Sharia’h-Compliant Finance - Dawn of Ethical Financing in North America
May 24, 2007 Business News(PRLEAP.COM) Toronto (24TH May 2007): The North American financial market is poised for growth and major players in the industry are ready to capitalize on the rapidly developing Sharia’h-compliant market. Anchor Finance Group has brought Sharia’h compliant financing in limelight in the North American financial market and sponsoring the Islamic Finance World Conference 2007 was part of that initiative.
Islamic Finance World 2007, one of the first Islamic finance conferences in North American region is underway in Toronto, Canada. Financial institutions around the globe are trying to keep pace with the growing demand for Shariah compliant products and services. The North American financial market is poised for growth and major players in the industry are ready to capitalize on the rapidly developing Sharia’h-compliant market. The conference is organized by Terrapinn, Singapore with Anchor Finance Group USA as one of the key sponsors. “The demand for Shariah based financing in North America is on the rise”, said Nasim Siddiqi, President and CEO of Anchor Finance Group USA, and “with only a few financial institutions offering these services, Anchor Finance Group is playing a pivotal role in assisting major financial institutions to launch Islamic finance windows across USA”.
Anchor Finance Group has recently developed the first US & Canadian NRP Sharia’h Mortgage Product for those interested in purchasing real estate in Pakistan with their partner bank Emirates Global Islamic Bank Limited, Pakistan. Anchor group specializes in providing Sharia’h financing solutions and Islamic financial joint venture opportunities in North America.
Sharia’h-compliant investment vehicles are similar to any other socially responsible investment. A Sharia’h-compliant mortgage charges no interest but follows a rent-to-own agreement that has a very similar end result to a conventional mortgage. "It's the same as kosher or halal meat," said Mr. Kalair of UM Financials Inc. "It looks the same, it smells the same, but one is permissible to one faith group and one isn't."
Anchor Finance Group has brought Sharia’h compliant financing in limelight in the North American financial market and sponsoring the Islamic Finance World Conference 2007 was part of that initiative. By bringing together leaders from the world of Islamic Equity, Fixed Income, Alternative Assets, Structured Finance, Retail Banking, Real Estate and Project Finance, Islamic Finance World 2007 is expected to generate unique insights not usually available to one category or discipline. Anchor Finance Group along with other sponsors of the IFW 2007, has made this program a reality. The sponsors have helped the conference organizers with focus and direction of the sessions. Industry renowned speakers will make this program worthwhile for new institutions coming in this arena to capitalize on this rapidly developing market.