IqraSense.com

Toronto - UM Financial has supported Canadian Mortgage and Housing Corporation (CMHC) $65,000 study on Islamic Mortgages and other faith mortgages. Islamically acceptable financing/mortgage is a product/commodity does not come at the expense of others products nor does it compel any Canadian to purchase.

UM is a premier Canadian Islamic finance corporation. The company secured a $120 million facility from Credit Union Central of Ontario in 2004, which is used to finance Shariah compliant real estate residential properties in Canada. (more…)

We have been hearing about Islamic finance and banking services for many years now. For those of us living in Muslim countries this may not be big news. However, for those of us living in western countries, Islamic banking services are still not available commonly.  However, some of us may not realize that Islamic banking industry’s assets have reached to $500 billion today. Middle Eastern countries and Malaysia are at the forefront of offering Islamic financial services. Net profits, total assets and equity of most banks offering Islamic banking services are increasing yearly by an astounding rate.

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