Canada's government has planned to introduce a ‘halal mortgage’ for the Muslim community of the country.
According to City News Toronto, the federal government announced that it is looking forward to explore new measures to extend access to ‘alternative financing products, like a halal mortgage.’
The Canadian government, in the recent budget, revealed that it has initiated consulting various communities and financial services providers to ‘understand how federal policies can better support the needs of all Canadians seeking to become homeowners.’
Halal mortgages, prohibit charging of interest, and consider it as a form of usury.
The Islamic faith considers money made through interest to be unjust and forbidden.
Moreover, usury is also considered a sin in Abrahamic faiths, such as Judaism and Christianity.
The initiative of ‘halal mortgage’ is a part of Canadian Prime Minister Justin Trudeau’s effort to support citizens who want to become homeowners, particularly focusing Muslim community.
Meanwhile, the liberal government imposed a ban on purchasing residential property by foreign investors in a budget proposal.
The budget document stated, “The government announced it intends to extend the ban on foreign buying of Canadian homes by an additional two years, to January 1, 2027.”
Additionally, “Foreign commercial enterprises and people who are not Canadian citizens or permanent residents will continue to be prohibited from purchasing residential property in Canada."
