Table of Contents                         - A Short Course

Lack of Disclosure Of Sharia Authorities 1

As Western banks dive into shari'a finance, most fail to conduct adequate due diligence on Islamic shari'a authorities (labeled “scholars” and “advisers”) certifying shari'a compliance. Sheikhs take years of rigorous shari'a training in Saudi Arabia, Egypt or Pakistan---all extremist breeding grounds. They advise radical organizations whose members often advocate or fund suicide bombing and jihad against the West. Yet no U.S. financial institutions publicly disclose shari'a authorities' disturbing affiliations or beliefs.

Dow Jones Islamic Market Indexes (DJIM) established in 1999, 1 for example, hires “An independent Shari'ah Supervisory Board (SSB)” to apply “a stringent and published methodology”2 for “compliance of index-eligible companies.” DJIM details industry screens and financial ratios 3 and lists five SSB members (and brief biographies). But DJIM discloses nothing about their past or present affiliations or thinking.

Similarly, Dow Jones Citigroup Sukuk Index (DJCSI) states, “an internationally recognized Sharia supervisory board (SSB)” certifies Islamic asset-backed bonds if their structures fall into Auditing and Accounting Organization of Islamic Financial Institutions (AAOIFI) established in 2004, and meet “AAOIFI standards for tradable sukuk” and “Sharia principles.” 4 Undisclosed: what is, or who governs, the AAOIFI.

The Islamic Development Bank, founded in 1973 “with the principles of shariah,”5 set up the AAOIFI in 1990 to write shariah compliance standards for the Islamic finance industry. Its trustees include key officers of Kuwait Finance House, Saudi Arabia's Dallah al Baraka Group and al-Rajhi Banking & Investment Corporation 6---all implicated in funding al Qaeda and other terrorist organizations.7 AAOIFI trustees also include officials from Sudan (and until recently, Iran), both sanctioned by the U.S. Treasury Department. 8

Below is a dossier on several other shari'a authorities employed by many Western financial institutions. The color coding correspond to the information in these companion files: US MB Bios, US MB Members at a Glance Chart, and US MB History at a Glance Chart.

Sheikh Yusuf al-Qaradawi, Muslim Brotherhood (MB) spiritual leader, global shari'a finance and shari'a authority---and a specially U.S.-designated foreign terrorist, barred from entry. As shari'a board chairman at Qatar National Bank, its al-Islami subsidiary, 9 Qatar Islamic Bank, and Qatar International Islamic Bank, 10 Qaradawi follows AAOIFI standards; 11 Accordingly, Qaradawi calls Islamic charity (zakat) “Jihad with money,” explaining, “God has ordered us to fight enemies with our lives and with our money.” 12 

Mufti Taqi Usmani was an appeals judge on Pakistan's reviled Shari'a Supreme Court for 20 years;13 and is an official at Jamia Darul Uloom Karachi, 14 which spawned the Taliban. Heading the religious board 15 of the AAIOFI, he also sits on many U.S. bank shari'a boards, and until recently, chaired Dow Jones' Islamic Index shari'a board.16 Usmani endorses suicide bombing and advises U.K. Muslims to forcefully impose shari'a law there when they are strong enough.17

Sheikh Yusuf Talal DeLorenzo, Islamic advisor to Pakistan's tyrannical Zia ul-Haq from 1981 to 1984,18 was recently educational director for Fairfax, Va.'s Islamic Saudi Academy, cited by the US Commission on International Religious Freedom for using hateful texts and Islamic propaganda.19 He worked for the MB's IIIT,20 and since 1989 has been secretary of the FCNA.21 He was trained at Karachi's hate- and terror-espousing22 Jamia Al Alomia Al Islamia.23 He serves many financial shari'a advisory boards, including DJIM, and consults to the shari'a standards setting International Financial Services Board (IFSB) 24 whose members include the terror-funding Iranian, Sudanese and Syrian central banks and Palestinian Monetary Authority. 25

Mohammed Kaiseruddin is tied to suburban Chicago's Bridgeview Mosque Foundation, where preachers condemn Western culture, praise suicide bombers and ask members to see society as “Muslims against the world.”26 It's controlled by the NAIT, an unindicted co-conspirator in a U.S. federal terrorism financing trial.27 Kaiseruddin advises the Dow Jones Islamic Market Index.28

Abdullah Idris Ali is an NAIT board member29 and from 1992-1997 was ISNA president.30 In 2007, the U.S. named both unindicted co-conspirators in the HLF terror funding case.31 Ali affiliates with Saudi Arabia's Muslim World League and World Assembly of Muslim Youth, both influenced by the Muslim Brotherhood and Al Haramain “charity,” funding terror groups like al Qaeda.32 Ali's Islamicity website denounces Christians and Jews and seeks Jihad to defeat the West.

