Zuhair Naqvi and a colleague work in the offices of Islamic mortgage provider Eqraz, in Oakville, Ont.
Federal budget references to mortgage products aimed at Canadian Muslims have members of the community celebrating, along with the mortgage providers that look to serve them, despite a lack of detail from the government on what is to come.The offices of Islamic mortgage provider Eqraz Inc., in Oakville, Ont.
Several firms in various Canadian provinces offer halal mortgages. Halal is an Arabic word that translates in English to "permitted" or "allowed" under Islamic law. "It seems like it's a little bit expensive," Mohiuddin said, adding he believes the lack of established legal definitions for a halal mortgage in Canada is behind the higher costs.Muslims looking for a halal mortgage are still going to be paying carrying costs for a loan to purchase their home.
Zuhair Naqvi, founder and CEO of Islamic mortgage provider Eqraz, says the reference to halal mortgages in the federal budget is already having a positive impact. Islamic mortgage companies have previously speculated that with wider availability, costs could drop as more providers compete for business, and risk is lessened with a wider pool of lenders.
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