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Pakistan

Deobandi cleric of Mufti Naeem Modarba gang arrested for embezzlement

Mufti Abdullah Shaukat of Mufti Naeem’s Jamia Binouria SITE and part of his Modarba gang was arrested for huge embezzlement of Modarba funds they accumulated from affluent Deobandis.
Modaraba is sort of financial contract in some Muslim countries in which the investor (rab-ul-mal) entrusts money to a financial manager (mudarib) and any profits and losses are shared between them in an agreed manner.
Mufti Naeem led a gang of Modarba scheme and Mufti Abdullah Shaukat was part of his team who had also been serving as head of Darul Ufta at his Deobandi seminary in SITE Karachi.
He was arrested through Interpol from United Arab Emirates for embezzlement of billions of rupees in Modarba funds.

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