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Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada.  The Board was formed in 2008 to facilitate the development of Sharia-compliant financial products in Canada. One of its major functions is to bring a measure of standardization to the Sharia-compliant financial market. To date, it is the only institution in the country to provide one-of-a-kind services pertaining to this market segment.  Read the rest of this entry »

Bahrain based Gulf DAILY NEWS writes, “KUALA LUMPUR: The rise of Europe’s nascent Islamic banking sector will be slowed as paralysed credit markets dampen demand for Sharia bonds and weak property prices hurt the industry, European Islamic Investment Bank said yesterday. A slowing global economy would also weigh on the sector, the London-based lender said, reinforcing a growing view that Islamic finance – despite its strict lending rules – may prove to be more vulnerable to the global downturn than earlier thought. Read more

The Abrahamic faiths, Christianity, Judaism and Islam, prohibit
collecting interest on money loaned. Interest is the excess amount of
money paid (or paid in kind) on the loaned principal.
This is
considered exploitation. Some Islamic jurists, however, make a
difference between “Interest” and “Riba” (usury). Read more

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