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Mortgage Broker News | 27 Jan 2010, 10:20 AM Agree 0
Shariah-compliant mortgages and other types of Islamic financing would be legal in Canada, but the CMHC has no plans to insure them or change any legislation or administrative practices to accommodate them, concluded a report.
  • Erma | 28 Jan 2010, 06:24 AM Agree 0
    for the record I want you to know that I am in no way prejudice about anyone. I do however find it sad to think that people who decide to immigrate here want the rules changed to suit them. If I choose to move to another country I expect to go along with that particular cultures beliefs and systems. If I do not then shame on me. There are always choices in life, you may not necessarily like them, but they are there.
  • Afzaal Qureshi | 28 Jan 2010, 06:38 AM Agree 0
    This type of Mortgage should not be allowed in Canada,reason being is that private brokers who are doing it ripping off the innocent Canadian Muslims in the name of Halal Mortgage or Shariah Compliance Mortgage. To begin with they charge heavy fees to arrange the Mortgage from one of the Credit Unions of Canada on paying interest and changing the name to profit sharing with the buyer ,after that they charge monthly rent as being the co-owner of the property. if somebody wants to discharge the Mortgage they have to pay the heavy penalty.It is a rip off in the name of Islam.
  • Joe Ornato | 28 Jan 2010, 06:51 AM Agree 0
    I am not opposed to this type of mortgage. In fact, I had a client who wanted me to work with a lender about 8 years ago, and it is not intended to have "favourable rules". Rather, it is the wording in our contracts in terms of paying interest that conflicts with what the Quaran says. I am not an expert on the Quaran, but what is wrong with amending the way we do mortgages to accommodate an ethnic community? We do this somewhat now for New To Canada residents as well as other niches such as Business Owners. I think all that the Muslim community wants is to restructure the wording of the mortgage documents so that it supports their religious beliefs in how they borrow money. I do not think they are NOT asking for concessions or asking anyone NOT to make money. Having more niches and mortgages that serve the diversity in Canada is another way to ensure lender profitability and respect the ethnic diversity of Canada. The only problem I can see with this is mixing religious beliefs with business, so what are the ramifications under power of sale? Does religion freedom supersede contractual law at that point? This is a good discussion!
  • Are you for real?? | 28 Jan 2010, 07:28 AM Agree 0
    When will someone grow some kahuna's in this country? Why do we keep bending and CHANGING rules for one ethnic group? It is getting so stupid it is bordering on funny!!
    Will the rules be changed should I go to their country? I think not!!
    Where does it stop? Perhaps if the quaran is the problem then change the quaran. We are talking religion here a way of life, but why does it get shoved down our throats to keep adapting to the muslims ?
    If you can't follow the new to canada program then perhaps another country would be a better fit!!!!
    If CMHC is to bend change rules, then make it easier for the MILLIONS that want to own a home , not the minority, it is just getting so sad how this country seems to be going!
  • Diane | 28 Jan 2010, 07:41 AM Agree 0
    I think this is a market where "cultural sensitivity" comes into play. My experience has been that typically this group and others have 25 percent down. They all help each other to purchase homes. Italians, Chinese as well as other ethnic groups will all share a home until such time that they can purchase their own!

    The Islams have groups that meet weekly etc and put money into a jar until there is enough for a dp. They start the entire process over again until all in the group have homes. The question is how do you confirm dowpayment when it is 5.00 bills in a jar??

    I have seen them put there homes in other peoples names to "avoid" paying interest.

    It's an interesting subject for discussion.

  • James | 28 Jan 2010, 08:09 AM Agree 0
    When religion in any form tries to disguise the wording of a legal document such as "interest" into "another word" or into a "fee" - who's kidding who?

    Canada is geographically huge, but has a small population and hasn't been a country for all that long. Can Canada find an answer to this from our best neighbors to the south (who are 11 times the population)? Here is what they say after 200+ years of civilized society:

    The First Amendment to the U.S. Constitution charges the government with guaranteeing religious freedom while prohibiting it from advancing the interests of any one church or faith.

