that was released last week, Ottawa said it is “exploring new measures to expand access to alternative financing products, like halal mortgages.”
Under Sharia law, it is forbidden for Muslims to receive and pay interest, so a halal mortgage essentially takes interest out of the equation.Manzil has been offering halal mortgages that are both partnership- and profit-based since 2020. “It just means that you’re not part of a transaction where money is being lent and you have to pay more money back,” Sawwaf said.Types of halal mortgages
The client enters into a purchase agreement that specifies fixed monthly payments for the duration of the contract, which is usually up to 15 years.Story continues below advertisement
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