Posted on 09/18/2008 7:27:24 PM PDT by Velveeta
The disappearance of the CEO and president of a Shariah-compliant investment firm has left many in West Ridge's Indo-Pak community wary and in turmoil.
Concerned when monthly profit checks from Sunrise Equities stopped arriving in August, no one has seen or heard from the firm's CEO, Salman Ibrahim. Ibrahim has not returned investors' phone calls. Phone calls to the firm's office at 6355 N. Claremont, and its downtown affiliates, Sunrise Development Inc., have also gone unanswered, leaving many of the firm's mostly Muslim investors wondering where Ibrahim and other corporate officers have gone.
"[Ibrahim] stopped paying the monthly installments," said Moosa Lathada, owner of a West Ridge realty firm who turned over money to be invested by Sunrise Equities. "I'm calling the office, but no one is answering the phone."
Lathada said the last time he spoke to Sunrise was around Aug. 6 or Aug. 7. After that, he said, he left town on Aug. 8. When he returned earlier this month, he tried contacting Sunrise's West Ridge office again.
"In September, I tried to contact them, several times, no one is answering," Lathada said. "I'm worried about my investment. We just want to know the whereabouts of my money and where he is."
Investors first noticed something amiss when checks either stopped arriving or were returned for insufficient funds in August and September. Tariq Khawaj, a reporter for the neighborhood's Urdu Times, said the newspaper's office has been flooded with dozens of calls from concerned investors. The Urdu Times first reported this story last week.
"People called us, most of the investors are Pakistani or Indian," Khawaj said. "They told us, 'have you heard about this guy.' It's all over Devon Avenue."
Sunrise's client base is around 300 and collectively they have entrusted millions of dollars to Sunrise, Khawaj told News-Star. Calls to Sunrise's Claremont office, and the two Sunrise Development offices downtown, were picked up by voice mail or simply went unanswered.
Ibrahim founded Sunrise Equities in 2001. It is a Shariah-compliant investment firm that prohibits borrowers and lenders from taking out interest-bearing loans. Such loans are considered exploitative for both borrowers and lenders under Islamic laws. Ibrahim worked with Devon Bank six years ago to set up its Shariah financing programs that allow borrowers to purchase shares in home mortgages and other types of loans.
Instead of paying interest, the borrower makes payments over time, with the interest figured into the transaction price.
"We looked into Islamic financing six years ago," said David Loundy, corporate counsel for Devon Bank. "We had started looking into it before [Ibrahim] made the pitch [for Shariah financing] based on community demand."
Loundy said Ibrahim helped coordinate discussions between the bank and Islamic clerics to get its Shariah-compliant programs approved. Devon Bank then had to convince banking regulators that its Shariah finance programs were a sound practice, although non-conventional under U.S. banking practices.
Other than coordinating discussions with Islamic clerics, Loundy said, Ibrahim has had no involvement with Devon Bank's Shariah finance programs and services.
Ibrahim is also the founder of the Shariah Board of America at 7045 N. Western Ave. Up until two weeks ago, Ibrahim served on its board of directors. He has since been removed.
"The reason we took this step was because he was not an active member anyway, and because of concerns in the community," said Syed Mohammend Ali Farid, secretary of the board's parent organization, Rahmat-e-Alam Foundation.
On Sept. 11, the Shariah Board issued a press release, denying that its members were involved with Sunrise Equities. "[Ibrahim] was a member of the board. But it is completely false that Shariah Board or its' officers supported Sunrise Equities quid pro quo." [continues...]
~snippet~
You see, folks, at this moment, Salman Ibrahim has apparently closed the office of Sunrise Equities, Inc. at 6355 N. Claremont, Suite 201, Chicago Il 60659. Phone calls placed to 773.338.0818 remain unanswered.
Rumor has it he was arrested by the FBI almost two weeks ago for committing fraud. If so, good for the Feebs!
Or, could he be in a hiding place provided by his great friend MUFTI NAWAL UR RAHMAN SAHEB, head of the MASJID-E-NOOR mosque (6151 N. Greenview). This "priest", as he is referred to, is allegedly involved in the fraud and may have already packed up and left for India. O-ho!
