Islamic banking set to boom in Canada

Expert says it would be a win-win, opening Canada to more Shariah-compliant capital investment

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…

…“I think many Muslims in Metro Vancouver are excited about the idea of Islamic banking. In general, I think it’s a good idea,” says Luay Kawasme, director of the Vancouver Muslim Community Centre…

…“By opening more to Islamic finance,” he says, “Canada will be able to attract significant amounts of Shariah capital into its energy and natural resources sectors — on a win-win basis.”

Hejazi notes the pressure for Islamic banking is also simply arising out of the country’s demographic religious shift. Muslims already account for seven per cent of the population of Metro Toronto and five per cent of those in Metro Vancouver.

The Muslim population of Canada, he says, is projected by 2030 to mushroom to more than 2.7 million.

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  • DMB

    Buying Halal products is generating enough money to fund Islamic terrorism not to mention with the recent low prices in oil from OPEC nations so they need to bring in Islamic banking to make up the difference.

    • How lucky for us.

      • Achmed

        Our banking is very sanitary. We are experts at laundering money!

  • Martin B

    “…supported by Canada’s Conservative government”

    Why can’t anyone in a Conservative government understand that saying Yes to Shariah is always wrong?

    • They don’t seem to get it in Ottawa. Giving in is not the way to deal with Islam. Saying NO always is.

      • huh

        Ottawa in order to have peace and keep the Business community happy…
        they have to section off Muslim dismantling of the West into categories such as;
        grooming=crime,
        sharia finance=financial product,
        people mowed down by Muslim drivers=hit-&-runs, etc

        They do not want to admit that this is a new style of war that we are in and that we should NOT let the invader IN!

        THE LEFT & RIGHT HAVE IT WRONG… The Muslims are the aggressors not a minority to be protected

    • Minicapt

      PIPSC and PCAC … Grits and Dippers … bipartisanship …

      Cheers

    • WalterBannon

      because they are not conservative, they are “progressive”

  • Linda1000

    I don’t want anything “sharia” in Canada. Just because Britain and Europe want to commit suicide doesn’t mean Canada and the U.S should follow suit. I’m not certain how sharia banking works but I don’t think it’s necessary to have two different financial systems in Canada. This is nothing more than islamic infiltration or a financial jihad scheme. It’s likely to have some kind of negative economic impact further down the road. If you are a Cdn. citizen then contribute to the Cdn. banking business not some foreign entity.

    • Yup it is an insinuation of sharia law into the national culture, it should be stopped.

    • Blacksmith

      Well said, if they want pissslamic banking go to IRAQ!

  • Drunk_by_Noon

    This is the only “banking boom” they are going to see.

    • Frau Katze

      We’ll be seeing that for sure.

  • Ron MacDonald

    Which should represent about ten percent of the Canadian population, that is when Islam becomes a real pain in the ass.

  • eMan14

    2.7 million Muslims in Canada by 2030. That’s about 2.7 million too much.

  • Oracle9

    Win-win concept and Sharia in the same sentence. Do they really think Canadians are that stupid? I dread the answer to that question.

    • WalterBannon

      how else can we explain all the people who support Wynne or Turdeau?

  • Pete_Brewster

    The House of Saud know the oil will be gone by 2030. So they’re switching to usury as a way of financing jihad.

    Giveling arselifters control over the world’s money supply would be Israel’s cue to apply the Samson Option, because there will be no place for the Jews in a world dominated by Islam even as debt-peons. Maybe the cobalt bomb will teach the goatrapers all the money on earth can’t excuse them from the wrath of the God of Israel.

  • Blacksmith

    Yeah good idea letting pisslam invest in infrastructure, this will end well.

  • WalterBannon

    Islamic something is set to boom in Canada, but it will probably be a bomb