Private equity has financed everything from maritime trade in ancient Italy to the digital revolution in Silicon Valley. Yet unknown to many today, Islam was there at the start of the private equity story.
As Eid, the biggest Muslim holiday of the year, is being celebrated today, it is worth taking a look at developments in Islamic finance in Canada. Islamic finance refers to the system of finance that is compliant with the principles of Islamic law, one of which is the importance of balancing material with social objectives. (Read Islamic Finance 101: A Primer.) Islamic finance shares several characteristics with social finance, and has been in Canada for several years, owing to the large Muslim population in the country.