Canada, with its 1.3 million Muslims, has lagged behind countries like the U.K. and the U.S. in embracing sharia-compliant financial products. None of the country’s big banks currently offer sharia-compliant services, though some smaller players do. Toronto-based UM Financial Inc., which issued home mortgages conforming to Islamic law, filed for bankruptcy last year, leaving 170 Muslim borrowers in limbo. Is the firm’s failure evidence that Canada should steer clear of Islamic finance; or proof that the country needs more of it–i.e. that the banks and policymakers need to bring the practice into the mainstream, with tighter rules and better oversight? This article features a debate with Tarek Fatah is the founder of the Muslim Canadian Congress, and Walid Hejazi is associate professor of international business at the University of Toronto’s Rotman School of Management, where he is currently teaching an MBA course on Islamic finance. For more please go here:
In other news:
Canadian Resident Sentenced To DEATH by Iran for porn website
Iran’s Supreme Court has reinstated a death sentence against an Iranian resident of Canada who had been accused of running a pornographic website, a lawyer working on the case. The death sentence meted out to Saeed Malekpour was reinstated by the court, after it had reportedly been annulled in June. Malekpour, a 36-year-old computer programmer, was sentenced to death in December 2010 after being found guilty of “designing and moderating adult content websites,” “agitation against the regime,” and “insulting the sanctity of Islam,” according to his supporters.
The Canadian government protested the verdict, which the Supreme Court then reportedly annulled in June 2011. Malekpour’s supporters say he developed a program that allows photographs to be posted to the Internet, which was used without his knowledge for the creation of porn sites. A resident of Canada since 2004, Malekpour was arrested in Iran in 2008 while visiting his dying father. For more please go here:
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