Posted on 04/18/2024 7:06:49 AM PDT by yesthatjallen
The Canadian government is exploring options to broaden access to financing alternatives, including halal mortgages. This initiative is part of Prime Minister Justin Trudeau’s efforts to support Canadians aspiring to become homeowners, with a particular focus on the Muslim community.
The ‘Halal Mortgage’ is a significant step towards ensuring that Muslims in Canada can adhere to their religious beliefs while purchasing homes. It is designed to comply with Islamic law, which prohibits the payment or receipt of interest (riba). Instead, the mortgage operates on a ‘rent-to-own’ model, where the bank purchases the property and then sells it back to the homeowner at a higher price, paid in installments.
“This could include changes in the tax treatment of these products or a new regulatory sandbox for financial service providers, while ensuring adequate consumer protections are in place,” the government announced in its Budget 2024.
The Islamic faith considers the charging of interest to be a form of usury, and considers gains made through interest to be unjust.
Other Abrahamic faiths – like Judaism & Christianity – also consider usury to be a sin. However, financial institutions operating in the Islamic world are unique in offering mortgage and lending products that avoid conventional interest payments.
Mortgages compliant with Islamic law are already offered by some financial institutions in Canada, though none of Canada’s five “Big Banks” currently offer them.
SNIP
(Excerpt) Read more at muslimmirror.com ...
Numbers-wise it can be fair. But IMHO it's unwise to give Muslims an inch of change in western culture (in this case Canada) because it just makes them demand more, and more, and more until they've completely removed western culture from your nation.
ISlime has no place on our planet at all.
IF THIS ISN’T DISCRIMINATION——I DO NOT KNOW WHAT IS.
Any word on kosher mortgages? Hey jus-teen trueDOH.....🖕
Yea, the premise of adhering to the Muslim relgion is just the foothold they need. Muslims are also allowed upbto 4 wives.
So... Kanada is also going to legalize polygamy?
Why does the all mighty state need to be involved in mortgages, or any other private citizen transaction, for that matter?
In the abstract, this is a good thing. It’s the government making an accommodation for religion in a manner that doesn’t interfere with anyone else’s rights. My only complaint is that the Canadian government would never do this for Christians and in fact would do the opposite if they could.
Here’s how a Sharia-compliant mortgage works:
“The Musharaka model involves co-ownership between the home buyer and the financing company. Both parties invest in a property and purchase the home together.
In a variation called Diminishing Musharakah, or the Declining Balance Method, the home buyer gradually acquires the financier’s stake in the property while paying a fee to utilize the portion still owned by the financier. Diminishing Musharakah is considered the most favorable option.
In this case, initially, each party owns a share of the home proportional to the amount they contributed. Over time, the buyer’s ownership stake increases while the company’s share decreases until the buyer owns the entire property.
The buyer maintains full ownership rights for the property from the start, like any other homeowner. The rights and responsibilities of each party are clearly defined in the contract, with special protections provided to the buyer that do not exist in a traditional mortgage.
The Musharaka method aligns perfectly with the principles of Islamic law as well as the goals of homeowners in the U.S., making it the most attractive option.”
We're allowed eight four richer, four poorer...
The penalty for polygamy is having more that one wife...
I’m sure Joe Mentia will be promoting this here.
Taqiyya: Deception and Lying is part of Islam. It is in their holy books.
halalol
Oh Canaduh
So basically you are still paying interest, but kind of disguising it by calling it something else. I guess they must think Allah is too dumb to see through such a ruse.
They do this in other ways. Since Islam allows them to have multiple wives, in Muslim nations the hookers call themselves "temporary wives". Hiring her for the night is "marrying her". Then when you're done with her that night, tell her 3 times "I divorce you", by Islamic law you're now divorced, and Allah is fooled.
Canada’s ‘Halal Mortgage’ allows adherence to Muslim religious beliefs when purchasing homes:
<><>prohibits the payment or receipt of interest (riba).
<><>the mortgage operates on a ‘rent-to-own’ model,
<><>the bank purchases the property
<><>then sells it back to the homeowner at a higher price, paid in installments.
<><>could include changes in the tax treatment of these products
<><>or a new regulatory sandbox for financial service providers.
<><>Halal Mortgages are already offered by some Canadian financial institutions,
<><>though none of the big five banks offer them.
Other Abrahamic faiths – like Judaism & Christianity – also consider usury to be a sin. However, financial institutions operating in the Islamic world are unique in offering mortgage and lending products that avoid conventional interest payments.
Sounds like trying to fool Allah with tricky accounting, like how some Medieval currency exchange contracts were written to avoid usury laws. I’ll give you 100 gold florins today for 110 gold marks one year from now, but marks and florins are of equal value so the extra 10 is hidden interest in a loan.
At 2% to 5%, they begin to proselytize other ethnic minorities and disaffected groups, often with major recruiting from the jails and among street gangs.
From 5% on, they exercise an inordinate influence in proportion to their percentage of the population. For example, they will push for the introduction of halal (clean by Islamic standards) food, thereby securing food preparation jobs for Muslims They will increase pressure on supermarket chains to feature halal on their shelves along with threats for failure to comply. At this point, they will work to get the ruling government to allow them to rule themselves (within their ghettos) under Sharia, the Islamic Law. The ultimate goal of Islamists is to establish Sharia law over the entire world.
When Muslims approach 10% of the population, they tend to increase lawlessness as a means of complaint about their conditions. In Paris, we are already seeing car-burnings. Any non-Muslim action offends Islam, and results in uprisings and threats, such as in Amsterdam , with opposition to Mohammed cartoons and films about Islam.
After reaching 20%, nations can expect hair-trigger rioting, jihad militia formations, sporadic killings, and the burnings of Christian churches and Jewish synagogues.
At 40%, nations experience widespread massacres, chronic terror attacks, and ongoing militia warfare.
From 60%, nations experience unfettered persecution of non-believers of all other religions (including non-conforming Muslims), sporadic ethnic cleansing (genocide), use of Sharia Law as a weapon, and Jizya, the tax placed on infidels.
After 80%, expect daily intimidation and violent jihad, some State-run ethnic cleansing, and even some genocide, as these nations drive out the infidels, and move toward 100% Muslim, such as has been experienced and in some ways is on-going in Bangladesh — Muslim 83%, Egypt — Muslim 90%, Gaza — Muslim 98.7%, Indonesia — Muslim 86.1%, Iran — Muslim 98%, Iraq — Muslim 97%, Jordan — Muslim 92%
100% will usher in the peace of ‘Dar-es-Salaam’ — the Islamic House of Peace. Here there’s supposed to be peace, because everybody is a Muslim, the Madrasses are the only schools, and the Koran is the only word, such as in: Afghanistan — Muslim 100%, Saudi Arabia — Muslim 100%, Somalia — Muslim 100%, Yemen ---Muslim 100%.
The marxists in our country will try to do the same. The “wall” between church and state only applies to Christians and Jews. The goathumpers will get an exception.
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