Canadian federal government’s initiative to explore alternative financing options such as halal mortgages to enhance access to homeownership. It outlines the Liberal government’s consultations with financial institutions and diverse communities to align federal policies with the needs of aspiring homeowners. Highlighting the Islamic perspective on interest, termed usury, the blog emphasizes the uniqueness of Islamic financial institutions in offering mortgages without conventional interest payments. While some Canadian financial institutions provide Sharia-compliant mortgages, major banks do not offer them. Civil servants suggest that alternative mortgages might involve regular fees instead of interest charges. Deputy Prime Minister and Finance Minister Chrystia Freeland introduced a housing-focused budget, projecting a deficit of $39.8 billion for fiscal 2024-25 and allocating $53 billion in new spending over five years. This spending primarily targets generational fairness, focusing on aiding younger demographics such as Millennials and Generation Z with programs for renters and first-time homebuyers. The budget proposes tax fairness measures to partially offset the spending, projected to generate $18.2 billion in additional revenues over five years.
