IslamicFinance.de

Islamic finance, banking, and takaful has a large potential in the US and Canada despite several setbacks and various obstacles and hurdles. In terms of the United States, a 100% truly Shariáh compliant takaful company may not be possible at this time in the USA as many states have limited investment of collected premiums to non-Shariáh compliant investment grade rated bonds. However, the US has seen two major sukuk issuances and there is a large potential for further sukuk. In terms of Canada, there have been no sukuk issuances and there are no Islamic banks. The only positive ruling for Islamic finance in Canada thus far has been the permission of Islamic mortgages under Canadian law. Aside from constitutional hurdles and the lack of regulations and laws, which permit Islamic banking in North America, many people have a fear of Islam and the words Shariáh and Islamic.