Canada is witnessing an increasing interest in Islamic finance, particularly in areas like housing finance, mortgage finance, and takaful (Islamic insurance) products. Some small level Islamic finance institutions in the Canadian market are offering the financial services that adhere to Sharia principles.
Alhuda Centre of Islamic Banking and Economics (CIBE) – UAE, a leading global Islamic finance consultancy and advisory firm, recently conducted a two-day specialized training workshop on the basic and practical aspects of Islamic banking and finance in Toronto, Canada.
Islamic finance is a rapidly growing industry worldwide, and Canada is no exception. While Islamic finance is still in its early stages of development in Canada, it is gaining popularity among both Muslims and non-Muslims alike. The growing popularity of Islamic finance in Canada is a positive development for the country’s economy. Islamic finance can help to promote financial inclusion and economic growth. It can also help to strengthen Canada’s ties with other Muslim-majority countries.
Mr. Zubair Mughal, CEO of Alhuda CIBE, spoke at the workshop about the importance of Islamic finance in promoting religious harmony and financial inclusion. He said, Islamic finance is a system, not a religion. Muslims have a distinct advantage, as it aligns with their religious principles, but it also offers non-Muslims a unique and ethical way of managing their finances. This is an inclusive system that benefits everyone, regardless of their faith.
Mr. Zubair Mughal, added that the religious harmony in Canada makes it an ideal atmosphere for Islamic finance, and due to the large number of Muslim immigrants, demand of Islamic banking products is increasing in the market. This industry not only caters to the financial needs of Muslims but also resonates with individuals seeking ethical and socially responsible financial solutions.
The specialized training workshop by Alhuda CIBE aimed to equip participants with a comprehensive understanding of Islamic banking and finance principles and their practical applications to the Canadian Market. It also provided a platform for industry experts to share insights and experiences. Through initiatives like the recent workshop, Alhuda CIBE continues to play a vital role in promoting the principles of ethical and responsible finance in Canada.—Zawya news
