Enterprenuers who dare to dream

Islamic finance is based on the Abrahamic principles of fairness, justice and equality. Islamic finance promotes trade and forbids usury, interest and uncertainty. Compared to conventional finance, Islamic finance is more secure.

Toronto, Canada (prHWY.com) July 1, 2012 - UM FINANCIAL provides services to Muslims in the GTA. For Follow Mississauga-born founder Omar
Kalair, who has a business degree from Wilfrid Laurier University, the challenge was to find a Canadian.

financial institution that would support his plans. Checking is BlackBerry, Kalair explains that when Islam was established 1,400 years ago, the Prophet Mohammed ordered his followers to obey the laws of the land, wherever they lived, "as long as the laws don't conflict" with Islam. When it came to borrowing money, Muslims were prohibited from charging interest on loans or signing up for conventional mortgages, in which they pay interest on the principal.

The Canadian banking industry "is set in its ways," says Kalair, in contrast to British banks such as Lloyds and Barclays, which offer "usury-free" Islamic products. At home, Kalair approached 70 financial institutions before finding a sympathetic ear in Jens Lohmueller, manager of commercial lending at Credit Union Central of Ontario. "Credit unions are here to support communities," says Lohmueller, describing his approach to building the Credit Union's customer base while satisfying Muslim needs.

Goal: For UM Financial to explain its market niche, expand its range of services and reach out to new
markets.

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Tag Words: real state, islamic finance

Categories: Finance

Press Release Contact
UM Financial Group
789 Don Mills Road
Suite 801
Toronto, Ontario

M3C1T5, Canada

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