HomeLoansCanada considers halal mortgages for Muslims in 2024 budget

Canada considers halal mortgages for Muslims in 2024 budget

The Islamic faith, like Judaism and Christianity, considers charging interest a form of usury and unjust gains. Some Canadian financial institutions offer mortgage products that adhere to these principles, although they are not yet available from the country’s five major banks.

In addition to exploring halal mortgage options, the Canadian government also extended a ban on the purchase of residential property by foreign investors, which initially came into effect on January 1, 2023. That marked an effort to ensure there are homes available for Canadians to live in rather than as a speculative asset class for foreign buyers.

“The government announced it intends to extend the ban on foreign buying of Canadian homes by an additional two years, to January 1, 2027,” the budget proposal read.

“Foreign commercial enterprises and people who are not…

Read more at www.mpamag.com

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