Zuhair Naqvi and a colleague work in the offices of Islamic mortgage provider Eqraz, in Oakville, Ont.
Abdullah Mohiuddin can't buy a house in Edmonton until he can locate a religiously appropriate mortgage. "People that get Islamic mortgages still pay a comparable amount that you would pay if you got a conventional mortgage. It's just that the structure of these mortgages are different," he said. "Many people will look at Islamic finance and say, instead of paying interest, you're paying profits, so really it's the same thing. And I think that's disingenuous. … How you get to the outcome really matters, and there's many, many religions where this is the case," he said.Companies such as Oakville, Ont.-based Eqraz are just beginning to offer halal mortgages. Founder Zuhair Naqvi said with almost no marketing, his company is already seeing high demand.
"We have to add a 1.5 per cent margin to cover our costs, so effectively, that makes our mortgage about four per cent more expensive than the RBC or Scotiabank five-year mortgage, as an example," he said.The Edmonton-based Canadian Halal Financial Corporation is also offering halal mortgages. Co-founder Thomas Lukaszuk pointed out that the risk can be higher to lenders.
Naqvi believes costs will go down as the business of halal mortgages grows, because to him, a larger pool of customers means a lower risk of default for lenders.
🤣🤣🤣
Progressive!
We know our financial institutions are evil. Emulating them with fees instead of interest ... you know what is really happening
Ummmm FUCK NO
That's bolognee. Who said no interest. There is certain group of people promote wrong religion.
Time to defund the CBC. Off topic or not, this organization is a ripoff.
Isn’t it interesting that interest free lending is being considered only bcuz of Muslims and NEVER considered b4…for ALL Canadians?
Islamic mortgage? Interested to find out what happens if you can't make a payment. What's the punishment for theft again?
Should not be allowed... A dangerous islamic trick.
More religious bs. Hopefully they don't collect any interest on any investments or bank accounts. Apparently it's just to be avoided.
Instead of 'interest' it's called 'carrying cost'. No biggie. Rose of another name.
Usury violates Christian and Jewish doctrine as well but hey, slavery is great for the powers that be so fuck it right?
Maybe it's time for ALL religions to modernize themselves and catch up to the 21th century.
They should make it so that you can only be eligible if you're Muslim. And a test must be conducted to prove it
Are you fucking kidding me!!! It's all a scam!
How do muslims deal with Revenue Canada interest?
Well Hell, I now identify as muslim. But do they send their morality police to follow me around then?
Holy Quran forbids taking loans on interest for a good reason, but some of the followers are trying to bypass the law by using a different name for interest. Not sure who they are trying to fool.
The islamic mortgage is a fraud
So a hotdog isn't pork, is what you're telling me.
Wow!!! Just another way to change Canada into Muslim ada?
Interest by any other name… woof
So special treatment or….can any Canadian receive the same service?
It’s worked into the cost of the mortgage. It will show 0% interest with an additional charge on the 5 year term.
Seriously? I’m a fair believer of inclusion but each country have its own financial system to which you have to adhere. Your religion or believes have nothing to do with this.
So just another way for organized religion to allow fooling yourself?!
Same shit, different smell..
When all said and done Halal mortgages are just the same as interest payments (often more expensive). Any qualified mortgage banker will agree, “just smoke and mirrors”. Business is about making money, there is no free lunch.
WTF
No interest. Bullshit. Its phraseology. Diluding yourselves if you think it's interest free.
Spoke to my muslim friends on this. Advocates for all parties to distribute risk. Interesting development.
Lol it's still interest even if you don't call it interest. Haha...
That will give banks heart palpitations
nice belief system, loan me money and I may pay it back and don't care that you lose money based on interest rates that the banks have to pay.
Running away from a Muslim country, this is pure PTSD for me. They come like we are good, amd here are some good deeds then they proceed to control what u wear and what u do and will kill you if you oppose them!
