Canada’s oldest mosque is no longer working to validate that the halal mortgages offered by an Edmonton-based company comply with Islamic standards.
But representatives from Edmonton’s Al Rashid Mosque, which opened in 1938, say they’re continuing efforts to create more halal financing options, working with the Alberta government.
In Islam, paying or earning interest is forbidden, which means many Muslims can’t access conventional Canadian mortgages and still adhere to their religious beliefs.
Companies like the Canadian Halal Financial Corp., created in 2021, have been offering financing that’s halal, an Arabic term that translates to permitted, or allowed.
Al Rashid Mosque previously reviewed the corporation’s mortgages and issued
