation

When Com was asked about the circumstances for his business partners leaving him, this was his reponse:

The original partners speak out

In a series of hugely damaging accounts, Com’s original business partners Jagger Babuin, Wael Rajab, Dan Brown and Kevin Alexander, publicly expressed their concerns and why they decided to end their partnership with Com Mirza.

In this video, Com Mirza is confronted by Jagger Babuin for misleading him and his elderly parents out of nearly one million US dollars – his parents’ life savings. Jagger alleges that Com Mirza portrays himself as a ‘devout Muslim’ to target the Muslim community for his business interests and how he was felt betrayed by Com’s actions.

We recommend reading the following two very detailed public posts by Jagger – first post 01/03/18 and his second post 02/03/18.

In this video, Wael Rajab gives a personal account of his relationship with Com Mirza, and a history of Habibi Coin. Com Mirzas alleges the 5 business partners ‘ran off’ with money, which all the partners vehemently deny and are speaking out against.

In this video, Kevin Alexander and Dan Brown give their personal accounts and counters Com’s allegations.

Kevin says:

1. He has full correspondence between himself and Com, including records of all funds they collected and how it was distributed. All funds were sent to Com Mirza at his request.
2. Kevin believes Com will not repay the money owed to his ISG members, and if he does, it would be from funds collected from other members.

Dan says:

1. Com liquidated all the accounts from ISG
2. The money collected from ISG members is likely incapable of supporting the real estate developments.
3. Appeals to current ISG members to ask Com about where their funds are being held and how it can be used to gain returns.
4. Com is almost in hiding and has refused to meet. Asks members to question Com about the situation.

Com’s elusive public statement

Com Mirza had plenty of opportunities to address the claims which first surfaced in early 2018, but has chosen instead to remain silent. He appears to have broken the promise he made on Facebook immediately after Jagger’s video.

Maybe Com thinks it will blow over if he keeps quiet? If so, he should reconsider his situation, as there is more to be published on Habibi Coin.

Attitude towards non-Muslims

Islam teaches Muslims to be tolerant and show respect to people of different faiths. It is therefore unacceptable for anyone to use our religion as a vehicle to abuse others.

Immediately after the Muslim Entrepreneur Network published their video response to our articles, Muslim Reviews came under a lot of criticism from people clearly feeling emboldened by the video’s release. One person in particular expressed a worrisome level of disdain for Jagger in his comments on our Facebook page.

This person vilified Jagger for being a non-Muslim in an attempt to discredit him within the Muslim community, by drawing on analogies found in a popular Turkish TV show set during the Crusaders. His comments were despicable and Muslim Reviews called him out at the time.

What we did not know, was that he is the current co-founder of Habibi Coin – Iftikhar Ahmed.

Muslim Reviews has taken the decision to share this person’s comments, to demonstrate the attitude of some influential people running Habibi Coin, and how the same organisation is currently seeking non-Muslim influencers to join their advisory board. A level of hypocrisy we can only expect from Habibi Coin.

Muslim Reviews would like to apologise for any offence caused to our non-Muslim readers. Clearly, Iftikhar Ahmed only represents himself and his organisation.

Lack of technical expertise

For an organisation seeking to gain millions of dollars in public funds, one would expect a detailed breakdown of their team members, including their expertise within the technological space. Yet, we find there is a critical lack of detail about themselves. We learn that majority of their workers are based in Pakistan or Pakistani nationals living Dubai, and have little to no involvement in technology prior to Habibi Coin.

Perhaps this is why their whitepaper had little to say in the technical front, and was more focused in theoretical aspects.

Aziz Dolce is the owner of https://masterthecrypto.com/ and has an interest in researching cryptocurrency whitepapers. Read his comment on Habibi Coin’s whitepaper:

What sort of critical technical analysis has there been before Habibi Coin decided to seek money from the public? The casual observer will find a troubling divide in their stated promises and their real technological expertise.

They do not have a single notable Computer Programmer to give confidence in their technical prowess – nor is there a financial expert capable of maintaining custody of the millions of dollars they seek to raise.

According to the LinkedIn profile of Habibi Coin’s only accountant, he worked as an Accountant for EFU General Insurance (2007-2012) and then as Account Officer for Al Koufa & Dahleez Service (2012-2016). Seemingly no sufficient experience in technology or being responsible for the scale of money Habibi Coin expects to generate.

Scholarly research

Habibi Coin claims to be Shariah compliant without disclosing their contracts and agreements for external review. We also learn that they intend to bring Islamic scholars in their advisory board, however at the point of launch, they do not have a single Islamic scholar as a formal adviser to their service.

For this reason, Muslim Reviews is working with a professor (and his academic team) at a world-renowned Islamic university, who lectures at a foremost mosque in the Islamic world, and who also has a degree in Computer Science from the UK. We will reveal more once the scholar’s research is complete and is ready to publish.

More interviews

In addition to the scholarly works, we are in the process of conducting interviews with Com Mirza’s original business partners, who will provide more details of their experiences and evidence to support their assertions. If you have any specific questions you would like the interviewer to ask the ex-partners, please let us know in the comments section.

Introspection in the Muslim market

Once all the fanfare and commotion of Habibi Coin withers down, we feel our Muslim community must ask difficult questions about the state of the Muslim market that could allow it to be dominated by people without any meaningful due-diligence processes.

Arguably, our community can do more on a voluntary basis, and we hope in the near future reputable people of influence take a proactive approach in appraising the services that are done in our name.