Ensuring Digital Signature Lawfulness for Mortgage Quote Request in Canada

How to eSign a document: digital signature lawfulness for Mortgage Quote Request in Canada

buried in the 400 odd pages of budget 2024 is this entry titled Halal mortgages it's a small section just saying the federal government started consultations with financial institutions and diverse communities on the topic but it's a topic that's attracted some skepticism confusion and concern from some that it could lead to Sharia law in Canada by the very definition of the presented by the government himself it is from the idea contained in the Sharia that this project is being promoted or considered but mortgages compliant with Islamic law have been offered in Canada since at least 2005 mostly through smaller lenders but wad hij Jai an economist who studies Islamic Finance says right now those smaller lenders can't handle the number of applicants coming in Islamic mortgages and conventional mortgages you end up paying in theory you end up paying the same it's just the structure is different hij Jai says it's also important to clarify these aren't mortgages just for Muslims he says around 40% of the people who hold Halal mortgages in the United Kingdom aren't Muslim at all hiji adds that even without interest these are not free loans after fees Muslim mortgage holders pay the same amount or more that conventional mortgage holders do a lot of people have this misconception that simply say oh it's not really Islamic they just substitute interest for for fees that's unfair and the reason it's unfair is the process matters there is interest from the major financial institutions whether they're the the big Banks small Banks or credit unions but they can only move if the federal regulator gives them the green light Tim Hudak is CEO of the Ontario Real Estate Association he also LED Ontario's Progressive conservative party for 5 years and he's happy to see Federal action on this last week Hudak co-authored an opinion article arguing Canada needs more access to Halal mortgages but he says provinces also need to offer the same benefits and tax breaks and they need to be available to anyone regardless of Faith anybody could benefit from it you don't to be Muslim you could be from from any faith or no faith at all it will provide another option for Canadian families and individuals to find a mortgage to get a great place to call home and Ottawa shy Lee City news