Muslim Brotherhood bank assets could be susceptible to freezing if interim authorities decide to dissolve the group, Anadolu Agency quoted bankers as saying.
On Saturday, Cabinet spokesperson Sherif Shawqy said Prime Minister Hazem al-Beblawy was mulling a decision to disband the Brotherhood through legal means, adding that the interim government was also considering the issue.
“If the Muslim Brotherhood is proven to have violated the legal terms and procedures of establishing civil societies, especially in relation to receiving funds from unknown sources, it would be legal to disband the association and confiscate its funds,” Raqia Riyad, legal adviser to the Federation of Egyptian Banks, told Anadolu.
Egypt's NGO law stipulates that organizations’ funds fall entirely under the oversight of the Ministry of Social Solidarity and that those organizations must not get involved into politics, Riyad explained. She added that any violation of those provisions entitled authorities to disband the organization and confiscate its funds with an order from the prosecutor general.
Wagdy Abdel Aziz, who heads the legal department at the state-run Arab Investment Bank, said the confiscations will not be limited to the organization but will also apply to its founders who will also be legally liable. He stressed, however, that confiscation requires a court ruling after the group is disbanded.
However, Abdel Hamid Moussa, chairman of Faisal Islamic Bank, believes such a measure would be “illogical” given the large numbers of group members. “The state cannot freeze the assets of hundreds of thousands [of people],” he said.
Hamid Moussa argued that the state only confiscates the assets of personalities who are openly charged with crimes punishable by the law. “There are no concerns for Brotherhood bank assets,” he said.
Unofficial data put the number of Brotherhood members at more than 800,000, but the group has always declined to disclose the total number of its followers.
