look news india
Halal mortgage for Muslims in Canada : Canada's Justin Trudeau government has presented the annual budget on Tuesday. In which a section of Canadian citizens are showing dissatisfaction against a provision made in view of Muslims.
The Trudeau government has announced the launch of Halal Mortgage i.e. Halal Loan in the budget. The intention behind which is to pay special attention to the Muslim community in Canada. Along with this, the government has also announced in the budget a two-year ban for foreigners from buying land in the country.
The government's halal mortgage decision is being debated in Canada. Halal mortgage is part of Islamic tradition. In which there is a ban on charging interest. Because usury is considered a sin in Jewish and Muslim religions. Islamic financial institutions do not charge interest on loans and mortgage property as collateral. The loan taken in this way is known as Halal mortgage. After repaying the loan the borrower can get back his mortgaged property.
Currently, none of the five major banks operating in Canada offer halal loans. The Trudeau government has now announced Halal mortgage in the budget and due to this these banks can also give interest free loans. However, according to financial experts, it is not possible to keep a halal mortgage completely interest-free. Banks are likely to charge regular fees, if not interest, on the loan.
There is a section in Canada that does not like the provision of Halal mortgage. Such a section is calling the said decision of the Trudeau government an insult to the Muslim community.
A citizen has raised the question on social media, 'Will the government impose separate tax on any product coming in the market with the help of Halal Mortgage? What is this?'
Another citizen has expressed the opinion that, 'This is a new and dangerous level of intellectual ideology. The government should not try to impose new rules in the financial sector based on religious rules.
It is noteworthy that according to the 2021 census, 18 lakh people in Canada are Muslims. The Muslim population in the country has doubled since 2001 and the Hindu population has also doubled since 2001. There are currently 8.30 lakh Hindus in Canada.
53 percent of Canadians practice Christianity. One-third of the total population of Canada i.e. 1.20 crore people have said, 'We do not believe in any religion.'