Globe and Mail: Banks give sharia a second look

The Globe and Mail has an article by Tavia Grant on Islamic banking in Canada.

Representatives at Canada's second- and third-largest banks by market capitalization were among the 200 delegates at the Islamic Finance World conference in Toronto this week.

"I can confirm it's something we're tentatively looking at," said Frank Switzer, Scotiabank's spokesman, without providing further detail. TD spokeswoman Kelly Hechler said "it's something we're looking at and we're interested in."

That interest comes as Islamic financial services are growing in Canada and abroad. KPMG has estimated worldwide assets at more than $300-billion (U.S.), with global Islamic institutions growing at 15 per cent a year.

What was considered fringe three decades ago has now become mainstream. Global banks, from HSBC to Deutsche Bank, are offering sharia-compliant financial services as petrodollars fuel demand from the Middle East. The Gulf region alone has as much as $2-trillion (U.S.) in investments, much of which is flowing abroad.

Read the full article: Globe and Mail: Tavia Grant: Banks give sharia a second look.