The area of Islamic Finance, also known as Sharia Compliant Securities, is growing at an annual rate of 10-15% and there is an estimated USD 800 billion in Sharia Compliant assets with over 300 institutions spread throughout 51 countries.
The primary international centers of Islamic Finance in non-Islamic countries are currently London, the United Kingdom, and Luxembourg.
For several reasons, Canada is well positioned to become the Islamic Finance Hub of North America.
A Sukuk is a financial product that is certified as Sharia compliant. Traditional fixed-income, interest bearing bonds are not allowed under Sharia Law, however Sukuk are securities that comply with Islamic law and its investment values and do not permit the charging of interest.
ITB has developed relationships and the professional expertise to provide capital to companies through Sukuk structures. The fact is, a great many North American companies are eligible to benefit from an Islamic financing, and the market is destined to continue to grow strongly in this area.