Well, they choose what to enforce and what not to enforce, if they choose enforce the Quaran to the letter they’d not have any present online for a start
🤡
So can we claim that all the interest Team JT/JS are forcing us to pay because of ballooning debt isn't halal and therefore we shouldn't pay it? Eff off CBC , this network is so useless covering crap like this.
Well this tops the list of things I couldn’t possibly care less about this morning. Thanks (taxpayer funded) CBC for advocating sharia law 🙄 you realize that our legal system in Canada relies on the calculation and payment of interest for resolving disputes?
Hows that going to work when sellers have to pay tax? It will be added into the selling cost....don't ya know!
parallel society Sure. Fine. Let's just officially end confederation. Clearly going that way. Let's do it before it gets ugly.
It’s all a matter of wording. It’s not like someone is buying a house at today’s market value and paying that exact amount. Read the article before u criticize 1.8 billion ppl. 👍
Islamic hypocritical nonsense.
I see the Muslims are changing Canada, well done. I might look into converting then! Wrap all the women up and throw all the gays off the roof!
In a related story, Muslim countries are starting to offer traditional Western mortgages on which interest is charged to adhere to the belief system of non-Muslims. See how dumb that sounds? We’re doomed. cdnpoli
Ridiculous - move to Canada bank like everyone else or don't these Institutions changing terms to suit their need is absurd
What foolishness.
Just semantics, the bank is doing installment payments with the interest baked in.
Yes you think you can fool God. Give gifts instead of interest...
My belief is my house should be free and on a lake so I will start looking today . Willlet these companies know when I found one so they can arrange it
Oh yea this won’t be an issue for people 🤣
Sounds like the big banks are still not kosher with that, though.
This is Sharia Law
They'll just add the interest into the price and claim there's zero interest.
Would other countries adapt to our beliefs?
Interest-free mortgages you say?
What BS. A “special “ mortgage for muslims?
just more nonsense in the name of religion
They just call interest 'profits' or 'fees' lol and then they charge 4% MORE THEN BANK RATES!! This is just a scam to take advantage of well meaning unsophisticated potential home owners.
So do you have to be Muslim to get one or is it a bigoted system?
'We have to add a 1.5 per cent margin to cover our costs, so effectively, that makes our mortgage about four per cent more expensive than the RBC or Scotiabank five-year mortgage, as an example,' and there is no foreclosure, so more risk for lenders... Total 10% for no interest.
The banks are a problem.
There is a system in Europe called JAK, well worth looking into as well...
WTAF?
This is patently Discrimination! Favoring only Muslims😎 All Lives Matters
I'm agnostic but have loads of Muslim buds who would vouch for me... Can I have 1!?
Stop with the disinformation, please.
They just name interest differently. Very funny, halal interest, hahaha
I didn't realize we can just change how mortgages work based on our beliefs. Screw regulations. I have lots of changes I'd like to see.
My feelings about this story are ‘halal’ too…… zero interest
Importing a system is not without peril. So it is like rent-to-own but the lender cannot foreclose easily. They have a completely different legal system that compensates for this. Here it is just risk, hence higher fees to mitigate, since you cannot call them finance charges
This is stupid. A rose by any other name.... When I was a kid I used to tell my Mom I couldn't eat oatmeal because it was against my Religion. That's when my ear would get cuffed.
So, interest.
Lol, so just call interest a fee to please a God. All religions are just cults. Your God is ok with a fee but not interest. Lmao
Mass immigration mortgage fraud.CBC you did the story lol This is why real Canadians can’t qualify for a loan.We get the high risk high interest loans.This is an invasion!
Yikes!!
Could Christians operate this way?
Why not ?! If there’s money to be made, nothing wrong with it ?
what utter stupidity- what next? 'softer stones to make their 'stoning to death' rituals less painful? or milder battery acid to throw in the eyes of women who want to read! please keep Canada secular and keep this religious bullshit to yourselves!
AHH I see looks like the Islam is taking Canada over! Germany is already a shithole Country!
Sounds fair to all tax payers