 Al-Azharskolan is a foundation which runs charter schools with a Muslim profile.In 2019, four of members of the board of directors were convicted of aggravated fraud for having funneled school funds towards a banking project, which would have become the first Islamic bank (which would not have charged interest) in Sweden.Starting a bank would have required around 100-150 million SEK, but existing Swedish banks did not want to facilitate the transfer of funds from investors in the Middle East to Sweden.