NEXT Canada, GRIT Ed.06, Brain Gain vs. Brain Drain - Magazine - Page 14
with international Shariah advisors
that understood how to create products within common law frameworks.
All of these sectors have essentially
created a sub-specialty of finance
that can now cater to the needs of
future Islamic institutions. Once these
financing instruments are in place
and well-capitalized they can run
parallel to conventional finance and
support sectors such as real estate,
infrastructure, agriculture, healthcare,
technology, mining, etc.
I believe there is a huge gain
to be made as the Islamic banking
sector develops in Canada, and in
particular, Toronto, where a North
American hub of Islamic Finance
can be established.
On top of being a major financial hub in North America, Toronto
is home to over 180 languages and
approximately 7.7% of its residents
are Muslim; double the national
average. The principles of Islamic
Finance are considerably compatible with Canadian regulations. The
tenets of fair dealing, good faith,
reasonableness, among others, are
similar to their Canadian counterparts. Islamic Finance offers flexibility to accommodate Canada’s
regulatory landscape. Compliance
with existing federal and provincial
regulatory requirements with respect to monitoring, reporting, and
other financial requirements will be
applicable and is unlikely to conflict
with the issuance of Islamic Finance
products.
Since the financial crisis of
2007, Canada has been known for
its financial stability (according to the World EconomAs Islamic
ic Forum) and is also the second toughest jurisdiction
to launch a financial services entity. Meaning, when we
finance
decide to expand our market, we’re exporting best-incontinues
class compliance, regulatory, and infrastructure.
All of these points lead to a perfect breeding ground
to grow
for a North American hub of Islamic Finance to be established in Toronto.
in Canada,
international ATTRACTING TOP TALENT
talent will be
When a new religious economy is created in a secular
jurisdiction,
you notice gravitation from people who
imported to
have studied this specialty and who seek immigration
support its to a world-class city like Toronto. As Islamic finance
continues to grow in Canada, international talent will be
growth.
imported to support its growth until Academic institu-
tions decide to establish Islamic Finance certificate and
degree programs. These programs will need to have a
focus on Islamic Finance product structuring and its
solve for its potential impact within the Canadian tax,
legal, and regulatory frameworks.
Manzil has been really focused on attracting talent
with international experience within the Islamic banking sector both academically and professionally. In light
of the Shopify’s, Amazon’s, and Google’s of the world
that are eating our lunch, we still find ourselves at an
advantage because of the unique problem we are solving for this financially excluded demographic and many
people want to align themselves with the social impact
we are creating.
When you are in a niche market of 1.8 billion people, especially in a world where Islamic Fintech’s are in
their early stage of development as an industry, you get
global recognition pretty quickly. This has made it very
easy to attract international talent amongst the G7 or
G20 countries.
Despite the red tape that is inevitably part of an
immigrant’s path, I believe Canada has always been an
attractive destination for international talent and will
remain as such for years to come.
ADVICE FOR FOUNDERS
“Don’t underestimate how much effort is required to execute an idea. If this was easy, everyone would be doing it.
Work ethic, quick decision-making, and execution are key to progressing in your startup. Many obstacles will come
your way and your ability to navigate them will be the true test of what kind of entrepreneur you are.”
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GRIT