Zero Mortgage Canada, the halal financing choice for Canadian Muslims

Partnered with one of the country’s leading brokerages, Zero Mortgage Canada is a newly inaugurated option for those who need to secure home financing that adheres to Sharia law.
 
Muslim Link reported that the company has partnered with True North Mortgage and offers a wealth of choices for Canadian Muslims at rates competitive with more conventional mortgages.
 
Devotees of Sharia law face a unique predicament when trying to finance a home purchase or improvement—a gap that the modern interest-based financial system has so far filled only sparingly, according to the senior advisor of Zero Mortgage Canada.
 
“The first challenge is creating a product which meets both Islamic finance conditions and complies with Canada’s strict regulatory framework. On top of that, we have to be able to match the quality of service and the pricing offered by non-Shari’ah compliant sources of home financing,” Omar Rahman said.
 
Rahman explained the diminishing return “Musharakah” system preferred by Muslim investors.
 
“The key areas in which our product is different is that instead of interest, a ‘home payment amount’ is made on a monthly basis,” he stated. “Secondly, our partners have agreed to comply with all the Shari’ah conditions. Finally, we allow the home owner to utilize the property as they wish, including making home improvements. In fact, potential clients will be excited to hear about our willingness to finance certain home improvements.”
 
A Sharia-based system is specifically tailored for the needs of “usury-averse” individuals, Rahman said.
 
“With regards to the Shari’ah issues, two key rules in Islamic Finance are to avoid profiting from late payment fees and to avoid oppressing a home owner, especially one headed towards default. We worked hard to convince our partners to comply with these rules and in the end they have accepted our conditions. Of course, our product meets the regulatory and security conditions that mortgages from any Canadian bank are expected to comply with.”

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COMMENTS

  • by Zara 2016-11-30 3:17:21 AM

    I have dealt with Zero directly and found them very professional. Easy to reach with a phone calls, have offices with online appointment option, chat feature on its website. I recommend our community support these young brothers and sisters who are helping us acquire a home on a halal basis. I have a home closing next year with them.

  • by Mohamed 2017-03-06 2:04:09 AM

    Salam Brothers,

    Did any one dealt with Zero Mortgage? Please post your reviews and advise others either to avoid them or encourage dealing with them.
    I dealt before with Ijara canada, they are not professional (2 of my friends have issue to get the money on closing date), and on top of that I found out at the end when I saw the contract, it's not shariah compliant and even I confirmed that with other trusted scholars.

  • by Anonymous 2017-06-22 5:34:23 PM

    I'm not a Muslim but I wan't to try and do this Zero Mortgage, i wonder if this is strictly for Muslims only? I appreciate your reply. Thank you!

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