When Mihami Shash started a new job, one of the benefits she was offered was the opportunity to participate in the company’s matched-RRSP (Registered Retirement Savings Plan) program. The company had set up a number of investment options that the employees could use to save for retirement and as an incentive to invest in these, the company would match each employee's contributions. For example, if she saved $100/month for retirement in her RRSP, the company would also contribute $100/month to the same account. So even though she's only putting aside $100 from her monthly salary, her retirement savings account grows by $200/month.

It's not often that God and financial services are mentioned together in one sentence but Iana Financial's mission statement is an exception: "Towards God-centred community financial services, for the common good." Since 2009, the Edmonton, Alberta based organization has provided interest-free loans across Canada and the world to relieve people of the burden of usury and to help them pursue their goals.

Ijara Community Development Corporation (Ijara CDC) is a non-profit corporation which structures Shariah compliant transactions for home buyers in the US and Canada. Since it started operating in the US in 2005 and in Canada in 2008, it has helped thousands purchase homes through Shariah compliant financing contracts.

Despite the Islamic prohibition on interest or riba, many, if not most Muslims have credit cards.  While it’s possible to use a credit card and never pay interest by paying off the full credit card balance each month, it doesn’t always work out this way.  Any number of situations such as emergencies, unexpected expenses, unstable income or loss of employment can lead people to carry a balance on their card and accrue interest on their debt.  From there, getting out of debt can become a very difficult challenge.

Of all the things that observant Muslims try to avoid, interest is the most challenging. It seems impossible to get by in today's world without it. How do you finance your education, buy a home, start a business or get out of a jam when you can't borrow money with interest? What does Islam say about it? Is all interest bad? What is interest for? How does it work? What does it do to people and society?

Whether or not you invest in a Registered Retirement Savings Plan (RRSP), with the March 1 RRSP deadline around the corner, February tends to be the month Canadians talk about investments.  

Investments don’t only help your money grow, they are also a good way to keep your money from losing value.  Whether we realize it or not, money kept in a chequing account loses value over time due to inflation.  Since prices slowly yet steadily go up, every dollar you save buys you a little less with each passing year.

For Canadian Muslims who want to invest in the stock market but don't have the confidence to pick halal stock investments on their own, the choices have always been limited. If you're looking to invest more than a few hundred thousand dollars, you can hire a financial advisor knowledgeable in Shariah compliant investments. If you're investing less than that, you can invest in a halal mutual fund, which charges management fees of 2.5% or more. That's it. So when Wealthsimple announced their Canadian Halal Investing portfolio in August of this year, it was reason to celebrate.

Asking people to trust you to invest their hard earned cash is a challenge in the best of times. Doing that in the wake of a major global financial crisis and asking them to invest in a brand new Shariah compliant mutual fund takes the challenge to a whole other level. But this is exactly how GlobalIman fund, Canada's longest running Shariah compliant mutual fund got started. And now, 8 years later, with in excess of 40 million dollars in assets under management, the Global Iman Fund is the investment of choice for many Canadian Muslims looking to invest and grow their wealth while adhering to the financial guidelines of their faith.

One of the best tools for savings and investment we have in Canada is the Tax Free Savings Account (TFSA). You might have received calls or emails from your bank about it or maybe you’re heard about it compared to a Registered Retirement Savings Plan (RRSP).

On Saturday, March 18th, Ottawa will host a unique music show at the Centrepointe Studio Theatre. While the Ottawa-based group, Expressions of Muslim Women (EMW) has been hosting its popular annual variety show for women-only audiences every fall since 2008, this will be the first time they are putting on a concert for an audience of both men and women. With veteran performers from EMW's previous shows, "Songs of Muslim Women" promises to showcase original and traditional songs from various different musical styles sharing a spiritual thread.