Toronto, Ontario, April 29, 2024 (GLOBE NEWSWIRE) -- The 2024 federal budget includes possible new measures to enhance equity in the tax code and unlock homeownership for observant Muslims through coming consultations on possible tax and regulatory changes to facilitate Halal mortgages. Manzil, Canada's pioneering digital Islamic financial institution, applauds these long-awaited policy changes, which will support Canadian Muslims in the real estate market.
"This inclusion in the federal budget is a momentous occasion for all Canadian Muslims. It recognizes the significance of Islamic finance and actively supports our community's needs. We are proud to have advocated for these changes, ensuring that financial products and services align with our values and ethics,” said Dr. Mohamad Sawwaf, Founder and CEO of Manzil.
"The steps included in the budget go a long way to recognizing the 5% of Canadians who adhere to Islamic principles in their financial decisions. Most Muslims in Canada remain renters (almost double the national average) rather than homeowners because of policy and regulatory issues with accessing financial services that are compliant with our faith. But the 2024 budget can facilitate more accessible access to property ownership for our community, underscoring Canada's commitment to equity and economic inclusivity," said Dr. Sawwaf.
"We sincerely thank the Liberal government for its efforts in the 2024 spring budget to facilitate Halal mortgages. The government has committed to fostering a more equitable and inclusive society by recognizing the need for policy changes to facilitate Halal financial products better. We commend their dedication to promoting diversity and ensuring equal opportunities for all Canadians.
We look forward to engaging in the consultative process to bring this dream to fruition," said Dr. Sawwaf.
About Halal Mortgages:
Because observant Muslims cannot pay or charge interest, Halal mortgages are currently facilitated in one of two ways. With ‘Murabaha', the lender buys and resells the property to the buyer at an agreed-upon profit margin, and with 'Musharaka', a partnership is formed, with the buyer eventually owning the property after purchasing shares from the financier. If permitted, all Ontarians, regardless of faith, would have access to Halal financial products through the province's financial institutions.
Homeownership is a cornerstone of wealth creation, offering Muslims a tangible pathway toward financial stability and prosperity. In Islam, the concept of owning a home is not only about shelter but also about establishing roots, stability, and a sense of belonging. By investing in property ownership, Muslims can build equity over time, securing their financial future and providing a legacy for future generations. Beyond personal gain, owning a home empowers Muslims to create safe and nurturing environments for their families, fostering a sense of security and well-being.
About Manzil:
Manzil is the leading Canadian Islamic digital financial services platform, offering a comprehensive range of Halal financial solutions, including investments and financing. Founded on the principles of ethical banking and accessibility, Manzil continues to be a beacon for innovation in Islamic finance. For more information, please visit www.manzil.ca.
For media inquiries, please contact: media@manzil.ca
