Posted by: islamicfinancingnews | June 14, 2013

Islamic Mortgages Can Benefit Almost Every Home Buyer

islam-81 A new report suggests the face of wealthy Canadians is changing and Islamic mortgages are there to help those individuals, as well as more average income earners purchase a home and remain Sharia compliant.

Results from a recent online survey conducted for BMO Harris Private Banking reveals almost half (48%) of high-net-worth Canadians, or those individuals with $1 million or more investable assets, are either immigrants (24%) or first-generation Canadians (24%), with the latter group described as those having at least one parent born outside Canada. These numbers differ from our neighbours to the south where the poll indicates one-third of the richest people are either immigrants or first-generation Americans.

Age also played a part in the findings and mirrored a difference between the two countries since 24% of wealthy Americans are under the age of 40, compared with only 4% of those in Canada. Another key finding from the study showed education was a factor with a significant number (80%) of affluent Canadians having obtained at least a university degree.

Commenting on the findings, Alex Dousmanis-Curtis, Senior VP and head of BMO Harris Private Banking said the study confirms the long-standing belief that Canada continues to provide opportunities for people willing to move here and contribute to the country’s growth. Whether you are a first time home buyer entering the market, or a seasoned homeowner looking for your next home, choosing the right Islamic finance product can help you afford the house of your dreams.

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