Mosque to be Built Near Ground Zero

Sophisticated Investor
Sept. 25, 2001

Islamic investing in troubled times
By Thomas Kostigen,
CBS.MarketWatch.com
LOS ANGELES (CBS.MW) - A U.K.-based Islamic mutual fund intends to stick with its plan and set up offices in New York despite the bad timing of its expansion move.

Heightened media coverage of the Islamic religion and detailed facts about the size and growth of the Muslim population has increased interest in investment products that abide by Islamic law, says Zafar Sareshwala, managing director of Parsoli, which launched the Global Islamic Equity Fund in May.

"The market has become more defined," says Sareshwala, whose fund will open offices in New York in early 2002.

Islamic investment principles disallow speculative trading, investing in companies that earn interest income, or have ties to pork or alcohol. The investment guidelines have to follow religious principles set forth in the Koran and interpreted under Shari'ah, or Islamic law.

Towry Law International in Bahrain said it's launching a Shari'ah compliant fund, looking to raise up to $20 million by October 26.

Meanwhile, IslamiQ, which has an office in New York and operates one of the foremost investment vehicles based on Islamic law, said investment interest is strong. The day it opened for business after the attacks on the World Trade Center, IslamiQ received telephone calls of reassurance about investment commitments by bankers and investors. About 70 percent of its investors are non-Muslim, IslamiQ says.

"The first phase of any marketing campaign is awareness. We don't have to bother with that any more."

Naveed Siddiqui, vice president of marketing for IslamiQ, says the firm is in the middle of putting out a new subscription offer for investors. The attacks raised awareness and solidified IslamiQ's business plans for moving ahead.

"The first phase of any marketing campaign is awareness," says Siddiqui. "We don't have to bother with that any more."

It should be noted that none of the Islamic investment firms contacted increased marketing efforts, rather stayed with existing plans. Many executives said they were saddened by the terror attacks.

"There was a mosque at The World Trade Center that we use to pray at," Sareshwala says. "We had many friends there."

To be sure, these are sensitive times. Sareshwala says it's important to move ahead with his plans and show resolve.

Only one incident of dismay has been waged at Parsoli, Sareshwala says.

"After the tragedy, a bank that refers us customers called and said they didn't want to be officially linked to us," Sareshwala says. "But they still unofficially refer us business."

Tensions are high. President Bush called for Americans to be respectful of Muslims in the wake of the terror attacks allegedly waged by Osama bin Laden in the name of Islam. But already one Muslim has been killed on account of his religion, and many more report being harassed.

The Amana Funds, a mutual fund group that invests according to Islamic law and largely targets Muslims here in the U.S., hasn't experienced any negative sentiments.

"People didn't jump in or out," says Phelps McIlvaine, Amana Funds vice president

Redemptions rose slightly, but McIlvaine attributes those to a drop in the stock market.

The market is at its lowest point in three years, with the Dow Jones Industrial Average hovering above 8,000. It's dropped 2,000 points since the beginning of the year.

Even with all the negatives, Sareshwala says he will not back away from expanding because people should try to "to forge a bond between communities instead of dividing them.."

The market, however, may chisel its own wedge.

Parsoli and IslamiQ's portfolios are all dipping into the red. The Amana Growth Fund (NASDAQ:AMAGX) and Income Fund (NASDAQ:AMANX) are off about 30 percent and 15 percent, respectively, for the year.

Market conditions may have turned against Islamic investment funds; people haven't.
http://www.marketwatch.com/story/investing-by-islamic-principles-in-turbulent-times

I found it interesting to learn that there were Islamic investment funds and that they followed religious principles set forth in the Koran. I had not known that before.

Then I began thinking about those huge office buildings which will eventually go up at Ground Zero. Like the WTC, they will likely house many investment companies. Will these Islamic groups be allowed to rent office space in those new towers, or will all Muslim-affilated busnesses and enterprises be banned from this "hallowed ground"? Will mosques be allowed in those new towers?

eventually go up at Ground Zero. Like the WTC, they will likely house many investment companies. Will these Islamic groups be allowed to rent office space in those new towers, or will all Muslim-affilated busnesses and enterprises be banned from this "hallowed ground"? Will mosques be allowed in those new towers?