    Can I conclude then that in light that Canada and the USA are based essentially in historic British Law (which gives us the basis of the freedom of religion) that religion as an entity AND one religion specifically has no place in the laws, bedrooms, or banks of Canada?

    If immigrants to Canada - a civilized and western based democracy, don't like and can't respect our system, our way of life, and our traditions and culture, why did they come here in the first place? The answer by most; to escape religious and political persecution and find new opportunities. Then after getting citizenship these new immigrants wish to impose on the majority (or in this particular case a seperate set of rules for themselves) the very situation they found themselves in before becoming "Canadian".

    I find it difficult to understand why they then wish to bring with them the very system, traditions, and culture that lead to their persecution in the first place!!! Wow!!

    Put a stop to combining religion and banking now...before it's too late!
  • A fair Canadian | 28 Jan 2010, 08:18 AM Agree 0
    If a hone is put in someone else's name to avoid something, isn't that considered Straw buying?
    If the muslim community is using someone else to buy the home, what is the difference then if I use someone because I don't want to use my credit? Or I want to own a whole bunch of homes? Where is the line drawn?

    From what I am reading , CMCH isn't interested in doing business this way, so it will be left for the private sector, which works for me.
  • You said it | 28 Jan 2010, 08:21 AM Agree 0
    To who is kidding who,,, THANKYOU, for saying what so many wish they could, but most think. You should be in politics, because we need more like you stating FACTS and giving back our country,,,,,,


  • forrwen | 28 Jan 2010, 10:56 AM Agree 0
    "Ursury"... (the charging of compound interest), or making money simply because you had money used to be considered the act of a parasite and was forbidden by ALL religions. This of course has changed over the course of time because of greed. The Islamic faith (and I am not a Muslim) merely has the cohones to continue doing what they have always done. I understand the charging of a fee to arrange the financing, but the savings for the buyer at the end of the day will be immeasurable and that can't be a bad thing.
  • John Nordstorm | 28 Jan 2010, 11:08 AM Agree 0
    As I have lived and worked in the banking system in the Arab gulf States where Islamic banking is good business for International banks only because they ahve to, but we don't have to, as we have a very efficient system in place. Also it is very risky from business point of view. Look at the default recently in Dubai of a major Holding Company where the banks could not recover their losses or foreclause as Islamic board had to approve that and they did not (to make a long story short). You can not introduce Islamic financing by creating one product or making small changes to existing products like the new immigrants program. You will have to create a whole new system with different rules not just different names and add new aminstration and paperwork. It will be complex and costly. I am against it.
  • James | 28 Jan 2010, 02:19 PM Agree 0
    Thanks for your comments "Good for you"Something to keep in mind....
  • James | 28 Jan 2010, 02:20 PM Agree 0
    sLIP OF THE MOUSE...
  • James | 28 Jan 2010, 02:20 PM Agree 0
    Technical issues...sorry folks...
  • James | 28 Jan 2010, 02:33 PM Agree 0
    I wanted to comment on "Something to keep in mind's" remarks...if you wish to go back that far in history and think that no interest is logical and practical in this global village, you likely believe that cutting the hand off of a thief is also logical. That still goes on today in modern Islamic culture...as does beheading. Do you wish for that to come to Canada as well?
  • Capitalist | 28 Jan 2010, 05:26 PM Agree 0
    Totally ridiculous!!! Kudos to everyone for saying it how it is...i'm sick of being "politically correct". If you don't like it here, then beat it!! This country has to stop acting like a bunch of politically correct wussies...respect others, but protect and preserve what we have in this great country!
  • Bro Ker | 29 Jan 2010, 04:08 PM Agree 0
    Usury = charging compound interest = making money because you have money.

