In Washington and Arab capitals, a comforting narrative has taken hold: The Muslim Brotherhood is finished. We are told that the Sisi regime in Egypt has crushed them, that Jordan has shuttered their offices, and that the “Islamist Winter” is finally over. The recent executive order by President Trump to review the group for terror designation is seen as the final nail in the coffin.

But if you look away from the empty political offices and follow the money, you will find a terrifying reality. The Muslim Brotherhood hasn’t gone bankrupt; it has simply gone corporate.

While Western intelligence agencies applaud the closure of dusty headquarters in Amman, they are ignoring the €27 million mega-complexes rising in France, the €4 million real estate fortresses in Berlin, and the terror-linked holding companies trading openly on the Istanbul Stock Exchange. The Brotherhood has transformed from a mass movement into a transnational financial conglomerate — a “Zombie Caliphate” that is legally bulletproof and wealthier than ever.

The Egyptian “Catch-and-Release”

The myth of the Brotherhood’s destruction starts in Egypt. The regime’s “Inventory Committee” boasts of seizing assets worth a staggering 300 billion EGP (approx. $16.7 billion), and liquidating the schools, hospitals, and businesses that formed the movement’s spine.

But the crackdown is porous. In July 2023, an Egyptian court quietly ordered the unfreezing of assets for 146 alleged Brotherhood figures, ruling that the state failed to prove the funds were illicit. This legal “oops” likely allowed millions in liquid capital to flee the country, funneling straight into the offshore networks now appearing in Istanbul and London.

Then there is the case of Safwan Thabet, the tycoon behind Juhayna Food Industries. Arrested for refusing to hand over his empire to the state, he was released in 2023. His survival teaches a harsh lesson: the Brotherhood’s money is so deeply integrated into the legitimate economy that the state cannot tear it out without killing the patient. The “deep state” of Brotherhood finance remains alive, hiding behind the facade of legitimate dairy giants and retail chains.

Turkey: The NATO Safe Haven for Terror Finance

If Egypt is the extraction point, Turkey is the laundromat. Despite President Erdogan’s desperate diplomatic pivot toward Cairo, Istanbul remains the operational heartbeat of this financial insurgency.

Western policymakers need to look closely at the Borsa Istanbul. There, trading openly under the ticker TDGYO, is Trend GYO — a real estate investment trust designated by the US Treasury Department for being 75% owned by Hamas. In a rational world, a NATO member would not host a publicly traded company that funds a designated terror group. In Erdogan’s Turkey, however, Trend GYO continues to develop luxury apartments, such as the recent project in Istanbul’s Alibeyköy district, subcontracting construction to obscure local firms to wash the proceeds.

This is the new model: “Terrorism Inc.” Yemeni billionaire Hamid al-Ahmar, operating freely from Istanbul, chairs Investrade Portfoy, an investment firm that commingles legitimate business with funds allegedly destined for Hamas. Meanwhile, the Brotherhood’s elite send their children to Al-Nahda International Schools in Istanbul — private institutions run by exiled cadres that ensure the next generation is indoctrinated in the ideology of the “Group” while generating tuition revenue.

Europe: The “Concrete” Fortress

As the environment in the Middle East becomes hostile, the Brotherhood has executed a strategic pivot to Europe, replacing “liquid” assets (cash) with “fixed” assets (real estate) protected by Western property laws.

In Austria, the failure of “Operation Luxor” serves as a cautionary tale. In 2020, police raided 60 Brotherhood-linked sites. The result? Zero terrorism convictions. Courts declared the raids unlawful. The Brotherhood didn’t just survive; they lawyered up and won, proving that without a specific designation, European criminal law cannot work against them.

In Germany, the UK-based Europe Trust purchased a massive property in Berlin’s Wedding district for €4 million. This isn’t just a building; it is a command center for the Deutsche Muslimische Gemeinschaft (DMG), insulated from German intelligence by British corporate deeds.

In France, the situation is even more brazen. The Al-Noor Center in Mulhouse — a massive complex featuring a mosque, school, and swimming pool — was built at a cost of €27 million. Intelligence links it to Qatar Charity’s “Ghaith Initiative,” which has poured over €120 million into 140 such projects across Europe. These are not community centers; they are forward operating bases for a parallel society, subsidized by Doha and protected by European property rights.

The West is fighting a 21st-century financial empire with 20th-century police tactics. We raid homes in Vienna while they move crypto in Istanbul. We seize crumbling offices in Jordan while they buy prime real estate in Berlin.

The Muslim Brotherhood is not dead. It is alive, well, and trading on the Istanbul Stock Exchange. Until the US and its allies target the enablers — the Turkish banks clearing Trend GYO transactions, the Qatari transfers to Mulhouse, and the shell companies in London — we are merely cutting the grass while the roots grow deeper.

Amine Ayoub, a fellow at the Middle East Forum, is a policy analyst and writer based in Morocco. Follow him on X: @amineayoubx