Religion Roundup
Muslims in Chicago Shocked by Investment Scam
Associated Press
September 29, 2008
CHICAGO - Muslims in Chicago are shocked by the disappearance of Salman Ibrahim.
The Muslim businessman persuaded up to 200 Pakistani and Indian immigrants to contribute their savings and mortgage their homes to finance real estate deals. Then in August, Ibrahim vanished, leaving investors with losses that could total 50 million dollars. Many believe he has returned to his native Pakistan.
Ibrahim was a member of the Shariah Board of America, a group of clerics that advises Muslim investors. The board certified Ibrahim's company, Sunrise Equities, as conforming to Islamic law, which prohibits Muslims from earning interest on investments. Sunrise paid dividends in lump sums.
But during a meeting in August, Ibrahim told about 50 investors that banks were demanding 1 million dollars from him. The group decided to chip in and help him. A few weeks later, Ibrahim disappeared.
Copyright 2008 by The Associated Press. All Rights Reserved.
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