The following report is by National Post:
Here’s what “halal mortgage” means and what that effort might look like.
What does Canada’s 2024 budget say?
The plan mentions the creation of “alternative financing products, including halal mortgages” as a means to “enable Muslim Canadians, and other diverse communities, to further participate in the housing market.”
Ottawa is “exploring” measures that could change “the tax treatment of these products” or provide a “new regulatory sandbox for financial service providers,” it says.
The government began consultations in March 2024 with financial services providers and “diverse communities” as it sets out to expand mortgage policies to include alternative financing, the budget adds. The Liberal government says it will make an announcement detailing what such a plan would look like this fall.
Why are regular mortgages not considered halal?
Islamic law, or Sharia, prohibits Muslims from charging or receiving interest because they are seen as exploitative and immoral. Instead of giving loans, Islamic banks use different payment structures to avoid charging interest.
What are halal mortgages?
Sharia-compliant mortgages include payment structures that take interest out of the equation. There are three common types of halal mortgages: ijara, Musharaka and Murabaha.
Ijara is a rent-to-own model in which a bank buys the asset and leases it back to the customer over a set period. The payments go toward the capital and provide a profit for the financial institution.
Musharaka, a form of partnership with the financier, involves both parties owning the property until the equity is gradually transferred and the partnership dissolves.
Murabaha is a credit system in which the ownership is immediately sold to the customer, with profits included in the final offer. The buyer’s credit history, deposit and terms of the agreement are factored in.
Because these structures are considered more risky, they are often more expensive than a traditional interest loan. Canada’s big banks do not currently provide halal mortgages, which the Liberal government hopes to change. According to The Canadian Press, lack of halal financial options has left many Muslims waiting for smaller firms to allow them to make investments and buy homes.
AUTHOR COMMENTARY
I’m not Canadian, but if I were – it says, “and other diverse communities, to further participate in the housing market.” So, does that mean I would qualify? I don’t like having usury taken out on me either. But, I think we all know the answer to that…
He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved.
Psalm 15:5
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Canada is an open sewer hole, in fact, it is unofficially communist. Why do I say unofficial? Because it’s not being open about it like China, Cuba, North Korea, and so on.
Furthermore, to any of our truly saved King James Bible believing brethren in Canada, I pray God provides everything and all the resources for you to move out! I believe judgement is coming very soon there, and while America’s judgement is going to be vicious, God’s judgement on Canada is going to be far worse!
God’s wrath is on all the nations , time it’s like a worldwide Holocaust. Not is Canada and USA.
In God’s word Egypt is like the type of world and Israel through the plagues is like the saved today.
Jacob will you be reporting on the large earthquakes in Taiwan ?
Do you think China is hitting them with dew’s so that they give in to their takeover?
Perfect opportunity to say you . . . ‘identify as a mooslam’. Gimme that interest free loan!
It’s satans awful trap for securing many to debtor prisons.
God’s wrath is on all the nations , only this time it’s like a worldwide Holocaust. Not only Canada and USA. So doesn’t matter which country you go to.
In God’s word Egypt is like the type of world and Israel through the plagues is like the saved today.
Sorry spelling errors on previous comment.
Bash Christians and cuttle Muslims, sounds like the big RCC is behind this, those ecumenical devils!
The RC cult started Islam.
I haven’t been getting Winepress news stories for about 2 wks. Anyone else having this issue?
I replied to your email. Technical difficulties at the moment. Still trying to get it fixed.
Sadly, I’m Canadian. With the illegal entry of millions of Musssssies into our country, the issue of lack of housing has been magnified. A halal mortgage will allow them to take over the empty houses and apartments that Canadians can no longer afford. Homelessness is at an all-time high here. Absolutely shameful and could’ve been prevented if we didn’t have WEF puppets at the helm. I hope Putin nukes N. Amerika SOON! We’re sick of the corruption, extortion, and abuses. IF Jesus tarries much longer, there won’t be anyone “alive and remain(ing)” to be raptured.
