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Canada: Sharia financing rapidly expanding with increasing Sharia-adherent population

Feb 12, 2020 3:00 pm By Christine Douglass-Williams

Islamic finance is rapidly expanding in Canada. “Canada is home to an estimated 1.5mn people following the Islamic faith, or around 4% of the population, which makes Muslims the second largest religion in the country, while it is also the fastest-growing. Most of them are immigrants.”

And expect demand in Canada for Sharia finance to increase steadily, along with demands for other Sharia tenets, such as curbing speech that offends Islam. Canada already has “Islamophobia” motion M-103, along with a $23-million followup plan to “crack down” on “Islamophobia,” as well as to train law enforcement to monitor online and offline “hate speech.”

Canada is also welcoming in one million immigrants a year, with a Prime Minister who has his clear preferences: Trudeau has declared that “evangelicals are the worst part of Canadian society.” Also, Canada’s zeal to lead the charge on the UN Migration Pact will “spell radical change for Canada,” turning mass migration into a human right. That is sobering, given Trudeau’s dismal record of promoting the interests of Islamic supremacists. The Muslim Voting Guide even deemed Trudeau’s “blackface antics” to be “OK because of his public stance against Islamophobia.”

There are plenty of opportunities for Islamic banking in Canada with a Muslim population that will increase substantially in the future and with a growing interest of foreign investors noticing that Canada is developing into an Western hub for Islamic investment and finance, following the footsteps of the UK.

But allowing Sharia-compliant finance is dangerous. Frank Gaffney, Founder of the Center for Security Policy, warns that it “is green-lighting a seditious system that supports jihad.” He further states:

“If you understand what Shariah is, you understand that it is a pretty awful system. Not something that you’d want insinuated in your society and becoming a major feature of your economic system…..Shariah (Islamic law as dictated by the Koran) governs all aspects of life, from the personal practice of the faith to how you relate to your family to how you relate to your business partners, to your community … all the way up to how the world is run, and it is all one seamless program. You can’t say ‘I’ll take the personal pietistic practice … and skip the beheading and the flogging and the stoning and the global theocracy.”

The Canadian banking sector reportedly has about $18 billion worth of Sharia-compliant mortgages; Sharia financing is rapidly expanding into the insurance sector as well.

“Islamic finance making strides in Canada,” by Arno Maierbrugger, Gulf Times, February 11, 2020:

Although currently not quite in the very centre of attention of the global Islamic finance industry, the Canadian Islamic finance scene in the recent past has experienced growing interest from domestic and international investors, as it developed a rising number of Shariah-compliant investment and financing offerings. The reason is that more Muslims are seeking halal banking and finance products and – in general – an open-minded and progressive society is looking for alternative and socially conscious ways of investing.

Canada is home to an estimated 1.5mn people following the Islamic faith, or around 4% of the population, which makes Muslims the second largest religion in the country, while it is also the fastest-growing. Most of them are immigrants, but there is also a growing percentage of Muslims born in Canada and a smaller, but increasing number converting from other religions to Islam.

Most of them live in the Greater Toronto and Greater Montreal area and are generally middle-class and well educated with considerable grades of financial literacy. Overall, it is estimated that the number of Canadian Muslims will double in the coming decade. Besides, the Muslim community in Canada is quite young, so there is definitely a large potential for mortgage, car, house and personal insurance, credit cards and consumer loans. Multiple-language offerings, personalised services and modern technology-based banking and investment products further create demand in Islamic banking.

These facts, paired with Canada’s global competitiveness and ease of doing business, its AAA credit rating, its well-supervised financial market with strong risk management mechanisms, a sound banking system and a financial regulatory regime which has shown to be compatible with many Islamic finance instruments make a solid background for a thriving Islamic banking and finance landscape.

This situation, together with open-minded non-Muslims on the outlook for ethical and sustainable investment, has raised particular demand for halal mortgages and sukuk and Islamic mutual funds, Islamic insurance, or takaful, as well as commodity- and infrastructure-backed investment. Notably, Canada’s wealth in natural resources, which ranges from mining to hydrocarbons, combined with its ambitious infrastructure development agenda provide countless investment opportunities for investors looking for Shariah compliance in accordance with the asset-backed product requirements of Islamic finance.

There are already a number of Islamic finance players, with the most established being United Muslim Financial, Habib Canadian Bank, Al-Ittihad Investment, Al Yusr, Manzil Bank, Ijara Community Development Corp, Islamic Co-Operative Housing Corp, Ansar Co-operative Housing Corp, Qurtuba Housing Co-op, An-Nur Housing Cooperative, Amana Auto Finance Canada, Assiniboine Credit Union, newer players such as Iana Financial, Wealthsimple Halal, ShariaPortfolio Canada, Global Iman Fund, as well as a number of other medium-sized and smaller player and mortgage cooperatives. Besides, there are a growing number conventional banks and financial institutions opening Islamic windows or planning to do so, among them Canadian Imperial Bank of Commerce or the Canada Mortgage and Housing Corp…..

