Tagged: Canada

Muslim Immigration Fueling “Islamic Banking” in Canada

Muslim Immigration Fueling “Islamic Banking” in Canada

The majority of Muslim-Canadians strive to lead productive lives and contribute positively to their country. The rising profile of the “Islamic banking” industry is one of these ways. However, Islamic financial instruments are often very similar to interest-based lending, leading some to criticize it as dishonestly advertised for profit, or to promote Islam. The sector’s supporters say it provides a means by which people can bank in accordance with their values by avoiding lending at very high interest rates or providing funding to activities they are religiously and/or ethically opposed to. Canada’s Islamic banking sector is still relatively small compared to that of other Western countries, but it is likely it will continue to see growth in the coming years given the rising population of Canadian Muslims, which now number nearly one million.

Sun Life Expands ASEAN Footprint

Sun Life Expands ASEAN Footprint

The Canadian life insurer InSun Life Financial c. (SLF) has forged an alliance with Khazanah Nasional Berhad (Khazanah) to jointly acquire 98% of CIMB Aviva Assurance Berhad, and CIMB Aviva Takaful Berhad. The remaining 2%will be retained by CIMB Group…

UM Financial bankruptcy comes to a close

UM Financial bankruptcy comes to a close

Civil proceedings against former UM Financial CEO Omar Kalair and his associates have come to a close since prospects for recovery of expropriated money are limited even in case of a favorable judgment. However, the Royal Canadian Mounted Police and Of…

Islamic finance: paying for piety?

Islamic finance: paying for piety?

UM Financial came up for Canada’s 1.3 million Muslims with mortgages that don’t charge interest. But its failure last year has started a dangerous debate about whether Islamic banking should be banned, or whether it’s still a potentially lucrativ…

Gold Fingers

Gold Fingers

A man named Omar Kalair was told to rendezvous in the dead of the night in a deserted suburban parking lot and hand over a consignment of gold and silver bullion to achieve recognition on the debts of a secretive organization.
The bizarre payment of $2…

Islamic mortgage lender in Canada fails

Islamic mortgage lender in Canada fails

Although UM Financial Inc went into receivership back in October, the consequences of the bankruptcy are beginning to be noticed only now.
Besides the fact that the case risk is giving a bad name to sharia-compliant finance in North America, it also po…