EQRAZ try thrilled to offer you halal a mortgage because of its 100% Shariah- and AAOIFI-agreeable month-to-month Murabaha home loan tool. EQRAZ’s Murabaha financial allows people to close its home loan any kind of time go out if you are paying out of precisely the leftover principal and just as much as three days off cash as a fee. Term belongs simply to your, taking comfort that your house is its yours. EQRAZ’ types of resource are 100% halal, obtained as a result of Shariah-specialized, AAOIFI-compliant Wakala Agreements. The audience is completely funded, and actively issuing mortgage loans within five working days regarding app when you look at the across the extremely provinces. Simply click lower than for more information.

The building blocks having Islamic Money

Inside the , with my about three youngsters increasing right up, my wife and i chose to flow returning to Canada of Qatar, in which we had resided because 2007. Centered on my personal previous company and you can educational experience, I experienced planned to start an administration asking company. not, when i started initially to generate my personal system in Canada, I discovered the notion of halal mortgage loans, in addition to dearth of those all over the country. Getting Muslim, and achieving existed more than a beneficial ic funds continues to grow on an enthusiastic unprecedented price, so it piqued my notice, and that i chose to begin looking toward providing Shariah-agreeable mortgage loans in order to Canadian a residential property buyers.

Following the 6 months out of comprehensive browse and you may all those group meetings which have Canadian real-home, financial, banking and you can economic functions masters, I discovered that Canadian economic and regulating environment are ready which have demands up against Islamic financing possibilities. Since the an effective Muslim, an entrepreneur, but most importantly a family people looking yet another house when you look at the Canada, I decided to undertake the problem of fabricating halal mortgage loans available at measure to have my personal other Canadian Muslims. Canada’s step one.6 billion Muslims portray eight hundred,000 home whom, thus far, use up all your use of institutional-degree Shariah-compliant financial support. Moreover, my personal studies have affirmed that many of these types of Muslims was in fact victims out-of malpractice and perhaps even con as a result of opportunists trying payday loans Tallassee build winnings contained in this business.

With God’s elegance, pursuing the four long many years of works, i awarded our very own very first halal home loan toward 30th , as well as have given more given that! I sincerely believe that is the answer to Canada’s Islamic household-capital pressures, and i hope one to EQRAZ’s giving suits into the satisfaction from my other Canadian Muslims.

An Engineer’s view of Islamic Money

That have invested the past 15 years within the build and you may petroleum & energy attributes during the Qatar, the situation out of Islamic money into the a western banking model reminds me personally out of a great cofferdam a housing established inside a body out-of drinking water to allow the newest sealed area become moved away. It putting creates a dried out working ecosystem therefore, the really works is possible safely. Cofferdams can be used in framework otherwise resolve out-of long lasting dams and you will, in my experience, the newest analogy appears compatible.

The ocean signifies the world of desire-created finance that we live-in, brand new cofferdam represents the seemingly lightweight but really broadening Islamic finance globe, and the step from pumping liquids outside of the cofferdam means this new jobs from better-waiting Islamic financial experts so you’re able to cleanse and you may develop Islamic funds by the more and more deleting the rest antique financing issue from the inside this new Islamic money business.

Identical to a great cofferdam, carrying out a gap for Islamic loans to expand necessitates the ability so you can on the other hand remain values out-of Shariah-compliance when you find yourself performing in this Canadian statutes and you will following statutes of your property in terms of you can in place of breaking Islamic standards. It is far from the conclusion county however, one step on a holiday into the a world in the place of riba.

Because a professional, an enthusiastic actuary, and you may a training Muslim, We want to submit myself on maximum conditions out of professional run, transparency and you will Jesus-dreading honesty from this trip, and that i anticipate my fellow Canadian Muslims joining myself about trip.

Facts Behind All of our Expression

The latest EQRAZ symbol is created given that an enthusiastic seven-sided Wipe-el-Hizb, plus knows given that Islamic Star, that’s an important Islamic icon which was used to assist in the latest recitation of one’s Qur’an and you may, as a result, named a significant part away from a Muslim’s date-to-time lifestyle. Its stated that ???? , the fresh Arabic term to have green, is used within the variations seven minutes from the Holy Quran so you’re able to depict the new eight doorways to Jannah (heaven), that are similarly depicted from the 7 edges of Scrub-el-Hizb.

When you look at the figure, EQRAZ is written during the old Kufic script popular in Islamic really works, which have letters created from upright lines and you may proper angles. Mathematical and rectangular Kufic molds had been commonly used inside Islamic structures. With this particular Kufic layout into the EQRAZ’s sign partners this new EQRAZ brand which have Islamic frameworks or, said another way, Islamic housing EQRAZ’s perfect team.

The fresh new representation along with represents EQRAZ’s intention in order to follow both so you can Shariah and Canadian legislation and ethics without the twists, converts or compromises. Said another way, EQRAZ might be straight-forward and you will transparent featuring its clients, score conformity with Shariah conditions right, and attract our very own customers’ believe and you may sensitivities.

Eventually, the new navy-blue color of the newest image means depth, expertise and you can stability. This characterizes the caliber of the folks and structure EQRAZ possess come up with to add their members featuring its halal investment situations.