What Sets Us Apart

Our commitment to excellence drives results.

Our Goals

Establish a competitive, risk-responsive Islamic financial cooperative (Credit Union) owned by the Muslim community.

Offer Shariah-compliant financial products and services tailored to current and future needs.

Foster transparency, trust, and shared ownership—you are not a customer but a co-owner.

Deliver modern financial solutions with leadership in ethical service.

Our Pledges

Practice sound risk management to compete effectively.

Operate within Shariah principles and ethical financial practices.

Uphold public trust through strategic efficient use of resources.

Commit to high standards in all financial services provided.

Our Objectives

Here are a few things we do that others really just don't

Fairness

Provide Islamic financial services based on fair profit & loss sharing.

Fairness

Provide Islamic financial services based on fair profit & loss sharing.

Halal

Create opportunities for members to earn Halal income through ethical investments.

Halal

Create opportunities for members to earn Halal income through ethical investments.

Ownership

Facilitate Islamic-compliant financing for homes, vehicles, and tangible assets.

Ownership

Facilitate Islamic-compliant financing for homes, vehicles, and tangible assets.

Empowerment

Strengthen the economic base of Muslims and the Ontario economy through pooled resources and large-scale investments.

Empowerment

Strengthen the economic base of Muslims and the Ontario economy through pooled resources and large-scale investments.

Obligations

Assist members in fulfilling communal and religious duties like Zakah and Hajj.

Obligations

Assist members in fulfilling communal and religious duties like Zakah and Hajj.

Inclusion

Encourage participation of devout members who may otherwise avoid conventional economic activity.

Inclusion

Encourage participation of devout members who may otherwise avoid conventional economic activity.

Support

Provide a financial platform to uplift Muslim individuals and businesses.

Support

Provide a financial platform to uplift Muslim individuals and businesses.

Convenience

Promote financial cooperation among Islamic Centres for collective growth.

Convenience

Promote financial cooperation among Islamic Centres for collective growth.

Our Features

Guiding principles that shape our culture.

Democratic Member Control

One member, one vote in decision-making.

Shariah Integrity

Every product, service, and transaction is rooted in Islamic principles, ensuring ethical, interest-free financial practices that reflect the values of the Muslim community.

Education & Training

Focus on educating members, staff, and the public about cooperative finance and Islamic principles.

Giving Back

Share profits with members through dividends and community benefits.

Community Well-being

Serve the community, especially those with modest means, based on cooperation and mutual support.

Education & Training

Focus on educating members, staff, and the public about cooperative finance and Islamic principles.

Our Journey and progress

Initial Research & Feasibility (Pre-2011)

Consulted with corporate lawyers, Central1 (Dorothy Watson), and Croatian Credit Union to explore the feasibility of an Islamic Credit Union.

Initial Research & Feasibility (Pre-2011)

Consulted with corporate lawyers, Central1 (Dorothy Watson), and Croatian Credit Union to explore the feasibility of an Islamic Credit Union.

Purpose Identified

Designed to serve individuals operating under Shariah principles and those underserved by traditional banks.

Purpose Identified

Designed to serve individuals operating under Shariah principles and those underserved by traditional banks.

Community-Driven Initiative (2011)

Launched under Al Mukarram Islamic Mission and Cooperation, a registered non-profit since 2008 focused on fostering Muslim cooperation.

Community-Driven Initiative (2011)

Launched under Al Mukarram Islamic Mission and Cooperation, a registered non-profit since 2008 focused on fostering Muslim cooperation.

Planning Phase

Formed a steering committee, conducted community outreach, presentations, and began developing a comprehensive business plan.

Planning Phase

Formed a steering committee, conducted community outreach, presentations, and began developing a comprehensive business plan.

Zakah Support Initiative

Launched a mini Zakah project to assist businesses affected by the COVID-19 pandemic.

Zakah Support Initiative

Launched a mini Zakah project to assist businesses affected by the COVID-19 pandemic.

Engagement with Regulators (2013)

Discussed capital requirements ($4M–$10M), received feedback to seek professional consultancy support.

Engagement with Regulators (2013)

Discussed capital requirements ($4M–$10M), received feedback to seek professional consultancy support.

Consultant Review (2014–2015)

Met with Andres Consulting; while supportive of the plan, they quoted a high cost of $150,000, which the team declined due to prior voluntary efforts.

Consultant Review (2014–2015)

Met with Andres Consulting; while supportive of the plan, they quoted a high cost of $150,000, which the team declined due to prior voluntary efforts.

Regulatory Updates (2016)

Business plan revised in-house to align with updated regulatory requirements.

Regulatory Updates (2016)

Business plan revised in-house to align with updated regulatory requirements.

Application Submitted (2017)

Extensive outreach to major Islamic centres and mosques; received support from Finance Minister Charles Sousa who advocated for the project.

Application Submitted (2017)

Extensive outreach to major Islamic centres and mosques; received support from Finance Minister Charles Sousa who advocated for the project.

Regulatory Feedback (2018)

Received a letter of comments and deficiencies; follow-up meetings indicated a renewed need for consultants.

Regulatory Feedback (2018)

Received a letter of comments and deficiencies; follow-up meetings indicated a renewed need for consultants.

Cost Challenges & Consultant Search

Andres Consulting now quoted $400,000; the team declined and sought more affordable options.

Cost Challenges & Consultant Search

Andres Consulting now quoted $400,000; the team declined and sought more affordable options.

New Partnership (2019–2020)

Engaged BlueKrystal Technologies, who estimated costs around $200,000.

New Partnership (2019–2020)

Engaged BlueKrystal Technologies, who estimated costs around $200,000.

COVID-19 Impact (2020)

Regulators acknowledged delays due to the pandemic and accepted postponement of the resubmission.

COVID-19 Impact (2020)

Regulators acknowledged delays due to the pandemic and accepted postponement of the resubmission.

Current Efforts

Continuing promotional activities, updating application documents, collecting community support surveys, and raising funds to complete the consultant process.

Current Efforts

Continuing promotional activities, updating application documents, collecting community support surveys, and raising funds to complete the consultant process.

Frequently Asked Questions

We're here to help you.

What types of clients do you work with?

We partner with businesses of all sizes across various industries.

How can I get started?

Contact us and we’ll guide you through the process.

Do you offer ongoing support?

Yes, we provide continuous support post-launch.