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The ‘Zombie’ Caliphate: While the World Celebrates the Muslim Brotherhood’s Demise, Its Billion-Dollar Empire Thrives in Plain Sight
Supporters of the Muslim Brotherhood in the Jordanian capital, Amman, chanting pro-Palestinian slogans in April 2018. Photo: Reuters / Muhammad Hamed.
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
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University of Michigan will have a leader who defended pro-Palestinian protesters in court
A civil rights attorney who defended pro-Palestinian protesters in court and made social media posts viewed as pro-Hezbollah and antisemitic, has won his bid for the University of Michigan Board of Regents.
Michigan is one of a few states in which voters play a direct role in choosing university overseers. As a regent, Amir Makled (D) will help oversee expenditures at the university where his clients, the student protesters, were arrested. The position is unpaid and carries an eight-year term. Democrat Paul Brown won the other seat up for election, maintaining the board’s 6-2 Democratic majority.
Makled beat out Republican challenger Lena Epstein, who is Jewish and previously identified as a “Jewish Messianic believer of Christ,” but recanted the statement and later said she was “100% Jewish.” Mainstream Judaism does not accept Messianic Jews because they believe in the divinity of Christ and try to convert Jews to Jesus.
Epstein told the Forward in an April interview that the Democrats had handed her an opportunity to win the seat by endorsing Makled, who was facing intense scrutiny. In one of his controversial posts, Makled called Hezbollah leader Hassan Nasrallah a “martyr” after he was killed by Israeli strikes in 2024. He lost an endorsement from Service Employees International Union for the posts and later deleted them.
In the regents race, voters picked up to two of six candidates, with the top two winning. Makled received 25.6% of the vote while Brown received 27.2%. Epstein received 22.2% while her fellow Republican Michael Schostak received 22.6%.
Makled’s election comes as part of a wave of Democratic Party wins, including in Michigan, which elected as Senator Abdul El-Sayed (D), who also faced severe backlash for statements related to Israel and Gaza and for appearing alongside streamer Hasan Piker, who has been accused of antisemitic rhetoric.
Israel played a major role in the rhetoric surrounding Michigan’s midterms. But voters, including 60% of Jewish voters that voted for El-Sayed according to early exit polls, favored sharp critics of the Jewish state to candidates in support of it.
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This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record.
The election of Daniel Biss, a Jewish critic of Israel, to an Illinois congressional seat Tuesday has sparked a public feud between the Anti-Defamation League and the liberal Zionist group J Street over whether the ADL remains a credible voice in the fight against antisemitism.
After Biss, the former Jewish mayor of Evanston, Ill., won his seat Tuesday night, the ADL Midwest took to social media to express “serious concerns” about Biss’ “approach to antisemitism.”
J Street, which had endorsed Biss, hit back, noting that Biss is the grandson of Holocaust survivors and calling the ADL’s statement “a shanda,” the Yiddish word for disgrace.
“It is hard to read this statement without wondering how far the ADL has drifted from the organization it once was – a gold standard in our community for standing up against bigotry, hatred and discrimination,” J street wrote on X.
Biss, who speaks Hebrew and spent childhood summers in Israel, was elected with 75% of the vote in a district where 11% of the electorate is Jewish.
“It saddens me to watch the ADL, once a preeminent civil rights organization, devolve into an entity that traffics in fear, intimidation and extremism,” Biss wrote in a statement to the Forward. “This kind of rhetoric does nothing to keep the Jewish people safe—in fact, it undermines that very cause.”
The ADL has long faced scrutiny from critics who view the watchdog group as labeling too broad a swath of Israel criticism as antisemitic, while less forcefully condemning antisemitism when it comes from the political right.
“Our statement speaks for itself,” an ADL spokesperson wrote in an email to the Forward.
In its statement, the ADL pointed to a specific set of concerns involving Biss’ record as mayor of Evanston, Illinois, the college town home to Northwestern University.
Biss did not provide Evanston police support that Northwestern requested after reported “antisemitic conduct” at the Gaza war encampment on campus in April 2024, the ADL said, “raising serious questions about whether the safety, dignity, and equal access of Jewish students were treated with the urgency they required.”
Biss has defended his decision not to dispatch police to the encampment, writing in response to a congressional inquiry that forcibly clearing the protest would have gone against police department advice and suppressed “constitutionally protected speech.”
The ADL also said that Biss “dismissed scrutiny of his response as a politically motivated attack fueled by AIPAC, rather than substantively addressing the concerns raised by Jewish students and community members.”
Biss made opposition to AIPAC a central theme of his primary campaign for Congress after the hardline pro-Israel lobbying group spent millions opposing him and supporting another candidate, state Sen. Laura Fine.
In an interview with the Forward in March, Biss said it was “absurd” that AIPAC opposes imposing any conditions on U.S. military aid to Israel. “And then try to enforce it with millions of dollars of dark money, is certainly bad for democracy and bad for our politics here in America,” Biss added.
At the same time, Biss faced pressure to his left on Israel in the primary, defeating Kat Abughazaleh, a Palestinian-American who has characterized Israel’s conduct in Gaza as a genocide. Biss, who has described himself as a progressive Zionist, declined to use the word genocide, despite repeated calls from Abughazaleh to do so.
In a March op-ed in The Nation, Biss wrote that he believed he was one of AIPAC’s top targets partly because “I’m the grandson of Holocaust survivors. My mother is Israeli. My extended family lives in Israel. AIPAC knew that they couldn’t dismiss me as anti-Israel or antisemitic.”
The ADL also criticized Biss for supporting the repeal of an anti-BDS law, which bars Illinois from investing public pension funds in companies that boycott Israel. That position, the ADL said, “raises additional concerns about his willingness to stand against efforts to isolate and delegitimize the Jewish state.”
In an April Substack post explaining his position, Biss said that he personally opposes the global movement to boycott Israel, but he does not believe the government should “stop people from using their economic agency to advocate for their values.”
Biss will succeed Rep. Jan Schakowsky, a Jewish lawmaker who represented the district for nearly three decades and was also an outspoken critic of AIPAC.
The post This grandson of Holocaust survivors is headed to Congress. The ADL has concerns about his antisemitism record. appeared first on The Forward.
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At the Vatican, two elderly men — one Jewish, one Catholic — exchange gifts and mutual admiration
On Wednesday, two senior citizens, Robert Zimmerman, 85, a Jew originally from Minnesota, and Robert Prevost, 71, a Catholic of Chicago, had a brief meeting at the younger man’s office in central Italy.
Sources on the scene report that Zimmerman was in town for business and Prevost, who goes professionally by Leo, had recently cited Zimmerman’s work in the preface to a book about nuclear disarmament.
Both men dressed in uniform, looking a bit Spy Vs. Spy, with Zimmerman in a black hoodie and Prevost in white with a small white skull cap. The confab was brief, a bulletin from Prevost’s workplace reported, consisting of “greetings and a few lighthearted exchanges.”
Prevost gifted Zimmerman with prayer beads, and Zimmerman presented Prevost with a copy of his memoir, published under his pen name, Bob Dylan.
While Zimmerman was raised in a Jewish home, he had, for a time in the late 1970s to early 1980s, converted to born-again Christianity, confounding many.
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