Montreal Muslims Want Halal Financing, Interest Free Mortgage

in Canada/Other News by

Some Muslims believe it’s a sin to pay for interest on mortgages, so they want their own Muslim-only community in Montreal, in other words this is called halal finacing. 

This new project will be called the “Muslim housing project” which would have 80 homes occupied by Muslims. 

From The National Post: 

Although views differ about what Shariah law dictates for Muslims living in a society where mortgages are the norm, many refuse to take out loans that charge interest.

“A lot of Muslims have problems with the idea of interest, which in Arabic is called riba,” Warda said. “That means if you pay more than you were loaned, you are doing something that is very, very, very, very bad from the Muslim point of view.”

He said interest can be circumvented thorough an arrangement in which a house is bought by the bank and then the resident buys it back over time, paying a premium that is considered the bank’s profit, and not interest.

Muslims say they face discrimination against this controversial belief, what do you think?