Cultural chasm at the centre of credit union’s losses, judge says

How a deal to help devout Ontario Muslims buy homes went astray, costing Central 1 Credit Union millions and resulting in fraud charges — but no convictions

When a Shariah-compliant mortgage-lending program blew up in 2010 and several million dollars went missing, Central 1 Credit Union was the victim of a cultural misunderstanding, not a fraud, an Ontario Superior Court justice recently ruled.

Happier times: Omar Kalair, CEO of UM Financial, and Jens Lohmueller, then of Credit Union Central of Ontario. (Toronto Star photo)
Omar Kalair (The Globe and Mail)
One of the Sharia Ethic Board’s fatwa rulings. (Court evidence)

Freelance journalist.

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