Episode 43-Banking on Belief: Islamic Finance in Canada

With Muslims now making up nearly 5% of the population, demand for Shariah-compliant financial services is growing in Canada. Yet, the sector remains small and underdeveloped.

To unpack the challenges and opportunities, we spoke with Mohamad Sawwaf, Founder and CEO of Manzil, Canada’s leading Islamic FinTech firm. With a Doctorate in Islamic Finance and a mission to reshape the industry, Mohamad shares his vision for its future.

Please note, this episode was recorded last month, before the Manzil recently acquired the US based Islamic fintech firm Aghaz.

Email us: hassan@majlisandmarkets.com

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Intro theme song-Arab and Muslim by StockMusic via Pixabay

Chapters

• 0:44 Monologue intro
• 1:26 Beginning of discussion
• 1:48 Mohamed's background
• 5:26 Growing up in post 9/11 world
• 7:32 Canada's Muslim communities
• 12:24 Islamic finance landscape in Canada
• 18:29 Financial needs for Canadian Muslims
• 20:39 Islamic banking vs conventional model
• 27:51 Cost and trust of products
• 33:24 Islamic finance helping Canada's economy
• 36:58 Setting up during the pandemic
• 38:55 Current and upcoming projects
• 42:44 Getting in touch; social media