Historical Preamble

In the late 1980’s and early 1990’s , the Muslim Community in  Quebec felt a need to create financial institutions to provide “Sharia”  compliant services.  Muslim Community of Quebec “MCQ took initiative and organized a task force  around late 1980’s ,comprising of financial experts and experienced people in finance from the Muslim community to suggest and to create Islamic Compliant investment institutions. 

As a result of this initiative , intensive consultations with the community  and with the discussion and approval of religious scholars, finally in 1991, the following financial institutions were launched.

• Qurtuba Housing Co-op: An interest-free, Sharia Compliant Housing Co-operative.
• Al-Ittihad investments: An interest-free, Sharia Compliant investment company.
• Al-Yusr: An interest-free , Sharia Compliant  RRSP  investment

Objectives

Our objectives are to:

• Provide opportunity for Muslim Families in Quebec  to acquire a house using Islamic financing instead of Bank or Riba associated financing.
• Provide Muslim investors an opportunity for Halal returns by investing  in sharia compliant investments (housing, car financing, business etc)
• To create a Islamic financial base for  sharia compliant  investments.

Methodology

House Financing

The Sharia model used by Qurtuba is described as “Musharakah” or partnership, and accepted by most Islamic scholars and practised by leading and successful Islamic financial institutions in North America.

The details of the terms and conditions, regulations and calculations are given here.

Other Financing  (Car, Business, Equipment)

The sharia model used by Al-Ittihad is described as “Murabahah”, accepted by most Islamic Scholars and practiced by leading financial institutions in North America.

The details of the terms and conditions, regulations and calculations are given here.

Sharia Concillors

The Qurtuba Housing and the Al-Ittihad Investments financial model is recommended and approved from the following Islamic scholars.

• Justice Mufti Taqi Usmani, Shariat Appellate Bench of the Supreme Court of Pakistan.
• Dr. Jamal Badawi, Professor of Management and Islamic Studies, St. Mary’s University, Halifax, Nova Scotia

Executive board

1. Brother Moin Kermani, Eng, MBA: Presiden
2. Brother Mohammad Ahmed, Secretary and Treasurer
3. Brother Mohamed Danane, Advisor
4. Brother Nadjib R, Director

Office Manager: Brother Mohammed Anwar Virk
External Auditor: Brother Adel Berrais, CA