Where is Salman Ibrahim [+ OBAMA CHICAGO CONNECTION]

Chicago Journal ^ | 9/17/2008 | Lorraine Swanson

[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...]

[Velveeta]

Then there's this:

~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.

[Velveeta]

The Obama Connection ping

[Chaguito]

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?

[pissant]

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.

[Velveeta]

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

[OKIEDOC]

Very Interesting

[Inyokern]

Catch the address!!!

I used to live a block from there. But that was a different era.

[Velveeta]

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.

[Velveeta]

Zero

But let’s be sure to check in with Palin’s beauty shop. Umkay?

[highpockets]

Shocking. A man has used his connections with a Muslim community only for personal benefit. Lets hope the stolen funds reach Muslims seeking to do allahs will. Praise be to allah may all those who seek martyrdom be granted death now and forever. Please sweet allah let America and its allies provide immediate transportation to paradise./ without any harm to the coalition forces.

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

[Velveeta]

Me too.
It was such a nice neighborhood back then.
Have you driven by there lately?

[penelopesire]

Major bookmark! Great find.

[Velveeta]

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

[Velveeta]

It is interesting.

Also gave me the creeps that the press release about Ibrahim’s disappearance was issued on Sept. 11th.

[whitedog57]

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.

[Velveeta]

ping

[tcrlaf]

The MSM will be breaking this in three... two... one... Oh, never mind....

[Velveeta]

If Islam does not allow interest how can they include the interest in the payment plan?

Who's going to tell them no?

[Velveeta]

Thank you.
Spread the word.

[CaptRon]

Concerned when monthly profit checks from Sunrise Equities stopped arriving in August

OK. Imagine my confusion. How can you have profit checks when you can't charge interest?