Introduction

Ansar Financial Group and Islamic Co-operative Housing Corporation are organizing the 3rd International Islamic Banking, Finance & Insurance (Takaful) Conference at the Ottawa Congress Centre, in the Capital City, Ottawa, Ontario (Canada) on Thursday-Friday, May 17-18, 2007, in conjunction with the 33rd Annual ISNA Canada Convention to be held at the same location on Saturday-Sunday, May 19-20, 2007.

Many prominent Bankers, Financiers, Insurance Industry Representatives, Sharia Scholars, Academicians, and Islamic Financing Practitioners from US, Europe, Canada and many other countries are expected to speak and participate in this Conference. The main objective of the Conference is to educate and introduce to these various groups the Sharia Concepts & Rules about the Islamic Banking, Financing and Insurance (Takaful) and highlighting current successful practical applications Worldwide.

Conference Goals:

• Educate and bring awareness to various segments of Canadian society the concepts of Islamic Economics and finance and its various practical applications
• Forging key networks with government and banking officials on the growing demand and opportunities for Islamic financing in Canada

You can expect:

• Major Canadian Banking officials looking to learn about the possibilities of Islamic financing with their institutions
• An introductory level conference giving participants a good overview of Islamic financing principles and established practices
• Showcasing of established Islamic financing practices worldwide from experts in the field
• Government agencies highlighting their new experiences in working with Islamic finance
• Canadian regulations and framework within which Islamic finance can find opportunity for growth
• Legal and regulatory aspects of Islamic financing in Canada
• Networking breakfast, lunch, dinner occasions where participants can personally meet experts in the field and prominent figures interested in the field in Canada
• Exhibition area showing various products

Verses from the Torah, Bible and the Qur'an that frown upon riba (interest)

Torah (The Old Testament)

Judaism's teachings regarding lending money are all based upon the biblical passage in Exodus, chapter 22, verses 24 – 26. The verses read as follows:

"When you lend money to any of My people, to the poor among you, you shall not be to him as a creditor, nor shall you impose upon him any interest. If you take your neighbor's [night]garment a s a pledge (collateral), you shall return it to him by nightfall. For that is his only covering; it is his garment for his skin. In what shall he sleep? And it shall come t pass, that if he cries our unto Me, I will hear it, for I am compassionate." [Exodus, 22:24-26]

[God said] "And if your brother becomes poor, and cannot maintain himself with you, you shall maintain him; as a stranger and a sojourner he shall live with you. Take no interest from him or increase, but fear your God; that your brother may live beside you. You shall not lend him your money at interest, nor give him your food for profit. I am the Lord your God, who brought you forth out of the land of Egypt to give you the land of Canaan, and to be your God." [Leviticus 25:35-37]

You shall not lend upon interest to your brother, interest on money, interest on victuals, interest on anything that is lent for interest. To a foreigner you may lend upon interest, but to your brother you shall not lend upon interest; that the Lord your God may bless you in all that you undertake in the land which you are entering to take possession it. [Deuteronomy 23:19-20]

Qur'an

Those who (in charity) spend of their goods by night and by day, in secret and in public, have their reward with their Lord: on them shall be no fear, nor shall they grieve. Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever). Allah will deprive usury of all blessing, but will give increase for deeds of charity: For He loveth not creatures ungrateful and wicked. Those who believe, and do deeds of righteousness, and establish regular prayers and regular charity, will have their reward with their Lord: on them shall be no fear, nor shall they grieve. O ye who believe! Fear Allah, and give up what remains of your demand for usury, if ye are indeed believers. If ye do it not, Take notice of war from Allah and His Messenger. But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly. If the debtor is in a difficulty, grant him time Till it is easy for him to repay. But if ye remit it by way of charity, that is best for you if ye only knew. And fear the Day when ye shall be brought back to Allah. Then shall every soul be paid what it earned, and none shall be dealt with unjustly. [Qur'an, 2:274-281]