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Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada. The Board was formed in 2008 to facilitate the development of Sharia-compliant financial products in Canada. One of its major functions is to bring a measure of standardization to the Sharia-compliant financial market. To date, it is the only institution in the country to provide one-of-a-kind services pertaining to this market segment. The Board functions at three levels.
Advisory and Consultancy
Our key service is to assist financial institutions in structuring products in a Shariah compliant manner.
Education and Awareness
We offer periodic seminars throughout the year to educate about Islamic Finance.
Mediation and Arbitration
We provide solutions to financial disputes with subject matter experts.
The Board fulfills the need to establish an authoritative body to oversee the rapidly expanding Islamic financial services industry in order to ensure consistency and transparency, and also to act as a safeguard for consumers wishing to undertake Sharia-compliant transactions.
From its inception, the Board has conducted an average of five educational seminars every year. So far over 300 participants have benefited from these sessions. In addition, the Board has also been active in its advisory & consultancy capacity to provide guidance to various business and commercial projects. It has issued many Fatwas (legal rulings) to facilitate promulgation of Islamic Finance in Canada. Its scholars have presented many papers both in Canada and abroad. The offices of the Board are based in Mississauga, Ontario.
The Board provides authoritative Sharia-compliant advice, awareness, research and mediation solutions for all stakeholders in the financial services industry in Canada.
The Board envisions to bring credibility and standardization to the Islamic finance industry in North America by providing Sharia-compliant financial services.
Our Board comprises of three Sharia scholars, one Sharia compliance Advisor, two Sharia liaison officers, and one legal counsel.