I just wanted to know what your opinion is with regards to the Halal mortgage products provided by Aya Financial and Zero Mortgage in Canada. Whether or not, they really are Halal and Shariah compliant?
If your findings suggest that they are not Halal, do you have any other suggestions for Halal options of purchasing a house in Canada (other than doing it through cash, or borrowing money from friends and family)?
JazakAllah Khairan for your time and effort, and sorry for the inconveniences.
Wa’alaykum as Salam wa rahmatullahi wa barakatuhu,
Our honourable Ustadh, Hadhrat Mufti Ebrahim Desai Sahib, has studied the contracts of Zero Finance, and raised concerns with the Shariah board. Thus, they are not fully compliant.
As for Aya Financial, please do send the contracts either to us, or either to the Darul Iftaa directly via the Askimam website.
Unfortunately, besides taking a private loan from friends or family, we do not know of any other option to finance a house.
And Allaah Ta’aala knows best
Ismail Moosa (Mufti)