Saudi man denies funding al-Qaeda

Mr Al-Qadi's stated aim is to alleviate suffering

By the BBC's David Bamford in Cairo

A wealthy Saudi businessman named on Friday by the United States as being a major financial contributor to the al-Qaeda network seeks to defend his name.

The name of Yasin Al-Qadi is well known in the Arab world.

He is a prominent businessman in Saudi Arabia who created the Muwafaq foundation, whose stated aim is to provide housing for poor people and alleviate suffering.

On Friday, the US urged the international community to freeze Mr Al-Qadi's assets, alleging he was involved in financing al-Qaeda.

This has been denied by Mr Al-Qadi, and according to Saudi news reports he has instructed his lawyers in Britain and the United States to clear his name.

Previous allegations

Allegations about the activities of Muwafaq, which is the Arabic word for 'blessed relief', have been appearing in the American media since the mid-1990s.

A libel court case in 1995, which Muwafaq lost, linked the foundation to support for violent Islamist groups.

Its trustees include not only Mr Al-Qadi, but also the wealthy bin Mahfouz family which controls Saudi Arabia's largest bank.

Members of the Saudi royal family have denied accusations by the American treasury department that imply that they have done little or nothing to cut the supply of funding to al-Qaeda emanating from wealthy Saudis.

The Saudi Foreign Minister, Prince Saud al-Faisal, has said the government is checking the American allegations.