Prof Khurshid Ahmad Clarification about Aqeedah bank in Bahamas Leak

From: Prof Khurshid Ahmad [mailto:khurshid@khurshidahmad.net] 

Sent: Wednesday, September 14, 2016 2:12 AM

To: 'Shiraz Gul'

Subject: clarification about Aqeedah bank

Dear Shiraz Shahib

Assalamu Aalikum

Please email this to Mr. Umer Cheema, The News, Islamabad immediately and confirm. His telephone Number is 0300-5147069.

Dear Mr. Umer Cheema

Thank you for your email which I have received through my Islamabad office. I immediately responded on telephone and explained the position to you on 11th September 2016. As desired by you, I am confirming my position through this email.

Mr. Ahmed Idris Nasreddin is a very close and old friend of mine. He originally comes from Eritrea but is settled in Milano, Italy. He is a leading business man, ex-diplomat and a philanthropist. Aqeedah Islamic bank was his family bank and was involved exclusively in financing his family business in Italy, Nigeria, Turkey and other places. It was 100% owned by him and I did not have any share in it or any financial stake. Because of my position as an economist and one who has been involved in the development of Islamic Economics, I had been advising him on the sharia compatibility of the financial operations. This relationship has been honorary and there had not been any financial involvement of any kind including any fee or traveling expenses.

Mr. Ahmed Nasreddin was hit by the American and UN sanctions imposed after 9/11 and all his business enterprises in Italy and elsewhere were hit by these sanctions. He however challenged these sanctions through court of law and successfully vindicated his position through court judgement. The UN sanctions were withdrawn and he and all his enterprises de-listed in 2007. Aqeedah Islamic bank was also closed down in September 2001 while his other enterprises had been reactivated and operationalized, Aqeedah bank remains dormant and closed.

This makes it clear that my own involvement had been only in the nature of honorary consultation and had no foothold in the bank, financial or administrative. The question of declaration in respect of tax returns does not arise in such a case at all.

Thanking you.

Yours sincerely

Prof. Khurshid Ahmad