AGInvest Properties Canada receives Shariah compliance certification for farmland investment

34 days to go Tuesday 12th August 2014 AGInvest Properties Canada receives Shariah compliance certification for farmland investment Daily Cover CANADA: Farmland investment specialist AGInvest Properties Canada has confirmed with Islamic Finance news (IFN) receipt of its Shariah compliance certification for private investment in Canadian farmland, from the Bahrain-based Shariyah Review Bureau (SRB). Informing IFN, Jenessa Miglietta, AGInvest’s director of investor relations and marketing, expressed the company’s satisfaction at gaining the approval. In June 2014, SRB announced that it had entered into a partnership with the Canadian firm, as AGInvest sought to offer Shariah compliant investment opportunities for portfolio diversification in class one and two farmlands in Canada. Taking the opportunity to leverage on movement towards agricultural investment as a renewable asset class, AGInvest also recognized the growing need for Shariah compliant options in this area. In June Kent Willmore, AGInvest president, outlined the company’s view: “We see crop real estate investments as a sustainable sector, one which is not easily affected by the depressing environment of countries around the world. The decision to offer Shariah compliant transactions also shows how AGInvest’s business model allows it to accommodate diversified requirements of conscious investors proving our ability to generate new investments and create more value with Canadian farmers.” Shariah compliant finance is gaining ground in new, non-Muslim markets like Canada, through the area of agricultural investment. As the global population rises, food security is becoming an issue that causes concern. At the same time the issue is providing opportunities for Islamic finance, investment and social development through ventures such as those seen in the past year by AGInvest, Abu Dhabi Equity Partners’ Brazil-based livestock financing fund and the agricultural land investment scheme from SCS Farmland in Argentina; as well as smaller microfinance schemes providing funds for the livelihoods of farmers in countries including Ghana, India and Kenya. 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