Exhibit 12.2

SARBANES-OXLEY CFO
CERTIFICATION

I, James M. Carter, certify
that:

| | 1. |  | I have
      reviewed this annual report on Form 20-F of MFC Industrial
  Ltd.;                                                                                                                                                                                                                                                                             
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   
| | 2. |  | Based on my
      knowledge, this report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not misleading with respect to the period covered by this
  report;                        
| |   
| | 3. |  | Based on my
      knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the company
      as of, and for, the periods presented in this report;                                                
| |   
| | 4. |  | The
      companys other certifying officer and I are responsible for establishing
      and maintaining disclosure controls and procedures (as defined in Exchange
      Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
      reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for
      the company and have:
| |   
| |    |  | a.                                                                                                                                                                                                                                                                                                                                                          
| |   
| |    |  | b.                                                                                                                                                                                                                                                                                                                                                          
| |   
| |    |  | c.                                                                                                                                                                                                                                                                                                                                                          
| |   
| |    |  | d.                                                                                                                                                                                                                                                                                                                                                          
| |   
| | 5. |  | The
      companys other certifying officer and I have disclosed, based on our most
      recent evaluation of internal control over financial reporting, to the
      companys auditors and the audit committee of the companys board of
      directors (or persons performing the equivalent functions):                                              
| |   
| |    |  | a.                                                                                                                                                                                                                                                                                                                                                          
| |   
| |    |  | b.                                                                                                                                                                                                                                                                                                                                                          
| |   

|Date: March 31,
      2014    
|------------------------------
|                              
|/s/ James M. Carter           
|By: James M.
      Carter     
|Title: Chief Financial
Officer

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