// MCC asks CMHC to halt $100,000 study to introduce Islamic banking in Canada
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« on: Feb 07, 2008 01:26 AM »


MCC asks CMHC to halt $100,000 study to introduce Islamic banking in Canada

The Toronto based Muslim Canadian Congress (MCC) has asked the Canadian Mortgage and Housing Corporation (CMHC) to abandon its $100,000 study to introduce so-called Islamic Banking in Canada, saying there should be no room in Canada for Saudi inspired Islamist political doctrines dressed up as innocuous religious requirements.



In a letter to Karen Kinsley, Chief Executive Officer of the Canada Mortgage and Housing Corporation, the president of the Muslim Canadian Congress Farzana Hassan said, "Islamic Banking is nothing more than an attempt by Islamists, with backing from Middle Eastern Financial Institutions and their Western partners, to scare Muslim Canadians into believing that they should pay more to the banks and demand less in return as an act of religiosity. "

"Sharia Banking is an obscene attempt to fleece an already marginalized Muslim community while promising them the exact opposite. On the one hand Imams are warning Muslims of hellfire if they deal with the existing banking systems, and on the other the same clerics are being paid by banks to herd Muslims towards a system that is based on lies and deception. What we need is a better deal from the banks for all Canadians, rather than dividing us up into religious groups and pacing obstacles in the way of better integration of all Canadians. Our banking system has developed in Canada over the last 200 years, and there is no need to adapt it to the failed economies and medieval systems modeled on Saudi Arabia and Iran," added Ms. Hassan.

In the letter, Ms Hassan said it was unfortunate that some Canadian Banks are succumbing to the lure of easy money that comes from supposed interest-free banking where customers receive zero interest on their deposits while paying more to the banks. "While the banks and their paid Imams and sheiks will make handsome returns, Muslim Canadians will end up as losers, with promises of rewards in the afterlife," she wrote.

"Religion has no place in the banking or mortgage industry and banks should desist from employing imams or sheikhs who sanctify so called Islamic bank products and mortgages. We are not living in the middle ages to get our financial cues from clerics claiming guidance from the divine," she added.

Explaining the deceptive workings of interest-free Sharia banking, as practised by Saudi and other Islamic banks, Ms Hassan said: "Muslim bankers and their hired clerics claim they indulge in interest-free banking, but in reality they hide this interest. So-called Islamic banking institutions claim they operate on "zero interest." However, the fundamental characteristic of charging interest is never truly eliminated in Islamic banking, but rather is hidden.

The MCC president referred the CMHC president to Muhammad Saleem, a former president and CEO of Park Avenue Bank in New York, who has written a book, Islamic Banking — A $300 Billion Deception. Mr. Saleem, who was a senior banker with Bankers Trust where, among other responsibilities, he headed the Middle East division and served as adviser to a prominent Islamic bank based in Bahrain, dismisses the founding premise of Islamic banking, saying, "Islamic banks do not practise what they preach: they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practises."

The MCC president also referred the CMHC CEO to another critic of Islamic banking, professor Timur Kuran, who taught Islamic Thought at the University of Southern California, and who has authored, Islam and Mam-mon: The Economic Predicaments of Islamism, Prof. Kuran writes that the effort to introduce sharia banking "has promoted the spread of anti-modern currents of thought all across the Islamic world. It has also fostered an environment conducive to Islamist militancy."

Two other academics who have studied the phenomenon have reached similar conclusions. New Zealand business professors, Beng Soon Chong and Ming-Hua Liu of Auck-land University, in an October, 2007 study on the growth of Islamic banking in Malaysia, wrote: "Our study, however, provides new evidence, which shows that, in practise, Islamic deposits are not interest-free. " They concluded that the rapid growth in Islamic banking was "largely driven by the Islamic resurgence worldwide."

In the letter the MCC president said, an additional and related byproduct of Islamic finance is the legitimization and financial support by Western institutions for the type of radical Islamic scholarship and indoctrination. The need to certify shari’a-compliance of their Islamic products by "qualified shari’a scholars" has created demand for the services of experts that more often than not are the indoctrinated products of radical Wahhabi/Salafi shari’a faculties in Saudi Arabia and elsewhere, who generally hold views fundamentally inimical to the most ba-sic values of Western civilization.

