Halal financing


There are different types of financial organizations operating in different parts of Canada, that claim to offer halal financing to their clients. Most of them finance housing, while some are working on vehicle financing. However, there are not many halal options available for student loans as of now. Most of the financiers have their Islamic scholar to advise, we are providing the list below, however, please do your research to determine the right financing organization for you.

Home Financing
For the following organization the funds are collected from its shareholders and houses are sold to the top-of-the-list clients on a proportionate rent-to-own basis and no limit on overpayment. They are currently offering financing to their provinces. However, they are not able to share 100% profit and loss on selling the financed property yet with the homeowners.


  1. Qurtuba Housing Corporation, Montreal, Quebec
    https://qurtuba.ca

  2. Ansar Co-operative Housing Corporation Ltd, Toronto, Ontario, (no new houses are offered now).
    https://www.ansarhousing.com

  3. Interest-Free Housing Cooperative of Canada (ISNA Housing Coop)
    https://interestfreehousing.ca/

  4. Al Ehsaan Housing, Regina, Saskatchewan
    https://alehsaanhousing.ca

  5. MANZIL (offer Murabaha and Musharaka financing)
    https://www.manzil.ca


There are other organizations who claimed themselves to be halal financiers, which are listed below:

Canadian Halal Financing Corporation, Edmonton, Calgary
https://www.halalfinancialcorp.com
The source of funds is claimed to be own resources, and finance on a Murabaha (cost-plus) and musharakah (partnership) basis and 20% overpayment is allowed each year.

EQRAZ
https://eqraz.com
The source of funds is Schedule One Bank as ‘Wakeel’ not interest, who offer Islamic financing on murabaha (cost-plus) basis, with a fixed profit rate over time and overpayment is allowed with charge.

Aya Finance
https://ayafinancial.com/
There are no details on funds, but transactions based on Musharakah Mutanaqisah or a declining balance approach start with a 20% down payment, with a fixed profit rate on time and renewable for 5 years.

Ijara Canada
https://ijaracdc.com/ijara-canada
Finances on a rental basis, usually funded by traditional banks.

Assiniboine Credit Union at Winnipeg, MB.
https://www.acu.ca/en/personal/mortgages/specialty-mortgages-islamic-builders-and-other-customized-mortgages
Traditional bank with Islamic financing option under specialty mortgage, available in Winnipeg, MB

Vehicle Financing
The funds collected from investors and the vehicle are sold on a proportionate rent-to-own basis, only offered to Saskatchewan residents.

Al Barakah Islamic Investment Inc, Regina, SK
albarakah.sk@gmail.com

Besides, some motor-vehicle selling companies may also offer interest free sale on the basis of Islamic buy and sell agreement, in different cities of Canada, which can be arranged by a personal arrangement with the seller/agent.