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Filed Under: Canada, Featured, immigration Tagged With: Islamic finance, Sharia finance


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Comments

  1. mortimer says

    Feb 12, 2020 at 3:25 pm

    The Lib-Jihad Party of Canada is in bed with the Muslim Brotherhood. They are funnelling large amounts of taxpayer cash to Islamist front groups.

    • Westman says

      Feb 12, 2020 at 9:55 pm

      Imagine the inventions and diversions of “interest free” Islamic, Sharia-compliant, banking. It should be interesting when the normal banks find themselves bypassed and start complaining about, “irregularities”

      Exactly, how will the Canadian government tax, zero interest?

      • gravenimage says

        Feb 12, 2020 at 9:57 pm

        Maybe they can start levying Jizya on non-Muslims? I just wish I meant this entirely facetiously…

        • Del says

          Feb 13, 2020 at 10:19 am

          Muslim / sharia no-interest banking is racist.The Bank income has to come from somewhere and we know it will be taken from infidel investments and accounts. It would be interesting to see the rates Banks give for Muslim savings and infidel savings accounts, or even service charges.

      • Lion Heart says

        Feb 14, 2020 at 3:26 am

        Westman : I am a Canadian Christian guy originally from Iraq and I said is before as my Christian ancestors in Iraq said it hundreds of years ago out of their bitter experience with Islam since its rise “ if a Muslim is a piece of gold, don’t put it in your pocket otherwise it will rip through “ meaning Muslims would eventually betray non-Muslims especially Christians when they get the chance and power to do that especially when they take Islam seriously and we saw their betrayal to Iraqi Christians after the fall of Saddam’s bloody regime and how they stabbed Christians in the back even Muslims who used to be longtime neighbors to Christians, they betrayed Christians too .

  2. elee says

    Feb 12, 2020 at 3:39 pm

    So many questions……Doesnt Canada have laws about the finance business? Have they got separate laws for Muslims, or do they just disregard the existing laws for Muslim enterprises? Are there money-laundering laws? Does anybody ever audit any of these businesses? Hey Canada quit arming the enemy!

  3. James says

    Feb 12, 2020 at 3:43 pm

    Why in the world have the Canadians elected Trudeau’s party so that he can rule, and why don’t they change to a more conservative government that can fight back against Islamization? What is wrong with them? They are acting like our Dems.

    • Dan says

      Feb 12, 2020 at 4:52 pm

      Turdolt got in because we DON’T have the protection of the electoral vote. So he politics in Ontario and Quebec, where the majority of the population lives, and we in the entire west half of the country, PLUS the four maritime provinces, don’t have the voting power to do squat.

      THIS is the kind of government the liberals want to set up for America.

      Don’t fall for it.

  4. Ashley says

    Feb 12, 2020 at 4:46 pm

    Besides, the Muslim community in Canada is quite young, so there is definitely a large potential for mortgage, car, house and personal insurance, credit cards and consumer loans. Multiple-language offerings, personalised services and modern technology-based banking and investment products further create demand in Islamic banking.
    _______________________

    And you, my friend, have just entered The Twilight Zone…

    • elee says

      Feb 12, 2020 at 7:33 pm

      Right. And they can afford all this debt with the proceeds of future jizya, right? Oh and of course they wouldnt take that borrowed cash, give it to some ISIS front, and skip off to kill kafirs for al Lah, right? In case anyone was wondering……it used to be that everyone had the common-law right to issue private debt notes and become a banker…….it turned out there were lots of problems with unregulated banking, so laws got enacted, there are restrictions on who can set up lawful financial intermediaries……so……back to my questions above: Does Canada have special laws for Muslim banks, or do they just ignore existing laws when the violator is a Muslim?

  5. Huh!?! says

    Feb 12, 2020 at 4:51 pm

    This is just great! The golden rule has been forgotten in Canada. The person who owns the gold rules. Does Trudeau think that cooperation with islamists is going to mean peace? He is allowing an Anaconda to slowly squeeze Canada to death. The money being raised will go straight to jihad. islam is required to do just that. Soon, if not already, it will not make any difference how many real Canadians there are. They will be outvoted by islamists and socialists. I just pray Canada, real Canada wakes up before it is too late.

  6. Dan says

    Feb 12, 2020 at 5:12 pm

    Of course we have “laws” against such.

    Problem is, laws don’t stop any crime, they only stipulate penalties for certain actions, so, if you can justify in your mind a law is stupid or immoral, which ours being Christian based Muslims do, and if they also don’t have to worry about paying said penalty – crying Islamophobia solves that – why would they abide?

    It’s basically the same tactic the Bidens use.

    And the Clintons.

    And the Kerrys.

    And Obama and Michelle.

    Yada, yada, etc., etc.

    • Dan says

      Feb 12, 2020 at 5:14 pm

      Dang. This was supposed to be in reply to Elee.

      • GreekEmpress says

        Feb 13, 2020 at 9:03 am

        Hi Dan,
        Do you know if the BMO bank has any plans to institute this sharia compliant policy? They have many branches here in the states, and we have banked with them for several years as they were conservative and solid. If they institute this policy I would sure like to know about it.

