The Toronto Star – October 18, 2011 UM Financial Inc., a Toronto-based firm that offered sharia-compliant mortgages to Muslims, has gone into receivership leaving more than 173 people fearful they may lose their homes. UM Financial was one of the first companies in Canada to offer so-called Islamic financing to Muslims who believe that sharia,…
The iFreedom Plus MasterCard is tailored to meet the religious requirements of Canada’s Islamic community and was recently launched by Toronto company UM Financial. The card meets the requirements of Shariah law, which prohibits usury, by being prepaid and therefore interest free. About 100 people are testing the card, which can hold up to $6,000…
Islamic financial services company UM Financial Inc. and Jovian Capital Corp. hope to list Canada´s first sharia-compliant exchange-traded fund (EFT) in the next week. In compliance with Islamic law, the index avoids firms involved in financial services alcohol, gambling and pork products. It would target Canada´s growing Muslim population (approximately one million) as well as…
