Requirements for the success of Islamic finance in Canada

Abstract EN

Islamic finance is at its first steps in Canada and the financial institutions offering Islamic financial products face many problems performing their services.

this paper has the objectives of evaluating the current situation of Islamic finance in Canada, to look into the issues and challenges faced by the financial institutions offering Islamic financial products as well as the conditions and requirements for the success of Islamic finance in Canada.

this study is qualitative in nature using analysis of the literature such as journals, books and official websites.

the data is thoroughly analyzed in order to find the solutions for the success of Islamic finance in Canada.

it is found that some Islamic financial products are offered in some non-bank financial institutions.

these institutions face issues amongst which are the lack of capital, the taxation and legal barriers and especially competition next to the Canadian big banks.

as a result, for the success of Islamic finance in Canada, it should be implemented in the big banks first.