The indispensable people over at The Investigative Project on Terrorism are reporting that the Obama Justice Department have reached a settlement with a Shariah-compliant financial institution being investigated for involvement in terrorism financing and tax evasion. The Islamic Investment Company of the Gulf (IICG) was part of a web of financial institutions with ties to a Saudi prince named Mohamed al-Faisal, the infamous Sheikh Yusuf al-Qaradawi and the Muslim Brotherhood. This “network of banks and investment funds across Europe and the Middle East catered to Muslims interested in strictly following Quranic principles…”
The entire settlement is secret and the Justice Department is refusing any comment on the matter.
For complete details, read more…
http://www.investigativeproject.org/3126/doj-keeping-islamic-bank-settlement-secret
When Treasury fines a bank for BSA or other regulatory violations, they trumpet it from the rooftops. Guess it’s different rules for Islamic financial institutions, who get a settlement and it all gets hushed up.
We must stay on the look out for any news about “Dar al-Maal al-Islami” Trust (DMI), which, if I’m not mistaken, means “House of Islamic Money.”