Even a cursory look at the names, affiliations and views of popular shari’a scholars, such as Sheikh Yusuf Qaradawi, Sheikh Muhammad Taqi Usmani, Sheikh Mohamed Ali Elgari, Faysal Mawlawi, Sheikh Nizam Yaquby, Suleyman al-Maniya and others , many of whom sit on the shari’a advisory boards of dozens of Islamic banks and get paid princely sums from each, would make it clear that most are hard line Islamists and, in at least some cases, open supporters of terrorism. She informed the CMHC CEO that Mr. Qaradawi, a prominent Muslim Brotherhood ideologue, for instance, is chairman of the shari’a boards of the two Qatari Islamic banks owned by the ruling families among many others.

In another example, Muhammad Taqi Usmani, a radical Deobandi cleric and a former shari’a court member from Pakistan, who sits on dozens of shari’a boards in the West, is a key executive in the Karachi Deobandi ma-drassa Darul Uloom, which has trained and continues to train thousands of Taliban and jihadist cadres. He was also instrumental in the Pakistani government decision to declare the Ahmadi Muslims apostates and thus com-plicit in the murder and suffering of countless innocent Muslims. He is further on record preaching that Muslims living in the West "must live in peace until strong enough to wage Jihad’ against their fellow-citizens in order "to establish the supremacy of Islam."

The same is true about many of the trustees of various Islamic banking insti-tutions. The Dow Jones Islamic Fund (IMANX), for example, is owned by the North American Islamic Trust (NAIT) - a Saudi-controlled non-profit institution that holds title to hundreds of American mosques – which was recently listed by the US Dept of Justice as an unindicted co-conspirator in a terrorism financing trial in Dal-las, Texas.

"We urge the CMHC to not proceed any further with their ill advised initiative to promote Islamic banking in Canada. A crown corporation should not be a party to any venture that strengthens the jihadi movement and leads to the segregation of Muslims from the mainstream," Ms. Hassan added.

A copy of the letter was sent to Jim Flaherty, Minister of Finance and Monte Solberg, Minister of Human Resources and Social Development who is responsible for the CMHC. #
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« Reply #1 on: Feb 07, 2008 08:40 AM »

Dude that sounds like a lot of  &*!@#4 to me. There is a need for Islamic banking. If they don't know what that is, it's because they don't care about the halalicity of their money. Yes it is "interest in an islamic garb",  because guess what it's not interest! Right now probably every Canadian Muslim or whoever in the West has their money in a bank and they have accounts with no interest or they've asked them not to give them interest!!! THAT is free money for Western banks!!

In an Islamic bank they take your money that's in the bank and invest in something. Yes you may lose, but you get better return on your money which would have been ZERO otherwise.

Whoever wrote that letter seems darned misinformed. She should go back and take some finance classes.


BTW the whole article is riddled with LIES and propoganda. NAIT is independently owned. ISNA and other normal organizations were also named "conspirators" in that Dallas case which by the way the exonerated the MUSLIMS won the case.

Which now makes me believe these are wack agents or someone who really really hates Muslims writing this drivel.

Quote
The Dow Jones Islamic Fund (IMANX), for example, is owned by the North American Islamic Trust (NAIT) - a Saudi-controlled non-profit institution that holds title to hundreds of American mosques – which was recently listed by the US Dept of Justice as an unindicted co-conspirator in a terrorism financing trial in Dal-las, Texas.

Any article that is going to accuse Sh. Qaradawi and Taqi Usmani of being terrorists has got to be kidding.

Where'd you find this article by the way?  Sad.
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« Reply #2 on: Feb 08, 2008 08:43 AM »

 peace be upon you

Muslim Canadian Congress or MCC, consist of "muslims" who are allergic to anything with the word sharia in it. they worked their darnest to block the ontario government from legislating sharia-based arbitration.  they have lots of support (financial and otherwise) from certain islamophobes here in canada.



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« Reply #3 on: Mar 01, 2008 12:06 AM »


Tarek Fatah does seem to have a point, the banks seem to benefit more then anyone! no wonder they are embracing it. here is another article.

