UM FINANCIAL PAST PROFILE
UM Financial is Canada’s premier Islamic Financial Institution..In 2004, UM secured a $120 million Shariah compliant investment facility from a regulated Canadian Financial institution for the purpose of financing residential properties. In addition UM has developed investment and deposit products with financial institutions in Canada and currently operates an investment fund along with a real estate brokerage.
UM signed agreements with two public Canadian companies to launch an Islamic ETF and an Interest-free Master Card targeting Canada’s 1.3 million-strong Muslim population. UM is in the process of submitting an application for a Canadian bank license and is also in discussions to launch other products such as Canadian sovereign sukuks, corporate sukuks and Takaful insurance product. UM has appeared as the only Canadian entry in the list of the Banker magazine Top 500 Islamic Financial Institutions and has been profiled on the front page of the business sections of the three leading newspaper in Canada (Globe and Mail, National Post and Toronto Star). UM is the first Canadian representative on two of the largest Islamic Finance associations: IFSB based in Malaysia and AAOIFI based in Bahrain.
UM has formulated an international shariah advisory board including Sh. Nizam Yacuby, Dr. Aznan Hassan and Mufti Dr. Zubair Usmani. UM was awarded by the World Finance – Islamic Finance Business Leadership Award North America, awarded Entrepreneur of the Year by the Canadian Islamic Chamber of Commerce and His Alma Mater, Wilfred Laurier University, celebrated its 100-year anniversary and he was selected as one of the Top 100 Alumni of Achievement from close to 100,000 graduating alumni. Most recently for UM Financial Group was awarded “Pioneer in introducing Islamic Financial Services in North America” by World Finance Magazine.