Wael Al Mazeedi's Fatwa regarding his role as Mudarib for Dubai Islamic Bank's investments.... Wael's solemn, absolute obligations under the Qur'an.

Further discourse on investment under Sharia law.
A Fatwa exists between Wael Al Mazeedi and the Islamic Portfolio "vehicle" through which Dubai Islamic Bank "invested" in BTU Power Company as well as BTU Power Company II.  With all deference to Islam in our lack of understanding, we assume it was entered into under the precepts of The Noble Qur'an - القرآن الكريم.  Hence, it becomes a solemn oath to Allah.  In part, Dubai Islamic Bank could enter into a business arrangement with Wael Al Mazeedi as a "trustee" (i.e. Mudarib) under Sharia law because both parties enter into an agreement guided by  The Noble Qur'an - القرآن الكريم and judged by Allah.

[Note: One of the contributors to this blog saw the actual Fatwa. Several former corporate lawyers for "BTU" are either familiar (Alycia Goody) or EXTREMELY knowledgeable (Shana Sadiq) about the Fatwa.]

"According to the usul al-fiqh (principles of jurisprudence), the fatwā must meet the following conditions in order to be valid"

• The fatwā is in line with relevant legal proofs, deduced from Qur'anic verses and ahadith; provided the hadith was not later abrogated by Muhammad.
• It is issued by a person (or a board) having due knowledge and sincerity of heart;
• It is free from individual opportunism, and not depending on political servitude;
• It is adequate with the needs of the contemporary world.

Why is this relevant?
We write this because as we've reported in previous posts, Dubai Islamic Bank has filed a Writ of Summons (i.e. a legal action) in the Cayman Islands against BTU Power Management Company (Mudarib) as well as BTU Power Company + QGEN Industries Limited.  Since these entities are ALL controlled and "owned" by Wael Al Mazeedi they've effectively initiated litigation against Wael Al Mazeedi (and Mitsue Oishi as well since she's the invisible half of this whole equation).

In any event, Dubai Islamic Bank never held the BTU Power Company preference shares in their hands because a "higher" law had already been invoked regarding their "beneficial ownership" of said shares.  What they didn't contend with is the fact that Wael Al Mazeedi (and Mitsue Oishi) write THEIR own "laws" with the help of Akira Naoi and Mary Beth Bruce.

The following individual was "employed" at one time by "BTU" to advise WAMo on all things Sharia.

Shaykh Yusuf Talal DeLorenzoShari’ah Law Advisor, Malfa, Inc.

Wonder why WAMo decided to opt for Akira and Mary sometime later?  Curious to say the least.

Obvious Observation
If you decide to make business arrangement that involve solemn vows under Islamic, Christian, Jewish, Buddhist, etc. religious/legal  precepts you should probably make sure you are willing to follow their ethos or at least show respect for it...

Well, this is all probably moot.  WAMo, as we all know, is ABOVE all that...  The planetary savior bows to no-one!

Question
Wael was born in a Muslim country.  He was almost certainly born a Muslim.  If this was the case, is he still a practicing Muslim?  We, in our ignorance understand that you don't have to be a Muslim to enter into a Sharia business arrangement.  However, if you are a Muslim and enter into such arrangement, you have ABSOLUTE rules you have to follow.