Muslim leader calls sharia loans a `con job'

Congress wants CMHC to end its banking study

January 30, 2008
tony wong
Tonda MacCharles
staff reporters

A controversial study looking at Islamic banking by the Canada Mortgage and Housing Corp. has ignited protest from some sectors of the Muslim community.

But despite opposition from the Muslim Canadian Congress, the federal housing authority said yesterday it is going forward with the study looking at banking that adheres to Islam's guiding body of rules, or sharia.

Tarek Fatah, founder of the Muslim Canadian Congress, which bills itself as a progressive Muslim group, said in an interview he was "shocked" to learn that "a Crown corporation is using taxpayers' money" for faith-based banking.

Fatah calls sharia banking the "biggest con job ever. What are we going to have next, Buddhist banking?" he asked.

The congress released a letter yesterday written to CMHC chief executive officer Karen Kinsley, urging the housing authority to abandon the $100,000 study.

"Religion has no place in the banking or mortgage industry," the letter said.

The group says the vast majority of Canadian Muslims already use conventional mortgages.

However there is a growing market in Canada for sharia-compliant mortgages.

Under sharia rules, it is not permissible for institutions to charge interest on loans. However, the deal is usually structured so that the homeowner ends up leasing to own the property, essentially paying rent instead of interest. As a result, those mortgages end up costing the homeowner the equivalent of an extra one percentage point or more. That is what concerns the congress.

"You are taking advantage of the most disadvantaged people. You are telling them that we will charge you more for your total mortgage and when you die you will go to heaven," Fatah said. "They are using the holy books to prey on a vulnerable market."

Sharia-based banking is already available in Canada, but not through major banks. Sharia banking is widely available in the United Kingdom and is offered by some U.S. banks that see a major financial opportunity.

The global market for Islamic finance has grown more than 20 per cent annually since 2001, and is currently the fastest growing segment of the financial services industry, said a report this month by the law firm Stikeman Elliott LLP.

By 2017, Muslims are expected to make up between 3.7 and 4.9 per cent of Canada's population, which should provide a "tremendous opportunity for financial firms prepared to serve the growing market."

In response to the criticism by the Muslim groups, Douglas Stewart, the CMHC's vice-president of policy and planning, said in an interview that the agency was not trying to promote Islamic banking in Canada.

"It is not our intention to introduce a mortgage instrument for sharia lending," Stewart said. "We simply want to gather information to better understand sharia banking. It is part of our mandate to understand all aspects of the Canadian housing system."

Monte Solberg, the federal minister responsible for human resources and skills development, said in an interview with the Toronto Star that the market for Islamic mortgages in Canada was already "well served" and there was no reason for the CMHC to introduce a new financial product.

(Apart from research, the national agency also has a mortgage loan insurance division.)

"If private institutions are already serving that market, then we don't need to be involved," Solberg said. "There's no public policy reason."

As for the research proposal, the CMHC says it has had about 10 applications from academics and consultants in response to a proposal call in December.

Meanwhile, one executive at a financial institution that deals with sharia lending said the controversy was unwarranted since it was a matter of religious choice.

"When you purchase halal or kosher meat, you understand that you may be paying a higher price for the same meat that's not kosher. And some people are willing to do that, because religion is important to them. It's as simple as that," he said.

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« Reply #4 on: May 21, 2008 03:50 PM »

It is the MCC who sent the letter.
They do this all the time whenever they feel non-Muslims aren’t showing enough hatred towards Islam.
They do it on Hijab, Niqab and Muslim Schools etc.
Every aspect of Islam is Islamism to them.
I am not going to paste other letters from them, just do a search, and see for yourself.
We have a few organisations trying to start up like that in the UK, but they haven’t really been successful. It is more like a couple of individuals, or an individual, calling themselves and organisation and sending letters to schools begging them not to allow hijab, or institutions not to sell hallal meat.


I do believe some of these banks are making excess profits others are miss selling Haram as Hallal. But the solution is more Islam, while they want the absence of Islam.
Remember we are talking about the MCC!
Hijab=Islamism. Islamic Inheritance =Islamism. Hallal meat=Islamism Islam=Islamism.
Don’t take my word for it, do a search for their other letters. You will find a letter attacking every Islamic rule. But not one, defending any part of Islam.
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