Islamic finance is being promoted yet again in Canada. According to the Gulf Times, Sharia finance is rapidly expanding, along with an increasing Sharia-adherent population in the country. Jihad Watch recently reported that Sharia-compliant financial assets are expected to reach $3.8 trillion by 2023, outperforming conventional banks. This is bad news, as Sharia financing is not simply a service of profit-and-loss sharing and declining balance-sharing for mortgages for devout Muslims. The article described trends in Sharia finance HERE, including warnings, stated in brief in that article by Frank Gaffney, founder of the Center for Security Policy, who said that it is “green-lighting a seditious system that supports jihad.” He further stated:
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.
Gaffney subsequently interviewed me on the topic of Sharia financing and how it is trending, with a focus on terrorism funding and the funneling of billions by Islamic banks to al-Qaeda, al-Qaeda in the Islamic Maghreb, the Muslim Brotherhood, Hamas, and other jihad groups. It was also noted that Islamic finance owes much of its foundation to unsavory jihadis, notably Sayyid Abul Ala Maudaudi, a Pakistani Muslim scholar and Islamic jurist who was founder of the Jamaat-e-Islami in Pakistan, and Hassan al-Banna, founder of the Muslim Brotherhood in Egypt. The interview can be heard HERE:
Now, in an opinion column in Canada’s Globe and Mail, Walid Hejazi and Mohamad Sawwaf have written the article “Embracing Islamic finance presents an opportunity for Canada.”
“Embracing Islamic finance presents an opportunity for Canada,” by Walid Hejazi and Mohamad Sawwaf, Globe and Mail, April 15, 2020:
Dr. Walid Hejazi is an Associate Professor of Economics at the Rotman School of Management and Mohamad Sawwaf is a Doctoral Candidate in Islamic Finance and the Co-Founder & CEO of Manzil, an Islamic Financial Institution Headquartered in Toronto
Canada is one of the most diverse countries in the world, a feature that is seen as a significant strength. Religious and cultural tolerance is a Canadian hallmark of which we are all proud. Canadians are free to practice their religion, their holidays and pursue their cultural practices.
For some individuals, this also means being able to obtain financial services that conform to their ethical, religious or cultural beliefs. Again, Canada has traditionally been open to such innovations. The one caveat, of course, being that such services conform to Canada’s globally recognized financial regulatory framework, with its focus on stability, sustainability and consumer and investor protection.
A potential opportunity for financial services was identified in a report issued by the Toronto Financial Services Alliance and Thomson Reuters. Toronto, with its financial services strengths and growing multicultural population, could position itself as North America’s hub for Islamic finance.
So what is Islamic finance? Simply put, it means structuring financial services and products in a different way. Islamic finance products and services are built on sharing the risk equitably among the parties to the transaction, are backed by hard assets, do not employ the charging of interest and do not invest in industries categorized as “sinful” such as alcohol, gambling, pornography or weapons. That’s it.
Islamic finance is one of the world’s most rapidly growing areas of international finance. The industry’s total worth – across its three main sectors (banking, capital markets, and Islamic Insurance) – exceeded US$2-trillion in 2018 and continues to have above-average growth, according to key industry stakeholder organizations. Its focus on stability and shared risk among partners actually makes it very consistent with Canada’s financial tradition. Many people would be surprised to hear that many of the companies listed on the TSX and S&P are by default already compliant with Islamic finance principles.
Academic studies have shown that Islamic financial institutions fared better than their conventional counterparts during previous economic downturns. This can be attributed in part to less levered balance sheet and backing by hard assets. At a time when some Western banks required bailouts, many Islamic banks continued to grow.
Expanding access to Islamic mortgages for Muslims and non-Muslims alike is one area of potential opportunity, giving consumers more options for structuring their financial payments to purchase a new home….
Niemoller says
Sharia/Islamic finance. The name itself is offensive to non-Islamists, i.e., non-Muslims and Muslims who are not Islamists.
toomanyhobbies says
they do realize any money invested there can be confiscated by them in the name of their moon god… right….
John says
And used for bombs and bullets I’m sure
mortimer says
Canadians shouldn’t buy a drop of Muslim oil, because the third largest oil reserve lies under Alberta. Canadians should build pipelines across the country and stop sending Canadian dollars to supremacists.
Sharia finance is a flawed model. No one wants a bank account that pays no interest, not even Muslims.