Wef puppets were never and aren’t even the problem in any nation. Corruption first started in the hearts of people towards God’s word and it started when the PEOPLES stopped reading their KJB’S and taking it out of their homes, gov, institutes etc….
God chooses ALL rulers on the earth and sets them up Daniel 2
Psalm 2
And he also tares them down.
God is the ultimate ruler of his creation.
Everywhere in the bible states it’s always the people’s that corrupt themselves against God and therefore God sends them evil rulers.
It’s annoying when people who call themselves Christians and aren’t, always blame the rulers of their nations instead of examining themselves and their lack of sharing the gospel. Only ones with any excuse are the babes in Christ and the little ones under the age of accountability. All else is to blame because of SIN and the love of it.
Remember Judgement first starts at the house of God. Me included.
It’s hard and tough and scary and exhausting but it is also rewarding, blessed and wonderful and miraculous to see the Lord have your back when you go to bat for him.
Very well said.
Proverbs 29:8 Scornful men bring a city into a snare: but wise men turn away wrath.
Amen, brother!
You have hit the nail on the bullseye, pilgrim. Home run!
It’s interesting that back around 2008 when the contrived housing market ‘crash’ occurred, this ‘sharia banking’ thing was one of the first things cluing me in that things in the world were not as they were being presented.
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There was a woman financier on Wall Street who began warning about it & pointing to several ‘honor killings’ in the US (Florida & NYC, I believe) which were not handled judiciously because of ‘sharia’ w/ police departments & judiciary complicity, saying that most major banks were already ‘sharia compliant’ & that this could not, & would not, end well if that practice continued….because these people are lawless, & they cover it with religious demogoguery. (Demos and popery/little gods) making it a matter of ‘religious liberty’ with lying, cheating, false religion in the mix & overthrowing the rule of Law, even evident truth rejected.
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‘trust hath fallen in the streets’ etc. Judgment coming if revival isn’t forthcoming.
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We had debt that I was attempting to pay down, having bought into the illusion that after our daughter was on her own, then we could pay it down. It was becoming obvious they were attempting to force all women into the workforce, to destroy keepers at home etc, & I’d been foolishly justifying it on those terms, listening to ‘Christian conservatives’ who truly were neither ‘Christian’ nor ‘conservative’ in the true meaning of those terms.
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My bad. The Lord is dealing with that now, to the point that he put this ‘Martha’ on the couch, entirely dependent upon faith &loved ones, to get her to consider ‘Mary’s better part that shall not be taken away. Prepping is necessary, being watchful & prudent is necessary…Martha’s are needed, but all those things are temporal & can be lost, taken from us etc. Mary’s part learning of & receiving the eternal words & promises of God in the King James Bible truly is the better part.
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Anyways, back then I began looking to shift our debt to a non-sharia compliant card or bank and COULDN’T FIND ONE. I was stunned. How could that be? It’s not like they advertised it or anything, but when asked point blank, there it was. Then we were left with little local banks such as the Amish & Mennonite deal with, & they don’t deal with unsecured debt period.
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Now the Lord has sustained us in surprising, unexpected ways, & we’ve been able to pay down & off more than I dared to hope or dream back then. Realizing, too, that it was all of our own doing, deceived by a false hope & lawful order that was but a facade….or not. Anything we’d manage to do ‘right’ would be undeserved & unmerited….but nonetheless had to be attempted because it was right in the eyes of God.
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So one thing for the little locals still hanging on…& a tip for those younger on where it might be safe to put their money, such as it is.
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The woman & her website that had been warning was suddenly gone. Clearly, this has been a planned treachery ….& was not to be brought to light until such time as they could spin it to a dumbed down generation& have it be accepted, or until such time as they felt they had so much power & control that it didn’t matter.
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Babylonian Rome & her Daughters, including Islam….three leavened measures of meal. What depths of meaning the word of God contains prophetically!
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And, it’s not West versus East either: but both serving the ends of the same Harlot, & connecting back to the same.