    How is charging compound interest ANY different than, say, buying a truck with your money and renting it out?
  • Stephen Harper | 31 Jan 2010, 03:03 AM Agree 0
    Canada is not home to a particular ethic group, rather it is home to all ethnic groups that are here and are represented as Canadian citizens. That being said, the laws of the land are required to accomodate and at the very least, entertain the notion of diversity and cooperation for all its citizens.

    To speak of muslims or any other people as immigrants of another land is quite hypocritical as even the loyalists and the European folk had at one time emmigrated to these lands and eventually organized a government that created laws that operated according to their beliefs.

    I suggest people to understand the importance of such facets in not only Islam, but every religion and maybe we'd be better educated and better suited to post such ridiculous posts.
  • James | 02 Feb 2010, 06:14 AM Agree 0
    Dear Mr. Harper,

    As a 5th generation Canadian I am university educated with a degree in political science, a business diploma, and 20 years in the financial industry. My family has been Canadian since 1825. I resent your remarks of my posts being "ridiculous".

    And I quote you, "That being said, the laws of the land are required to accomodate and at the very least, entertain the notion of diversity and cooperation for all its citizens."

    How is one faith - in it's attempt to change the rules of the entire Canadian Financial System (for their specific interests only), "entertaining the notion of diversity and cooperation for all of it's citizens"?

    I'm all for the majority of Canadians being united in a cause. Does this move by a single faith have the backing of the Canadian majority? I think not! And since when did religion become a factor in Canadian Monetary and Fiscal policy? Please show me. I am unlearned in these matters.

    Until then, keep what has worked for hundreds of years in this country the way it is. That's the way we Canadians want it.

    Thank you,

    J
  • one of the longest interests | 02 Feb 2010, 09:29 AM Agree 0
    This post has gone on long enough, what I found interesting is other than one Mr Harper( a muslim in hiding) everyone is in mute agreement. There is underlying anger thru these posts, in regard to ONE ethnic group trying to change not just canada but the world with their religious views and it is time to say enough is enough. CMHC stand strong in your decision, but I would take bets it won't last.
  • Hodan | 12 Feb 2010, 05:10 AM Agree 0
    I would like to remind fellow Canadians that if we would have all stuck to keeping cultures in tact here, we would all be practicing the Native culture. When in Rome, you can actually say do as the Romans but please; this is Canada, where culture, business, food and everything else has always been fluid. Besides, it seems that we are forgetting that Muslims are not necessarily immigrants coming to a new country. Many are born Canadians, not all to 'ethnic' parents. In fact, many are converts from all the races of the world, including Euro-Americans. There is a bit of a racist ignorant undertone. Sheesh... read your Canadian history man or you be the first to wear feathers!
  • James | 25 Feb 2010, 05:29 AM Agree 0
    Did you miss reading my last post sir, or did you fail to understand it's meaning? I stated quite clearly that Canada has never let religion enter into it's monetary and fiscal policy. From day one our country was founded on that principle. It is one of the primary reasons this country has become as great as it is.

    Now look at the history of the Middle East. Does it have the same track record as Canada in success with it's neighbors, culture, religion, and financial independence? The Middle East has been in turmoil for thousands of years. I believe that Canada has done much better in it's 200 year history than many Middle Eastern countries have done in 2000 years. Prove me wrong and then tell me why it is then that Muslim immigrants want to move to Canada if their own country is so wonderful?

    It is only one small group of Canadians that now wish to invoke a religious precident into our country's financial industry. I say put a stop to it before the Middle East issues become issues on our own soil.

