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Militant Islam Monitor > Articles > The Islamisation of North America -The North American Islamic Trust and the Dow Jones Islamic Fund

The Islamisation of North America -The North American Islamic Trust and the Dow Jones Islamic Fund

January 12, 2006

MIM: More proof that Muslims in North America intend to turn it into a North American Muslim Society whose institutions are "shari'a compliant" can be seen in the Islamisation of financial and social institutions such as the stock exchange and trusts.

MIM: The picture on the Dow Jones Islamic Index website clearly shows the Islamist ambitions for a United States of Allah


The trustees all have close ties to radical Islamist organisations and work with the Saudi Wahhabist Islamic Circle of North America which is an offshoot of NAIT.

Shayk Abdallah Idris Ali was the president of ISNA from 1992 to 1997.

According to an article by Joe Kaufmann published in FrontPage Magazine May 22, 2003:

Abdalla Idris Ali sits on the board of the American Muslim Council, an organization whose leaders have openly supported terrorist groups, such as Hamas. And from the years 1992 through 1997, Ali was president of the Islamic Society of North America, an umbrella group for hundreds of Islamic organizations, which conducts conferences and publishes a magazine featuring a number of Islamist militants spewing hateful and sometimes violent rhetoric.

MIM: Mohammed Kaiseruddin is the chairman of the Council of Islamic Organisations of Greater Chicago which is aligned with the Islamic Association of Palestine/Hamas / and the terrorist tied Bridgeview Mosque Foundation. The CIOCG hosted a visit from Saudi prince Al Turki and delegates from the the Muslim World League in 2002 .

Dr. Bassam Osman

Another member of the board, Bassam Osman, previously served as the director of the Quranic Literary Institute, an Oak Lawn, IL organization that had $1.4 million in assets seized by the Justice Department in June 1998 on the grounds that it was used to support Hamas terrorist activities.

According to Newsweek Magazine, Bassam Osman declined a request for an interview on the trust's role in spreading Salafism.

Board of Trustees

The Dow Jones Islamic Fund (Fund) is governed by its Board of Trustees (Board or Trustees). The Board has engaged Allied Asset Advisors, Inc. (AAA or the Advisor) as the Fund's investment advisor. Subject to the general supervision of the Board, AAA is responsible for the day-to-day investment decisions of the Fund in accordance with the Fund's declared investment objective and policies. Fund's Administrative services are contracted with U.S. Bancorp Fund Services, LLC, while Quasar Distributors, LLC is the Fund's Distributor.

Fund's Board of Trustees
The Board consists of four nationally and internationally known Muslim scholars and community workers. The Trustees are: Shaykh Abdalla Idris Ali, Mohammed Kaiseruddin, PhD., Mr. Imran Hussain, CPA and Bassam Osman, MD.

The Trustees meet throughout the year to oversee the Fund's activities, review contractual arrangements with companies that provide services to the Fund, and decide upon matters of general policy with respect to the Fund. Three of the Trustees are not "interested persons" of the Trust as that term is defined in Section 2(a)(19) of the 1940 Act. The Trustees can be reached in care of the Fund's investment advisor.

MIM: NAIT in their own words - from Wall Street to Waqf


The North American Islamic Trust - NAIT

The North American Islamic Trust (NAIT) is a waqf, the historical Islamic equivalent of an American trust or endowment, serving Muslims in the United States and their institutions. NAIT facilitates the realization of American Muslims' desire for a virtuous and happy life in a Shari'ah-compliant way.

NAIT is a not-for-profit entity that qualifies as a tax-exempt organization under Section 501(c) (3) of the Internal Revenue Code. NAIT was established in 1973 in Indiana by the Muslim Students Association of U.S. and Canada (MSA), the predecessor of the Islamic Society of North America (ISNA). NAIT supports and provides services to ISNA, MSA, their affiliates, and other Islamic centers and institutions. The President of ISNA is an ex-officio member of the Board of Trustees of NAIT.

NAIT holds titles to mosques, Islamic centers, schools, and other real estate to safeguard and pool the assets of the American Muslim community, develops financial vehicles and products that are compatible with both the Shari'ah (Islamic law) and the American law, publishes and distributes credible Islamic literature, and facilitates and coordinates community projects.

• Islamic Centers, Mosques and Schools:
1. NAIT offers waqf protection to properties of Islamic centers, safeguards these community assets, and ensures conformity to the Islamic purpose(s) for which their founders established them. NAIT holds titles of approximately 300 properties. NAIT does not administer these institutions or interfere in their daily management, but is available to support and advise them regarding their operation in conformity with the Shari'ah.

2. NAIT facilitates the establishment of Islamic centers, mosques and schools by extending limited interest-free loans from its Islamic Centers Cooperative Fund (ICCF) to needy communities.

• Financial Services
NAIT develops Islamic financial products that address the investment and financial needs of Muslim organizations, individuals and their businesses, within the boundaries of the Shari'ah. Over the last two decades, NAIT has established and sponsored mutual funds that invest in companies which meet the universal ethical principles of Islam. The Dow Jones Islamic Fund (IMANX) is a no-load mutual fund offered by Allied Asset Advisors, a subsidiary of NAIT. It invests in Shari'ah-compliant companies. It includes, among others, shares of stocks from the Dow Jones Islamic Market Indexes, which consist solely of common stocks that meet universal Islamic principles, as advised by a Shari'ah Supervisory Board of six prominent Islamic scholars from six countries. Investment objectives, risks, charges, expenses, etc. of the Dow Jones Islamic Fund (IMANX) are described in a prospectus that can be obtained by calling (877) 417-6161, or visiting www.investaaa.com

• Islamic Literature
The ever-increasing and diverse Muslim population in the United States demands a variety of Islamic literature. The misrepresentation of Islam and Muslims by the media, Orientalists and some misguided missionaries necessitates the development of authentic Islamic literature. NAIT meets this need by publishing and distributing credible Islamic literature:

1. American Trust Publications (ATP), established by NAIT in 1976, has published over 100 books on a wide variety of topics of interest to Muslims and non-Muslims. Examples include: Fiqh us-Sunnah by As- Sayyid Sabiq, The Life of Muhammad by Muhammad Husayn Haykal [translated by Isma'il al Faruqi], The Lawful and the Prohibited in Islam by Yusuf al Qaradawi, Jihad by Marcel A. Boisard, Islam Between East and West by ‘Alija Ali Izetbegovic, Reading the Muslim Mind by Hassan Hathout, and Gender Equity in Islam – Basic Principles by Jamal Badawi.

2. Islamic Book Service (IBS), established in 1965, offers a comprehensive stock of books by reputable Muslim scholars, titles for children, and multi-media products. IBS sells over 1,000 titles of authentic books, primarily in English and Arabic, CDs, DVDs, and audio and video tapes about Islam. IBS is a one-stop source for products and resources about Islam and Muslims. Visit www.ibs-nait.com or call us at (888) 319-5858 to order today.

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