Islamic Financial Services: Overview And Prospects For The Canadian Marketplace.

In the last thirty years, the Islamic financial services industry has undergone significant expansion in many parts of the world. A 2005 publication of the International Monetary Fund (IMF) estimated that there are over three hundred Islamic financial institutions worldwide, with an estimated $250 billion in total assets and an annual growth rate of 15%.1

The Islamic, or Takaful, insurance sector in particular has experienced a significant expansion since the first such insurer was established in 1979, with an estimated 250 Takaful insurers currently operating throughout the world.2 From September 2005 to October 2006, eleven insurance companies announced their intention to enter the worldwide Takaful insurance market. In 2005, total Takaful premiums exceeded US$2 billion and are expected to more than triple by 2015, to US$7.4 billion.3

The IMF su...

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