By Ayub Khan, Muslim Observer
CHICAGO,IL, Sept.10, 2008—Sunrise Equities, a Chicago based
financial services firm which claimed to be Shariah compliant, has gone under
leaving many area Muslims robbed of their savings. Incorporated in 2001 the
firm claimed that all its services were in compliant with Islamic laws and had
the endorsement of a leading religious scholar. According to latest reports
The first indication that all is not well with the firm were first sensed two months when its checks started to bounce. Before any action could be initiated by the investors the management just locked up and disappeared along with the computers and other valuables.
provide our clients with personalized advice and a range of exceptional Shariah
Compliant investment opportunities that provide maximum benefit even as the
associated risks and ethical dimensions are rigorously controlled,” claims the
company’s website. But it appears that
investors have called local community radio shows telling them of their massive
losses. A large number of
the meanwhile, the Shariah Board of
‘Shariah Board or its’ officers do not participate in the Management or Operations of any company. Shariah Board is not involved in any transactions between the companies and their clients. Like other companies, Sunrise Equities also sought answers on Shariah compliance and was provided with religious guidance. The actions of the officers of Sunrise Equities were undertaken at their sole discretion. Any attempt by individuals or organizations to link Shariah Board and its’ officers with Sunrise Equities is a case of serious defamation and will be dealt with the strongest legal response possible,’ the statement said.
The press release further states, “It is completely false that Shariah Board or its’ officers supported Sunrise Equities quid pro quo. Shariah Board categorically denies the false allegation that its’ officers received any compensation, living expenses or any other benefit for supporting Salman Ibrahim as a trustable and reliable businessman.”
addition, the Directors of Shariah Board have unanimously removed Salman
Ibrahim from their Board. They have also appealed to the officers of
The fall of Sunrise Equities should serve as a warning to the community to take a hard look before investing their life’s savings in any project.
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