EQRAZ is actually very happy to offer halal a mortgage as a result of it is 100% Shariah- and you can AAOIFI-compliant month-to-month Murabaha financial tool. EQRAZ’s Murabaha financial allows consumers to close the mortgage at any go out if you are paying regarding only the kept dominant and you may whenever around three weeks from earnings once the a fee. Name belongs just to you, getting assurance that house is its your own personal. EQRAZ’ sources of capital was 100% halal, acquired compliment of Shariah-certified, AAOIFI-certified Wakala Plans. We’re fully funded, and you can actively providing mortgages within four working days from app from inside the all over most provinces. Simply click below to learn more.
The building blocks to have Islamic Finance
In the , with my around three children increasing right up, my wife and i decided to disperse back once again to Canada away from Qatar, in which we’d stayed due to the fact 2007. According to my personal earlier organization and you will academic experience, I’d wanted to start an administration consulting team. But not, once i started initially to create my system within the Canada, I came across the thought of halal mortgages, therefore the lack of these across the country. Are Muslim, and achieving stayed over a beneficial ic finance continues to grow during the an unmatched rate, which piqued my attract, and i also chose to begin looking toward delivering Shariah-agreeable mortgages in order to Canadian a residential property consumers.
After the half a year off thorough lookup and you may those conferences that have Canadian real-property, financial, banking and you can monetary features advantages, I ran across that the Canadian financial and you can regulating environment try ripe with challenges against Islamic financing options. Since a good Muslim, operator, but the majority notably a household individual selecting a new household during the Canada, I decided to accept the issue of making halal mortgages available at measure to have my personal fellow Canadian Muslims. Canada’s step one.six mil Muslims portray 400,000 house whom, to date, use up all your accessibility organization-degrees Shariah-agreeable capital. Furthermore, my personal studies have confirmed that many of these types of Muslims was in fact sufferers out of malpractice and perhaps actually ripoff as a result of opportunists looking to create earnings within industry.
Having God’s sophistication, adopting the five a lot of time numerous years of functions, we given our earliest halal mortgage toward 30th , and possess issued additional once the! I sincerely accept that let me reveal the response to Canada’s Islamic house-financing challenges, and i hope you to definitely EQRAZ’s offering fits into the fulfillment of my personal fellow Canadian Muslims.
An Engineer’s look at Islamic Loans
That have spent during the last fifteen years during the design and oils & gasoline functions inside the Qatar, the issue from Islamic loans within the a western financial design reminds me regarding good cofferdam a housing mainly based in this a human anatomy out of liquids so that this new enclosed urban area as moved aside. That it moving produces a dry operating ecosystem so that the really works is possible properly. Cofferdams are commonly used in build or resolve away from permanent dams and you will, if you ask me, the analogy appears compatible.
The ocean represents the field of attract-dependent fund we live in, the brand new cofferdam means the fresh relatively smaller yet broadening Islamic financing globe, and action out of moving water from the cofferdam is short for the fresh efforts from really-wishing Islamic economic pros in order to cleanse and you will build Islamic financing because of the increasingly deleting the remaining traditional fund issue from within the latest Islamic funds globe.
Identical to a great cofferdam, doing a gap to possess Islamic financing to expand necessitates the element to at exactly the same time continue principles out-of Shariah-compliance if you find yourself operating within this Canadian rules and you can after the guidelines of the property as far as you’ll be able to as opposed to breaking Islamic values. It is not the end county but a step on a journey with the a scene as opposed to riba.
Due to the fact an engineer, an enthusiastic actuary, and you may a training Muslim, I intend to fill in me personally with the highest possible standards away from top-notch make, openness and Jesus-fearing sincerity by this trip, and i enjoy my personal fellow Canadian Muslims joining me about journey.
Facts At the rear of The Symbolization
New EQRAZ icon is made given that an enthusiastic 7-sided Scrub-el-Hizb, along with understands given that Islamic Superstar, that is an important Islamic symbol which had been used to assist in the latest recitation of your have a peek at these guys own Qur’an and you will, as such, thought to be an important part out-of a beneficial Muslim’s big date-to-date life. It is reported that ???? , the brand new Arabic term to possess green, is used with its variations seven moments regarding Holy Quran to portray brand new seven doorways to Jannah (heaven), that are also portrayed because of the eight sides of Scrub-el-Hizb.
From inside the shape, EQRAZ is written inside old Kufic program popular inside Islamic performs, which have emails created from straight lines and proper angles. Mathematical and you can rectangular Kufic molds were commonly used inside Islamic architecture. Using this type of Kufic build inside EQRAZ’s sign associates the newest EQRAZ brand which have Islamic architecture otherwise, said one other way, Islamic housing EQRAZ’s prime team.
The fresh symbol as well as is short for EQRAZ’s purpose to help you adhere one another so you can Shariah and Canadian rules and ethics without the twists, converts or compromises. Said another way, EQRAZ might be straight-forward and you may clear with its members, get compliance that have Shariah standards right, and you will interest all of our customers’ believe and sensitivities.
Eventually, the newest navy-bluish color of the fresh representation means depth, assistance and you can stability. So it characterizes the standard of the individuals and you will structure EQRAZ have make to provide the website subscribers having its halal resource issues.