EQRAZ was pleased to provide you with halal a home loan by way of it’s 100% Shariah- and you can AAOIFI-compliant monthly Murabaha financial device. EQRAZ’s Murabaha mortgage allows consumers to shut the mortgage any kind of time big date by paying from only the remaining dominant and you may up to around three days out of earnings since the a fee. Term belongs simply to you, bringing reassurance that the residence is it’s your. EQRAZ’ sourced elements of money was 100% halal, acquired as a result of Shariah-specialized, AAOIFI-agreeable Wakala Agreements. The audience is fully financed, and definitely issuing mortgage loans contained in this five working days regarding application inside the around the really provinces. Mouse click lower than to find out more.
The building blocks getting Islamic Financing
Inside the , using my three children expanding right up, my wife and i chose to move returning to Canada away from Qatar, where we had existed due to the fact 2007. According to my past company and you may informative feel, I’d wanted to begin a control contacting business. Yet not, as i started to generate my personal system for the Canada, I discovered the idea of halal mortgages, therefore the scarcity of them across the country. Are Muslim, and having existed over a great ic funds is growing at the a keen unprecedented rates, it piqued my notice, and that i made a decision to start looking to the getting Shariah-certified mortgage loans so you can Canadian a house buyers.
Following 6 months off comprehensive search and dozens of group meetings with Canadian genuine-house, mortgage, financial and you may monetary attributes advantages, I came across that the Canadian monetary and you can regulating ecosystem are ripe with pressures facing Islamic finance potential. Because good Muslim, an entrepreneur, but the majority significantly a household person interested in a different family for the Canada, I thought i’d deal with the challenge of making halal mortgages available at measure for my personal other Canadian Muslims. Canada’s step one.6 billion Muslims show 400,000 property who, so far, use up all your the means to access institutional-values Shariah-agreeable money. More over, my personal research has affirmed that many of these Muslims was indeed sufferers regarding malpractice and maybe also con as a result of opportunists seeking to generate earnings inside globe.
Which have God’s elegance, adopting the four enough time several years of performs, we granted all of our earliest halal home loan for the 30th , and have now issued numerous since! I really believe that listed here is the answer to Canada’s Islamic household-financing pressures, and that i pray you to EQRAZ’s offering meets into the pleasure from my fellow Canadian Muslims.
A keen Engineer’s look at Islamic Financing
With spent for the last fifteen years inside construction and you may petroleum & fuel properties from inside the Qatar, the difficulty off Islamic fund for the a western banking model reminds me personally regarding an excellent cofferdam an enclosure situated inside a human anatomy from water to allow the fresh closed town are pumped away. This putting produces a dry performing environment therefore the really works is possible safely. Cofferdams are commonly used for structure or fix out of long lasting dams and you can, in my opinion, the analogy appears suitable.
The sea signifies the world of attention-created finance that we reside in, the new cofferdam means the latest apparently lightweight yet , broadening Islamic fund business, plus the step regarding putting drinking water out from the cofferdam stands for the new perform away from well-wishing Islamic financial advantages so you can purify and you can grow Islamic financing of the progressively deleting the rest antique funds elements from inside this new Islamic money community.
Same as a beneficial cofferdam, starting a space to own Islamic money to enhance requires the ability to at exactly the same time keep prices regarding Shariah-conformity when you are working in this Canadian legislation and you will pursuing the rules of the house so far as possible in place of cracking Islamic principles. It isn’t the end condition but one step on a trip to your a world as opposed to riba.
Once the an engineer, an enthusiastic actuary, and you can a practicing Muslim, I propose to complete myself for the highest possible standards out of elite group conduct, transparency and you may Goodness-dreading trustworthiness from this excursion, and i anticipate my other Canadian Muslims joining me personally with this excursion.
Tale At the rear of All of our Logo
The brand new EQRAZ representation is created as an enthusiastic 7-sided Wipe-el-Hizb, and knows since the Islamic Celebrity, which is a valuable Islamic symbol that was accustomed help in the fresh new recitation of Qur’an and you can, therefore, named a significant part out of an effective Muslim’s go out-to-time existence. It is reported that ???? , the latest Arabic keyword for green, is utilized within the different forms 7 moments about Holy Quran so you’re able to show the newest 7 gates to Jannah (heaven), which are similarly represented by the seven edges of your Wipe-el-Hizb.
Inside contour, EQRAZ is created for the old Kufic program widely used into the Islamic works, which have emails made out of upright traces and correct bases. Mathematical and you can square Kufic loans Rainsville molds was popular into the Islamic tissues. Using this type of Kufic style inside the EQRAZ’s symbol lovers the fresh new EQRAZ brand name which have Islamic buildings otherwise, told you another way, Islamic housing EQRAZ’s best team.
The brand new symbol as well as represents EQRAZ’s intention in order to adhere each other in order to Shariah and you will Canadian laws and regulations and stability with no twists, converts otherwise compromises. Told you another way, EQRAZ will be straight-forward and you can transparent having its readers, get conformity having Shariah criteria right, and you may interest our very own customers’ faith and you can sensitivities.
Eventually, the newest navy-bluish colour of brand new sign signifies breadth, possibilities and you will balances. This characterizes the standard of individuals and you can structure EQRAZ possess come up with to provide its members featuring its halal capital situations.