View source for Bait ul-Mal Incorporated

'''Bait ul-Mal''' ("house of wealth") was a New Jersey investment firm founded by [[Soliman Biheiri]] and [[Hussein Ibrahim]] in 1985.<ref name="kane90">{{cite web
|url=http://www.insider-magazine.com/911Kean.pdf
|first=David
|last=Kane
|title=Report of investigation of case number DC02PU02DC0005
|date=2003-07-14
|accessdate=2012-12-20
|others=republished by [[John Caylor]], [[Insider Magazine]], under the title "Al-Qaeda/Hamas Financial Network Exposed"}} Archived: http://webcitation.org/70CVu1DtV</ref>

In 2003 testimony before the US Congress, [[Richard A. Clarke]] stated that "BMI's investor list reads like a who's who of designated terrorists and Islamic extremists." <ref name="clarke_2003">{{cite web
|url=https://en.wikisource.org/wiki/Statement_to_the_House_on_Terrorist_Financing
|title=Statement to the House on Terrorist Financing
}}</ref>

According to Biheiri, BMI's largest investors were [[Yasin al-Qadi]], [[Sanabel al-Kheer]],
[[Kuwait Finance House]], and the brothers [[Abdullah bin Laden]],
[[Nur bin Laden]], and [[Eman bin Laden]].<ref name="kane90"/>

== History ==

=== Prior to founding ===
Biheiri based BMI on the [[Islamic banking]] principles that were established by [[Mahmoud Abu-Saud]] and [[Gamal Attia]]. He had met them
while studying in [[Switzerland]] and who, in 1981, had suggested that he may open a bank in the [[United States]]. Abu Saud provided BMI with a $500,000 investment.

=== 1980s ===

{{Empty section|date=December 2012}}

=== 1990s ===

Around 1990 {{when|date=December 2012}}, BMI received $3 million in investments from
[[Muslim World League]] subsidiary [[Sanabel al-Kheer]]
to fund the operations of an [[International Islamic Relief Organization]]
office in the United States. The investment was arranged by 
[[Sulaiman al-Ali]] and his assistant [[Khaled Nouri]].<ref name="kane90"/>

In 1993, banks which had been investing in BMI temporarily cut off
their investments following the [[1993 World Trade Center bombing|World Trade Center attack]].<ref name="kane90"/>

During the mid-1990s, [[Al-Barakat|Al-Barakaat Bank]] invested $2–$3 million
per month into BMI.<ref name="kane90"/>

In 1998, [[Sanabel al-Kheer]] filed a lawsuit against BMI, Biheiri,
and [[Sulaiman al-Ali]] for mismanaging its funds.<ref name="kane90"/>

BMI went out of business in 1999. {{citation needed|date=December 2012}}

== Business structure ==

=== Divisions ===

==== BMI Leasing Partnership ====

{{Empty section|date=December 2012}}

==== BMI Real Estate ====

[[Abbas Ahmed]] was a project manager for BMI Real Estate from 1985
until the company closed.<ref name="kane90"/>

=== Locations ===

==== New Jersey ====

BMI had an office at One Harmon Plaza in [[Secaucus, New Jersey]]. 
<ref name="kane90"/>

==== Virginia ====

BMI had an office at 5205 Leesburg Pike in [[Falls Church, Virginia]]. 
<ref name="kane90"/>

== Controversies ==

=== Kean land sale ===

In 1987, BMI arranged the $24 million sale of land owned by
[[Governor of New Jersey|New Jersey Governor]] [[Thomas Kean]]
to [[Fathi Tolba]] and another Saudi investor.<ref name="kane90"/>
This act was not notable until the early 2000s when press reports
accused BMI of involvement in terrorism. {{citation needed|date=December 2012}} Kean would later
lead the [[9/11 Commission|commission]] investigating the [[September 11 attacks|attacks of September 11, 2001]].

=== Vulgar Betrayal investigation ===

In 1989, a Chicago court issued subpoenas to Biheiri and [[Gamal Ahmed]] 
to testify about their relationship with [[Yasin al-Qadi]] during
[[Robert Wright, Jr.|Robert Wright]]'s [[Vulgar Betrayal]] investigation.

BMI employee [[Abbas Ahmed]] was a childhood friend of FBI agent [[Gamal Abdel Hafiz]], who FBI agents [[Robert Wright, Jr.|Robert Wright]], [[Barry Carmody]], and [[John Vincent (FBI agent)|John Vincent]] accused of obstructing investigations after Hafiz refused to wear a recording device while speaking to Biheiri.<ref name="telvick">{{cite web
|url=https://www.pbs.org/wgbh/pages/frontline/shows/sleeper/fbi/gamal.html
|first=Marlena
|last=Telvick
|title=The Story Of Gamal Abdel-Hafiz
|publisher=PBS
|accessdate=2012-12-20
}}</ref>

=== Relationship with Ptech and Yasin al-Qadi ===

Biheiri has said that [[Osama Ziade]], founder of the software
company [[Ptech]], contacted him in 1992 to seek an investment
of $3–$3.5 million to start his company, and that within days
of this request Biheiri received an unsolicited telephone call
from [[Yasin al-Qadi]] seeking investment opportunities with BMI.
Al-Qadi would use BMI as an intermediary to fund Ptech by way of
a Kadi International account established at the Bank of New York
by [[Gamal Ahmed]] and [[Hussein Ibrahim]]. Biheiri and Ibrahim
became members of Ptech's board of directors, and BMI was paid 
for its services in Ptech stock which lost its value in the company's
bankruptcy.<ref name="kane90"/> BMI would later manage real estate investments for al-Qadi. 
<ref name="kane90"/>

== References ==
<references/>

{{PageCredit
|site=Wikipedia
|date=04 August 2018
|url=https://en.wikipedia.org/w/index.php?title=Bait_ul-Mal_Incorporated&oldid=849370418
}}