Jim Acosta Had a Sad Gathering of Resistance Losers in DC
We Are in a Political Game
Democrats Have Suddenly Become Interested in the Epstein Files – I Wonder Why?
Top Lawyer Shuts Down Elon Musk’s Explosive Claim About Trump and Epstein
'Corrupt As Hell': Trump Goes Off on The New York Times and Washington...
The Spat vs. the Scandal
Tehran’s Nuclear Lies Unraveled by Iran’s Democratic Resistance
Trump Administration Blasts Boston Mayor's 'Sickening' Comments About ICE Agents
The Latest Jobs Report Is Here
Musk Changed His Tune on Decommissioning Dragon Amid Trump Feud. Here's Why.
There's Been an Update About That Reported Phone Call Between Trump, Musk Following...
Here's What Jasmine Crockett Thinks Is Going to Help Her Party for 'This...
Disgusting: Major Event in Texas Canceled Over Jihadist Threats
Four Democrat-Led States Urge the FDA to Lift Abortion Pill Restrictions
Scott Jennings Certainly Has Thoughts on KJP’s New Book
Tipsheet
Premium

Justin Trudeau Announces 'Halal Mortgages' for Muslims

Saul Loeb/Pool Photo via AP

Canadian Prime Minister Justin Trudeau announced this week that he plans to introduce “halal mortgages” in an effort to help Muslims living in the country onto the property market.

According to Canada’s 2024 budget, the plan will create “alternative financing products, including halal mortgages” as a way to “enable Muslim Canadians, and other diverse communities, to further participate in the housing market.”

The liberal government said that it was “exploring” several different measures that would change “the tax treatment of these products.” Trudeau explained that Muslims are banned from charging or receiving interest due to it being viewed as exploitative and immoral. So, therefore, instead of providing loans, Islamic banks use alternative payment structures to facilitate home ownership.

Halal mortgagesdo not necessarily work out any cheaper for the buyer, as the interest that would have been paid is usually structured differently. Broadly speaking, the mortgage operates on a 'rent-to-ownmodel, in which the financier purchases the property and then sells it back to the homeowner at a higher price, although there are variations. 

Some Sharia loans can in fact have significant drawbacks in that they either effectively render the buyer a tenant for the duration of the contract or saddles them with debt. The payments are also often more expensive as they are considered more risky. Via the Daily Mail. 

The prime minister stressed the importance of diversifying Canadian communities. 

“Canada is a country that celebrates diversity and inclusion. This new 'Halal Mortgage' program is a testament to our commitment to fostering an inclusive society where everyone has equal access to opportunities, including in the housing market,” Trudeau said in a statement

Canadian banks currently don’t provide halal mortgages. However, Trudeau is confident that will change. 

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement