Fatwa #4453425 June 2020Canada
Halal Home Financing Options in Canada - Are there any?
Question
Assalamualaikum,
Maulana I have researched your fatwa's regarding motgage for home loans but couldnt find any Halal financing options. Do you know of any institution that provides Halal Home Loans in Canada. or is there any other way out ?
Jazakallah.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The Darul Iftaa has not yet approved any Islamic Mortgage/Financing schemes within Canada. Furthermore, we are not aware of any Shariah Compliant scheme available to the public within Canada. In the meantime, if you intend to purchase a house, we advise that you obtain an interest free loan from family and friends and totally avoid a loan from conventional banks.
And Allah Ta’āla Knows Best
Hammad Ibn Ismail Jogiat
Student Darul Iftaa
Cambridge, Ontario, Canada
Checked and Approved by,
Mufti Ebrahim Desai.