Islamic Banking Model in Canada by Laura Edward

By:  Global Economics Reporter, Published on Tue Oct 29 2013
Country to become first western nation to issue Islamic bonds, Prime Minister David Cameron tells World Islamic Economic Forum in London.
British Prime Minister David Cameron, right, attends a leader's lunch at the 9th World Islamic Economic Forum in London on Tuesday.

BETHANY CLARKE / GETTY IMAGES – British Prime Minister David Cameron, right, attends a leader’s lunch at the 9th World Islamic Economic Forum in London on Tuesday.

British Prime Minister David Cameron wants London to be alongside Dubai and Kuala Lumpur as one of the great Islamic financial capitals of the world.

 By Julius Melnitzer

For several years now, the Toronto Financial Services Alliance, a public-private partnership dedicated to building Toronto as a global financial services centre, has promoted the idea of positioning the city as the North American hub for alternative, also known as Islamic, financing.

The realization of that goal would be a significant development not only for Toronto’s economy but for its major law firms.

“Most of the large Canadian law firms have some experience with clients or issues involving Islamic finance,” says Jeffrey Graham of the Toronto office of Borden Ladner Gervais LLP. The firm recently hosted a seminar on Dubai’s plans to become a global hub for the Islamic economy.

By way of example, Blake Cassels & Graydon LLP, Bennett Jones LLP, and Norton Rose Fulbright Canada LLP have presences in the Persian Gulf region. Stikeman Elliott LLP’s lawyers have written extensively about Islamic finance and Cassels Brock & Blackwell LLP has given advice to parties in that space. Read the rest of this entry »

With all due respect to Sharia Financing critics, it is evident that UM Financial became a test case for Muslim community in Canada. Due to this many lost trust in this financing process though the main culprits were the inexperienced, over enthusiastic, and less credible few individuals. Shariah scholars, who had endorsed this idea of covering this un-banked segment of Muslim community shall not be spared also! Overall this is the failure of few individuals only, not Islam or over all Muslim community in Canada! Please read below article with same sense.  


CEO of UM Financial Omar Kalair

By Shaheen Pasha and Cameron French
The insolvency of an Islamic mortgage lender in Canada may hinder the growth of sharia-compliant finance in North America, where the industry has struggled to gain traction in the absence of a supportive regulatory framework.

UM Financial Inc was ordered into receivership in October, leaving about $32 million worth of mortgages in the hands of Toronto’s legal system. Accounting and business advisory firm Grant Thornton was appointed receiver by the Ontario Superior Court of Justice. Read the rest of this entry »


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