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Islamic finance in Canada - challenges and proposed solutions

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Date
2023
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Abstract
Despite Islamic finance's substantial growth globally, its adoption in Canada remains relatively limited. This study seeks to understand the challenges faced by the Islamic finance industry in its expansion within Canada, assess the regulatory landscape's impact on this sector, and elucidate the pivotal role played by Islamic financial institutions (IFIs) in catering to the financial needs of the Muslim population and contributing to the Canadian economy. This study employed a combination of qualitative research methodologies, including literature review, discourse analysis, and thematic analysis. The literature review helped form an understanding of the key principles of Islamic finance and the global trends shaping this sector. Discourse analysis of various primary sources - including interviews and speeches - provided insights into the specific challenges and opportunities for Islamic finance in the Canadian context. Finally, thematic analysis helped distill the key strategies employed by IFIs in Canada to navigate these challenges and contribute to the Canadian economy. The findings suggest that Islamic finance faces several challenges in Canada, such as a lack of public awareness, the absence of diverse Islamic financial products, regulatory obstacles, and a lack of professionals trained in Islamic finance. The study also finds that IFIs can play an essential role in overcoming these challenges and promoting the growth of Islamic finance in Canada. This role includes efforts in education and awareness, diversification of product offerings, lobbying for regulatory change, building a network of trained professionals, leveraging digital technologies, and engaging with local communities. Overall, the growth and acceptance of Islamic finance in Canada relies heavily on the combined efforts of IFIs, regulatory authorities, and other key stakeholders to align Islamic finance practices with the Canadian financial system. This process involves not only structural and regulatory changes but also a broad societal understanding and acceptance of Islamic finance principles.
Keywords
Islamic finance , Challenges , Islamic financial institutions (IFIs) , Canada , Project paper (eMIF)
Citation
Tarwala, A. M. (2023). Islamic finance in Canada - challenges and proposed solutions (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3939
Publisher
INCEIF

Available in PDF format. Kindly email to kmc@inceif.edu.my to access the item

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