Al Ahly suspended striker Ahmed Abdel-Zaher a day after the CAF Champions League Final for displaying the 'Rabaa' salute after he scored a goal against Orlando Pirates.
The four-finger salute, called Rabaa (four) in Arabic, is often used at anti-military protests since the crackdown on supporters of ousted president Mohamed Morsi.
"In a meeting held today, the football committee decided to suspend the first team's striker Ahmed Abdel-Zaher and to freeze all of his financial dues," a statement on the club's website said.
"The committee tasked the club's football department head Hadi Khashaba and the team's football director Sayed Abdel-Hafiz to conduct an investigation before presenting their findings to an emergency board meeting on Tuesday," it continued.
The striker will also be investigated by the Egyptian Football Association (EFA).
"The football association board decided in a Monday meeting to investigate Ahmed Abdel-Zaher's actions," the EFA announced in an online statement Monday.
After the final, Egypt sports minister Taher Abou-Zeid played down Ahmed Abdel-Zaher's gesture, saying all that matters is Al Ahly won the cup, but a day later he said that Ahly is investigating the matter, and that the player will face severe punishment.