US and Canada next growth markets for Islamic finance

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NEW MARKETS: US and Canada could be next big growth markets for Islamic finance. (Getty Images)

The US and Canada could be the next big growth market for Islamic finance, a new report predicts.

The report, Islamic Finance in North America 2009, said Islamic finance is being hailed as a possible alternative to riskier, conventional financial services in the two countries in the wake of the economic crisis.

“Islamic financing structures are inherently more risk averse than their conventional counterparts and as a result such structures are now being studied closely in all sorts of markets – including highly sophisticated markets like those of North America,” said Paul McNamara, editorial director of Yasaar Media, publisher of the report.

The report was co-published by Codexa Capital, a US-based Islamic investment bank; UM Financial Group, an Islamic finance firm in Canada; law firm King & Spalding and Doha Islamic, the Islamic banking unit of Doha Bank.

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