Question:
Can you please recommend any Shariah Compliant home financing company in Canada for us buy our primary home?
Answer:
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ʿalaykum wa-raḥmatullāhi wa-barakātuh.
As of the time of writing this, the only company whose Sharīʿah compliancy has been vetted and approved is Manzil. Manzil offers two financing plans – Murābaḥah and Mushārakah. Both of these have been reviewed and approved by our esteemed teacher, Muftī Ebrahim Desai رحمه الله تعالى. The fatwas can be found here (Murābaḥah) and here (Mushārakah – scroll to the bottom of the page).
Our personal opinion is the same as Muftī Ebrahim Desai رحمه الله تعالى. Both of these models are Sharīʿah compliant. We have personally spoken to the management of Manzil and have made suggestions that will, inshā Allāh, lead to an even better product. We are hopeful that Manzil will incorporate our advice into their long-term strategy.
Right now, Manzil is only available in Ontario, but they are working towards expanding into other provinces.
Also, we are constantly reviewing other home financing models as well. Currently, we are reviewing three products from multiple organizations. We are hopeful that, inshā Allāh, other are Sharīʿah compliant models will reach the Canadian market.
And Allāh Ta’ālā Knows Best
Mufti Mohammed Wahaajuddin
Farmington Hills, Michigan, USA
Checked and Approved by:
Mufti Faisal bin Abdul Hameed al-Mahmudi
www.fatwa.ca