Canadian Muslim Community Creates Sharia Home Financing Program

The Canadian Muslim Community created a sharia home financing program.

REPUBLIKA.CO.ID, ALBERTA — A finance group in Alberta, the Canadian Halal Financial Corporation, is assisting Muslims in buying homes that conform to Islamic guidelines. This is related to the prohibition of usury in Islam which makes some Canadians have limitations in accessing banking.

In such conditions, many people live in rented houses while trying to save money so that they can buy a house directly. To that end, the Canadian Halal Financial Corporation (CHFC), based in Edmonton, helps them to own a house according to sharia principles.

CHFC’s position is as a partner in home purchases while charging costs to maintain profitability. “Having the ability to practice faith and also invest in a home for the family is a wonderful thing,” said Blanca Lima, who is in charge of handling Muslim home purchase applications as part of monitoring the Al Rashid Mosque program.

He hopes to one day be able to access the program himself. “God willing, in the future I will be very happy to use this service for me and my family,” he added CBCMonday (21/2/2022).

Imam Mahmoud Omar of the Al Rashid Mosque, said arrangements were made in consultation with scholars and lawyers to ensure compliance with Islamic practice and Canadian law. “Everyone worked for the last two years around the clock to finally bring products that are Islamic compliant and at the same time protect our Muslim investors and clients,” he said.

Julia Matthews

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