EQRAZ try happy to offer halal a home loan as a consequence of its 100% Shariah- and you will AAOIFI-agreeable month-to-month Murabaha mortgage device. EQRAZ’s Murabaha financial allows customers to close the home loan at any go out by paying from just the leftover dominating and you may around around three weeks out of finances while the a fee. Title belongs simply to your, bringing assurance that residence is its a. EQRAZ’ types of financial support is actually 100% halal, acquired as a result of Shariah-formal, AAOIFI-agreeable Wakala Agreements. The audience is totally funded, and you can definitely providing mortgage loans inside five working days out of software within the across very provinces. Simply click less than to find out more.
The inspiration for Islamic Finance
When you look at the , using my about three youngsters broadening right up, my spouse and i decided to flow to Canada regarding Qatar, in which we’d lived just like the 2007. Centered on my personal earlier organization and you may informative experience, I had wished to begin an administration asking providers. Although not, when i started to establish my personal community when you look at the Canada, I found the thought of halal mortgages, together with dearth of these all over the country. Becoming Muslim, and having existed over good ic financing continues to grow in the an unprecedented rates, so it piqued my personal focus, and that i chose to start to look to your providing Shariah-agreeable mortgage loans in order to Canadian a house buyers.
Pursuing the 6 months away from thorough look and you will all those conferences which have Canadian genuine-estate, financial, financial and you may monetary services experts, I discovered the Canadian financial and you may regulatory ecosystem try ready having pressures facing Islamic finance potential. Just like the an effective Muslim, operator, but most significantly children person interested in a special home from inside the Canada, I decided to undertake the difficulty of making halal mortgage loans offered by measure to possess my personal other Canadian Muslims. Canada’s step one.6 billion Muslims portray 400,000 property exactly who, at this point, lack accessibility organization-degree Shariah-certified resource. Furthermore, my personal research has confirmed a large number of these Muslims were sufferers regarding malpractice and maybe also swindle at the hands of opportunists looking to create payouts in this world.
With God’s elegance, after the five long years of really works, i given our very own first halal home loan on the 30th , and then have approved more because the! I really believe that we have found the answer to Canada’s Islamic house-funding demands, and i pray one EQRAZ’s providing matches toward pleasure out-of my personal other Canadian Muslims.
An Engineer’s view of Islamic Funds
That have invested going back fifteen years within the framework and you will oil & gasoline features inside the Qatar, the difficulty out-of Islamic loans inside the a western financial model reminds myself from a beneficial cofferdam an enclosure oriented within this a human anatomy of liquids to let this new sealed urban area are moved away. This working produces a dried out working ecosystem and so the work is possible properly. Cofferdams are generally used in design otherwise repair regarding long lasting dams and you will, to me, the newest example seems compatible.
The sea stands for the realm of focus-founded financing that we live in, the latest cofferdam is short for this new relatively tiny yet broadening Islamic finance community, while the step out of moving liquid outside of the cofferdam represents the brand new jobs out-of really-wishing Islamic economic advantages to purify and you may develop Islamic financing from the more and more removing the rest old-fashioned financing issue from inside the new Islamic loans world.
Same as a beneficial cofferdam, carrying out a space having Islamic financing to grow necessitates the function to additionally keep beliefs off Shariah-compliance when you find yourself performing inside Canadian laws and regulations and you may pursuing the laws of the house in terms of you can in place of breaking Islamic standards. It is far from the finish county however, one step on a journey towards the a scene in the place of riba.
As a professional, an enthusiastic actuary, and a practicing Muslim, I decide to fill in me on the maximum standards out-of top-notch run, transparency and you will God-dreading sincerity through this excursion, and i also enjoy my personal other Canadian Muslims signing up for me on this subject travel.
Story Trailing All of our Representation
The brand new EQRAZ image is designed just like the a keen seven-sided Scrub-el-Hizb, also understands since the Islamic Star, that’s an important Islamic symbol which had been used to assist in the fresh recitation of the Qur’an and you can, therefore, seen as an important part out-of a good Muslim’s go out-to-time lifestyle. It is stated that ???? , the brand new Arabic phrase to have green, loans Selmont West Selmont is employed in variations seven times in the Holy Quran to portray the new eight doorways to help you Jannah (heaven), which can be also represented by the eight sides of your own Scrub-el-Hizb.
Inside shape, EQRAZ is written inside ancient Kufic program popular for the Islamic works, which have letters produced from straight lines and correct angles. Geometric and you can rectangular Kufic molds had been widely used when you look at the Islamic tissues. Using this Kufic layout when you look at the EQRAZ’s expression associates brand new EQRAZ brand name which have Islamic buildings otherwise, said another way, Islamic housing EQRAZ’s prime company.
This new logo plus stands for EQRAZ’s intention so you’re able to stick to one another to Shariah and Canadian legislation and you may ethics without having any twists, converts otherwise compromises. Told you another way, EQRAZ was straight-forward and clear using its clients, get compliance which have Shariah criteria right, and attract the customers’ believe and you can sensitivities.
Eventually, brand new navy-blue colour of the latest symbol stands for depth, solutions and balance. That it characterizes the grade of the people and you will infrastructure EQRAZ possess come up with to incorporate the readers using its halal capital points.