On February 6, 2007, the Egyptian government issued a decree ordering for trial before the military Court 40 members of the Muslim Brotherhood. Among the indicted are at least 5 directors, founders and shareholders of the Al Taqwa Bank, including Youssef Nada, Ali Ghaleb Himmat, Fathi Ahmed Al Khouli, Tawfik Al Waee and Sadek Al Sharkawy. Another indicted, Abdulrahman Saudi, appeared in the Al Taqwa phonebook.
The Al Taqwa Bank was established in 1988 in the Bahamas with significant backing from the Muslim Brotherhood. Activities and affiliates of the bank have since then been mainly managed by Youssef Nada, Ali Ghaleb Himmat and Ahmed Idris Nasreddin. The bank has been designated by the US Treasury Department on November 7, 2001 and by the UN on November 9, 2001.
After the failure of the Swiss prosecution to build a case against the Al Taqwa Bank, the Egyptian trial against the Muslim Brotherhood could provide a new opportunity to expose the links between the bank and extremist or terrorist groups.