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 ...
Substance over form.
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...
Not enough rope in this part of the hemisphere for all those who need to be strung up
“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.
A rose by any other name... (Or in this case, A skunk by any other name).
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.
Is this type of mortgage available to anyone who qualifies financially?
If so, then I don’t see a problem.
It’s a legal fiction to make people feel good. It’s interest without the name.
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.
I guess they must think Allah is too dumb to see through such a ruse.
>>>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.
True explanation of the nature of the beast. Thanks.
LOL!
+1
Usury becomes VERY difficult to define when fiat money is the instrument of payment.
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.
But that doesn't pander to an electoral constituency.
I’m sure muslim countries would also do all they can for nonmuslims ,LOL
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