The demand for Islamic Financing in Canada continues to grow and the availability of Shariah compliant financing products is less exploited in view of the existing potential. The Muslim community wish to see one day the establishment of Halal Mortgage in Toronto, Ottawa, Vancouver, Montreal or any of the major cities in Canada.
With its growing Muslim population, stable economy and openness to the world, Canada is poised to become the next centre of Islamic finance, predicts local experts.
According to the predictions of a recent report by the Toronto Financial Services Alliance (TFSA), a public-private entity seeking to turn Toronto into a global financial centre, Canada could host nearly $ 18 billion worth of assets. Sharia-compliant mortgages, while international Islamic bonds (sukuk) could generate $ 130 billion in domestic infrastructure investment.
Just over one million people identified themselves as Muslims in the last Canadian household survey in 2014, and this number is expected to increase to about three million by 2030. Muslims accounted for 3.2% of the Canadian population in 2011, compared with 2% ten years earlier.
While over 1 Million Muslims currently call Canada home and contribute to 2.8% of the current population and with this number expected to rise to 6.6% of the population in 2030, it’s a shame that this opportunity hasn’t already been captured by a few of the bigger lenders in Canada.
A few Canadian lenders are currently offering some suitable Sharia Compliant Housing particularly to senior people.
CANADA'S ISLAMIC MORTGAGE LENDERS