Since Ali Najaf moved from Pakistan to Vancouver as a student in 2012, he has earned a degree, landed a job in human resources, and gotten married.
Now, the 30-year-old says he’s ready to purchase his first property in his adoptive homeland, but there’s a problem; as a practising Muslim, Najaf cannot collect or pay interest, barring him from traditional mortgage products.
In fact, since he arrived in Canada, Najaf has kept all his earnings in a checking account and paid every credit card bill on time and in full to avoid paying or collecting interest, a common practice among devout Muslims in Canada.
“In Islam, we have been taught from a young age that it’s forbidden to pay interest,” he says. “We want to buy a home, but most major banks charge interest, so there’s a dilemma.”
Najaf, who hopes to purchase a home…
