For the first time, the Canadian government has made progress on halal mortgages at the government level, as the government has decided to review halal mortgages for homes for the first time.
According to the federal budget presented in parliament, the government has started to consult with financial institutions and different communities on alternative methods of traditional mortgages.
It should be noted that according to Islamic beliefs, the transaction of interest and profit on it is considered illegal.
It should be noted that some financial institutions in Canada provide halal mortgage facilities for the Muslim community, but this facility is not available in five major banks in Canada.
For the first time at government level, progress has been made in terms of halal mortgages and Federal Finance Minister Chrystia Freeland presented the new year’s budget in Parliament.
