EQRAZ is actually pleased to present halal a home loan as a consequence of it’s 100% Shariah- and you can AAOIFI-certified monthly Murabaha home loan product. EQRAZ’s Murabaha financial allows people to close off their home loan any kind of time date by paying off only the kept dominant and you will whenever three months out of finances as the a fee. Term belongs merely to you, getting satisfaction that home is its your own. EQRAZ’ sourced elements of financing is 100% halal, acquired as a result of Shariah-certified, AAOIFI-certified Wakala Agreements. Our company is completely funded, and earnestly issuing mortgages within four business days of software in across the really provinces. Mouse click lower than for more information.
The inspiration to possess Islamic Financing
In the , using my around three people increasing right up, my partner and i made a decision to move back to Canada out of Qatar, in which we’d existed since the 2007. According to my personal prior providers and you will academic experience, I got desired to begin an administration contacting providers. However, whenever i started initially to create my system in Canada, I came across the thought of halal mortgages, therefore the dearth of those all over the country. Becoming Muslim, and achieving existed over a good ic loans continues to grow at the a keen unprecedented speed, this piqued my personal focus, and i also decided to search on delivering Shariah-compliant mortgage loans to help you Canadian a house buyers.
Following six months regarding detailed lookup and you will dozens of conferences which have Canadian genuine-estate, financial, banking and financial characteristics gurus, I realized that Canadian economic and you can regulatory environment is ripe having challenges against Islamic funds ventures. Once the a beneficial Muslim, a business owner, but most significantly children person interested in a special house inside the Canada, I thought i’d accept the difficulty of making halal mortgage loans available at level to own my personal fellow Canadian Muslims. Canada’s step 1.6 mil Muslims show 400,000 households just who, yet, use up all your entry to institutional-level Shariah-certified resource. Moreover, my studies have confirmed that many of these Muslims were victims regarding malpractice and maybe also fraud as a result of opportunists seeking create payouts contained in this globe.
Having God’s grace, adopting the four long numerous years of works, we provided our very first halal mortgage on the 30th , and get granted many more while the! We really believe that here’s the solution to Canada’s Islamic family-funding demands, and that i hope you to EQRAZ’s providing meets on the satisfaction paydayloanalabama.com/spanish-fort regarding my personal fellow Canadian Muslims.
A keen Engineer’s look at Islamic Financing
With invested for the last fifteen years into the structure and you may petroleum & fuel characteristics during the Qatar, the situation of Islamic financing within the a western banking model reminds me regarding a cofferdam an enclosure oriented contained in this a human anatomy regarding liquids to allow the fresh shut town are pumped aside. That it working produces a dry functioning ecosystem so that the performs is possible properly. Cofferdams can be useful construction otherwise repair off long lasting dams and, to me, the brand new example appears compatible.
The sea represents the industry of attention-created fund that individuals live in, this new cofferdam means the latest apparently little yet growing Islamic financing business, and action off moving h2o out of the cofferdam means the brand new operate off better-wishing Islamic economic pros so you can cleanse and develop Islamic funds by more and more deleting the remaining traditional fund factors from inside new Islamic fund world.
Same as a great cofferdam, performing a gap to own Islamic fund to enhance necessitates the ability in order to in addition remain principles off Shariah-compliance while working within this Canadian regulations and following laws and regulations of homes as far as you are able to instead of breaking Islamic values. It isn’t the finish county but a step on a journey to your a scene instead riba.
Because a professional, an actuary, and you can a training Muslim, I intend to submit myself towards the maximum conditions out-of elite perform, openness and you will Jesus-dreading trustworthiness by this travel, and i look ahead to my other Canadian Muslims joining myself on this travel.
Story About The Logo
Brand new EQRAZ logo is designed because an eight-sided Wipe-el-Hizb, as well as knows while the Islamic Superstar, that is an invaluable Islamic icon that has been familiar with aid in this new recitation of Qur’an and you may, as such, seen as an essential part regarding an effective Muslim’s time-to-big date existence. It is reported that ???? , the Arabic keyword to own green, is used in its variations seven moments about Holy Quran in order to portray the brand new eight gates in order to Jannah (heaven), that are similarly illustrated because of the eight edges of the Scrub-el-Hizb.
For the figure, EQRAZ is created from inside the ancient Kufic software commonly used when you look at the Islamic works, that have letters produced from straight contours and you can right bases. Geometric and square Kufic molds have been commonly used when you look at the Islamic frameworks. With this particular Kufic build inside the EQRAZ’s symbol partners the brand new EQRAZ brand name which have Islamic frameworks otherwise, said another way, Islamic housing EQRAZ’s best team.
The fresh logo including stands for EQRAZ’s intention in order to heed each other to Shariah and you can Canadian rules and you will stability without having any twists, converts otherwise compromises. Told you one other way, EQRAZ would-be straight-forward and transparent with its subscribers, get conformity that have Shariah standards right, and attract our very own customers’ believe and you can sensitivities.
Finally, the fresh new navy-blue shade of the latest image stands for breadth, systems and you can stability. That it characterizes the caliber of the individuals and you may system EQRAZ possess build to provide its members along with its halal investment factors.
