Federal Budget 2024 Paves Way for Enhanced Real Estate Opportunities for Canadian Muslims
April 29 2024 - 8:00AM
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
Abdul Matin Khandwala
Manzil
marketing@manzil.ca