There are others who could allegedly be aiding and abetting Salman Ibrahim: AMJED MAHMOOD (Sr. VP, Sunrise Equities, Inc.); MOHAMMAD AKBAR ZAHID (Sr. VP Community Relations, Sunrise Equities, Inc.);
and the elusive MOHAMMAD TARIQ SIDDIQUI, simply known as a "builder", but who touts himself as Chairman of Barack Obama's Finance Committee. Siddiqui IS listed as a "BUNDLER" at whitehouseforsale.org. He apparently has raised at least $50,000 for Obama's campaign.
http://rp1000.blogspot.com/2008/09/breaking-news-financial-crisis-facing.html
Salman Ibrahim has also made contributions to certain politicos, including Barack Obama.
The Obama Connection ping
So, is there some tie between MOHAMMAD TARIQ SIDDIQUI, who touts himself as Chairman of Barack Obama’s Finance Committee besides an Arabic-sounding name?
How many media outlets have investigated his connections with islamist benefactor Khalid al-Mansour?
None, they are too busy worrying about Palin firing an incompetent boob as safety commissioner.
FINANCIAL CRISIS IN THE MUSLIM COMMUNITY (Chicago)
Part Two
http://rp1000.blogspot.com/2008/09/financial-crisis-in-muslim-community.html
FINANCIAL CRISIS FACING MUSLIM COMMUNITY Part III
http://rp1000.blogspot.com/2008/09/financial-crisis-facing-muslim.html
FINANCIAL CRISIS FACING THE MUSLIM COMMUNITY Part IV
http://rp1000.blogspot.com/2008/09/blog-post.html
Very Interesting
Catch the address!!!
I used to live a block from there. But that was a different era.
The author at Rogers Park Bench alludes to a connection between Siddiqui the “builder” and Sunrise the “developer”.
Siddiqui the “builder” and The Chairman of BO’s finance committee are one and the same.
I guess all involved in the Shariah sham are now referred to as the Mullah Mafia.
Zero
But let’s be sure to check in with Palin’s beauty shop. Umkay?
Shocking I say.
It is a Shariah-compliant investment firm that prohibits borrowers and lenders from taking out interest-bearing loans. Such loans are considered exploitative for both borrowers and lenders under Islamic laws. Ibrahim worked with Devon Bank six years ago to set up its Shariah financing programs that allow borrowers to purchase shares in home mortgages and other types of loans
Anyone have an understanding of Shariah financing?
If Islam does not allow interest how can they include the interest in the payment plan?
Most important, does the IRS understand?
It would be a bad thing for Muslims seeking Sharia to be deprived from its benefits.
We must protect our friends from the ROP. /s
Me too.
It was such a nice neighborhood back then.
Have you driven by there lately?
Major bookmark! Great find.
putting all the links together:
Financial Crisis in the Muslim Community - part one (Chicago
http://rp1000.blogspot.com/2008/09/breaking-news-financial-crisis-facing.html
FINANCIAL CRISIS IN THE MUSLIM COMMUNITY (Chicago)
Part Two
http://rp1000.blogspot.com/2008/09/financial-crisis-in-muslim-community.html
FINANCIAL CRISIS FACING MUSLIM COMMUNITY Part III
http://rp1000.blogspot.com/2008/09/financial-crisis-facing-muslim.html
FINANCIAL CRISIS FACING THE MUSLIM COMMUNITY Part IV
http://rp1000.blogspot.com/2008/09/blog-post.html
It is interesting.
Also gave me the creeps that the press release about Ibrahim’s disappearance was issued on Sept. 11th.
Its a shame.
Islamic financing merely means that interest is not to be paid. Hence, they purchase TBill and other securities at a discount. Yes, that is imputed interest, but apparently Muhhamed didn’t understand the corruption of his own followers.
Leases are big in Islam - no interest. Leases are faux interest.
If the Islamic organization can claim a religious purpose, then none of this matters. Even if they are terrorist, they claim religion.
ping
The MSM will be breaking this in three... two... one... Oh, never mind....
Who's going to tell them no?
Thank you.
Spread the word.
OK. Imagine my confusion. How can you have profit checks when you can't charge interest?
Thanks Velveeta good info you have here!
Beats me?!?
Hi Davey! Hope you’re well.
I think it’s the tip of the iceberg.
Instinct makes me wonder if this is the only shariah banker who has recently disappeared.
Not enough hours in the day to do the research. :-(
_______________How does Islamic finance work?___________.
The overarching principle of Islamic finance is that all forms of interest are forbidden.
