Despite the unequivocal prohibition from dealing in interest-bearing transactions, Muslims in Canada who wish to buy homes, start businesses or invest in real estate properties are offered few alternatives to traditional, interest-bearing loans and/or interest-based mortgages from financial institutions.

AlNur

An-Nur offers Canadian Muslims Real Estate investment opportunities and related financial services, to earn Halal income – free of riba, with flexible programs for those wishing to buy a residential home, do home improvement, invest in land, property or start or develop a business, or otherwise invest in business assets.

http://www.nurcoop.com/

Islamic finance body IIFM launches collateralised murabaha standard

The Bahrain-based International Islamic Financial Market (IIFM) has launched a standard contract template for collateralised murabaha transactions, aiming to boost use of a sorely needed liquidity management tool for Islamic finance institutions.

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