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Guys, I found something amazing.
Back in 1997, there was no such thing as Islamic banking in Canada. That year, a conference was held in Toronto. A non-Muslim minister, Mrs. Isabel Bassett, got on stage and gave a speech that will blow your mind today.
She talked about the Muslim population, the Quran's prohibition on interest, halal housing cooperatives, equity funds... everything.
Canada now has over 1 million Muslims, and halal mortgages and Islamic funds are a reality. Reading her speech today feels like she saw the future.
I thought I’d share this speech with you all. The full text is below:
"I am delighted to join you at a time when you are discussing the changes taking place around the world in Islamic banking and finance, and it is a great coincidence that this conference is being held in Toronto, Ontario, a cosmopolitan city of many religions, cultures and new ideas.
Since the Earth has now become a city and geography is no longer so important in this city, the most successful businesses will now be those that can develop tools that can expand their business to many cultures and many countries, and the most successful countries and provinces will be those that can develop such businesses and benefit from them to the fullest extent possible.
This is why the discussion on Islamic banking is no longer limited to the Islamic world or Muslim nations, but its scope is now expanding so much that it is also including non-Muslim countries and their governments that regulate financial matters.
The debate on Islamic banking is particularly important for Canadian Muslims who want to live their lives according to Islamic principles. Many want to follow the injunctions of the Holy Quran, which are against interest. In another verse of this holy book, it is stated that Allah has permitted trade and has forbidden interest. It is also further stated that God will deprive interest of all blessings.
Therefore, the issue of Islamic banking and finance is of great interest to the millions of Muslims who have immigrated over the past 25 years and are now living as economically successful minorities in Europe, the United States, and here in Canada.
Muslims have been present here in Canada since the time Canada existed. Historically, the presence of Muslims here is proven since 1871 AD, that is, just four years after the establishment of the configuration, at that time the total number of Muslims is said to be 13. In 1901 AD, the number of Muslims here had reached around 300 and this is the year when a group of South Asians, led by a Muslim, settled in Canada.
According to the figures announced by Canada today, there are at least 350,000 Canadian Muslims. (Unofficial figures estimate that the number of Muslims is 500,000). The numerical record of Muslims in Canada is very interesting. They make up a quarter of Canada's Christian population. They are the third largest religious group here after Christians and Jews.
And if it is accepted that their number is not yet greater than that of Jews, then in the near future their population will certainly exceed that of Jews. In addition, today's Muslims are the youngest group compared to the other populations in Canada, because almost a third of their population, 30%, is under the age of 20. Their future participation in the country's labor force will be higher than their exit, because they will face far fewer obstacles than their parents in getting jobs and advancing here.
A study by Athar Akbari, a professor at Saint Mary's University in Halifax, found that Muslims are second only to Jews in terms of educational attainment among minorities here, with 17 percent of their population having completed 18 years or more of education.
All these facts make it clear that Muslims are playing an important role in the economic prosperity of Canada and Ontario. Their presence in Canada has boosted tourism here as their relatives come to Canada to visit them. Muslim businessmen here are providing the country with new opportunities for trade abroad. Recently, in the mission that went to the Far East to promote Canadian trade, some Muslim businessmen accompanied Prime Minister Mike Harris on this trip.
Apart from this, Muslims are making their presence felt in Canada in various ways. Since Muslims are here in large numbers and are prosperous, they are building mosques in every major city and town without any government funding. There are more than two dozen mosques in the metro area of Toronto alone that have been beautifully designed and built. Large Friday congregations are held regularly in about 40 to 50 locations in the city. Now, the officials here are increasingly arranging for their Muslim employees to take time off to pray on Friday. There is also a trend to provide maximum convenience to those fasting during Ramadan. Now, the government of the province of Ontario gives its non-Christian employees two religious holidays. These two holidays are provided to Muslims on the occasion of two Eids.
With over a billion Muslims worldwide, it is no surprise that Islamic banking is growing at a rate of 17% per year. More importantly, Islamic banking and finance are gaining importance not only in Muslim countries in the Middle East and Southeast Asia, but are also gaining popularity in the banking circles of the Western world and some other markets, such as South Africa.
Although there are many examples of Islamic financial institutions being established in countries where Muslims are in the minority, such as Luxembourg, Denmark and Australia, the monthly magazine "American Banker" wrote in its January 1997 issue that such institutions have not yet been established in Canada.
Since Islamic banking is a branch of traditional banking, its entry into the Canadian banking market will not be without some regulatory hurdles. Introducing new banking concepts into Western markets will mean facing regulations that may be at odds with Islamic financial concepts.
Since the advent of Internet banking, we have been moving towards a global economy, a collective market that is not bound by geographical boundaries. Western financial institutions will therefore have to find new ways to adapt to the emerging Islamic banking market and its potential growth. However, in Canada, banking is a federal responsibility, and since my friend, Mr. Don Blanker, is an expert on these matters, I will leave the details of this topic to him.