The Islamic financial model works on the basis of risk sharing.
The customer and the bank share the risk of any investment on agreed terms, and divide any profits between them.
The main categories within Islamic finance are: Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.
Ijara is a leasing agreement whereby the bank buys an item for a customer and then leases it back over a specific period.
Ijara-wa-Iqtina is a similar arrangement, except that the customer is able to buy the item at the end of the contract.
Mudaraba offers specialist investment by a financial expert in which the bank and the customer shares any profits.
Customers risks losing their money if the investment is unsuccessful, although the bank will not charge a handling fee unless it turns a profit.
Murabaha is a form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis.
Musharaka is a investment partnership in which profit sharing terms are agreed in advance, and losses are pegged to the amount invested.
Very interesting; please keep posting on this topic. There may or may not be a trail to Zero (don’t yet see anything clear on that), but it’s still a disturbing trend to see the huge explosion of Shariah finance firms all over the country. It’s especially prevalent in university financing at Ivy Leagues and the University of Chicago, for instance. A portion of the interest that comes in from their investments must be spent on “religious” activities, so much of this money winds up going to fund terrorist groups. It’s pretty well documented and IBD has had some articles on it in the recent past.
"I used to live a block from there. But that was a different era."
I used to live at 6311 on Rockwell, also on Winchester just south of Howard. That was 1977-1983.
Talk about changes! It was all Jewish with a sprinkling of Koreans and Greeks. Remember the bagels from Gittels?
Thanks for the ping.
The Obama Connection ping<<<
Boy oh boy, is it ever a connection.
Ping to check this one, Velveeta has done an excellent job.
25 years ago, a mortgage company in Arizona, was selling shares of mortgages.
He went to prison.
I had a mortgage, for a building that i had sold in Wellton, the payments suddenly stopped and when I wrote to ask why, I got a letter back for the State of Arizona.
I talked to a man on the phone and he said that he had rooms full of records to go through, that the man had been selling trust deeds and selling them in parts, whatever amount you had to invest, he had a deal for you.
A year or two went by and one day, the balance of my loan was in my mailbox, from the State.......no interest of course.
One more question, remember a few years ago, when muslims were advised to leave town?
It was part of one of the threats, I forgot which one now.
LOL, but I have a google alert still set for ‘muslims leave town’, if they suddenly did, it would mean an attack was coming........
How many others have left?
WOW... Thank you so much for posting this, Velveeta! And, thank you for the ping, Granny! Very scary stuff here. I’ll try to write up something on my blog about this.
Granny - another reason to add to the list from my rant on that other thread a second ago - Obama’s terrorist connections. Someone should be able to investigate these things officially and get some action taken. He cannot be allowed to obtain Top Secret Security Clearance, and command our troops - especially not when we are at war with these people! (Velveeta: My rant is here in case you were wondering - LOL - http://www.freerepublic.com/focus/news/2085469/posts?page=45#45 )
He cannot be allowed to obtain Top Secret Security Clearance, and command our troops - especially not when we are at war with these people! (Velveeta: My rant is here in case you were wondering - LOL -<<<
But he will, Obama has even more dangerous connections than Kerry and Hilary.
I would bet the FBI is scared of the democrats and the results of taking their candidate out of the race.
Maybe it will be an October surprise and folks will wake up.
I remember that. And Zawahiri just released another tape.
I posted the Imm headlines on the W terror thread, there are about 3 links to the tapes at the top...
I’m too tired to even read them right now.
Also a bunch of kids were taken hostage by terrorists, Africa as I recall.
Every day the jehadi are attacking schools, some place.
Finally creeping into main stream media outlets:
Developer who vowed to follow Muslim law may face bankruptcy
snippet
Sunrise marketed its investments as compliant with Sharia law, which bars the collection of interest. “They targeted very religious people who probably had a lot of cash on hand, and they got local religious clerics to go along,” Azam said. “Now many of them stand to lose their homes and life savings.”
http://www.suntimes.com/lifestyles/religion/1175173,CST-FIN-sunrise20.article
This Rogers Park blogger is doing a great job of collecting facts on the issue:
FINANCIAL CRISIS FACING THE MUSLIM COMMUNITY
Part Five
http://rp1000.blogspot.com/2008/09/financial-crisis-facing-muslim_19.html
snippet
As someone once said (I think it was Alice, before she ate the ‘shrooms), “This just gets curiouser and curiouser.” We will keep you abreast of things as information becomes available.
