Purchasing agreement does not include interest, which is forbidden in Islam
(CBC) A new Albertan financing group is helping Muslims buy homes while adhering to their faith.
Interest is forbidden in Islam, locking some religious Canadians out of mortgages and banks. That means many faithful have been stuck renting as they try to save up enough money to buy a home outright.
Edmonton-based Canadian Halal Financial Corporation, created last December, works as a partner in home buying while charging fees to maintain profitability.
“Having the ability to be able to fulfil our faith and also invest in a home for the families is great,” said Blanca Lima, who deals with applications as part of the Al Rashid Mosque’s monitoring of the program.
