Muslim Canadians ‘left out’ of purchasing homes due to lack of halal mortgages: experts

For many prospective homebuyers in Canada, obtaining a mortgage can be a challenge due to elevated home prices, according to experts. But for members of Canada’s Muslim community, those looking to purchase a home may be faced with an additional barrier – securing a mortgage that aligns with their faith.

Shariah, the body of Islamic religious law, prohibits the use of riba, otherwise known as interest charged on loans.

According to Statistics Canada, Islam is the second-most commonly reported religion in Canada, with nearly 1.8 million people as of 2021. In the span of 20 years, Canada’s Muslim population grew to 4.9 per cent in 2021 from two per cent in 2001.