Sun Sets on Sunrise Equities

September 11, 2008 by  


By Ayub Khan, MMNS

Sunrise CHICAGO,IL-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 coming from Chicago the management of Sunrise Equities and the affiliated Sunrise Constructions have disappeared after closing their offices. Sunrise CEO Salman Ibrahim, Vice President Amjed Mahmood, and Vice President (Community Relations) Mohammad Akbar Zahid  are untraceable.

The first indication that all is not well with the firm were first senses 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.

“We 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 Sunrise has been taking its clients for a ride offering them lucrative profits of twenty five to thirty percent.

Several investors have called local community radio shows telling them of their massive losses. A large number of investors are from the Indian sub-continent, especially from the city of Hyderabad.

In the meanwhile, the Shariah Board of America which had endorsed Sunrise’s model as Shariah compliant has distanced itself from the latter. In a press release the Shariah Board states that its endorsement was limited to ‘limited to providing answers to Shariah compliance questions and reviewing documents.’

‘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.”

In addition, the Directors of Shariah Board have unanimously removed Salman Ibrahim from their Board. They have also appealed to the officers of Sunrise to come forward and answer the investor’s questions.

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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Comments

4 Responses to “Sun Sets on Sunrise Equities”

  1. Mohd Ahmed on September 22nd, 2008 4:37 am

    Salman Ibrahim ( Sunrise Equities) & Shariah Board Of America

    I am surprised and shocked when I heard that Salman Ibrahim did a big fraud with many muslim community; however, the very big shock and very much surprised is that the Shariah Board is declining his care and services! Salman Ibrahim was not only vice presedent of Shariah Board, he is the founder of Shariah Board, he is the only one who has given birth to this Shariah Board these are the words of Mufti Mohd Nawal Ur Rahman in his earlier speech. How can Shariah Board and its officers decline now about his compensation and all, that they already received compensation on monthly basis as well as living, cell phone and its monthly bill, rent a car, gas etc and many more facilities except daily food. Shariah Board must accept that they did wrong with community.
    how can Sharia Board and its officers forget that who has provided all the payments when Shariah Board made trips to new York many times, Washington DC, Ohio and even Egypt too, There is no doubt about it. In every field and every where Shariah Board and its officers received services from Salman Ibrahim.This is the fact and 100% truth; no one can decline this reality when the investigations would happen. The government should ask Shariah Board Imam Abdul Haleem how he got Green Card! Because of Salman Ibrahim as he did fully support in the case. Ask Syed Mohammed Ali Farid why he has left his pervious job and sit here in the Shariah Board! Because Shariah board very easiest way to make money and run his own travels business.
    To reveal all the facts out, the investigation is the must then no one can run out from above mentioned facts, as they are trying to hide their faults telling lie and giving fake interviews to media and news agencies. Not to allow Shariah Board and its officers to leave the country before investigation done by the US Govt.

    In this big fraud Amjad Mahmood, Dr. Akber Zahed and sunrise senior employees are fully involved with Salman Ibrahim.

  2. Shariah Finance Watch » Blog Archive » So necessary to read, I am posting this article again-OBAMA linked to Sunrise Shariah Compliant Finance Scandal in Chicago on October 21st, 2008 6:19 pm

    [...] The Muslim Media Network (MMN) reported this on Sept. 11: [...]

  3. Ahmed kamal on June 11th, 2009 12:55 pm

    I am ashamed at the community response to this fraud. Everyone is hypocrite to think it wqas one person who could dupe one and all including coming to APNA and ICNA to recruit physicians, engineers and other professional folks from South Asia. The community needs to come forward and tell truth as muslim should and expose these bearded bandits who have decieved innocent humans in the garb of religion only to benefit themselves. While Salman ibrahim and his family is at leaisure in Dubai/pakistan, people in many US states are suffering with bankruptcy/foreclosure and dismal pensions. I hope people can truthfully come forward to expose everyone involved in this despicable act against the community.

  4. muhammad abdurraheem on May 5th, 2010 2:45 pm

    disgusting. Allah gives and Allah takes. everything in life is a test on iman and will either argue for or against us on judgement day. in every situation we praise and thank almighty allah. i make dua for all affected by this sham.

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