Liberty Politics
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Canadian PM Slammed for Pushing 'Sharia-Compliant' Mortgages for Muslims
Posted
May 23, 2024
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24:44Now PlayingPrime Minister Justin Trudeau's Liberal government has sparked a backlash by announcing plans to introduce "halal mortgages" that comply with Islamic financial rules against paying interest. In the recent 2024 budget, the government proposed consulting with lenders to offer Sharia-compliant home financing options like halal mortgages aimed at helping Muslim Canadians become homeowners. Trudeau enthusiastically touted it as "a testament to our commitment to fostering an inclusive society where everyone has equal access to opportunities." Specific proposals include the Canada Mortgage and Housing Corporation providing Islamic banks funding to offer halal mortgages, potential tax changes for such products, and a "regulatory sandbox" for lenders. While some smaller institutions already provide Sharia-compliant financing, none of Canada's five biggest banks currently offer halal mortgages that avoid interest through alternatives like rental-based payments. The budget also proposed developing more Islamic banking offerings and establishing a national zakat fund for Muslim charitable giving, drawing criticism that the policies unfairly benefit one religious group. Supporters like the Canadian Islamic Congress, however, hailed it as a "historic moment" enabling Muslims "to participate more fully in the Canadian economy."
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