Halal mortgages are no more a threat to the secular state than Quebec’s statutory Easter holiday
Bloc leader Yves-Francois Blanchet speaks with reporters in the Foyer of the House of Commons before Question Period, on April 17, in Ottawa.The Bloc Québécois stands for certain unbending causes, such as the protection of the French language, the safeguarding of Quebec ’s jurisdiction and the demand that home purchases be financed only through interest-levying instruments.
This was too much for Mr. Blanchet and the Bloc, who joined that strange set of anxious commentators who fret that Sharia is lurking just around the corner, waiting to leap out unsuspecting Canadians in the way that the Spanish Inquisition pounced in a Monty Python skit. Still, many people, including MPs, don’t know much about halal mortgages. So it was fair enough when Bloc MP Martin Champoux stood up in the Commons last Thursday to say he didn’t understand why the budget mooted possible regulatory changes. But that made it all the more ridiculous when he then asserted that it means “putting more and more religion into the affairs of state.”
A Halal mortgage is structured so money paid for financing is not interest. It still has a cost, but it is paid as profits or rent-like installments: “The process is important,” Prof. Hejazi said in an interview.
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