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How Qatari banks are accused of funding Muslim Brotherhood, global terrorism

Qatar’s use of banks to fund terrorism across the world is in the spotlight after this week’s revelation that UK-based Qatari-owned Al Rayan Bank provides banking services to the Muslim Brotherhood and terrorist groups in Britain, the latest case of alleged Qatari support for terrorism.
On Sunday, British daily The Times reported that Qatari-owned Al Rayan Bank has provided banking services to organizations linked to terrorism in Britain.
The report said that Al Rayan Bank has several clients who have had their accounts in other banks closed or frozen due to a security clampdown. At least four of its clients have had their other accounts closed in banks including HSBC, Barclays, NatWest, and Lloyds TSB.
But the Al Rayan case is only the latest in a string of accusations.
Earlier in April, a new book titled the “Qatar Papers - How the emirate finances Islam in France and Europe” revealed that Doha funded dozens of mosques and Islamic center projects in Europe, the majority through a network tied to the Muslim Brotherhood.
The book, authored by French journalists Christian Chesnot and Georges Malbrunot, contained proof of transfers of several million dollars from Qatar to fund more than 140 projects in Europe, with 50 in Italy alone. It says that the network stretches across countries including Italy, France, Switzerland, and Germany.
Switzerland
Among Qatar’s network members in Switzerland included Mohamed and Nadia Karmous, who received millions of euros between 2011 and 2013 through seven bank transfers from Qatar Charity. It reveals that Nadia Karmous was directly recommended by Yusuf al-Qaradawi, the Qatar-based spiritual leader of the Muslim Brotherhood.
In 2007, Mohamed Karamous, who served as treasurer of the European Institute for Human Sciences – a university in central France affiliated with the Muslim Brotherhood in Europe and funded by Qatar – was arrested by Swiss authorities in a high-speed train while in possession of €50,000 ($56,000) in cash from Qatar.
The Qatar Papers also documented how Qatar paid rape-accused Swiss Islamic scholar Tariq Ramadan. The Qatar Foundation paid Ramadan €35,000 a month as a consultant. Bank documents obtained by the book's authors showed that Ramadan withdrew €590,000 from Qatari bank accounts just before his arrest in France.
France
Qatar also faces several accusations of financing terror and suspicious financial activity in France.
As a result of the Qatar Papers, French Member of the European Parliament Gilbert Collard said in April that he had requested for the creation of a commission of inquiry into the financing of Islamist and Salafist propaganda by a foreign state via the Qatar Charity organization in France.
In total, the authors of the Qatar Papers documented payments of up to €72 million to groups in seven European countries.
Another example of Qatar’s abuse of banking laws to fund sanctioned individuals came to light after several media outlets raised questions regarding properties acquired by Qatar’s Attorney General and Chairman of Rule of Law and Anti-Corruption Center (ROLACC), Ali bin Futtais al-Marri.
In May 2018, French magazine Le Point said that al-Marri has a list of expensive properties across Europe that are difficult to explain considering his official income. According to one report, the Qatari official bought “himself a three-story mansion at 86 Avenue d’Iéna, just a stone’s throw from the Arc de Triomphe, for €9.6 million in October 2013.”
The Qatari Attorney General played an active role in the 2008 release of Qatari citizen Jarallah Saleh Mohammed Kahla al-Marri from the United States Guantanamo Bay detention camp.
According to one memo from the US ambassador in Doha at the time released via Wikileaks, the US resented Qatar’s non-compliance with the agreements reached regarding the conditions of Jarallah’s release.
In July, a French Senator called on the UN and international banking authorities to investigate how, according to reports, a Qatari terror financier Khalifa al-Subaiy, who was convicted on charges of funding and enabling terrorism and placed on the UN sanctions list, was provided with “banking facilities” by state-owned Qatar National Bank (QNB).
In an opinion article written for The Hill, French Senator, Nathalie Goulet, said that “it is impossible to assess the potential harm that has been caused without an extensive and transparent investigation,” adding that “the United Nations needs to investigate why loopholes in its own procedures allowed this breach.”
UK
In addition to the Al Rayan revelations, Qatar has been in the British headlines over its involvement in the trial of an ex-Barclays boss charged with fraud allegations.
The UK’s Serious Fraud Office prosecutor alleged that Barclays’ ex-chief executive John Varley and three former senior executives hid public documents detailing £322 million ($391 million) in secret fees paid to the Qatari investors as they fought to meet their tough demands.
Qatar Holding LLC, part of the state-owned Qatar Investment Authority sovereign wealth fund, and Challenger, an investment vehicle of Qatar’s former Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani, invested around four billion pounds in Barclays in two capital raising processes in June and October 2008, according to Reuters.
South Asia and North Africa
Qatar has also been involved in murky financial dealings outside of Europe, including in South Asia. In July 2017, the Indian Express reported on a series of investigations carried out by Indian authorities in the northern state of Kerala, investigating Doha’s involvement in financing terrorist organizations such as al-Qaeda and ISIS.
Qatari governmental institutions have been involved in the transfer of large sums of money - according to Indian intelligence - which indicated that these organizations received more than $ 1,190,000 from Doha.
Among the Qatari entities revealed in the Indian Express report is the Qatar Charity Foundation, which was blacklisted by the Arab Quartet countries of Saudi Arabia, Bahrain, Egypt and the UAE in 2017 over its terror financing activities.
Last year, a bloc within the Tunisian Parliament opened an investigation by deputies to uncover and prosecute the parties and entities involved in the case of the “suspicious” financial transfers carried out by an officer in Qatar’s armed forces for purposes related to the financing of terrorism and fueling chaos and instability in Tunisia and the region.
Staff writer
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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