Al Shamal Islamic Bank

Al Shamal Islamic Bank

The Al-Shamal Islamic Bank of Khartoum, founded in 1983, is one of the major financial institutions of Sudan, and one of the leading islamic banks worldwide.

A declassified U.S. Department of State report dated August, 1996 and a French investigation into Al Shamal Islamic Bank separately concur that Osama bin Laden invested $50m of his inherited fortune in the bank on his arrival in Sudan in 1991, in a joint venture with senior National Islamic Front members.cite web
title = Trail of terrorist dollars that spans the world
author = John Willman
publsher = The Financial Times
date = November 29 2001 18:41GMT
url = http://specials.ft.com/attackonterrorism/FT3RNR3XMUC.html]

Shareholders

According to public records, among the investors in the Al Shamal Islamic Bank include a Geneva-based financial services conglomerate headed by Prince Mohammed al-Faisal al-Saud, son of the late King Saud and a cousin of the current Saudi monarch, King Fahd.cite web
title = Swiss Officials Freeze Bank Accounts Linked to Supporters of Terrorist Groups
author = John Crewdson
publisher = Chicago Tribune
date = November 3, 2001
url = http://www.sudanreeves.org/Sections-article396-p1.html]

The bank itself that among its five "main founders" and principal shareholders is another Khartoum bank, the Faisal Islamic Bank of Sudan. According to public records, 19 percent of the Faisal Islamic Bank is owned by the Dar Al-Maal Al-Islami Trust, or simply DMI Trust, also headed by Prince Faisal. The $3.5 billion DMI Trust, whose slogan is "Allah is the purveyor of success," was founded in 1981 to foster the spread of Islamic banking across the Muslim world. Its 12-member board of directors includes Haydar Mohamed Bin Laden, a half-brother of Osama bin Laden, according to a DMI spokesman.

Other shareholders include: [ [http://www.zawya.com/marketing.cfm?zp&p=/cm/profile.cfm?companyid=1000787&cc Zawya profile] ]
* Adel Batterjee, also chairman as recently as 2002. [cite web
title = How Saudi wealth fueled holy war
author = Sam Roe, Laurie Cohen and Stephen Franklin
publisher = Chicago Tribune
date = February 22, 2004
url = http://www.chicagotribune.com/news/nationworld/chi-0402220496feb22,1,7692937.story?page=8&coll=chi-religion-utiltop ]
* Al Baraka Investment and Development Corporation

References

External links

* [http://www.cooperativeresearch.org/entity.jsp?entity=al-shamal_islamic_bank CooperativeResearch link on Al-Shamal Islamic Bank]
* [http://www.mbendi.co.za/orgs/cliz.htm Mbendi profile]


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