Banks & Banking

Interest-free, but not without charges: Islamic mortgages hit the Canadian housing market Financial products are being adapted to match the unique needs of many Muslims

(CBC) For Abdullah Mohiuddin, getting into the housing market involves more than just locating the right home for the right price. Like many other Muslims, Mohiuddin’s religious beliefs include restrictions on paying and receiving interest. Given that a typical Canadian mortgage includes interest […]

Banks & Banking

Tory leadership candidate Jim Karahalios accused of anti-Muslim ‘bigotry’ over letter Karahalios's letter, with the subject line: 'Say NO to Shariah Law. STOP Erin O'Toole,' targets O'Toole's campaign chair who is Muslim

(National Post) A mass-distributed letter by Conservative leadership candidate Jim Karahalios has sparked outrage in the party over using perceived anti-Muslim rhetoric to attack an Erin O’Toole campaign official, with O’Toole calling it “bigotry” that will lead to “electoral obliteration for our […]

Banks & Banking

Why Shariah mortgage is a deception

(Toronto Sun) Last week’s Ontario Superior Court judgment exonerating two men for a dozen criminal charges related to the marketing of Islamic mortgages based on Shariah law went unreported in all Canadian newspapers and network TV other than the online pages of […]

Banks & Banking

‘Everything I have done has always been above board,’ former mortgage lender tells fraud trial Omar Kalair faces numerous charges, including fraud, theft and laundering the proceeds of crime

(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 […]

Banks & Banking

Homeowner testifies at trial of 2 men accused of defrauding Shariah mortgage holders Defence is trying to demonstrate homeowners were credited for payments they made

(CBC) The trial of two men accused of defrauding homeowners who had taken out “Shariah-compliant” mortgages heard Thursday from one of the mortgage holders, who admitted under defence cross-examination that he and his wife eventually got credited for their payments. Omar Kalair […]

Banks & Banking

2 men defrauded Shariah-compliant mortgage-holders of millions of dollars, crown tells trial Omar Kalair pocketed money from his mortgage company before it went bankrupt, crown alleges

(CBC) The trial of two men charged with defrauding Muslim homeowners got underway in Toronto courtroom this week with the crown accusing the defendants of bilking their clients of millions of dollars. Omar Kalair and co-accused Yusuf Panchbhaya are standing trial in […]