A halal mortgage complies with the Islamic religious, or Shariah, law, which forbids the use of "riba" .have been available for those in the country who seek loans that abide by the Muslim faith to buy homes.
A halal mortgage is very similar to a traditional mortgage with the same process and guidelines, but it has extra steps for the lender. This includes preparing separate documents to ensure they comply with the Islamic religious, or Shariah, law, which forbids the use of "riba" , said Victor Tran, mortgage and real estate expert with Ratesdotca, a Canadian online platform for insurance and mortgage and credit rates.
There are a few ways of making this profit, including co-ownership and higher mortgage payments, providers say.Although Islam forbids interest, halal mortgages are not necessarily interest-free. What is essentially interest can be named differently, such as "profit rate," "profit" or "fee," Tran said.
Lenders could charge a higher rate or a higher fee to offer this type of service in part because a halal mortgage is "a very niche product" and not common in Canada, Tran said. As the cost of food in Canada has risen, grocery shoppers are looking at ways to reduce their grocery bill, and more are choosing price over beauty, turning to companies that deliver so-called 'misfit' produce at a fraction of the cost.A dead serial sexual offender and killer has been linked to four homicides in the 1970s in Alberta, RCMP say.
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