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Fatwa Answer

Question ID: 1030 Category: Business Dealings
Islamic Mortgage in Canada

 

Assalamualaikum Maulana,

I am planning to buy a house in Toronto, Canada. Do you know any Shariah Compliant Halal financing institution in Canada? I dont find any renowned scholars endorsing any institutes here in Canada. I researched a little bit about zero mortgage here in Canada, their model looks legit, and also they have copied the model from Guidance bank in USA. Mufti Ebrahim Desai's son Mufti Ismail has endorsed their mortgage. Do you know if their model is shariah compliant or do you know of any bank that provides a Shariah compliant loan here in Canada?

 

Jazakallahu Khairan.

الجواب وباللہ التوفیق

We are unaware of any organization and have not performed research on legitimacy of any such banks or financial institutions, who are currently providing Shariah compliant loan in Canada. We have performed review of Devon Bank's Islamic financing model and contract (located here in Chicago) and recommend people to utilize their services if they choose to do so. You can reach out to them to get further details in order to make a decision. 

واللہ اعلم بالصواب

 

Question ID: 1030 Category: Business Dealings