By Sharon Boase
The Hamilton Spectator
(Mar 13, 2007)
A Hamilton credit union is the first financial outfit in Steeltown to join a global banking trend that’s slowly making its way to Canada.
McMaster Savings and Credit Union (MSCU) has begun offering Shariah-friendly mortgages, financial arrangements that comply with the prohibition under Islamic law on the payment or collection of interest.
Working in partnership with UM Financial, a Muslim financial services company based in Scarborough, MSCU has ventured into the world of trade partnerships that generate profit rather than interest.
“We’re a credit union, we need to serve the community we’re in and we identified this as a community that wasn’t being served,” said Paul Mauthe, CEO of MSCU.