TO THE NEPHEW: You have been e-mailing me. This is America, I am a natural-born American citizen exercising my right to free speech. I will not remove anything from this blog. PERIOD.
STOP PESTERING the people at Quest Network Services. I DO NOT WORK FOR THEM. You have become an obnoxious, whining interruption in their business day. It is better to talk to your uncle—perhaps he will tell you of his dealings with Salman Ibrahim. END OF DISCUSSION!
Tariq Siddiqui, partner of Salman Ibrahim = Obama bundler
http://news.muckety.com/2008/09/17/obama-less-than-transparent-when-it-comes-to-disclosing-bundler-info/5062
June 7, 2007
Please join
Chairs
Michael Bauer, Paula & Jim Crown, Honorable Dan Hynes, Sandy & Jack Levin, Penny Pritzker & Bryan Traubert, John W. Rogers, Jr., Marjorie & Lou Susman, Tariq Siddiqui, Jim Tyree
~snip~
for a Celebration with
Senator Barack & Michelle Obama
benefiting Obama for America
Friday, June 8, 2007
Co-Host and Sponsor Reception: 4:30 PM
Supporter Reception: 5:00 PM
CARNIVALE
702 West Fulton Market, Chicago
Co-;Host: raise $25,000
Sponsor: raise $10,000
Supporter: give $1,000
http://blogs.suntimes.com/sweet/2007/06/sweet_blog_scoop_obama_funder.html
Do something good this weekend in Rogers Park
Local drive for Hurricane Katrina’s victims!
ZAM’S Hope Community Resource Center, a non-profit organization that provides social services in Rogers Park and West Ridge, is organizing a food drive for Hurricane Katrina’s victims.
Saturday, September 10, 2005
Parking lot at the northeast corner of Devon and Rockwell
11am to 6pm
Remarks: 12:30pm
Senator Barack Obama
Please bring non-perishable food items, clothes and money to donate. Checks should be made payable to Katrina’s Relief Fund. Please donate generously!
Hosted by Mohammad Tariq Siddiqui. Sponsored by Alderman Bernie Stone (50th Ward), Broadway Bank, Countryside Bank.
http://72.14.205.104/search?q=cache:im75dZkMUyQJ:www.rogers-park.com/2005/09/do_something_go.html+%22tariq+siddiqui%22+chicago&hl=en&ct=clnk&cd=15&gl=us
Usmani (check for connections)
http://carnageandculture.blogspot.com/2008/07/sharia-showdown-on-wall-street.html
Tariq is listed on opensecrets.org as a bundler:
$50,000 $100,000 Siddiqui, Tariq Chicago IL
http://www.opensecrets.org/pres08/bundlers.php?id=N00009638
Note that Pritzker is also listed. She is Obama’s campaign manager and owns the Hyatt hotel in which the ‘coming together’ will be w I’manutjob and to which the demonstration that is to be helf in front of dis-invited Sarah Palin.
$200,000 $500,000 Pritzker, Penny Chicago IL Global Hyatt 70,700
She also had ties to a failed bank:
For the Pritzker family of Chicago, the 2001 collapse of subprime-mortgage lender Superior Bank was an embarrassing failure in a corner of their giant business empire.
Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family’s 50% ownership stake. She now serves as Barack Obama’s national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her — and perhaps to the campaign.
http://www.freerepublic.com/focus/f-news/2086352/posts
Apparently, Valerie chairs (or chaired) the board for the U of C Med Center where Michelle My Belle got her cushy job:
U of C shunning poor patients? (Michelle Obama, Axelrod and Rezko all involved)
Chicago Sun Times ^ | 8/23/08 | Tim Novak, Chris Fusco
Posted on Saturday, August 23, 2008 10:49:58 AM by Krankor
Sen. Barack Obama’s wife and three close advisers have been involved with a program at the University of Chicago Medical Center that steers patients who don’t have private insurance — primarily poor, black people — to other health care facilities.
(Excerpt) Read more at suntimes.com ...
http://www.freerepublic.com/focus/f-news/2066783/posts
and she’s also a bundler:
$100,000 $200,000 Jarrett, Valerie Chicago IL
Is also included on the opensecrets list.
