Requirements for the Success of Islamic Finance in Canada (Syarat dan Keperluan untuk Menjayakan Kewangan Islam di Kanada)
DOI:
https://doi.org/10.31436/jia.v17i2.960Abstract
Islamic finance is at its first steps in Canada andthe financial institutions offering Islamic financial products face many problems performing their services. This paper has the objectives of evaluating the current situation of Islamic finance in Canada,to look into the issues and challenges faced by the financial institutions offering Islamic financial products as well as the conditions and requirements for the success of Islamic finance in Canada. This study is qualitative in nature using analysis of the literature such asjournals, books and official websites. The data is thoroughly analyzed in order to find the solutions for the success of Islamic finance in Canada. It is found that some Islamic financial products are offered in some non-bank financial institutions. These institutions face issues amongst which are the lack of capital, the taxation and legal barriers and especially competition next to the Canadian big banks. As a result, for the success of Islamic finance in Canada, it should be implemented in the big banks first.
Keywords: Islamic finance, Canada, Islamic financial products, Non-bank financial institutions, Big banks, Competition.
Abstrak
Kewangan Islam di Kanada masih berada di tahap awal dan institusi kewangan yang menawarkan produk kewangan Islam menghadapi banyak masalah dalam melaksanakan perkhidmatan mereka. Objektif makalah ini adalah untuk menilai keadaan kewangan Islam semasa di Kanada, untuk melihat isu dan cabaran yang dihadapi oleh institusi kewangan yang menawarkan produk kewangan Islam serta syarat dan keperluan untuk kejayaan kewangan Islam di Kanada. Kajian ini bersifat kualitatif dengan menggunakan analisis literatur seperti jurnal, buku dan laman web rasmi. Data dianalisis secara menyeluruh untuk mencari jalan penyelesaian bagi memastikan kejayaan kewangan Islam di Kanada. Terdapat beberapa produk kewangan Islam yang ditawarkan di beberapa institusi kewangan bukan bank, namun institusi ini menghadapi masalah antaranya ialah kekurangan modal, masalah berkaitan cukai, halangan undang-undang sertahalangan yang paling utama adalah persaingan dengan bank-bank yang besar Kanada. Oleh yang demikian, bagi memastikan kejayaan kewangan Islam di Kanada, ia harus dilaksanakan di bank-bank besar terlebih dahulu.
Kata Kunci: kewanganIslam, Kanada, produkkewangan Islam, institusikewanganbukan bank, bank-bank besar, persaingan.
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