Allied Assets Advisors Fund

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Allied Assets Advisors Fund is a Delaware-registered organization owned by North American Islamic Trust (NAIT). Also known as Allied Assets Advisors Inc., the company was founded in June 2000 for no-load mutual funds that invest in a portfolio of over 200 Shariah compliant companies. It is known for their Iman Fund, part of the Dow Jones Islamic Fund Class K, ticker symbol (IMANX) [1] They are infamous for having previous board members that have financial ties with terror organization Hamas.

Contents

Background

The Islamic financial world demands compliance with Shariah Law for all monetary transactions. This means dealing with companies which precludes alcohol, tobacco, pornography, gambling, and defense. In addition, excludes other forms of entertainment, such as hotels, music, and cinema, as well as pork-related products. Most distinctive of Shariah is that it is unlawful to charge fee on a debt, namely interest, precluding many banks and financial institutions as "impure." Any company that derives more than 5 percent of its income from interest, or any which has substantial debt, is excluded from the Islamic Index. The Index currently consists of 233 companies, with an average market capitalization of $27.7 billion and a median capitalization of $5.7 billion.

Controversy

Close associations with like-minded individuals develop a complex web of small businesses and charitable organizations. When the US government tries to infiltrate terror finances, powerful people get indicted on funneling money to Palestinian terrorist groups. Allied Assets Advisors is one such case of board member Jamal Said and ties to terror. Sheikh Jamal Said, was named in a 2007 racketeering trial of several alleged Hamas fundraisers, which ended in a mistrial. Jamal Said is a fiery cleric from south Chicago with ties to the Muslim Brotherhood, Islamic Society of North America (ISNA), tied to the Muslim Student's Association (MSA), CAIR and several other Islamic networks. All are tied as unindicted co-conspirators in America's largest terror prosecution, U.S. v. Holy Land Foundation.

Another board member of Allied Assets Advisors was Mazen Asbahi. A Chicago area lawyer, former student leader within the Muslim Student's Association, with ties to all groups mentioned in the US v. Holy Land Foundation terror finance trial. In 2008, he briefly worked on Barack Obama's campaign as 'liaison' to the Arab and Muslim community. After an article by the Wall Street Journal raised questions about his involvement with Jamal Said, he resigned claiming "I am stepping down. . . to avoid distracting from Barack Obama’s message of change.”

Parent Company

The North American Islamic Trust (NAIT) is the majority owner of Allied Assets Advisors. [2] The organization is called a waqf, the historical Islamic equivalent of an American trust or endowment. NAIT was established in 1973 by the Muslim Student's Association and is a not-for-profit entity, a tax-exempt organization under Section 501(c) (3) of the Internal Revenue Code. According to their website NAIT supports and provides services to ISNA, MSA, their affiliates including other Islamic centers and institutions and "NAIT facilitates the realization of American Muslims' desire for a virtuous and happy life in a Shari'ah-compliant way." NAIT owns a fourth of all Mosques and Islamic schools nationwide. [3] The trust is supported financially by the government of Saudi Arabia [4]

FBI

The FBI investigation concluded that the international Muslim Brotherhood members who founded U.S.-based groups had risen to "leadership roles within NAIT and its related organizations." With apparent association to anti-American and anti-Israel groups such as Hamas, and all were members of the US Muslim Brotherhood. Their support of Jihad (holy war) in the U.S.A. has been proven by the financial and organizational support provided through NAIT from Middle East countries to Muslims residing in the U.S. and Canada. The support provided by NAIT includes planning, organizing and funding anti-U.S. and anti-Israel demonstrations, pro-PLO demonstrations and the distribution of political propaganda against U.S. policies in the Middle East and in support of the Islamic Revolution, tax-exempt. This faction of Muslims have declared war on the United States, Israel and any other country they deem as an enemy of Islam. The common bond between these various organizations is both religious and political with the underlying common goal being to further the holy war. 1987 Report Declassified by the FBI


Prosecutors in terror financing trials of 2007 listed a series of checks routed by ISNA, an affiliate of NAIT, tied with the Muslim Brotherhood to the Holy Land Foundation dedicated for "Palestinian Mujahideen" in the memo line. Plus evidence of support to foreign terrorist organizations. Charged the defendants with engaging in prohibited financial transactions with a Specially Designated Global Terrorists. This includes money laundering, filing false tax returns, conspiracy to provide material support to a foreign terrorist organization, conspiracy to provide funds goods and services to Specially Designated Global Terrorists. Funneling money to Hamas for their agenda to destroy the State of Israel and establish an Islamic state in its place.

References

  1. IMANX Google Finance
  2. Dow Jones, Wall Street Journal, and Islamist Financing counterterrorismblog.org, November 14, 2007
  3. New Disclosures Tighten ISNA-Muslim Brotherhood Bonds investigativeproject.org, July 22, 2008
  4. Wanted: Muslim outreach advisor untainted by terror associations Israel Matzav, August 06, 2008
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