Thanks for posting that.
Jarrett is also the CEO of Habitat, a real estate company and an old crony of the Mayor.
All the big bundlers are the same folks who are on the Chicago 2016 Olympic committee.
Word on the street is if Obama clinches the presidency, Chicago is a shoe-in for the Olympics. $$$$$
Thanks for the info about the Olympics!
You’re welcome.
Is it possible that MOHAMMAD TARIQ SIDDIQUI, is related to Aafia Siddiqui, the woman arrested for attempting to kill United States officers in Afghanistan?
I am wondering if the bombing of the Marriott had anything to do with the Siddiquis.
BTTT
I think this typifies the conduct of Tariq Siddiqi. I have been investigating Siddiqi for the past few years and slowly and slowly are obtaining the facts and unraveling the fraud. Unlike Salman Ibrahim and Sunrise Equities disaster, the Feds go after the big boys but the smaller guys who scam money go under the radar. As I have a personal interest in finding all the facts to present to the proper authorities (hoping they wont go ignored) it has become very clear the Tariq Siddiqui or Siddiqi and Salman Ibrahim and Sunrise Equities were working together. In light of the recent Broadway Bank shut down, it has been even more clear that there are many people involved, including our Illinois government officials who seem to be involved in some corruption. It is a pretty well known fact that Tariq Siddiqi and Treasurer Alexi Giannoulias have known each other for quite some time. And the expansion of Tariq Siddiqi’s scam was because Alexi funded his projects when most banks would have turned it down. It is sad to see that Alexi blames Broadway Banks downfall on the economy when the Broadway Bank and Alexi’s own careless and greed caused it which may or may not be fraudulent. Siddiqi had many accomplices, he had sham-buyers, attorneys, realtors, appraisers, architects, bankers and many more that he either forced to work with him or got paid well. I know several people who gave about $50-100,000 to Siddiqi for a Sunrise type scheme and then threatened them if they ever took any legal action. I know one person that was investigating Siddiqi that just happened to be beaten up in his own home. Too many coincidences, i think not. Here are some examples that I have found.
- There are buyers for Siddiqi’s condo projects where the same buyers buy condo units in multiple properties, if not multiple units in the same development and go into foreclosure immediately.
- Siddiqi takes the proceeds and hides them in different accounts accounting at a expense for his Homes 4 You, Inc. company stating that it is a payment towards work and investors are told that the development failed while Siddiqi pockets a large sum of money from each deal, approximately $50-100k.
- Siddiqi’s Attorney, Charles Levy and many others get Attorney Fees of $100,000 or more from each closing. That is pretty outrageous fees for a closing.
- Most condos that are sold are not even finished and looks like someone just walked around with a hammer and nails to show that somehing happened.
- Siddiqi strips the equity of a new property that he has gotten to payoff older properties to continue his scam and stay good with banks.
- There are letters with Siddiqi, Broadway bank, sunrise equities and salman ibrahim as recent as 1-2 months before Salman Ibrahim disappeared trying to broker some deal.
Needless, to say, the list goes on and on. Court records show that almost all of Siddiqi’s properties are in foreclosure and all the honest investors are screwed. Then he gets these unscrupulous lawyers, like Charles Levy, Robert Habib, Rakesh Khanna of Weissberg and Associates who are all part of the scam and keeping Siddiqi alive by hiding funds for them in Client Trust Accounts.
Some have sad that Siddiqi’s actions are like the Mafia....He thinks he is above it all and is untouchable.
Thanks for your insight.
In what capacity are you investigating?
Pinging #47.
New comment to an old post.
Background information:
Where is Salman Ibrahim [+ OBAMA CHICAGO CONNECTION]
http://www.freerepublic.com/focus/news/2085545/posts
Aftab: Madman of the 50th Ward [Friend of Obama, Arrested...Again]
http://freerepublic.com/focus/f-bloggers/2107520/posts
OBAMA CONNECTED TO SUNRISE EQUITIES SCANDAL, PART ONE...
http://www.freerepublic.com/focus/f-news/2109319/posts
BARACK OBAMA WITH SALMAN IBRAHIM, SUNRISE EQUITIES CEO, FBI FUGITIVE
http://www.freerepublic.com/focus/news/2212609/posts
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