    Sincerely and respectfully,

    James
  • Kevin | 02 Mar 2010, 10:48 AM Agree 0
    I am moving to Vancouver by the end of March and hope to find a job in mortgages. When I get there all I ask is that you keep doing what you are doing. If I can't get into the flow of things I will leave. I don't think you need to bend over backwards to welcome others because they are coming there for an opportunity and if they don't like how you do things they can go home.
  • Moose | 31 Mar 2010, 06:36 AM Agree 0
    I don't see how it is anybody's business if certain banks want to offer a service to Muslim-Canadian customers. In the US, the UK, and France, there are several such credit unions and banks. I don't hear anyone complaining that Muslims are trying to change the fiscal policies of those countries. I cannot for the life of me understand bigotry towards Muslims in Canada. This notion of do as we do or else needs to stop. No ethnic group owns the country; the country is for all Canadians. Ultimately, Canadian banks are missing out on 700,000 potential customers of Islamic financing, and that makes no business sense.
  • Marjorie | 01 Apr 2010, 08:40 AM Agree 0
    I'm not shocked, but I am disgusted at the pejudicial commentsover and over again bein made by so-calledmortgage PROFESSIONALS. It should notbe a surprise however as every group that has arrived here including English after the 2nd. War and the Irish during the famine, Jews who were fleeing forheir lives an Italians and other Europeans whose families, homes and lives had been destroyed by the war. Then Trudeau opeed the gates and all kinds of dark skinned people from the islands, Africa and the Indian Continent started to arrive and then we had a new group to demean. Sept. 11 brought out he hatred for Muslims.
    Let me suggest that it would be wise for all of us to settle down and accept each and ever person for wat they are - the good, the bad an the difficult!! Who can blame anyone for wanting what they are used to or what they believe in as part of ther relgion? It certainly doesn'tmean we have to turn our country inside out. Try to accommodate where possible and don't where it isn't, but please, please, please, don't be so nasty, narrowminded and hateful!
  • Alex | 07 Apr 2010, 07:22 AM Agree 0
    By canada opening the door for immigration, they are opening the door to legislative changes, as by welcoming a newcomer expresses the implied notion of extending the extra hand to serve their needs.

    muslims account for over 1 million in canada today, which means, its a very large purchase power body.

    think of the bigger picture, by CHMC altering their insurance porcedure etc, they are creating an opprotunity for the canadians and canadian economy to prosper, because this will mean creation of jobs, and hundrerds of millions being spent on the housing market that all of you know how far it extends.

    We are all immigrants here, and we all come from different backrounds, so non of you have a feather above their head. and Canada was actually built as an immigration country, as it was for the native indians and everyone after the natives is an immigrant. point is..as time goes the government continues to alter its rules and regulations to serve its immigrants.

    so relax, and allow canada to prosper, and for the economy to grow, and for all of us to benefit from the job creations.

    cheers
  • Asad | 14 Apr 2010, 07:41 AM Agree 0
    Didn't all the religions ban 'Usury' Jews don't charge interest to other jews, but can to a 'stranger', christians have 'jumped right in' and look at the mess it's caused to entire financial system. Why is Islam still the only one to maintain its stance on social justice ? Where usury oppresses people into submission, a Profit/ Loss system spreads the risk to all parties. Let's do our homework and be better informed.
  • amazed | 14 Apr 2010, 03:22 PM Agree 0
    rent , interest what ever you want to call it is a user fee for not having enough cash to buy the home.
    The bottom line is still the same just the wording changes if some people want to beleive that they are saving money this way they should do the math and ask themselves is religion really saving me money or doing anything for my family or am I just allowing someone else to have their name on my title so it is not really my home.
    a horse by another name is still a horse
  • Fred | 15 Apr 2010, 07:14 AM Agree 0
    Islamic finance is the only major alternative ethical capital framed in strict religious codes and practices limiting its deployment into incremental financing products according to temporal laws and regulations. Nevertheless, Muslim small investors share sustainable capital-power pool exceeding $2.5 trillion. It is unfortunate that most of the comments I read descended into finger pointing, usual when the subject involve Muslims. I should add that there has been a lack of vision on the part of persons and institutions interested in dealing with Islamic financing products. What is Halal financing or Haram, is well documented and commonly known and its determination in the majority of financing or investment decisions does not require the continued involvement of Muslim religious Fakeehs for its determination. By moderating this rule, a great deal of the political sensitivity of the dialogue will become mute. Further, normalization of the processes would require that involvement in the promotion and placement of Islamic finance should not be limited to Muslim persons or institutions. If you really care and truly interested in ALTERNATIVE FINANCE - then I would welcome you to visit our newly launched website: www.fundmorealternativefinance.com.