But black people never wanted to build the Community Center of Death (TM).

Islamic investment principles disallow speculative trading, investing in companies that earn interest income, or have ties to pork or alcohol. The investment guidelines have to follow religious principles set forth in the Koran and interpreted under Shari'ah, or Islamic law.

While the Imam behind plans for a mosque near Ground Zero was jetting around the globe and advocating for his Downtown project, a pair of dilapidated apartment buildings he owns in New Jersey fell into such disrepair that cops have to stand watch in the event of a fire.

The fire watch, at taxpayer expense, was revealed during a court hearing today when Union City lawyers asked to have two buildings owned by Imam Feisal Abdul Rauf placed into receivership so that rent s could be used to fix dozens of violations, including inoperable alarms and sprinklers.

Rauf skipped today’s hearing as did his wife Daisy Khan. Their lawyer, Tomas Espinosa, said he didn’t know why the Imam didn’t come to court.

“There have been a lot of stress on these people,” Espinosa said when asked after the hearing to explain why Rauf was a no-show “The legal process will show that my client is an honorable man that has taken care of his property.”

Asked why he was confident that Rauf would prevail, Espinosa said of the Imam, “There is integrity and character,” adding, “He is a man of peace.”

But Union City officials insist Rauf is a slumlord



Read more: http://www.nypost.com/p/news/local/ground_zero_mosque_imam_faisal_rauf_o173R8S3JZnekEC4V08H9L?CMP=OTC-rss&FEEDNAME=#ixzz0zeIaHBBe

ST PETERSBURG, Fla., Sept. 15 /Christian Newswire/ -- Bill Keller, leader of the world's largest interactive Christian website for 11 years, Liveprayer.com, with a daily following of over 2.4 million people worldwide, has thrown down the gauntlet regarding the "ground zero victory mosque" Imam, Feisal Rauf.

Keller was recently quoted as saying, "Imam Feisal Rauf is nothing but a con-man who has ZERO intention or ability to build his 'super mosque/swimming pool/smoothie bar/community center/ interfaith building' or whatever he is calling it today!" Keller continued, "Rauf never had any intentions of building this 'victory mosque,' but has simply used this to advance his own agenda, pocket millions in donations, help his Muslim brothers who own the property make a huge real estate score, and further the advance of Islam in the United States."

Keller said Donald Trump was correct in his assessment that the owners of the property would sell in a second if someone was foolish enough to give them some ridiculous amount of money for the property. However, what Trump doesn't realize is that Imam Rauf will personally end up pocketing millions in donations for his supposed mosque by the time the property is sold.

Keller lamented, "If I was Imam Rauf and I wanted to be a bridge builder, the greatest way to accomplish that would be to build a mosque at the site of Islam's greatest military victory in their 1400 year history. Are you kidding me? If he really was about building bridges, the last place he would want an mosque is anywhere close to ground zero! He is either a very stupid man, or a man who knows exactly what he is doing!"

Keller continued, "If anyone doubts the true intentions of Imam Rauf, just listen to his clear threats he issued when he clearly said that if he doesn't build his mosque by ground zero, the 'radicals' will resort to violence. Give me a break! Islam has been radical since the day Mohammed was visited by the angels of satan and dreamed up this false religion from hell 1400 years ago! All they have ever needed is an excuse, like a cartoon, to riot and kill people!"

Keller, who himself spent 30 months in Federal Prison in the late 80's for insider trading before devoting the last 20 years of his life to serving the Lord, said that Rauf is a documented slumlord who has used US taxpayer dollars to purchase the buildings he refused to take care of, and has no track record or ability to raise the $100 million he needs to build his mosque by ground zero. Keller surmised that he will probably raise a few million in donations before he backs out, blaming everyone else for the failure to complete his project, and walk away with millions of dollars.

Now that you clarified what you said before, it makes more sense. Without the explanation, there seems to be a negative hidden message.

Now that you clarified what you said before, it makes more sense. Without the explanation, there seems to be a negative hidden message.

This issue is over. Even if, as hawkeye notes, there are plenty of permits to go, once election season is over, nobody will give a damn.

Plus the little tiny question of where the gentleman is going to be pulling out of his rear end over a 100 millions or so.