Muslims Probe Growing Islamic Financial Sector

March 30, 2010

Author: Ron Csillag

Source: Beliefnet/Religion News Service


Global leaders in Islamic finance are meeting in Toronto Tuesday and Wednesday (March 30-31) to probe the growing but still under-explored world of financial products and services that comply with Shariah, or Islamic law.

The Usury-Free Association of North America (UFANA) conference brings together more than 150 experts from a dozen countries to explore a wide range of services that abide by Islam's prohibition on interest.

Conference organizers say the potential of the global Islamic financial market is an estimated $500 billion.

Islamic scholars, lawyers and financial experts from the U.S., Canada, Britain and several Middle East countries are looking at Shariah-compliant stocks and investment products, banking, equity funds, mortgages, and credit. Canada's first Shariah-compliant credit card, the iFreedom Plus MasterCard, will be launched at the conference.