Muslim Immigration Fueling “Islamic Banking” in Canada
The majority of Muslim-Canadians strive to lead productive lives and contribute positively to their country. The rising profile of the “Islamic banking” industry is one of these ways. However, Islamic financial instruments are often very similar to interest-based lending, leading some to criticize it as dishonestly advertised for profit, or to promote Islam. The sector’s supporters say it provides a means by which people can bank in accordance with their values by avoiding lending at very high interest rates or providing funding to activities they are religiously and/or ethically opposed to. Canada’s Islamic banking sector is still relatively small compared to that of other Western countries, but it is likely it will continue to see growth in the coming years given the rising population of Canadian Muslims, which now number nearly one million.