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Thursday, 28 May 2009

Canada: Jovian to Partner with UM Financial to Launch Shariah-Compliant Product

TORONTO, May 27 /CNW/ - Jovian Capital Corporation ("Jovian") (TSX: JOV)
is pleased to announce an agreement with UM Financial Inc. ("UM"), Canada's
premier Islamic financial services company, to explore the launch of a
co-branded, Shariah-compliant investment product (the "Shariah Product"). The
Shariah Product would be geared toward Canada's approximately 1 million strong
Muslim population, as well as foreign investors looking for a uniquely
Canadian, Shariah-compliant investment.
Toronto-based UM was founded by Omar Kalair in 2004 and is the only
Canadian entry on The Banker magazine's Top 500 Islamic Financial
Institutions. Among other things, UM has previously secured a $120 million
Shariah-compliant residential mortgage investment facility from a regulated
Canadian financial institution, and has developed Shariah-compliant investment
and deposit products with other financial institutions in Canada.
"We are very excited to be partnering with Jovian on a product that would
provide Muslims in Canada with a much-needed, Canadian-based and
Shariah-compliant investment product which avoids such industries as gambling,
alcohol and tobacco, and enables active review of financial ratios and
leveraging," said Omar Kalair, President and C.E.O. of UM. "Canada is well
regarded internationally and the introduction of a Canadian-based,
Shariah-compliant product would provide a vehicle through which overseas
investors can gain Shariah-compliant exposure to Canada's markets," he added.
"We are very pleased to partner with UM Financial on this exciting new
venture," said Philip Armstrong, C.E.O. of Jovian. "We feel that a product
designed for Muslim investors will have broad appeal in Canada and elsewhere,"
he added.
Shariah is Islamic religious law, which observant Muslims adhere to in
their daily lives. Shariah has certain restraints regarding finance and
commercial activities permitted for Muslims.

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