Bassam Osman, is a trustee and reputed former chairman of NAIT, 33 the un-inindicted terror-funding co-conspirator that controls Islamic Academy of Florida, a terror cell base.34 Osman directed Oak Lawn, Ill.'s Quranic Literary Institute, whose assets the Justice Dept. froze in 1988 for funding Hamas.35 Osman is chairman and president of Dow Jones Islamic Index Fund and Allied Asset Advisors (AAA).36

U.S. financial institutions employing radical organizations and Muslims as shari'a advisors provide indirect financial support for Islamic extremism and terrorism. They usher radical ideologues into Western capitalism's inner sanctums who seek to infiltrate, subvert and destroy Western civilization.

1    Dow Jones Islamic Market Indexes,, viewed July 15, 2008

2     DJIM Rule Book,, and DJIM family brochure,, both viewed July 15, 2008

3     DJIM links,; see also biography, DJIM Global Director Rushdi Siddiqui,, viewed July 16, 2008

4     “Introducing DJCSI,” as viewed July 15, 2008,

5     Islamic Development Bank, Organization of the Islamic Conference,, as cited by Rachel Ehrenfeld & Alyssa A. Lappen, “Financial Jihad = Shari'a Finance = 5th Generation Warfare,” from Armed Groups: Studies in National Security, Counterterrorism, and Counterinsurgency, Edited by Jeffrey Norwitz, U.S. Naval War College, June 2008, chapter 28,

6     “AAOIFI Board of Trustees,” Accounting and Auditing Organization for Islamic Financial Institutions,, as cited by Ehrenfeld & Lappen, 5th Generation Warfare, ibid. and “Tithing for Terrorists,” National Review, Oct. 12, 2007,

7     Ehrenfeld & Lappen, 5th Generation Warfare, and “Tithing for terrorists,” ibid.

8     Ehrenfeld & Lappen, 5th Generation Warfare, and “Tithing for terrorists” ibid.

9     Qatar National Bank Annual Report, 2005, viewed July 15, 2005 at

10     Qatar: An Investor's Guide, 2003, viewed July 15, 2008 at

11     Qatar National Bank Annual Report, ibid, p. 96

12     “Faith, Hate and Charity,” BBC, Jul. 30, 2006, as cited by Ehrenfeld & Lappen, “Tithing for terrorists,” ibid.

13     Andrew Norfolk, “Our followers 'must live in peace until strong enough to wage jihad',” Times Online, Sept. 7, 2007,


15     “Islamic Finance suffers from growing pains,” 6/30/08,; “Grappling w/ problems of success,” 6/18/08

16     Paul Sperry, “Sharia showdown on Wall St.,” FrontPageMagazine, Jul. 9, 2008,

17     Norfolk, ibid,

18     DeLorenzo bio, American Muslim, Oct. 6, 2005,

19     Patrick Poole, “What Virginia's Islamic Academy doesn't want you to know,” Pajamas Media, June 13, 2008,

20     Usl al Fiqh al Islami,; and

21     Fiqh Council of North America backgrounder, Investigative Project,;

22     P.N.Khera, “Pakistan atomised,” Hindustan Times, Nov. 30, 2006,

23     DeLorenzo bio, ibid,

24     Gammal Esssam El-Din, “A financial jihad,” Al-Ahram, Nov. 21, 2002,

25     Farah Stockman, “Palestinian Authority's U.S. assets are frozen,” Boston Globe, Aug. 30, 2005. Ehrenfeld & Lappen, “5th Generation Warfare” and “Tithing,” ibid.

26     “Hardliners won battle for Bridgeview mosque,” Chicago Tribune, Feb. 8, 2004,,1,7430569.story and “Struggle for the soul of Islam,”,1,2843820.special; Jeff Borgardt “Mosque terror allegations not pretty,” Desplaines Valley News, Feb. 19, 2004,; “Islamization of North America, NAIT and the DJII Fund,” Militant Islam Monitor, Jan. 12, 2006

27     “Hardliners won battle...” ibid,,1,7430569.story; “UnIndicted Co-Conspirators and/or Joint Ventures,” June 5, 2007,

28     DJII Fund directors,

29     North American Islamic Trust Board members,

30     Abdullah Idris Ali biography,

31     “UnIndicted Co-Conspirators and/or Joint Ventures,” ibid,

32     Ali bio, ibid,

33     “Islamization of North America, ibid,

34     “ISNA: The Islamic Society of North America,” Aug. 24, 2004,

35     Alex Alexiev, “Jihad comes to Wall Street,” Apr. 4, 2008, National Review,

36     DJII Fund directors,; IMANX profile, Yahoo Finance