Halal Home Financing & Shariah-Compliant Mortgages
Your life’s dreams and goals aligned with your beliefs and values.
Halal Home Financing & Shariah-Compliant Mortgages
Your life’s dreams and goals aligned with your beliefs and values.
Halal Home Financing & Shariah-Compliant Mortgages
Your life’s dreams and goals aligned with your beliefs and values.
What is a Halal Mortgage?
As per Islamic requirements in respect to financing, Manzil’s relationship with the customer is a relation of a seller to a buyer for Murabaha or a partner for Musharaka, and not a lender to a borrower as it is in conventional lending.
A lender lends money and is repaid with more money (i.e. interest which is prohibited from a Shariah point of view), while Manzil finances the transaction through buy and sell activities or a partnership, so that there is a profit on the transaction, and not interest (Riba).
What is a Halal Mortgage?
As per Islamic requirements in respect to financing, Manzil’s relationship with the customer is a relation of a seller to a buyer for Murabaha or a partner for Musharaka, and not a lender to a borrower as it is in conventional lending.
A lender lends money and is repaid with more money (i.e. interest which is prohibited from a Shariah point of view), while Manzil finances the transaction through buy and sell activities or a partnership, so that there is a profit on the transaction, and not interest (Riba).
What is a Halal Mortgage?
As per Islamic requirements in respect to financing, Manzil’s relationship with the customer is a relation of a seller to a buyer for Murabaha or a partner for Musharaka, and not a lender to a borrower as it is in conventional lending.
A lender lends money and is repaid with more money (i.e. interest which is prohibited from a Shariah point of view), while Manzil finances the transaction through buy and sell activities or a partnership, so that there is a profit on the transaction, and not interest (Riba).
What makes it Halal?
Interest-Free (No Riba)
Under Islamic law, Riba (or interest) is prohibited as it's an exploitative arrangement that keeps the poor stuck with ever-growing debts while the rich increase their wealth without creating any extra value.
Shariah Governance
Three layers of Shariah governance:
1. Internal Shariah compliance function
2. Active three-member Shariah Supervisory Board
3. Independent external Shariah Auditor
Islamic Compliant Transactions
Our investment, finance and mortgage products are based on Shariah compliant underlying principles including Murabaha (cost plus sale), and Musharaka (partnership).
Clear & Transparent Contracts
Contracts are fair, clear, and transparent. Both regulatory and Shariah compliance requirements have been reviewed by our legal and Shariah teams to ensure relevant compliance. Terms are laid up front in clear and simple language.
How is Halal Financing different?
There is a misconception amongst the general public that Islamic finance is the same as conventional, simply because both specify the finance cost as a percentage. This is a huge misnomer because using a percentage is just a method of pricing. What is most important is not the use of the percentage, but rather what such a percentage represents.
How is Halal Financing different?
There is a misconception amongst the general public that Islamic finance is the same as conventional, simply because both specify the finance cost as a percentage. This is a huge misnomer because using a percentage is just a method of pricing. What is most important is not the use of the percentage, but rather what such a percentage represents.
How is Halal Financing different?
There is a misconception amongst the general public that Islamic finance is the same as conventional, simply because both specify the finance cost as a percentage. This is a huge misnomer because using a percentage is just a method of pricing. What is most important is not the use of the percentage, but rather what such a percentage represents.
For example:
A car dealer can buy a car for $1,000 and sell it for $1,200 making a profit of $200, which can be expressed as 20%. On the other hand, a person can lend someone a $1,000 dollars and demand that the borrower pays it back as $1,200, thus making a 20% interest.
The difference between the two scenarios, from a Shariah point of view, is that the 20% made from selling the car is a permissible profit (as it involves taking risk of ownership in the items being sold), while the 20% interest on a loan is the pure definition of prohibited Riba (where the lender did not put any work or take on any risk to earn such increase).
For example:
A car dealer can buy a car for $1,000 and sell it for $1,200 making a profit of $200, which can be expressed as 20%. On the other hand, a person can lend someone a $1,000 dollars and demand that the borrower pays it back as $1,200, thus making a 20% interest.
The difference between the two scenarios, from a Shariah point of view, is that the 20% made from selling the car is a permissible profit (as it involves taking risk of ownership in the items being sold), while the 20% interest on a loan is the pure definition of prohibited Riba (where the lender did not put any work or take on any risk to earn such increase).
For example:
A car dealer can buy a car for $1,000 and sell it for $1,200 making a profit of $200, which can be expressed as 20%. On the other hand, a person can lend someone a $1,000 dollars and demand that the borrower pays it back as $1,200, thus making a 20% interest.