        • GreekEmpress says

          Feb 13, 2020 at 9:10 am

          PS BMO Harris is what it’s called here. I think in Canada it is Bank of Montreal?

  7. Steve says

    Feb 12, 2020 at 6:12 pm

    Canada and America will go the way of Europe idiotic globalists UN NWO etc etc

  8. Bob Thompson says

    Feb 13, 2020 at 4:01 am

    “Canada is home to an estimated 1.5mn people following the Islamic faith, or around 4% of the population, which makes Muslims the second largest religion in the country, while it is also the fastest-growing. Most of them are immigrants.”

    – From the story above…

    This article, linked below, reveals the characteristics of Islamization in a country based on the percentage of the population occupied by Muslims.

    The Five Stages of Islam

    https://www.americanthinker.com/articles/2011/05/the_five_stages_of_islam.html

  9. No Muzzies Here says

    Feb 13, 2020 at 8:23 am

    Sharia-compliant banking is alive and well in the USA. It’s just that your bank doesn’t advertise it. But it’s here, and we now have the banks, and by extension, the US government, enforcing Sharia.

    There is no reverse gear for this.

    • GreekEmpress says

      Feb 13, 2020 at 9:06 am

      Anybody at JW know which banks here in USA are sharia compliant?

      • gravenimage says

        Feb 13, 2020 at 9:09 pm

        GreekEmpress, here’s an ugly list:

        https://www.shariahfinancewatch.org/shariah-financial-institutions/

        Notice that in addition to specifically Islamic institutions, it includes such mainstream financial giants as Bank of America. Barclays,Century 21, J.P. Morgan Chase, CitiBank, Goldman Sachs, Merrill Lynch, and Morgan Stanley.

        • GreekEmpress says

          Feb 13, 2020 at 9:39 pm

          gravenimage,
          Thank you for sending me the link; I greatly appreciate it.
          I will be removing any funds I have in a sharia compliant bank.

        • gravenimage says

          Feb 15, 2020 at 12:59 am

          Glad this was useful, GreekEmpress.

  10. E T says

    Feb 13, 2020 at 7:30 pm

    Read an article today about Maryland’s showcase power of door-to-door lobbying. How many Muslim groups showed up to get lawmakers to strengthen hate crime laws and ask lawmakers what they are doing to oppose ineffective and unconstitutional violent extremism programs.

    CAIR and the United Maryland Muslim Council showed up to pressure lawmakers.
    CAIR’s Chaudry said: “That is just one example of how when we engage with our lawmakers and we make our voices heard, how our communities can have such a POWERFUL role to play to shape public policy.”

    The revered, Muslim scholar, Sayyid Qutb said “We will be extremely outspoken with them.”

    “No political system or material power should put hindrances in the way of preaching Islam. It should leave every individual free to accept or reject it, and if someone wants to accept it, it should not prevent him or fight against him. If someone does this it is the duty of Islam to fight him until either he killed or until he declares his submission.”

    “Those who believed and migrates, and strove with their wealth and their persons in the cause of God, and those who gave them refuge and helped them, are the protectors of each other.”

    “Islam cannot accept any mixing with Jahiliyyah.”

  11. toomanyhobbies says

    Feb 13, 2020 at 7:40 pm

    looks like it is time to build a really good wall to the north…

  12. FYI says

    Feb 14, 2020 at 11:34 am

    “Allah’s messenger cursed the accepter of interest,the payer
    the one who records it and the two witnesses”
    {Sahih muslim 10:3881}

    But then allah also curses anyone involved in the Wine trade too..

    “The prophet said ‘allah has cursed wine,the drinker,its server,its seller,its buyer
    its presser,the one for whom it is pressed,the one who conveys it and the one to whom it is conveyed”
    {Sahih Bukhari 8:81:791}

    allah doesn’t seem interested in business or banking:but then who needs it when you can get easily money by Jizya taxing the infidels?

    Or just by simply stealing stuff from the kuffar:allah gives full permission and “in advance”;after all,by allah’s moral code,stealing stuff is merely a “token for the believers” as long as the victims are non-muslims

    “allah promiseth you much booty that ye will capture and hath given you this in advance,and hath withheld men’s hands from you that it may be a token for the believers and that he may guide you on the right path”

    {koran 48:20}

    Here we see allah’s idea of being on the “right path”:he tells muslims it is perfectly OK to steal from the infidels,the loot is there for the taking.It seems allah isn’t too bothered about that “Thou shalt not steal commandment”.And what is Jizya tax really if not an islamic version of an extortion scam,a protection racket to be paid off and thus a form of koranically sanctioned theft {koran 9:29}

  13. E T says

    Feb 14, 2020 at 1:07 pm

    Too many hobbies, Take a trip to Dearborn, Michigan and get back to me about the Muslim Brotherhood hoods infiltration of the US as well as Canada. Staggering is a perfect word to describe the Brotherhood members in the entire West.

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