However, I must say here that many Muslims, even while operating under the Canadian economic system, have found innovative ways to do business in other ways while adhering to the injunctions of Islam on interest-free banking. For example, the Islamic Housing Cooperative in Toronto has provided its members with the opportunity to acquire housing without interest-free loans. Similar efforts are also being made in relation to personal loans and other commercial transactions.
But the trend that is growing most actively in the field of Islamic finance is the Islamic equity fund trend, and according to the February 1997 issue of the monthly "Banker", its market size is estimated at more than one and a half billion dollars. Islamic equity funds are similar to Western-style mutual funds in which a pool of shares of companies is created and a professional expert arranges to run it.
Zameer Iqbal of the World Bank lives in Washington, DC, says that Islamic equity funds differ from Western mutual funds in one fundamental way: they have to undergo a strict screening process for the selection of shares, as a result of which only those shares can be purchased that are in accordance with Islamic principles of financing.
Equity funds are naturally the most suitable avenue for Islamic investment, as Islamic financial principles encourage productive use of economic resources, fair sharing and risk sharing.
The privatization process that is taking place around the world has created great opportunities for Islamic equity funds. In addition to the world, privatization in Ontario itself is providing investors with the opportunity to become a shareholder in a private commercial enterprise, and this can be done through the formation of Islamic equity funds. However, due to the strict conditions imposed on the selection of shares according to Islam, it is quite difficult to diversify the fund, so Islamic fund managers are waiting for new investment opportunities to arise around the world.
If there were some fund managers here at this conference, I could tell you why Ontario is a great place to invest, our tax environment is competitive. We have many businesses waiting for capital, we have political stability, and our stock market is trending bullish. And we have a government that is committed to eliminating our budget deficit and debt.
Introducing cutting-edge products like Islamic equity funds is a real challenge for Islamic banking in Canada. If this challenge is met successfully, it will determine the establishment and survival of the Islamic financial market in Canada.
The way Muslims have adapted to Canada, and the way Canada is adapting to Muslims, is commendable for both Islam and Canada. Canada has a proud history of welcoming new religious minorities, and that is why we are currently the most diverse nation in the world. Similarly, Islam is a universal religion, and Muslims are as diverse as Canada, a collection of different cultures, different languages, and different races. So it should come as no surprise that Canadian Muslims have been very successful in establishing a religious and cultural tradition while living in Canada. In many ways, we were made for each other, and successive waves of newcomers have made our nation a unique nation on earth."
Do you think her predictions came true? Share your thoughts in the comments...
Source: This speech is taken from the book "Dunya Mere Aage" Mufti Muhammad Taqi Usmani.
Back in 1997, there was no such thing as Islamic banking in Canada. That year, a conference was held in Toronto. A non-Muslim minister, Mrs. Isabel Bassett, got on stage and gave a speech that will blow your mind today.
She talked about the Muslim population, the Quran's prohibition on interest, halal housing cooperatives, equity funds... everything.
Canada now has over 1 million Muslims, and halal mortgages and Islamic funds are a reality. Reading her speech today feels like she saw the future.
I thought I’d share this speech with you all. The full text is below:
"I am delighted to join you at a time when you are discussing the changes taking place around the world in Islamic banking and finance, and it is a great coincidence that this conference is being held in Toronto, Ontario, a cosmopolitan city of many religions, cultures and new ideas.
Since the Earth has now become a city and geography is no longer so important in this city, the most successful businesses will now be those that can develop tools that can expand their business to many cultures and many countries, and the most successful countries and provinces will be those that can develop such businesses and benefit from them to the fullest extent possible.
This is why the discussion on Islamic banking is no longer limited to the Islamic world or Muslim nations, but its scope is now expanding so much that it is also including non-Muslim countries and their governments that regulate financial matters.
The debate on Islamic banking is particularly important for Canadian Muslims who want to live their lives according to Islamic principles. Many want to follow the injunctions of the Holy Quran, which are against interest. In another verse of this holy book, it is stated that Allah has permitted trade and has forbidden interest. It is also further stated that God will deprive interest of all blessings.
Therefore, the issue of Islamic banking and finance is of great interest to the millions of Muslims who have immigrated over the past 25 years and are now living as economically successful minorities in Europe, the United States, and here in Canada.
Muslims have been present here in Canada since the time Canada existed. Historically, the presence of Muslims here is proven since 1871 AD, that is, just four years after the establishment of the configuration, at that time the total number of Muslims is said to be 13. In 1901 AD, the number of Muslims here had reached around 300 and this is the year when a group of South Asians, led by a Muslim, settled in Canada.
According to the figures announced by Canada today, there are at least 350,000 Canadian Muslims. (Unofficial figures estimate that the number of Muslims is 500,000). The numerical record of Muslims in Canada is very interesting. They make up a quarter of Canada's Christian population. They are the third largest religious group here after Christians and Jews.
And if it is accepted that their number is not yet greater than that of Jews, then in the near future their population will certainly exceed that of Jews. In addition, today's Muslims are the youngest group compared to the other populations in Canada, because almost a third of their population, 30%, is under the age of 20. Their future participation in the country's labor force will be higher than their exit, because they will face far fewer obstacles than their parents in getting jobs and advancing here.
