Stay away at any cost from what called Zero mortgage, it was so unfortunate I have been deceived by what called Zero Mortgage and their "diminishing partnership or Musharakah" agreement. They are good talkers on the webinar but they mute every participant and never show the questions asked. I dealt with them and ended up with a high rate conventional mortgage. I always asked when I will be getting what they called "diminishing partnership or Musharakah" agreement then the mortgage agent Youssif Azad tells me after the mortgage is finalized. When the mortgage was closed two weeks after Zero mortgage sent me a piece of paper printed at the basement of one of their vp's called "wakala" (there are many VP's and when you contact Zero mortgage thru email no one has the guts to put his name on the email reply like dealing with robots not to mention it takes them weeks to reply if they do especially after getting their mortgage commission. After I confronted them the last email they told me I do not have a contract with them, then I told them sure just pay me back the commission that you made out of my mortgage. What a cheap lie they just sent me what they called "wakala" agreement in a previous email and in a second email they said you are not a client.
To make the story short I am seeking a legal advice to go after them and shut them down.
After being in Canada over 21 years and paid over $300K in rent, I would say there is nothing such as "Islamic Finance" except in the imagination of those scholars that you have never heard of. Not sure about Ansar coop as they are limited to Ontario but for Ijara and Zero mortgage they fell in the same category
never understood the islamic financing side, though im from Turkey, my university professor in montreal did his phd in the islamic financing he told me its almost same as regular banking, just different jargons.
i respect people's beliefs and choices, but small institutions are a shadow place, as much as big banks get complained all the time, everything is at least very standard and transparent.
Totally agree with Musti82 after got scammed by what called ZERO MORTGAGE, those guys are just a middle man with good talkers and analogies at webinars.. If you can get a bank that can buy you the house and sell it to you at a margin profit for a defined period of time then you start thinking Halal but realty banks even what called Islamic banks want to make a profit and not going to settle on a margin profit of say 20% for a 25 or 30 years mortgage. That's where scammers like ZERO Mortgage and others bring bearded Scholars from South Africa and the moon with short dress "typical" saying that they read the contract of ZERO and certify it's Halal. Why a scholar lives in South Africa or Pakistan decides what is Halal or not for Muslims live in Canada is their a shortage of Imams and Scholars here. I challenge ZERO or IJARA to post their "Halal contract" on their mediocre website
I am a Mortgage Broker in financial services over 15 years and in the truest sense there is nothing that can prevent you from paying Interest on any loan that you take.
They may not term as loan/Mortgage but as Lease but then will you not have ownership of a property. Rather be a renter for life.
However ,there are lenders that have programs where they combine Interest and Principal.
Some private lenders might offer such schemes and I do not wish to comment on other.
Thank you Checkout for being honest, I came to the same conclusion lately and it is so unfortunate scammers like Zero Mortgage including Nabil Khan or Momen Saeed plus their agent Youssef Azad are flourishing by exploiting people's believe to make personal profit.
As you said you either be a renter for life or get a place for you and your family.
I had tried to take Loan from them in 2015, but Showbox jiofi.local.htmltplinklogin I changed my mind. I was not convinced if they are 100% halal. This is not a Finance forum neither I am expert in this domain but they seem to go for some numbered incorporation and that incorporation is dealing in interest. (So interest is still there).