Expert says it would be a win-win, opening Canada to more Shariah-compliant capital investment.
‘Awareness in Canada of Islamic banking has increased dramatically in the last few years,’ says Walid Hejazi, an associate professor at the University of Toronto’s Rotman School of Management.
After emerging largely unscathed from the financial crisis that hammered North American and European financial institutions, Islamic banking has momentum.
Worth $1 trillion in assets, Islamic banking is being lauded by British Prime Minister David Cameron and supported by Canada’s Conservative government, major banks and credit unions, leading business schools and influential Muslims across the country.
Islamic banking — which bans interest payments, pure monetary speculation and investing in such things as alcohol, gambling, pornographic media and pork — is being sold as the next big thing in financing for Canada, which is home to just over a million Muslims.
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