Wednesday, December 23, 2015
Islamic banking could be big boost to Canada's finance industry and Jihad funding?
Islamic banking could be big boost to Canada's finance industry and Jihad funding? (Metro).
Islamic banking is being touted as the next big thing for Canada's financial services sector, but experts say it's up to the new federal government to demonstrate that it welcomes Shariah-compliant investments.
"It's absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance," says Walid Hejazi, an associate professor at the University of Toronto’s Rotman School of Management.
They could do so either by issuing sukuk — Islamic bonds — or by making a public statement, Hejazi says, noting that the previous government was on record as saying it welcomed such investments.
"If there is a risk that a change in government is going to change its view on that kind of investment, that spooks investors," he said. "So the government must be clear to say . . . 'We're open to Islamic finance, we welcome it,'"
Islamic finance — which bans interest payments and investments in gambling, pornography, weapons, alcohol, tobacco and pork — is a fast-growing niche in the financial services industry.
"The whole idea or the concept is to avoid people becoming buried in debt because, back in the days of the Prophet, ... when people weren't able to pay their debt they were enslaved or exploited," he said.
MFS : They make sure not to mention that Islamic banking is also subject to Zakat which by Islamic law will be used to finance Jihad. So Canada might end up financing the assault on its own Charter of rights.
Hmmm......Islamic banking is subject to Zakat = 2.5% of surplus wealth that a company has possessed for a full lunar year.
More on Zakat and Jihad can be read here at Money Jihad.