    One last word to all- Canada and the Canadian people are special good generous and hospitable people. Let us preserve this great country's history, its welfare, its safety, institutions, traditions and values.
  • chris | 07 Sep 2010, 04:15 AM Agree 0
    there is an attempt to tone down Christainity in ever institution in our great country, yet here we are considering allowing another religion to set up there brand of economic in our financial institution.
  • chris | 07 Sep 2010, 04:15 AM Agree 0
    there is an attempt to tone down Christainity in ever institution in our great country, yet here we are considering allowing another religion to set up there brand of economic in our financial institution. Some would like us to belive that its good to have new commers feel welcome and there is potential
  • chris | 07 Sep 2010, 04:18 AM Agree 0
    Canada was built on people from different part of the world coming together and living in harmony.
  • chris | 07 Sep 2010, 04:21 AM Agree 0
    but i challenge anyone to do some research on Islamic system be it ,its religion or cultral or financial system and come back and show me the benifits of such systems. Islam very clearly call for the taking over of EVERYONE, EVERYWERE wether by the sword or anyone means necessary.
  • chris | 07 Sep 2010, 04:23 AM Agree 0
    the only purpose is destruction of everyone and everything that does not fall under islamic control.
  • Confused New Canadian | 08 Oct 2010, 05:33 AM Agree 0
    I am just not sure why everyone here is saying the Shariah law is being shoved down their throat!!... Islamic financing is just another option. It is not to replace the wonderful interest based banking... If you want to go to islamic financing... (whether you are muslim or not) you can choose to do so.. no one will force you.. also if you would like to pay 4-7% in intersted for the next 30 years then none one will stop you at that either. For hte guy who said keep the system htat has worked for canada for centuries.. maybe you are missing somethign here.. the system that is currently in place (interst based banking has worked only for hte banks.. not for the guy taking the loan.. remember the US mortgage meltdown? dont' fool yourselves... canada is in the same shithole as US with mortgages and its only about time when things will turn sour here too... do your research before you start asuming stuff
  • immigration keeps canada alive | 08 Oct 2010, 05:43 AM Agree 0
    the "new" canadian immigratns are far more educated, intelligent, hard working then the "old" canadian immigrants who alwasy oppose to immigration. There are some idiots on this forum as well who complain about canada bend over backwards to help immigratns and that immigratns should be grateful to the "old" immigrants. Canada benefits from the "new" immigrtants just as much as the immigrants are benefiting from canada. I am assuming you get your news from the "reality" shows and fox news.. but you read up on other news from several differnet sources.. you may find that recently canada has concluded that it "NEEDS" (not wants) immigratns to replace it aging popoulation.. so if you want immigration to stop .. well pretty soon you will have no one to run your business, buy your stuff and pay your government for hte crapy job they are doing.. and then you won't get your monthly EI benefits that you work so hard for...
  • Mark | 20 Oct 2010, 05:20 PM Agree 0
    Naive new generations with closed business mind.
    What’s wrong in offering different type of mortgage? Do we know what Islamic Finance is? It is all about different type of agreements, nothing to do with rules and regulations. But our problem is word ISLAM when we hear it we become very aggressive without even think for a moment.
  • guinnatus | 02 Apr 2011, 10:06 AM Agree 0
    770918
  • Adel Hassan | 22 Nov 2011, 06:43 AM Agree 0
    Mark, I couldn't have said it any better. Everyone should keep an openmind on Islamic Financing. I personally worked with Ijara Loans and the process could not have been easier. You can find more information on their site at (http://www.ijaracanada.com/). If your serious about it I would definitely contact them.
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