Canada’s housing market is in retreat, but in some provinces there’s an emerging niche where demand for home loans is still booming: Halal financing for Muslim homebuyers.
“This is the fastest growing segment of the Canadian population that was excluded from Canada’s real-estate market,” Mr. Lukaszuk said. “It’s extremely, personally, very rewarding. But it took a lot of effort.” One of the mosque’s leaders, Imam Mahmoud Omar, travelled to Egypt and to get approval from scholars at Al Azhar University, one of the world’s oldest sources of Islamic jurisprudence. The fatwa that Al Azhar granted to Canadian Halal Financial is the first for a North American company.
At first, leaders at Al Rashid had discussions with credit unions and banks locally. But those institutions concluded that they couldn’t create a compliant product and keep it separate from their core business lending and taking deposits based on interest, Mr. Lukaszuk and Mr. Omar said. As a result, they wouldn’t be considered halal.
“It is okay from a religious perspective for us to make a profit, but this profit cannot be interest-based,” Mr. Lukaszuk said., a form of partnership similar to a lease-to-own structure. The buyer’s name is on the title to the home, the amortization period can be up to 30 years and there is flexibility to make early lump-sum payments.
“I can take this medicine,” he said. “It takes the burden away from us. It gives a very big and strong confidence going with them. ... It’s just like a big door opened for a lot of people.”
Will you give me a loan if I am a Jew?
Now situation rent will be better.
Halal discrimination against non Muslims They don't allow any non Muslims to work there That's so much discrimination If Muslims don't want non Muslims They must boycott all the inventions non Muslims created
Racists previously: THEY LIVE 6 FAMILIES TO A SINGLE HOUSE Racists in the Future: THEY'RE DRIVING UP HOME PRICES
So now there's financial options based on religion?
Just another gimmick
I wonder if Allah will cover their payments if times get tough?