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 Coop: an interest-free, Sharia Compliant Housing Cooperative.
Al-Ittihad investments: an interest-free, Sharia Compliant investment company.
Al-Yusr: an interest-free , Sharia Compliant RRSP investment
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