(1888PressRelease)
April 23, 2007 - Bringing together a distinguished faculty of speakers and panellists, the 3rd International Islamic Banking, Finance & Insurance (Takaful) Conference on May 17-18, 2007 at the Ottawa Congress Centre, will tackle key issues such as promoting new prospects for Islamic banks, global efforts in Islamic banking, finance & insurance; and comparison between Islamic & conventional banking. The conference, organized by the Ansar Financial Group & Islamic Co-operative Housing Corporation, two of the well-established Islamic financial organizations in North America with over 25 years of expertise in the field, will also illustrate the vast beneficial appeal of Islamic finance models to a common person, as well as the corporate world.
The overarching principle of Islamic finance and banking is that all forms of interest are excluded. Working on the model of risk sharing, the customer and the bank share the risk of any investment on agreed terms and divide any profits or losses between them. Islamic investments clearly eliminate trades in alcohol, betting and pornography, amongst others. Conference Co-Chair Derek Lee, Member of Parliament for the Scarborough - Rouge River region accepted this position out of respect for the many thousands who subscribe to the Islamic faith. Speaking on the government involvement, he says, “Islam is now firmly rooted in Canada and it would be natural for financial institutions to generate banking services which comply with the principles of that faith. Government policy will continue to foster the growth and stability of our banks and ‘near-banks’ in service to Canadians and the economy. Islamic banking will be a visible component of those services, just as mortgages, trusts, RRSPs and bank service machines are today.”
Warren Edwardes, CEO of Delphi Risk Management, London, UK, comments, "There still seems to be a misconception about Islamic finance in North America. I have been telephoned from North America and asked more than once along the lines: 'We are trying to trace some funds. Do you think these funds could have been laundered through Islamic banking?’ If some drug dealer or terrorist wanted to launder money the very last vehicle he would use is an Islamic bank. In Islamic banking, transparency is the key. And beyond transparency are the Islamic finance pillars of no usury, profit and loss sharing, fairness and ethics. These are aspects that I as a devout Roman Catholic find attractive in Islamic Banking." According to a recent survey conducted by GlobeScan for Hewlett-Packard Co. 92 percent of Canadians say the more socially and environmentally responsible a company is, the more likely they are to purchase their products.
There are over 265 Islamic banks and institutions operating in 40 countries with total assets estimated at US$262 billion. Some estimate put the growth annually at 15%. Islamic finance supports investments, leasing, project finance, asset financing, bond issuance, and insurance while demonstrating social responsibility and furthering the financial growth of the society. Many banks including Citibank, HSBC, BNP Paribas, Barclays and UBS have begun to offer Islamic financing options. The Canadian Muslims market is about 600,000 strong and Muslims are the largest growing religious community in Canada with total population expected to reach nearly 2 million by 2015 (Statistics Canada 2001). This conference is an unprecedented step in taking Islamic finance deeper into the Canadian market.
###
