(CBC) A man accused of misappropriating millions of dollars after his Shariah mortgage lending company went into receivership testified in his own defence in a Toronto courtroom, saying everything he’s done has always been “above board.”
Omar Kalair, the former president and CEO of United Muslim (UM) Financial, is charged with numerous counts of fraud, theft over $5,000, laundering the proceeds of crime and violating the Bankruptcy Act.
UM Financial offered loans and mortgages to devout Muslims in the Toronto area who wanted to … adhere strictly to Islamic principles, under which no interest can be charged on a loan. Instead, homeowners paid an extra fee for what’s known as a “Shariah-compliant” mortgage.
