The IFAB journey since 2008
The Board was formed in 2008 due to grassroots demand from the community. At that time, the Muslim community was looking for Shariah-compliant alternatives to conventional mortgage products available in the market. In 2008, the Board certified its first Shariah-compliant mortgage product from AYA Financial Inc. which offered commercial and residential mortgages to the Muslim community residing in Ontario.
This was followed by certification of Iman Fund in 2009 as the first Shariah-compliant Mutual Fund which is RRSP, RRIF, RESP, and TFSA eligible. The request for this certification was also a grassroots initiative as Muslims were looking to invest in faith-based investment funds. During the same year, two precious metal-based funds from BMG Group were also certified to provide Muslim investors a bigger array of financing options. Also in 2009, the Board certified its first Trust Fund for the Islamic Chamber of Commerce, city of Winnipeg.
In 2016, the Board certified its first equipment leasing product for Crystal Wealth Management Inc. in addition to a private equity real estate fund for Absolute Wealth Management.
In 2018, the Board certified its first Shariah-compliant Savings and Term Deposit Accounts for Moya Financial Credit Union.
In 2019, the Board certified a Shariah-compliant global equity investment fund by Generation Inc. giving Muslim investors more options to invest according to their faith.
In 2020, the Board certified three private equity real estate-based financing products for Unison Midgard group. During the same year, the Board also certified three Sharia Portfolio, Inc. products, two of which are mutual Funds listed on the Toronto and New York stock exchanges.
In 2021, the Board certified two Shariah-compliant funds from Manulife, a CAD 1 trillion company worldwide. The Funds certification was also a grassroots initiative as Muslim investors required Shariah-compliant investment options for their retirement and pension funds. These funds are also traded on the Toronto Stock Exchange.
In 2022, a second Trust account was certified by the Board, this time for the city of Edmonton. During this year, two more precious metals funds were certified, for Sprott, Inc.
In 2023, Canada Life’s Global Equity fund was certified by the Board in addition to certifying their Zero-Interest account. During the same year, the Board also certified private equity real estate development products for land development in Ontario, and Arizona, USA, for Ontario, Inc. and Smoke Tree Investments, respectively.
In 2024, the Board certified another private equity real estate fund for building three commercial properties in Portugal for Mercan, Inc. and Walton Global. Also, during the year, another private equity real estate fund was certified for financing senior citizen care facilities in Ontario for Factory Senior Care LP and OMNI group.
In 2025, the Board certified another private equity real estate-based fund for leasing and operating commercial properties in Ontario for AG Property Trust. During the same year, the Board certified its first fintech community savings product for We Spare, Inc.
In 2026, the Board certified four new precious metal funds, in addition to the previous two precious metal funds for Sprott, Inc. making a total of over USD 47 Billion precious metal-based funds that carry our endorsement.
The Board not only certifies various financial products like leasing, financing, mortgage, mutual funds, trusts, private equity funds, savings & deposits products but also audits them annually to ensure that the products stay Shariah-compliant. The Board not only helps develop Shariah-compliant products but also brings a measure of standardization and regulation in the Islamic Finance space in North America.
Future Product Development
Currently the Board is working on developing a Real-estate based Equity Fund to be launched on the Toronto Stock Exchange. Additionally, we are also working on certifying equipment leasing products for SMEs and certifying supplier contracts and interest free financing contracts for a retail supply chain company.