Oct 12 2011
|more articles from|
Islamic finance rocks the Canadian Rockies
The partnerships will enhance Al Huda's Shari'ah advisory service, allowing the Canadian company to co-opt Dar Al Sharia and Burj Bank's scholars onto their own Shari'ah boards to help them create products for the local Canadian market.
Al Huda is also in discussions with two large Canadian banks and several law firms to advise on the development of Islamic windows at Canadian banks, something that is not available in the Canadian market presently.
In Canada, Al Huda is focused on assisting in the development of a stand-alone Islamic bank, something that has been sought after by several groups for years. However, several years have now passed with no approvals.
Although he's got a full plate, Memon shared preliminary details with The Islamic Globe of another project he's incubating, Al Huda Capital, which is developing plans for a residential community of 300 to 400 homes, retail businesses and an Islamic school 30 to 45 minutes northwest of Toronto.
At the moment the project is held up by the lack of sufficient Shari'ah compliant financing for the end purchasers according to Memon, which is perhaps something that can create a synergy with his advisory business into the future.
© The Islamic Globe 2011
© Copyright Zawya. All Rights Reserved.