A new home is shown for sale in a housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean KilpatrickDr. Abdul Aleem, teaching professor at the University of Alberta’s Economic Department says a Halal mortgage is a “permissible” alternative for regular mortgage. He says interest is forbidden according to Islamic Sharia, which is the Islamic law.
“Each party owns shares in the home based on the percent of the purchase price they contributed. For example, if the home is priced at $100,000 and the customer pays a down payment of 10 per cent and Manzil contributes 90 per cent , the customer is 10 per cent owner and Manzil is 90 per cent owner,” Dr. Sawwaf explained.
“Ijarah is compliant with Sharia law, which prohibits charging interest and ensures that all financial transactions are backed by tangible assets and involve shared business risk. Like Murabaha, however, it has a major drawback in that the home buyer does not gain full ownership rights until the end of the sales contract term, typically 25 years.”Sawwaf says Manzil’s current qualifying rate is 7.
“Amendments to the tax code to ensure that consumers are not paying more in tax when getting involved in these structures, along with allowing banks to fund these structures while maintaining the ability to off-balance sheet them into CMHC's mortgage pool program, while putting a regulatory framework in place to ensure Canadian consumers are protected from anyone that decides to claim they have a 'halal mortgage product' when in fact they do not,” he added.
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