The Opportunity of Introducing Islamic Banking in the Province of Manitoba, Canada & Its Effect on the Integration of Muslim Immigrants

This research discusses the opportunity of introducing Islamic Banking and Finance (IBF) in the province of Manitoba. The ethnographic analysis concluded that there are 3 possible approaches to introduce IBF model in Manitoba province, where each approach has its own opportunities and challenges: 1) Establishing a full-fledged brand new Islamic bank 2) Establishing Islamic banking as a window (Islamic arm) within the existing conventional bank or a subsidiary to conventional banks and 3) Launching IBF in the province of Manitoba through establishing a shariah-compliant corporative credit union. Based on the ethnographic analysis outcomes, the most viable option was to establish a shariah-compliant corporative credit union. This may require amendments to some of the regulatory frameworks and identifying shariah scholars to govern the relationship between the credit union and its members, and to screen the underlying transactions. This study is the first in its nature in the province of Manitoba. Therefore, further research is required to explore further challenges from business perspective.