Services in Canada:
A Report on Market Potentials,
Opportunities and Trends
An Environics Syndicated Study Prospectus
Background Phase one:
Shari’ah compliance means that a particular Qualitative face-to-face in-depth interviews
investment or financial transaction is conducted with shari’ah authorities
or structured in a way that is considered “legal” or
“authorized” pursuant to Islamic law followed by Shari’ah authorities are opinion leaders and
the majority of Muslims. Shari’ah-compliant finance are highly influential in making decisions about
(SCF) has shown spectacular growth over the past Shari’ah and practices for Muslims in Canada. Their
10 years, and is one of the fastest growing around viewpoints and outlook will provide forward-thinking
the world. Having been dominated by GCC (Gulf insights and provide input to the quantitative survey
Co-operative Council) countries historically, SCF has instrument design.
seen significant growth in western markets where
there has been a significant influx of Muslims, such These Shari’ah authorities/candidates will be
as the United Kingdom. pre-recruited and will represent key Muslim sects,
including Sunni, Shia, etc. The interviews will be
In Canada, with their numbers rapidly approaching conducted face-to-face in a language that the
one million, Muslims are Canada’s fastest grow- authorities feel most comfortable with, possibly
ing religious minority. This ground-breaking report including languages such as Arabic, Urdu, Punjabi,
will provide policy-makers and financial service etc., to ensure respect and open discussions.
providers in Canada with an invaluable source of
information on market size evaluation, product op- Phase two:
portunities and market trends. This report will also
Quantitative survey among muslim-canadians
lift the veil of Muslim Canadians’ current usage of,
and attitudes toward, financial services and their Environics Research Group will conduct a national
expectations. telephone survey with 500 adult Muslim-Canadians
who are decision-makers of their personal and/or
Who would benefit from this report and why? household finances. The results will be weighted
by region, gender and source country based on
This report would be useful to a wide range of population data. With a sample size of 500, nation-
policy-makers and financial institutions in Canada, al results are considered accurate to within ±4.4
including banks and Credit Unions, fund compa- percentage points, 19 times out of 20.
nies, insurance companies, mortgages providers,
insurance companies, car loan providers, education The Canadian Muslim population is mostly foreign-
fund companies, etc. This report will help execu- born (91%). Pakistan and Iran are their most
tives, marketing managers and fund managers at common nations of origin, but Muslim-Canadians
these organizations/institutions understand the hail from more than 30 countries all over the world,
scope of opportunities, challenges, rewards and including Morocco, Algeria, Afghanistan, etc. In
competitions. order to reach a representative sample of Muslim-
Canadians, the interviews will be conducted in a
Research design and methodology language that the respondent feels most comfort-
able speaking, including Arabic, Urdu, English and
The research will contain two complementary
phases. Phase one involves qualitative face-to-face
in-depth interviews with Shari’ah authorities. Phase
two involves a quantitative telephone survey of
Shari’ah-compliant Financial Services in Canada
Through the invaluable feedback from Shari’ah • Key elements for Shari’ah-compliant
authorities and Muslim-Canadians across Canada, investment instruments.
Environics will provide clients with vital information
on SCF from the following aspects: • Ownership of and attitude toward existing
“ethnical” products in Canada.
1: scope of the market • Appeal of SCF products (could be from other
• Profile of Muslim-Canadians: household markets) offered by a Canadian financial
characteristics, country of origin, employment institution.
status, business ownership, net worth, home
ownership, etc. The exact content of the report will be determined
by subscribers’ interest and priorities. Early sub-
• Muslim-Canadians’ current banking and bor- scribers will have input to the survey instrument
rowing behaviour, involvement with communi- design.
ty-based banking and financing in particular.
• Usage of and attitude towards Canadian finan- deliverables
cial institutions. Standard deliverables include:
• Usage of and attitude toward products and • A detailed syndicated study report
services offered by Canadian financial institu-
tions, including mortgages, vehicle financing, • Data tables
personal loans, business loans, credit cards,
insurance, investments and education funds, • An executive presentation in Toronto
Please contact us for custom and/or additional
• Market size projection based on these survey
results and Statistics Canada census data.
2: scf in canada tentative schedule
• Muslim-Canadians’ attitude toward SCF and • Client consultation: by the end of 2009
perceived importance of Shari’ah compliance.
• Fieldwork: Spring 2010
• The extent to which Muslim-Canadians em-
brace modern interest-based commerce and • Report: Summer 2010
* The schedule will be advanced if subscribers
• Shari’ah authorities’ perspectives and inter- commit earlier than expected.
pretation of Shari’ah compliance in the Cana-
dian context for Muslim-Canadians.
• Muslim-Canadians’ in general and Shari’ah The cost of the report, including an executive pre-
authorities’ expectations of SCF in Canada. sentation in Toronto, is $29,800 plus GST.
3: product opportunities Subscribers may add their own proprietary ques-
• Possible ways to accommodate modern com- tions at an additional cost ($3,000 for each closed-
mercial transactions to structure the forbidden ended question), on a first-come, first-served basis.
transaction within Shari’ah-approved contract
Shari’ah-compliant Financial Services in Canada
For more information please contact:
David MacDonald Group VP, Financial Services Kathy Cheng VP, Cultural Markets Research
Environics Research Group Environics Research Group
Telephone: 416•969•2814 Telephone: 416•969•2747
E-mail: email@example.com E-mail: firstname.lastname@example.org
ottawa Toronto calgary
336 MacLaren St 33 Bloor St E, Suite 900 760, 999-8th St. S.W.
Ottawa, Ontario Toronto, Ontario Calgary, Alberta
K2P Om6 M4W 3H1 T2R 1J5
Tel 613•230•5089 Tel 416•920•9010 Tel 403•229•0711
Fax 613•230•3836 Fax 416•920•3299 Fax 403•228•9165
w w w. e n v i r o n i c s r e s e a r c h . c a