A study by Athar Akbari, a professor at Saint Mary's University in Halifax, found that Muslims are second only to Jews in terms of educational attainment among minorities here, with 17 percent of their population having completed 18 years or more of education.
All these facts make it clear that Muslims are playing an important role in the economic prosperity of Canada and Ontario. Their presence in Canada has boosted tourism here as their relatives come to Canada to visit them. Muslim businessmen here are providing the country with new opportunities for trade abroad. Recently, in the mission that went to the Far East to promote Canadian trade, some Muslim businessmen accompanied Prime Minister Mike Harris on this trip.
Apart from this, Muslims are making their presence felt in Canada in various ways. Since Muslims are here in large numbers and are prosperous, they are building mosques in every major city and town without any government funding. There are more than two dozen mosques in the metro area of Toronto alone that have been beautifully designed and built. Large Friday congregations are held regularly in about 40 to 50 locations in the city. Now, the officials here are increasingly arranging for their Muslim employees to take time off to pray on Friday. There is also a trend to provide maximum convenience to those fasting during Ramadan. Now, the government of the province of Ontario gives its non-Christian employees two religious holidays. These two holidays are provided to Muslims on the occasion of two Eids.
With over a billion Muslims worldwide, it is no surprise that Islamic banking is growing at a rate of 17% per year. More importantly, Islamic banking and finance are gaining importance not only in Muslim countries in the Middle East and Southeast Asia, but are also gaining popularity in the banking circles of the Western world and some other markets, such as South Africa.
Although there are many examples of Islamic financial institutions being established in countries where Muslims are in the minority, such as Luxembourg, Denmark and Australia, the monthly magazine "American Banker" wrote in its January 1997 issue that such institutions have not yet been established in Canada.
Since Islamic banking is a branch of traditional banking, its entry into the Canadian banking market will not be without some regulatory hurdles. Introducing new banking concepts into Western markets will mean facing regulations that may be at odds with Islamic financial concepts.
Since the advent of Internet banking, we have been moving towards a global economy, a collective market that is not bound by geographical boundaries. Western financial institutions will therefore have to find new ways to adapt to the emerging Islamic banking market and its potential growth. However, in Canada, banking is a federal responsibility, and since my friend, Mr. Don Blanker, is an expert on these matters, I will leave the details of this topic to him.
However, I must say here that many Muslims, even while operating under the Canadian economic system, have found innovative ways to do business in other ways while adhering to the injunctions of Islam on interest-free banking. For example, the Islamic Housing Cooperative in Toronto has provided its members with the opportunity to acquire housing without interest-free loans. Similar efforts are also being made in relation to personal loans and other commercial transactions.
But the trend that is growing most actively in the field of Islamic finance is the Islamic equity fund trend, and according to the February 1997 issue of the monthly "Banker", its market size is estimated at more than one and a half billion dollars. Islamic equity funds are similar to Western-style mutual funds in which a pool of shares of companies is created and a professional expert arranges to run it.
Zameer Iqbal of the World Bank lives in Washington, DC, says that Islamic equity funds differ from Western mutual funds in one fundamental way: they have to undergo a strict screening process for the selection of shares, as a result of which only those shares can be purchased that are in accordance with Islamic principles of financing.
Equity funds are naturally the most suitable avenue for Islamic investment, as Islamic financial principles encourage productive use of economic resources, fair sharing and risk sharing.
The privatization process that is taking place around the world has created great opportunities for Islamic equity funds. In addition to the world, privatization in Ontario itself is providing investors with the opportunity to become a shareholder in a private commercial enterprise, and this can be done through the formation of Islamic equity funds. However, due to the strict conditions imposed on the selection of shares according to Islam, it is quite difficult to diversify the fund, so Islamic fund managers are waiting for new investment opportunities to arise around the world.
If there were some fund managers here at this conference, I could tell you why Ontario is a great place to invest, our tax environment is competitive. We have many businesses waiting for capital, we have political stability, and our stock market is trending bullish. And we have a government that is committed to eliminating our budget deficit and debt.
Introducing cutting-edge products like Islamic equity funds is a real challenge for Islamic banking in Canada. If this challenge is met successfully, it will determine the establishment and survival of the Islamic financial market in Canada.
The way Muslims have adapted to Canada, and the way Canada is adapting to Muslims, is commendable for both Islam and Canada. Canada has a proud history of welcoming new religious minorities, and that is why we are currently the most diverse nation in the world. Similarly, Islam is a universal religion, and Muslims are as diverse as Canada, a collection of different cultures, different languages, and different races. So it should come as no surprise that Canadian Muslims have been very successful in establishing a religious and cultural tradition while living in Canada. In many ways, we were made for each other, and successive waves of newcomers have made our nation a unique nation on earth."
Do you think her predictions came true? Share your thoughts in the comments...
Source: This speech is taken from the book "Dunya Mere Aage" Mufti Muhammad Taqi Usmani.