Canada ready for Islamic banking: report

Islamic banking is being touted as the next big thing for Canada's financial services sector, but experts say it's up to the new federal government to demonstrate that it welcomes Shariah-compliant investments. The Canadian government must signal that, in fact, it is open to Islamic finance. They could do so either by issuing sukuk — Islamic bonds — or by making a public statement. A study released earlier this month by the Toronto Financial Services Alliance and Thomson Reuters says Canada has a number of advantages — including a growing Muslim population, a stable banking system and a favourable regulatory environment — that make it well positioned to become a North American hub for Islamic banking.