The difference between the two scenarios, from a Shariah point of view, is that the 20% made from selling the car is a permissible profit (as it involves taking risk of ownership in the items being sold), while the 20% interest on a loan is the pure definition of prohibited Riba (where the lender did not put any work or take on any risk to earn such increase).
Islamic Compliance Certificate
Manzil Musharaka Financing Product — Ontario
Our Shariah Supervisory Board (SSB) have carefully reviewed the structuring and documentation of the product and issued a certificate of Shariah compliance.
Islamic Compliance Certificate
Manzil Musharaka Financing Product — Ontario
Our Shariah Supervisory Board (SSB) have carefully reviewed the structuring and documentation of the product and issued a certificate of Shariah compliance.
Islamic Compliance Certificate
Manzil Musharaka Financing Product — Ontario
Our Shariah Supervisory Board (SSB) have carefully reviewed the structuring and documentation of the product and issued a certificate of Shariah compliance.
Halal Home Financing
End-to-end Shariah compliance | Fixed or variable financing rates with terms up to 25 years
Halal Home Financing
End-to-end Shariah compliance | Fixed or variable financing rates with terms up to 25 years
Musharaka
Manzil Musharaka Mortgage is a fixed rate product for up to 5 years where Manzil and you jointly purchase the property you wish to acquire, becoming partners. Then, Manzil gradually sells parts of its share in the property to you for an agreed price (which may vary from time to time). With every purchase you make, your share in the property increases and Manzil’s share decreases until you become the sole owner of the property.
Musharaka
Manzil Musharaka Mortgage is a fixed rate product for up to 5 years where Manzil and you jointly purchase the property you wish to acquire, becoming partners. Then, Manzil gradually sells parts of its share in the property to you for an agreed price (which may vary from time to time). With every purchase you make, your share in the property increases and Manzil’s share decreases until you become the sole owner of the property.
Musharaka
Manzil Musharaka Mortgage is a fixed rate product for up to 5 years where Manzil and you jointly purchase the property you wish to acquire, becoming partners. Then, Manzil gradually sells parts of its share in the property to you for an agreed price (which may vary from time to time). With every purchase you make, your share in the property increases and Manzil’s share decreases until you become the sole owner of the property.
Our Latest Rates
Explore our most up-to-date halal mortgage rates with flexible terms and transparent profit-sharing. Whether you’re purchasing, refinancing, or transferring, see how Manzil’s Musharaka program can work for you.
Our Latest Rates
Explore our most up-to-date halal mortgage rates with flexible terms and transparent profit-sharing. Whether you’re purchasing, refinancing, or transferring, see how Manzil’s Musharaka program can work for you.
Our Latest Rates
Explore our most up-to-date halal mortgage rates with flexible terms and transparent profit-sharing. Whether you’re purchasing, refinancing, or transferring, see how Manzil’s Musharaka program can work for you.
Got questions? We can answer them.
Read through our Help Center or reach out to our team to learn more about our products. Investment related questions may be directed to OneVest.
Got questions? We can answer them.
Read through our Help Center or reach out to our team to learn more about our products. Investment related questions may be directed to OneVest.
Got questions? We can answer them.
Read through our Help Center or reach out to our team to learn more about our products. Investment related questions may be directed to OneVest.
Homes
See the features and benefits of our Halal Musharaka financing options and determine which one is best for you.
Invest
Halal investing opportunities that align with your beliefs as a Muslim, in partnership with OneVest. Transfer existing investments or open a new account.
Wills
In 20 minutes or less, create Islamic Will documents online and have legally-secure, Shariah Compliant documents in preparation for when you die.
Homes
See the features and benefits of our Halal Musharaka financing options and determine which one is best for you.
Invest
Halal investing opportunities that align with your beliefs as a Muslim, in partnership with OneVest. Transfer existing investments or open a new account.
Wills
In 20 minutes or less, create Islamic Will documents online and have legally-secure, Shariah Compliant documents in preparation for when you die.
Homes
See the features and benefits of our Halal Musharaka financing options and determine which one is best for you.
Invest
Halal investing opportunities that align with your beliefs as a Muslim, in partnership with OneVest. Transfer existing investments or open a new account.
Wills
In 20 minutes or less, create Islamic Will documents online and have legally-secure, Shariah Compliant documents in preparation for when you die.
Services
Manzil Mortgage Services Inc. holds the following licenses: Ontario # 13411, British Colombia # MB601417
Saskatchewan # 512027, Nova Scotia # 2022-3000552, and Alberta.
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