Home to over a million Muslims, Canada has a profound base of Islamic finance institutions, which have been blooming for the last three decades.
Specializing in dealing with Islamic finance options, the objective of IjaraCanada.com is providing consumers prohibitions regarding interest paid on loans with proper financing options. Ijara provides rent-to-purchase option that is compliance with the Sharia with added monthly cost that is questionable under Islamic Sharia.
Lariba or Ijara Canada
Another such popular and Shariah-compliant finance institute is Lariba which offers many services to its customers. Some of these services are: Home, Auto, Business, Trade, and Equipment Financing, Home Construction, Riba Free Banking and Currency Converter. One of the many models that drives Lariba is that they do not rent money; conceptually, they are part owners of the property or any equipment that any of their customers may buy.
Islamic Credit Union of Canada (ICUC)
Offering riba-free services, the Islamic Credit Union of Canada is ensconced in its Shariah-compliant, community run transactions. The ICUC offers a myriad of services, some of which pertain to bill payments, credit and debit card purchases, investment for planned future retirement or education, currency exchanges and the like. The ICUC aims at innovative cooperation among its community members, who could increase their overall cooperation and profits by pooling in their investments together.
Qurtuba Co-operative Corporation
The usury free and Shariah-compliant Qurtuba Co-operative Corporation practices its affairs and transactions mostly for Montreal Muslims. They provide Muslim investors with an opportunity for Halal, or riba-free as they call it, as well as moral financing rewards. The Qurtuba Corporation also subscribes to the Musharaka model of financing and offers Islamic finance to Muslims investors.