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Toronto case reveals sharia finance fraud

December 2, 2011

Omar Kalair, “the face of the Islamic finance industry in Canada,” and the sharia advisory board with whom he worked made off with $2 million in silver and gold immediately prior to his sharia compliant mortgage company going into receivership (bankruptcy).  Now Kalair is withholding documents from the receiver.  From CBC News last month:

The case provides further evidence that Islamic finance designed to keep Islamic clerics (who serve as sharia bank advisors) rolling in dough.  The 200 swindled families must be wondering why they selected “ethical” financing for their homes.

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