Toronto, Canada to enter the world of Shariah Banking
Canada is now entering the realm of Shariah Banking, so welcome Jihad!
|We are Muslims, and we are extremely proud of it.||
|(2 users) More options Jan 6, 7:09 am|
Jan 04, 2008 04:30 AM
Islamic Shariah-compliant mortgages could be available in Canada
through one of the major conventional banks as early as this summer,
says a Toronto-based financial firm operating within the Muslim
“We’re confident by the summer time we will have a solution in place,”
said Omar Kalair, chief executive officer of UM Financial Inc.
“We plan to launch with one of the big five banks a whole suite of
products under the UM branded name, which will be structured to be
Islamic financing, based on the principle that no interest is charged,
is in its infancy in Canada, although widely available in the U.K. At
least two U.S. banks currently offer Shariah mortgages.
To get around forbidden interest payments on loans, Shariah-compliant
mortgages function by having the lender become an equity partner in a
home purchase. The homeowner pays the financial institution putting up
the rest of the purchase price monthly “rent” or “profit” payments,