Captnhook says
Canadians should all become devout muslims asap. Otherwise sharia law will treat them savagely as in rape, beheadings etc. Why are Canadians so complacent when faced with an enemy that will destroy their culture?
.Bridgette says
Canadians aren’t aware of any of this. CBC and CTV never mention a thing. All is well in Trudeau’s utopia and that’s a good part of the problem.
gravenimage says
True, Bridgette. Most Infidels still don’t understand that Islam is a threat.
Nancy says
It’s Trudeau and the Liberals not Canadians..
Victoria says
It’s all a matter of leverage. Canadian conservatives can complain all they want about the take over of their country by extremists, and Muslims are extremists. However if you keep letting them into your country and there are more of them than you ,you can just shut up and go with the flow. For Muslims sharia law is not about finance, it dominates their life and it will swallow up Canada till nothing Canadian exists anymore. I wonder how the French Canadians , who have always wanted Englishmen’ out of Canada will like their new masters.
Dieks62 says
The biggest problem we have here in ?? is the unbridled ‘illegal’ influx of not only ME & North-African ☪️‘S by our own corrupted liberal government to ensure a steadfast growing liberal voters-basis, but also the influx of Asian & European immigrants, who’s political views don’t quite match our traditional ?? views, who’ve either already adapted to the local established socialist-Marxist clergy or are still in the process of bringing their socialist-Marxist beliefs to this country as new immigrants and this mainly to the big cities centres! Unfortunately for ?? this new group of immigrants now represent the majorities of the voting public! Also Unfortunate is the fact that most of the conservatives, including their party, have moved left these past 5 yrs, have become ‘liberalized’ : hence the only 5 parties we we have now are now all liberal based establishment parties, while most of the small remainder staunch conservatives are mostly residing in the smaller rural ?? towns, who all have become a minority, like the Armenians were in the Ottoman empire, so naturally, its all downhill from here!
Halal Bacon says
the bigger problem is death if loan not paid back
Janice Mermikli says
That would be a bit harsh! (understatement)
Steve says
On the Interest you are wrong. Call it what ever name Islamic Finance gives it when you make a profit on a loan in the West it is called interest. Go look it up.
gravenimage says
This is true–“Shari’ah Finance” is all sleight-of-hand. Lenders (though they are not called this) still make money.
John says
It’s not designed to pay interest it’s all about moving money into the hands of those who will use it to kill us infidels
gravenimage says
That’s a big part of it. “Shari’ah Finance” funds Jihad terror.
mortimer says
Thanks for the superb quote from Frank Gaffney:
” (Sharia law) 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.”
If the West had ten thousand men as knowledgeable and articulate as Frank Gaffney we could defeat Islam, but first we have to defeat the Leftards and Globalists in the market place of ideas which they own and heavily censor at the moment.
Niemoller says
There are probably easily that number of people but they spend their time learning while shallow social climbers gather political and economic power through wrongful collaboration and treason.
James Lincoln says
mortimer says,
“If the West had ten thousand men as knowledgeable and articulate as Frank Gaffney we could defeat Islam, but first we have to defeat the Leftards and Globalists in the market place of ideas which they own and heavily censor at the moment.”
Absolutely 100% correct.
The leftards and globalists virtually control the mass mainstream media, and thus the narrative.
As I’m sure Wellington would agree, therein lies the problem – and that needs to be solved first and foremost.
And, tragically, all of the “top” anti-jihadists are swimming against this toxic current…
mortimer says
Very good interview above. Christine Douglass-Williams said, ‘There has been found to be a huge connection between Sharia finance and jihad groups.’
Sharia finance is being used to infiltrate the Muslim Brotherhood and Al Qaeda into Western political circles.
Sharia finance is a way to take power away from Western societies.
gravenimage says
+1
Dieks says
And with the willing help of Quisling leftist politicians & their voters-base, they’ll achieve those objectives, whatever they may be, in a bery short time-span if we all don’t take action immediately!
Woke Infidel says
Let’s just call it Personal Jihad Finance, and be done with it.
gravenimage says
Advocates of Sharia finance claim that “embracing Islamic finance presents an opportunity for Canada”
………………………..
An “opportunity” for what? Instituting Islamic norms and enabling the financing of Jihad terror?
manny levine says
We like to think that we’ve come a long way, but we obviously have a long way to go. Filchock79