Muslims in Canada have been aware for many years of the difficulty in buying a home, as opposed to renting a home. To buy a home in a Sharia compliant manner, usually a purchaser would need to have the entire purchase price saved before buying, or alternatively to have a huge income in order to be able to fund the purchase price. Arranging for financing in a way that is Sharia Law compliant is difficult.
Mr. Thomas A. Lukaszuk (a former Deputy Premier of Alberta) and John Stainton (a lawyer in Edmonton) examined how any Muslim having a reasonable income could have the ability to borrow funds at a reasonable cost, to purchase a home.
Mr. Lukaszuk and Mr. Stainton were able to develop a plan, working with lawyers and Muslim scholars, to ensure that it was Sharia Law compliant. The plan was approved, as demonstrated by the Fatwa, and involved the creation of a financing company – the Canadian Halal Financial Corporation. The Corporation has substantial funding available for the many mortgages expected to be requested, and has helped in the development of Sharia Law compliant forms of agreement that will be required in all circumstances for all of the parties.
This process took about two years, and now the Canadian Halal Financial Corporation has the ability to provide Sharia Law compliant financing.
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