Two Saudi scholars, who appeared on the offering circular of Goldman Sachs’ sukuk, have dismissed reports that they have examined the above-mentioned prospectus.

As for the claim by Goldman’s advisor concerning the two scholars did not respond to request of endorsement or the other claim that their names were mentioned as “expected” scholars for (final) endorsement, the two scholars said these claims are completely not true. 

“The justification of the issuer that I was one of the “expected” scholars is illogical and a “fake borrowing” of my name”, Sheikh Mohamed Ali Elgari told Aleqtisadiah. “It is unprecedented to see names of scholars in an offering circular and claim they are “expected” (endorsers). This is nonsense”, he added.

Elgari went on to say that there was no direct or indirect communication with the issuer or any related entity (concerning approval). He did not receive any request (for approval) and did not sign on any offering circular of such kind. Elgari pointed out that he is in the process of taking certain procedures in this regard without disclosing their nature.

Sheikh Abdullah Bin Sulaiman Al Manea confirmed to Aleqtisadiah that he did not receive any requests for endorsement of this type of sukuk. He went on to say that he did not examine nor sign on any sukuk issuance by US bank. He added that putting his name on the prospectus without referring back to him is unacceptable act.

P.S. The above was merely selective translation to the Arabic report by a Saudi publication. Aleqtisadiah has interviewed the above-mentioned scholars and Riyadh-based Mohammed Khnifer of Edcomm Group Banker’s Academy in New York.

The full report is available here: 
http://bit.ly/wqK4Dr or http://bit.ly/xowZOl

AlEqtisadiah Financial newspaper- By Mohammed Albishi