G20 and Islamic Finance in Toronto

Posted by on Jun 26th, 2010 and filed under Community. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry



TORONTO –When the world’s top 20 governmental leaders meet in Toronto later this week, the stability of today’s current global financial system will be discussed. That will no doubt include the burgeoning Islamic Financial industry which provides a viable alternative to the conventional financial system.

The top 20 economic leaders will aim to throw light on international economic developments after the financial crisis spread across the globe last year.

A few blocks away from the summit, the Institute of Housing & Mobility at the Ted Rogers School of Management, Ryerson University, in collaboration with UFANA (Usury Free Association of North America), has a limited number of seats available for those wanting to attend and participate in a series of panel discussions on the current state of Islamic Finance in Canada and around the world.

The following experts in Islamic Finance will be the lead speakers in the panel discussions.

•    Guy David, Partner, Gowling Lafleur Henderson,
•    Omar Kalair, President and CEO, UM Financial
•    Habeeb Alli, Shariah Auditor, UM Financial
•    Stephen Lange Ranzini, President & CEO, University Bank, USA
•    Shahzad Siddiqui, Author & Lawyer
•    Dr. Murtaza Haider, Associate Professor, Ted Rogers School of Management, Ryerson University
•    Atif R. Khan, Ethica Institute of Islamic Finance™, Dubai, UAE

A study released in January 2010 by the Canada Mortgage and Housing Corp. (CMHC) concluded that most forms of Islamic financing, including Shari’ah-compliant mortgages, would pose no legal hurdles if widely offered in Canada.

Today, globally Islamic banks have grown substantially as some reports have their combined global value at more than $850 billion USD in assets. Islamic banking and finance proved to be the least vulnerable to losses and the least affected by the negative impact of the global financial crisis and promises major opportunities for growth, according to the International Monetary Fund. The IMF analysis concluded that “Islamic banks overall are better poised to withstand additional stress.”

While speaking at an Islamic economic forum in Malaysia earlier this year, Indonesia’s president, Dr. Susilo Bambang Udhoyono, said: “Although Muslims comprise 23 percent of humankind, or 1.6 billion out of the world’s 6.8 population human beings, Islamic finance accounts for only one half of one percent of all financial assets in the world. But it is the fastest growing and it is growing not only in the Islamic world. London is a service centre for Islamic Finance. Investors in Islamic Financial products are growing in number in China and the United States.”

The principles of Islamic Finance have even received backing from the Catholic Church.  The Vatican’s official newspaper Osservatore Romano noted on March 3, 2009 that, “The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,” and the Osservatore’s editor, Giovanni Maria Vian, stated that, “the great religions have always had a common attention to the human dimension of the economy.”

Ryerson University, in conjunction with UFANA, would like to invite you to a series of panel discussions on the recent developments in Islamic Finance in North America with a group of financial experts who have either developed or deployed Islamic financial instruments in North America as well as in Europe and the Middle East.

Location:         Room TRS 3-176, 9th floor
Ted Rogers School of Management, Ryerson University
55 Dundas Street West, Toronto, Ontario M5B 2K3

Date & Time:    Monday, June 28, 2010, 3 p.m.

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