Islamic Finance Advisory Board is a non-profit, self-regulatory, voluntary body engaged in the promotion of Islamic Finance in Canada.  The Board was formed in 2008 to facilitate the development of Sharia-compliant financial products in Canada. One of its major functions is to bring a measure of standardization to the Sharia-compliant financial market. To date, it is the only institution in the country to provide one-of-a-kind services pertaining to this market segment.  Read the rest of this entry »

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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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Canadian Muslims who are willing to go for mortgages loan, can benefit out of this ruling!

The Shari’a position is crystal clear; dealing with interest is haram or forbidden and is one of the greatest sins. However, what is the ruling where there is no option but to buy the house with usurious money, especially when you are living in a non-Muslim country?

The committee of scholars, headed by Dr. Yusuf Qardawi met in Detroit, USA in 1999, issued a statement explaining the law of necessity. In summary, it says that if a person is not able to rent a suitable house for himself and his family in a proper location or the rent is too high, in that case he can purchase the house with a mortgage. Even in the case of permission, the scholars suggested that one should exhaust all the other possibilities of purchasing the house in a pure halal way.

http://islamicmortgages.co.uk/index.php?id=259

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