Interest-free, but not without charges: Islamic mortgages hit the Canadian housing market Financial products are being adapted to match the unique needs of many Muslims

December 21, 2022   

(CBC) For Abdullah Mohiuddin, getting into the housing market involves more than just locating the right home for the right price.

Like many other Muslims, Mohiuddin’s religious beliefs include restrictions on paying and receiving interest. Given that a typical Canadian mortgage includes interest charges, this has added an additional challenge to his quest to stop renting and move into a house he owns.

“Even if the interest is very low, even if the interest rate is like 0.1 per cent, if it’s more than zero per cent, then we cannot deal with conventional banks,” said Mohiuddin.

While he has been searching for months, new options have begun to emerge in the Canadian mortgage market that could suit Mohiuddin’s needs.

Read more.

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