Misbar’s Analysis
Youssef Nada, an Egyptian businessman and the financial head of the Muslim Brotherhood, died at 93 on December 22, 2024, Al Jazeera reported.
He had been arrested on suspicion of involvement in the failed assassination attempt of former Egyptian President Gamal Abdel Nasser, which was blamed on the Muslim Brotherhood.
Where Was Youssef Nada Born and Raised?
Youssef Moustafa Ali Nada was born in Alexandria in 1931. He completed his elementary and high school education in his hometown and graduated from Alexandria University, where he studied in the Faculty of Agriculture.
After graduating, Nada established a dairy factory that became the foundation of agricultural economic activity in various parts of Egypt. His business expanded, and he emerged as one of the country’s most prominent businessmen at the time.
Within 25 years, Nada became a prominent global businessman, acquiring multiple nationalities, including Italian, Swiss, Tunisian, and others, in addition to his Egyptian nationality, Al Jazeera reported.
When Did Youssef Nada Join the Muslim Brotherhood?
Youssef Nada joined the Muslim Brotherhood in 1948 at age 17 and participated in the Canal War in 1951 against British troops in Egypt.
The Egyptian businessman was later arrested in connection with the Manshiyya incident in October 1954, when then-Egyptian Prime Minister Gamal Abdel Nasser survived an assassination attempt during a speech in Manshiyya Square in Alexandria.
The Muslim Brotherhood was accused of orchestrating the assassination attempt. The group was dissolved and banned for the second time in Egypt, and several members and supporters, including Nada, were arrested. He was released in April 1956.
When Did Youssef Nada Leave Egypt?
Following his arrest and release, Youssef Nada faced security harassment that impacted his business, prompting him to leave Egypt for Libya in 1960. He cited his good ties with then-Libyan King Idris al-Senussi and obtained a Libyan passport during his time there.
After Colonel Muammar Gaddafi’s coup against King Idris in September 1969, Nada left Libya, moving first to Greece and then to Italy. He eventually settled in Campione, a city on the Swiss border, where he launched his economic institution, Al Taqwa Bank.
When Was Youssef Nada’s Al-Taqwa Bank Launched?
Al-Taqwa Bank, launched in 1988, is a network of financial companies based in the Bahamas, Switzerland, and Liechtenstein. It was established by prominent members of the Muslim Brotherhood, most notably Youssef Nada, who served as chairman and co-founder.
Following the September 11 attacks in 2001 by the al-Qaida group, Al-Taqwa Bank was accused by the U.S. of having ties to Islamist terror organizations. The U.S. alleged it was a major source of funding for operations carried out by al-Qaida, led by Osama bin Laden and his associates, Al Jazeera Mubasher reported.
Youssef Nada Accused of Funding Al-Qaida
Former U.S. President George W. Bush accused Youssef Nada and his economic organization of financing and supporting the 9/11 attacks. As a result, the U.S. Treasury Department froze all of Nada’s assets and funds and seized the financial assets of Al-Taqwa Bank.
Nada denied the accusations but was placed under house arrest in Switzerland and investigated by Swiss, Italian, and American security services. However, no evidence was found to convict him.
Youssef Nada Cleared of Charges
The Swiss Foreign Ministry announced that the United Nations Security Council had removed Youssef Nada's name from the list of supporters of terrorism, based on a Swiss request, Al Jazeera reported.
The U.S. administration, however, was unable to provide evidence of his support for terrorism and rejected the request to remove his name from its blacklists.
In July 2012, former Egyptian President Mohamed Morsi agreed to a general pardon that included Nada, dropping the ten-year prison sentence issued against him in the Al-Azhar militia case. However, the pardon was rescinded in 2014 when interim President Adly Mansour canceled a presidential decree pardoning 52 people, including Youssef Nada.
Youssef Nada’s Book
The Egyptian businessman wrote a biography titled "Inside the Muslim Brotherhood: Youssef Nada" in collaboration with Douglas Henry Thompson.
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