A halal mortgage complies with the Islamic religious, or Shariah, law, which forbids the use of "riba" .have been available for those in the country who seek loans that abide by the Muslim faith to buy homes.
A halal mortgage is very similar to a traditional mortgage with the same process and guidelines, but it has extra steps for the lender. This includes preparing separate documents to ensure they comply with the Islamic religious, or Shariah, law, which forbids the use of "riba" , said Victor Tran, mortgage and real estate expert with Ratesdotca, a Canadian online platform for insurance and mortgage and credit rates.
There are a few ways of making this profit, including co-ownership and higher mortgage payments, providers say.Although Islam forbids interest, halal mortgages are not necessarily interest-free. What is essentially interest can be named differently, such as "profit rate," "profit" or "fee," Tran said.
Lenders could charge a higher rate or a higher fee to offer this type of service in part because a halal mortgage is "a very niche product" and not common in Canada, Tran said. As the cost of food in Canada has risen, grocery shoppers are looking at ways to reduce their grocery bill, and more are choosing price over beauty, turning to companies that deliver so-called 'misfit' produce at a fraction of the cost.A dead serial sexual offender and killer has been linked to four homicides in the 1970s in Alberta, RCMP say.
A B.C. woman says her guide dog pulled her from a lake moments before she had a seizure, saving her life.A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
Saskatchewan RCMP are asking for the public's help in identifying human remains discovered in a wooded area near Moose Jaw.Saskatchewan teachers have voted heavily in favour of a new mandate that allows job action to continue until an agreement with the province is reached.A Cambridge woman charged with second-degree murder in connection to the fatal 2020 stabbing of her daughter has been found not criminally responsible.
Source: Law Daily Report (lawdailyreport.net)
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