The revelation came during a recent budget speech in the Canadian Parliament, where the ruling Liberal Party unveiled plans to consult with financial service providers and other communities to better understand the diverse needs of Canadians seeking to buy and own homes.
“This could include changes in the tax treatment of these products or a new regulatory sandbox for financial service providers while ensuring adequate consumer protections are in place," the Canada Budget 2024 document said regarding the plan.
The proposals include offering alternative methods of home ownership, such as halal mortgage payments for Muslim Canadians. Although alternative financial institutions such as Islamic banks have offered halal mortgages since 2021, Trudeau and his finance minister, Chrystia Freeland, recently announced that the Canadian government would explore halal mortgages and include them in the federal budget, with an idea to allow public banks to offer them as an alternative funding method just like what private banks do.
In addition, while some financial institutions and banks offer mortgages and payment options compliant with Islamic law, none of Canada’s five “Big Banks” currently offer them.
Continue reading @ Atheist Republic.
No comments