Английская Википедия:Islamic banking and finance in Canada

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The demand for Islamic banking and finance has grown in Canada due to the growing Muslim population in the country who want to avoid riba and other financial practices in violation of sharia. These sharia-compliant financial products are not offered by main financial institutions and, thus, small financial companies are major players. However, major companies like WealthSimple are starting to embrace the idea.

History

Islamic mortgage

A Toronto-based financial company UM Financial started giving Sharia-compliant loans to Muslims in 2005 in partnership with Central 1 Credit Union of Vancouver. The company planned to offer no-interest MasterCard as well. UM financial was ordered to go into receivership by the Ontario Superior Court on October 7, 2011. Omar Kalair and Yusuf Panchbaya of UM Financial were charged by RCMP for $4.3-million mortgage fraud, but both men were acquitted of all counts contained in the indictment in Ontario Superior Court June 7, 2019.

Islamic financial products

Mortgage products

Comparison of Islamic Mortgage Products

Company	Islamic model	Year of Inception	Funder	Funding from Banks/ Credit Unions	Serving province	Sharia Standards	Sharia Certification	External Review	Website
IjaraCDC Canada	Ijarah-wa-Iqtina	2008		Yes				AMJA Ebrahim Desai	[1]
Aya Financial	Diminishing Musharakah			Yes	Ontario			Ebrahim Desai	[2]
Zero Mortgage	Diminishing Musharakah			Yes				Ebrahim Desai	[3]
Manzil	Murabaha Diminishing Musharakah	2019	Manzil Mortgage Fund	No	Ontario	AAOIFI		Ebrahim Desai	[4]
Eqraz	Murabaha	2022			All provinces except Quebec	AAOIFI			[5]
Canadian Halal Finance Corporation	Murabaha Diminishing Musharakah	2021			Alberta				[6]
Halal Homes	Murabaha Diminishing Musharakah				Alberta				[7]
Murabaha Homes	Murabaha								[8]
An-Nur Co-operative			Co-operative						[9]
Ansar Co-operative	Diminishing Musharakah	1980	Co-operative		Ontario			Ebrahim Desai	[10]
Interest-Free Housing (Formerly ISNA Housing)		2008	Co-operative						[11]
Al Ehsaan Housing	Diminishing Musharakah		Co-operative		Saskatchewan				[12]
Qurtuba Housing Coop	Diminishing Musharakah		Co-operative		Quebec				[13]
Assiniboine Credit Union	Diminishing Musharakah		Credit Union	Yes	Manitoba				[14]

Investment products

Comparison of Investment Products

Product	Type	First year of offering	Company	Available through	MER	Sharia Certification	Website
Wealthsimple Shariah World Equity Index ETF (WSHR)	Exchange-traded fund (ETF)	2020	WealthSimple		gold ETF 0.18%, equity ETF 0.5%	Ratings Intelligence	[15]
Wahed FTSE USA Shariah ETF (HLAL)	Exchange-traded fund (ETF)	2019	Wahed Invest		0.5%		[16]
The SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS)	Exchange-traded fund (ETF)	2019	SP Funds		0.49%		[17]
SP Funds Dow Jones Global Sukuk ETF (SPSK)	Exchange-traded fund (ETF)		SP Funds				[18]
The SP Funds S&P Global REIT Sharia ETF (SPRE)	Exchange-traded fund (ETF)		SP Funds				[19]
Global Iman Fund (IMANX)	Mutual Fund	2008	Global Growth Assets				[20]
Manzil Mortgage Fund (MANZL)	Mortgage Fund	2019	Manzil	Manzil/ CI Direct	1.5%		[21]
Sukak - Term Deposit	Mortgage Fund	2019	AYA Financial	Moya Financial			[22]

Roboadvisors/ Investments Managers

Some institutions have started offering accounts including Registered Education Savings Plan (RESP), Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA) etc.

Comparison of Islamic Investment Service Providers

Company	First Year of Offering	Fees	Minimum Investment	External Review	Website
Manzil (through CI Direct)	2019	0.6%			[23]
Assad Wealth Management at IG Wealth Management	2004	0.6% to 1.35%	$50,000		[24]
ShariaPortfolio	2020	0.5 to 2%			[25]
Wealthsimple Invest	2021	0.4 to 0.5%	No mimimum		[26]
Global Growth Assets	2008			Global News	[27]
Canadian Islamic Wealth					[28]

See also

• Islamic banking and finance
• Islamic finance products, services and contracts
• Challenges in Islamic finance
• Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

External links

• https://zoya.finance/