No big bank in Canada offers a halal mortgage. On 14 September 2026 we read the mortgage product pages of TD, RBC, Scotiabank, BMO, CIBC and National Bank, and none of the six lists a Murabaha, Ijara, Diminishing Musharakah or any product described as Islamic, Shariah-compliant or halal. The only regulated deposit-taking institution in Canada with a certified halal mortgage is Servus Halal, a subsidiary of Alberta's Servus Credit Union, and it finances Alberta properties only. Everyone else who lends halal in Canada is a non-bank company or a housing co-operative. This page shows what each bank's page actually says, what Ottawa's Budget 2024 consultation did and did not produce, and where a TD or RBC customer should go next, starting with our home financing hub.
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Bank by bank: what each mortgage page says on 14 September 2026
We fetched the main personal mortgage page of each of the six systemically important banks that OSFI lists, and searched the text for the words halal, Islamic, Shariah, Murabaha and Ijara. The count was zero on every page. What the pages do list is the conventional product set: fixed closed, variable, convertible and open mortgages, home equity lines of credit, pre-approvals and rate guarantees. The table records what we found.
| Bank | Page checked | Products listed | Halal or Islamic product |
|---|---|---|---|
| TD | td.com personal mortgages | Fixed and variable terms, TD Home Equity FlexLine (HELOC) | None |
| RBC | rbcroyalbank.com mortgages | Fixed closed, variable closed, online pre-approval, switch offers | None |
| Scotiabank | scotiabank.com personal mortgages | Fixed, variable, Scotia Total Equity Plan (STEP) | None |
| BMO | bmo.com personal mortgages | Fixed closed, variable, convertible, open, Smart Fixed with 130-day rate guarantee | None |
| CIBC | cibc.com personal mortgages | Fixed, variable, Home Power Plan | None |
| National Bank | nbc.ca personal mortgages | 3, 4 and 5 year fixed, 5 year variable, home equity line of credit | None |
Two things explain the searches that land here. Big-bank brokerages do hold halal investments: a TD Direct Investing, RBC Direct Investing or Scotia iTRADE account can buy WSHR, SPUS or MNZL, so a Muslim can be a big-bank investing client without compromise. And every big bank will happily pre-approve a Muslim for a conventional mortgage, which is where many searchers end up when they type td halal mortgage and find nothing. Neither of those is a halal mortgage.
Why the banks do not offer one, and what Budget 2024 changed
The six banks are federally regulated by OSFI under the Bank Act, and nothing in that framework prevents a bank from buying a house and reselling it under a Murabaha, which is the structure Servus uses. The federal government's own framing of the obstacle is tax and regulatory rather than a legal bar. Budget 2024, on canada.ca, addressed exactly this. Its Halal Mortgages section says the government is exploring new measures to expand access to alternative financing products, which could include changes in the tax treatment of these products or a new regulatory sandbox for financial service providers, and that consultations with providers and communities began in March 2024.
That is the whole federal record on the fetch date. We read the 2024 Fall Economic Statement chapters and the Budget 2025 table of contents on canada.ca and found no tax change, no sandbox and no announcement that any bank would participate. Until a measure is legislated, a big bank has no more reason to launch a halal product than it had in 2023, and a reader should treat any claim that TD or RBC is about to offer one as unverified unless it appears on the bank's own site.
Servus Halal: the one regulated institution with a certified halal mortgage
Servus Halal is a wholly owned subsidiary of Servus Credit Union, an Alberta credit union supervised by the Credit Union Deposit Guarantee Corporation under Alberta law rather than by OSFI. Alberta amended its financial statutes in late 2024 to let provincially regulated institutions offer alternative finance structures, and Servus Halal launched its product in 2025 under that legislation. The structure is a Murabaha: Servus Halal buys the home from the seller and resells it to the buyer at cost plus an agreed profit, repaid over a fixed 25-year term with payments that do not change. The product is certified and reviewed annually by the Canadian Islamic Finance Board (CIFB), and its fatwa certificate, dated June 2026, is posted on servushalal.ca.
