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Canada's Justin Trudeau government presented the annual budget in Parliament on Wednesday. The budget also announced the introduction of halal mortgages (loans) for Muslims and a two-year ban on foreigners buying land in the country. Some Canadian citizens are strongly criticizing this annual budget of the Trudeau government.
The Government of Canada is trying to increase the scope of financial facilities for the people with the help of this annual budget. For this purpose, the introduction of Halal mortgage has been announced in this budget. The move by the Canadian government is part of a campaign to pay special attention to the Muslim community and offer land to interested Canadians. The Trudeau government has also talked about changing tax treatment or creating a new regulator for financial services providers in the 2024 budget. Which will ensure the safety of customers.
What is halal mortgage?
Halal mortgages are part of Islamic Sharia law. Halal mortgage prohibits usury i.e. charging interest. Usury is also seen as a sin in Judaism and Christianity. Islamic financial institutions take property as collateral in exchange for interest on loans.
A loan taken against a property is called a mortgage loan. In mortgage loan, a person takes some amount as loan by mortgaging his property with a financial institution and after repaying the loan amount, he gets back the ownership of his property. Some Canadian financial institutions already offer loans against halal mortgages. However, none of the five major banks in Canada currently offer loans on halal mortgages. Financial experts believe that halal mortgages cannot be completely interest free. Regular fees may be included as loan interest.
People are angry with the Trudeau government
Many people have expressed displeasure over this decision of the Trudeau government and have termed such a step as an 'intellectual idea'. Criticizing this move of the Trudeau government, Paul McCall, who lives in the Canadian province of Alberta, wrote on social media platforms that what is the possibility of different tax treatment with religious financial products? Another Canadian, Cory Morgan, wrote on X, “This is a whole new and dangerous level of intellectualism. The government should not try to impose financial rules under old religious rules.”
Taking aim at Trudeau, another Canadian wrote on Twitter, “Justin Trudeau introduced Halal mortgage to bribe Canadian Muslims. “He will sweeten the deal by introducing halal pork in the next budget.” Another user wrote on Twitter, “Trudeau – We lost Muslim votes because of transgender bill… so bring in halal mortgage bill.”
What is the Muslim population in Canada?
According to the 2021 census, Islam has the highest number of followers in Canada after Christianity. According to the 2021 census, 18 lakh citizens are followers of Islam. This population has more than doubled compared to 2001. In 2001, Muslims in Canada comprised about 2 percent of the total population. Whereas in 2021 it has increased to 4.9%.
At the same time, the Hindu population has also doubled in 2021 as compared to 2001. The 2001 census estimated the total Hindu population at 1 percent. It has increased to 2.3 percent in 2021. According to the 2021 census, more than 8 lakh to 30 thousand citizens in Canada are followers of Hinduism. According to the report, half of Canada's population i.e. 53.3 percent are Christians. While more than 1.20 crore people follow other religions.