Drop Islamic Banking Study, group says

Muslim Canadian Congress wants the Canada Mortgage and Housing Corp. to
stop a study considering the introduction of so-called “Islamic
banking” to Canada.

organization, which says it represents Muslim moderates across Canada,
has sent a letter to the CMHC asking it to abandon the study.

calls the study an attempt to scare Muslims into believing they should
pay more to the banks and demand less in return as an act of

congress says Imams are warning Muslims not to deal with conventional
banks and accuses the clerics of being paid to “herd” Muslims toward a
system it says is based on lies and deception.

Islamic financing is based on the principle that no interest is charged and is not widely available in Canada.

Under its principles, a Muslim depositing money at a bank would receive no interest for their deposits.

congress says it would like to see a better deal from banks for all
Canadians, instead of dividing people into religious groups.