Tagged: UM Financial

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…