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Islamic finance (IF) grows well in many Western countries.Indeed,Western governments amend their rules and regulations due to accepting IF. Contrarily, in Canada,IF slowly grows due to some challenges. Disloyalty and language disunity among Muslims figures impact to IF development.Some regard it as financial cornerstone funding terrorism activity.Lack of Shari'ah Supervisory Board commitment to thoroughly evaluate the compatibility products and shariah is not well-implemented due to reason of insufficient time to evaluate many products. Sharia law is hard to co-exist under the secularism rule.Despite the challenges, IF still has promising prospects due to facts that Canada as inclusive country allows Muslim migrants including they who are loyal to IF system. The academics interest to disseminate IF's contribution to Canadian economy will shape their good understanding. Financial liberalization brings fruitful momentum on IF's development. The awareness on the diversity of financial system becomes a very fruitful help to IF. The highest spirit of managers to straight forward applying IF is a key role in its future development.
About the author
Dr.Muhammad M Said is lecturer in Islamic finance,College for Islamic Studies Palangkaraya,Indonesia.He obtained Doctor degree in Islamic Finance in 2006. Since then, he actively participates in International conference,visiting research fellow,Author of articles published in reputed journals and member of International researcher forum.
