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Today: 17.01.2018 - 21:49:14
   Canada Mortgage Hub Discussion Board -> Mortgage Winnipeg -> Whay no eslamic bank in canada?
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prtzaltoid

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Whay no eslamic bank in canada?
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paswi

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Probably because no applicant has ever fulfilled the requirements for receiving a bank charter. Here are the requirements_http://www.thecanadianencyclopedia.com/i
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ozark79

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Thanks for this question. Islamic banking in England , Europe and the middleEast showed that the Islamic way for busniess is the strongest and the best way for solving the financial crises; with no interest and with sharing the risk between the banks and the customers will create stornger economy .I hope we have islamic banking in canada soon
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reta

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There is a credit union in Winnipeg that offers Islamic (ie, no interest) mortgages, but it opened a few months ago and is the first one in Canada.Basically, when you take out a loan, the bank basically converts it into a bond and re-sells it on the open market in exchange for some of the interest profit. It's called securitization and is the primary source of loan funds. Unlike mainstream banks, nontraditional mortgages and loans cannot be securitized and funded by reselling them as bond-style investments on the open market.Basically, a bank offering nontraditional (no interest) loans has to back its own mortgages and loans. Such a backing requires an enormous amount of seed money; hundreds of millions of dollars (it gets paid back long term but again, nobody will lend them this startup money for an unconventional cause the way a conventional credit union or startup bank could), which is an enormous amount for a relatively small customer base.
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