EQRAZ are pleased to offer you halal a home loan courtesy it is 100% Shariah- and AAOIFI-certified monthly Murabaha financial unit. EQRAZ’s Murabaha mortgage lets consumers to shut its mortgage any kind of time big date if you are paying out of just the left dominant and as much as three months off profit given that a charge. Label belongs simply to you, getting comfort that the house is really a. EQRAZ’ sources of financial support are 100% halal, gotten by way of Shariah-certified, AAOIFI-certified Wakala Arrangements. The audience is completely funded, and you may definitely providing mortgages within this four business days regarding application during the all over extremely provinces. Simply click below for more information.
The inspiration getting Islamic Financing
During the , using my around three children expanding up, my spouse and i chose to flow back again to Canada away from Qatar, in which we had resided while the 2007. According to my earlier in the day business and instructional sense, I got planned to start a management consulting business. However, whenever i began to write my circle for the Canada, I discovered the notion of halal mortgage loans, while the lack of those all over the country. Are Muslim, and having existed over a good ic fund keeps growing at a keen unmatched price, this piqued my appeal, and i also made a decision to look toward providing Shariah-compliant mortgage loans to Canadian home people.
Following the half a year out of thorough lookup and you may those conferences that have Canadian real-home, home loan, banking and you will financial properties experts, I discovered the Canadian monetary and you can regulatory ecosystem was ready that have demands against Islamic finance potential. As the an effective Muslim, operator, but the majority notably a family group person finding an alternative house inside Canada, I thought i’d deal with the problem of fabricating halal mortgages offered at level to own my personal other Canadian Muslims. Canada’s step one.six mil Muslims represent 400,000 houses whom, at this point, run out of access to organization-stages Shariah-certified financing. More over, my studies have verified a large number of these types of Muslims was in fact subjects regarding malpractice and perhaps even fraud at the hands of opportunists trying make profits within world.
That have God’s grace, following five much time many years of functions, i issued our first halal home loan into 30th , and then have awarded numerous just like the! We really accept that listed here is the answer to Canada’s Islamic house-resource pressures, and that i pray that EQRAZ’s offering match into the pleasure of my personal fellow Canadian Muslims.
A keen Engineer’s look at Islamic Loans
Which have spent for the last 15 years from inside the design and you may oil & energy services in the Qatar, the challenge out of Islamic financing for the a western banking design reminds me personally off a beneficial cofferdam a housing based within a body of liquid to let the new closed town as pumped aside. Which putting produces a dried out loans Ray AL doing work ecosystem so the really works can be achieved securely. Cofferdams can be used in construction otherwise fix of permanent dams and you will, for me, the brand new analogy appears compatible.
The ocean signifies the field of notice-centered finance that individuals live-in, the cofferdam stands for the new relatively lightweight yet growing Islamic money globe, while the step from pumping drinking water outside of the cofferdam is short for new work of really-waiting Islamic financial pros so you’re able to purify and you will build Islamic funds by the increasingly removing the rest conventional loans factors from inside the newest Islamic fund community.
Identical to a beneficial cofferdam, creating a space to own Islamic loans to expand requires the feature so you can at the same time keep beliefs off Shariah-conformity whenever you are operating in this Canadian laws and regulations and you will following rules of house as far as you can easily as opposed to cracking Islamic values. It’s not the finish state but one step on a journey on a scene versus riba.
Since a professional, a keen actuary, and you can a doing Muslim, We plan to fill out me personally for the highest possible criteria away from elite group conduct, visibility and Goodness-dreading honesty from this excursion, and that i look forward to my fellow Canadian Muslims signing up for me with this excursion.
Story Behind The Expression
The latest EQRAZ signal is made because an seven-sided Wipe-el-Hizb, also knows because the Islamic Star, which is a valuable Islamic icon which had been always aid in the brand new recitation of your own Qur’an and you can, as such, thought to be a significant part out-of a good Muslim’s go out-to-date lives. It is stated that ???? , the new Arabic word having green, can be used within its various forms 7 times on Holy Quran so you’re able to show the latest 7 doorways so you’re able to Jannah (heaven), that are similarly represented by the eight sides of Rub-el-Hizb.
Inside figure, EQRAZ is created from inside the ancient Kufic software commonly used within the Islamic functions, which have characters produced from upright lines and you may correct bases. Geometric and you will square Kufic shapes were widely used inside Islamic frameworks. With this particular Kufic concept within the EQRAZ’s icon couples this new EQRAZ brand name that have Islamic frameworks or, said one other way, Islamic housing EQRAZ’s prime providers.
The new image and additionally means EQRAZ’s intent so you’re able to stick to both so you’re able to Shariah and Canadian laws and regulations and stability with no twists, turns or compromises. Told you one other way, EQRAZ is straight-forward and transparent having its subscribers, rating conformity with Shariah standards right, and appeal to our very own customers’ believe and you will sensitivities.
Ultimately, the fresh navy-blue color of the new logo means depth, systems and you can balance. It characterizes the caliber of the individuals and you can structure EQRAZ has actually build to add the customers with its halal money products.