Though relatively underdeveloped compared to some other western jurisdictions, namely the UK and US, Islamic finance is making small but steady strides in the Canadian market. Rehan Huda discusses the increasingly attractive Islamic market in the country.
The Canadian Muslim population is rich in cultural, ethnic and linguistic diversity and is one of the fastest growing in Canada with a current population estimated to be over 1.2 million. Approximately half of the country’s Muslim population resides in the Greater Toronto Area and most of the large cities have experienced significant growth in Muslim immigration over the past decade. The Canadian Muslims are among the best-educated communities in the country and they have the lowest median age as well as larger family sizes. The population of Muslims in Canada is projected to double within the next 10 years.