The federal government launched a review of Halal mortgage loans

The federal government announced new measures for access to Halal mortgage loans. The Liberal government consulted with financial service providers and communities to understand how federal policies can meet the needs of all Canadians seeking home ownership.

From the point of view of Islam, taking interest is riba and haram, and it considers the profit from riba unjust. Other Abrahamic religions such as Judaism and Christianity consider riba as a sin. In this regard, the financial institutions of the Islamic world offer mortgage loan products and interest-free loans. Islamic loans are offered by some financial institutions in Canada, but none of Canada's "big five" banks currently offer them.

According to the government, alternative mortgages are not necessarily interest-free but include regular fees that replace interest charges.

Deputy Prime Minister and Finance Minister Chrystia Freeland presented a housing-focused budget on Wednesday that includes a projected deficit of $39.8 billion for the 2024-25 fiscal year and includes $53 billion in new spending over five years.

Most of the new spending was already announced, with a particular emphasis on helping young people rent and buy homes.

news source