The demand for Islamic Financing in Canada continues to grow at a rapid pace and the availability of Shariah compliant financing products remains at a minimum. If you’re looking for a Halal Mortgage Toronto, Ottawa, Vancouver, Montreal or any of the major cities in Canada, you may find a challenge in finding one that satisfies your concerns. The same cannot be said for the US, UK and Australia, so why here in Canada?
While over 1 Million Muslims currently call Canada home and contribute to 2.8% of the current population and with this number expected to rise to 6.6% of the population in 2030, it’s a shame that this opportunity hasn’t already been captured by a few of the bigger lenders in Canada.
One of the most well-known core principles of Islamic Finance is the prohibition of interest (Riba). In addition to the prohibition of Interest there are two other core principles known as Gharar and Maysir that must be satisfied before a financing process can be considered Shariah Compliant. In addition to these unique aspects of Islamic finance, as a faith-based system it builds on principles which are held much more widely than Islam and bring in concerns for fairness, justice and equity which can be found throughout the Judeo-Christian traditions, too.
We would encourage those looking for Islamic Financing to remain optimistic and look forward to Canada’s Financial Sector to adopt new options to serve Canadian Muslims. Islamic Financing is being publicized as the next big thing however experts say it’s up to the Federal Government to demonstrate that it welcomes Shariah Compliant financial services. The report commissioned by TFSA says there are a number of opportunities for Islamic banking to expand in Canada.
We are often asked for a recommendation of a lender who can facilitate Halal Mortgage Products and Halal Mortgage Financing and just like we cannot endorse, encourage or promote any specific conventional mortgage product or lender, we have complied a list (in no particular order) of some of the available products advertised as Islamic Financing and Shariah Compliant Mortgage options. We recommend the consumer contact the lender or broker directly for information on different services they offer.
Are you looking to make a change in your Real Estate Portfolio? Are you a First-Time Home Buyer? Are you looking for the right advice and expert to consult for your Real Estate Needs? Begin by contacting The Ali & Khan Team, your Trusted, Experienced and one-stop-shop for all your Real Estate Needs. E-mail us at info@AliKhanTeam.com and visit us at www.AliKhanTeam.com
List of "Halal Mortgage"/ Shariah Compliant Mortgage Providers
Ijara Community Development Corp.
Toll Free: 1-87-786-IJARA (1-877-864-5272)
Tel: (416) 777-ZERO(9376)
IHC Canada (formerly ISNA Housing Co-Operative)
Tel: (905) 822-4422
Ansar & Islamic Co-Operative Housing Corporation
Tel: (416) 298-0076
An-Nur Cooperative Corporation
Tel: (416) 754-4135