What is a halal mortgage? How interest-free home financing works in Canada
Global News
As part of the 2024 federal budget released last week, Ottawa said it is 'exploring new measures to expand access to alternative financing products, like halal mortgages.'
The federal government is looking at making Islamic home financing increasingly accessible to help more Canadians break into the housing market.
As part of the 2024 federal budget that was released last week, Ottawa said it is “exploring new measures to expand access to alternative financing products, like halal mortgages.”
Last month, the federal government started consulting financial services providers and communities to understand how policies can better support the needs of all Canadians seeking home ownership, according to the budget.
“Canada is home to a vibrant and growing market of alternative financing products, including halal mortgages, that enable Muslim Canadians, and other diverse communities, to further participate in the housing market,” the budget states.
Currently, none of Canada’s big six banks offer halal mortgages, which are an interest-free payment structure that follows Islamic principles.
However, some lenders in Canada have been offering halal mortgages for several years now.
“Halal mortgages are already offered to all Canadians by financial institutions,” Caroline Thériault, a spokesperson for the Department of Finance, said in an emailed statement to Global News Tuesday.
Thériault said halal mortgages are not government of Canada products.
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