Posted by: islamicfinancingnews | October 17, 2013

Islamic finance news: Good times to buy in Canada continue

Although the US housing market continues to have troubles as far as a recovery goes even with the relief from riba that Islamic loans provide, there have been reports out of Canada the market there is still quite robust. In fact, Global news in that country is saying that markets in Toronto are in fact moving along quite nicely because there are  possible interest rates hikes are on the horizon.

However, while the Canadian Real Estate Association is reporting higher prices from those last September, there is also the feeling that bigger markets like the ones in Toronto could be in for a spring price drop if rates start to move upward. Everything now seems to be hinging on the bond rates and the turmoil that could be caused if and when the American government defaults on its loans.

Of course these interest rates are not a central issue when you’ve got Islamic loans. This technique not only assures that you’ll be Sharia compliant, but you don’t need to concern yourself with paying the interest on these Islamic mortgages since they are effectively held in trust. Remember these products are not only for Muslims and other people of different faiths can enjoy the benefits as well.

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