Regulation of Islamic Banking Considered In Canada and UK

The Canadian law firm of of Strikeman Elliott has posted a newsletter titled Islamic Financial Services: Overview and Prospects for the Canadian Marketplace. It says that Canada's Office of the Superintendent of Financial Institutions has indicated that it is considering regulatory issues relating to the offering of Sharia-compliant financial products in Canada. Around the world, demand has grown for this type of financial alternative as oil wealth has increased and non-Muslim investors seek out ethical investments. In Britain, the Financial Services Authority has authorized both a Sharia-compliant retail bank and a Sharia-compliant investment bank. In April 2006, Britain's FSA issued a Consultation Paper on rules relating to Sharia-compliant Home Purchase Plans.