Islamic finance provides an alternative to debt-based systems

The growth of Islamic banks provides Muslims living in North America with options that reflect their beliefs. (Shutterstock)

For years, Muslims in North America have struggled to find ways to purchase homes while complying with Islamic law, or shariah. The Qur'an prohibits both the collection and payment of interest. For more than a million Canadians, these religious structures limited access to conventional mortgages.

Recently, however, companies such as the Canadian Halal Financial Corporation have emerged to fill this void. The creation of a vehicle in North America to enable Muslims to finance home ownership is part of an emerging global movement in finance.