CBC NEWS: The financial dispute between an Islamic bank and about 200 families whose mortgages are in limbo, moved to a Toronto courtroom on Thursday.
The homeowners had interest-free mortgages with United Muslim Financial totalling about $32 million.
Since 2005, UM Financial has offered loans and mortgages to people who want to adhere strictly to Islamic (Shariah) law, under which no interest can be charged on a loan.
The court will now decide what to do with those mortgages.
UM Financial was ordered into receivership on Oct. 7. » | CBC News | Friday, November 11, 2011
HT: Always On Watch »
