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PM Justin Trudeau to introduce ‘halal mortgage’ for Muslims in Canada
Muslim Mirror ^ | 04 18 2024 | Muslim Mirror Staff

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 ...


TOPICS: News/Current Events
KEYWORDS: canada; halal; muslims; snownazis; trudeau
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To: yesthatjallen

Substance over form.


21 posted on 04/18/2024 7:37:45 AM PDT by JubJub ( )
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To: Liz
The Islamic faith considers the charging of interest to be a form of usury, and considers gains made through interest to be unjust.

I see that Saudi Arabia holds about $128 billion in U.S. Treasuries. Maybe it's unjust, but they seem to have gotten over it...

22 posted on 04/18/2024 7:39:18 AM PDT by fhayek
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To: yesthatjallen

Not enough rope in this part of the hemisphere for all those who need to be strung up


23 posted on 04/18/2024 7:45:42 AM PDT by ronnie raygun
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To: Liz

“Other Abrahamic faiths - like Judaism and Christianiy - also consider usury a sin.”

Not true.
Jews were prohibited from charging interest only to other Jews.
Christianity had no restriction.


24 posted on 04/18/2024 7:49:50 AM PDT by A strike (There is no tyranny that cannot be justified by 'climate change')
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To: yesthatjallen

A rose by any other name... (Or in this case, A skunk by any other name).


25 posted on 04/18/2024 7:52:25 AM PDT by Flaming Conservative ((Pray without ceasing)
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To: null and void

I used to work with a guy that married a girl from Nigeria(if I recall correctly).

His father in law was considered a wealthy man and had 3 wives, each living in their own apartment.

He said that they had visited him a few times and from what he could tell - he was 3 times more henpecked.


26 posted on 04/18/2024 7:55:18 AM PDT by CTyank
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To: yesthatjallen

Is this type of mortgage available to anyone who qualifies financially?

If so, then I don’t see a problem.


27 posted on 04/18/2024 7:55:42 AM PDT by mac_truck (aide toi et dieu t'aidera)
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To: yesthatjallen

It’s a legal fiction to make people feel good. It’s interest without the name.


28 posted on 04/18/2024 8:03:34 AM PDT by I want the USA back (Delusionary people should not be given power over normal people.)
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To: yesthatjallen

And Muslims in Canada cannot do this for themselves because...?

Sounds like an easy opportunity for Canadian mortgage lenders, realty companies, banks or Muslim self-help cooperatives to step up and do something useful.

The idea of allowing the market to solve a simple problem is of course alien to Justin Trudeau.


29 posted on 04/18/2024 8:04:00 AM PDT by sphinx
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; cardinal4; ...

30 posted on 04/18/2024 8:17:04 AM PDT by SunkenCiv (Putin should skip ahead to where he kills himself in the bunker.)
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To: fhayek

I guess they must think Allah is too dumb to see through such a ruse.


Not defending Islam, but don’t observant Jews do something similar? There is a wire that encircles much of Manhattan that somehow allows the entire area to be exempt from certain Sabbath prohibitions.


31 posted on 04/18/2024 8:38:59 AM PDT by hanamizu ( )
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To: FatherofFive

>>>Taqiyya: Deception and Lying is part of Islam. It is in their holy books.

True, Surah 5, Ayat 55 true! Only with the tongue but not with the heart. Shia are better liars than Sunni.


32 posted on 04/18/2024 8:41:08 AM PDT by existentially_kuffer
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To: E. Pluribus Unum

True explanation of the nature of the beast. Thanks.


33 posted on 04/18/2024 8:44:22 AM PDT by Tunehead54 (Nothing funny here ;-)
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To: hanamizu
I am a Catholic, and we used to be prohibited from eating meat on Fridays. (That still is true during Lent). I figured, if you lived near the international date line, and you craved a hamburger, all you had to do was cross the line into Thursday (or would it be Saturday?), and you would be good to go. I guess everyone is looking for loop holes...
34 posted on 04/18/2024 8:52:35 AM PDT by fhayek
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To: fhayek

LOL!
+1


35 posted on 04/18/2024 9:00:17 AM PDT by MotorCityBuck (Keep the change, you are filthy animal! )
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To: yesthatjallen

Usury becomes VERY difficult to define when fiat money is the instrument of payment.


36 posted on 04/18/2024 9:05:33 AM PDT by Dr. Sivana
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To: fhayek
I figured, if you lived near the international date line, and you craved a hamburger, all you had to do was cross the line into Thursday (or would it be Saturday?), and you would be good to go.

I don't see any land masses that straddle the International Date Line. Getting on a boat and going to another island is a bigger sacrifice than having clams or cheese pizza instead of a hamburger.

https://www.britannica.com/topic/International-Date-Line
37 posted on 04/18/2024 9:09:20 AM PDT by Dr. Sivana
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To: Tell It Right

It’s basically charging Muslim mortgage buyers interest, but without calling it interest.
= = =

So is this ‘non interest’ deductable?

Don’t know if Canada does taxed like US.


38 posted on 04/18/2024 10:07:26 AM PDT by Scrambler Bob (Running Rampant, and not endorsing nonsense)
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To: yesthatjallen
There are of course already banks that do this, and it's perfectly legal in the USA, UK, Canada, and the EU.

But that doesn't pander to an electoral constituency.

39 posted on 04/18/2024 10:12:10 AM PDT by Salman (It's not a slippery slope if it was part of the program all along. )
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To: yesthatjallen

I’m sure muslim countries would also do all they can for nonmuslims ,LOL


40 posted on 04/18/2024 11:32:16 AM PDT by butlerweave
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