Canadian Halal Financial Corporation exists for Albertans who want the financing company itself on the contract, not a bank behind a broker. Canadian Halal Financial Corporation is based in Edmonton and funds Alberta homes from its own capital, either as musharaka co-ownership or as murabaha, a cost-plus resale.
You put in at least 20 percent. They finance up to 80 percent. The home has to be owner-occupied, and title is registered in your name. Applications are processed within 10 business days and are typically funded within 30 days. There is no published rate. You get an all-in monthly payment on the quote. See their provider page and compare Alberta options.
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Who It Is For
This is an Alberta product. A buyer in Calgary or Edmonton who can bring 20 percent and wants a two-party contract is the fit. It is not a rental purchase, and it is not available in Ontario or British Columbia.
- The home is in Alberta and you will live in it
- You can contribute at least 20 percent
- You want title in your own name
- You are choosing between musharaka and murabaha on purpose
Musharaka or Murabaha
| Item | Musharaka | Murabaha |
|---|---|---|
| Idea | You buy the home together and you buy them out | They buy the home and resell it to you at a set profit |
| Your contribution | At least 20 percent | At least 20 percent |
| Extra payments | 20 percent of the financed amount each year, penalty-free, plus a full payoff every five years | No additional payments |
| Title | In your name | In your name |
| Occupancy | Owner-occupied | Owner-occupied |
| Rate sheet | Quoted per client | Quoted per client |
The prepayment difference matters. On musharaka you can pay extra. On murabaha the price is fixed and extra payments are not part of the contract. Pick the structure before you fall in love with the payment.
The company site has not posted new program pages since April 2023. Ask whether they are still funding before you write an offer around their timeline. They say there is no waitlist and no financing cap, but that is worth confirming on a live call.
The Other Alberta Paths
Ijara Community Development finances homes across Canada, including Alberta, and can start near 5 percent down on the first $500,000 of a standard purchase. Manzil also offers halal home financing in Alberta. If 20 percent is too much cash, get those quotes beside CHFC. More Alberta context is in halal home financing in Alberta.
A Quick Example
On a $600,000 Edmonton house you bring at least $120,000. CHFC finances up to $480,000. Title goes in your name, and you have to live there. A rental suite you will not occupy does not fit, even in Alberta.
If you choose musharaka, you can prepay 20 percent of the financed amount each year without a penalty, which on $480,000 is $96,000, and you can pay the balance off in full every five years. If you choose murabaha, those extra payments are not in the contract. People who expect a bonus or a gift in year two should not pick murabaha and then discover they cannot apply it.
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There is still no public rate. Ask for the all-in monthly payment on both structures for the same house, and ask whether they are funding new purchases now. The site's program pages stop at April 2023, so a live answer matters more than the old page.
Frequently Asked Questions
Does Canadian Halal Financial Corporation lend outside Alberta?
No. Home financing from CHFC is Alberta only.
How much down payment do they require?
At least 20 percent. They finance up to 80 percent of an owner-occupied home.
Can I make extra payments?
On musharaka, yes: 20 percent of the financed amount each year without a penalty, and a full payoff every five years. The murabaha contract does not allow additional payments.
How fast do they close?
They process applications within 10 business days and typically fund within 30 days.
Is there a published profit rate?
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No. Cost and profit are quoted as an all-in monthly payment for that client.