The limits matter for a reader outside Alberta. The property must be in Alberta, pre-owned rather than newly built, and the buyer needs at least 20% down held in a Canadian financial institution for 90 days plus a credit score of at least 650, according to the pre-approval checklist. Mortgage transfers from other institutions are not eligible, so a TD customer in Calgary with an existing conventional mortgage cannot simply switch it to Servus Halal; the product is for purchases. Our Servus Credit Union profile tracks the product, and the Alberta head-to-head with the province's private halal lender is in our Servus Halal vs Canadian Halal Financial Corporation comparison.
Who actually lends halal in Canada, by legal form
Outside Servus, every halal home financing provider in Canada is a non-bank. That is not a mark against them, but it changes what you are relying on: a bank or credit union is supervised by a prudential regulator and sits inside a deposit protection scheme, while a non-bank lender is bound by its contract, provincial consumer and mortgage brokerage law, and its own Shariah governance. The table lists the providers we profile with the legal form each publishes.
| Provider | Legal form | Structure published | Where it operates |
|---|---|---|---|
| Servus Halal | Credit union subsidiary (Alberta) | Murabaha, 25-year fixed profit | Alberta properties only |
| Manzil | Non-bank financial company | Co-ownership models; AAOIFI member with Shariah Supervisory Board | Toronto-based, national |
| Eqraz | Non-bank lender | Murabaha, own Shariah Supervisory Board | Oakville-based |
| IjaraCDC | Non-bank arranger | Ijara, Sharia Advisory Board chaired by Mufti Muneer Akhoon | All provinces |
| Canadian Halal Financial Corporation | Private corporation | Murabaha and Diminishing Musharakah, fatwa-backed | Edmonton-based |
| Aya Financial, Tjara | Non-bank providers with scholar boards | Islamic Finance Advisory Board (Aya); three-scholar board (Tjara) | Ontario-based |
| Housing co-operatives (Ansar, Interest-Free Housing Co-op, Qurtuba, Al-Ehsaan) | Member-owned co-ops | Diminishing partnership funded by members | Ontario, Quebec, Saskatchewan |
Link each name to its profile before applying: Manzil, Eqraz, IjaraCDC and Canadian Halal Financial Corporation each publish their structure and governance, and our comparison of the halal mortgage lenders ranks them on what they disclose. None publishes a rate card the way a bank does, which brings us to the benchmark problem.
How to use a big-bank pre-approval as your benchmark
Because halal providers quote rather than post, the most useful thing a big-bank customer can do is get a conventional pre-approval first and use it as the yardstick. A pre-approval tells you three numbers the halal provider will also need to beat or match: the maximum amount the bank will lend on your income, the posted or special rate for a five-year fixed term, and the monthly payment at a 25-year amortization. The bank's pre-approval is free, does not commit you to anything, and is valid for a set period (BMO's page advertises a 130-day rate guarantee).
- Get the pre-approval letter and note the amount, rate, term and monthly payment it assumes.
- Ask each halal provider for the same three numbers for the same purchase price and down payment, plus every fee: application, appraisal, legal, certification and any Shariah audit charge.
- Convert the halal quote into a monthly payment over the same amortization so the two are comparable, and ask whether the profit rate is fixed for the whole term or resets.
- Ask about prepayment: Servus Halal's payments are fixed for 25 years, Canadian Halal Financial Corporation allows 20% a year extra on its Musharakah but none on its Murabaha, and the others vary.
- Ask what happens on sale, on default and on early payoff, and get it in the contract rather than in an email.
Expect the halal monthly payment to be higher than the bank's. Servus Halal says plainly that halal mortgages carry transaction and certification costs that a conventional mortgage does not, and Canadian Halal Financial Corporation says it lacks access to the low-cost money that conventional banks have. Our halal mortgage rates page explains how the quotes are built, and our halal versus conventional comparison shows how to read the difference as the cost of avoiding riba rather than as a bad deal.
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The decision for a reader whose whole life is at one bank
If your chequing, investments and current mortgage are all at TD, RBC, Scotiabank, BMO, CIBC or National Bank, you do not need to leave the bank to buy a home halal; you need to add a provider. Keep the chequing account, because every halal provider takes its monthly payment from a Canadian bank account. Keep the brokerage, because it can hold WSHR, SPUS and MNZL. Then replace the mortgage, not the bank.
In Alberta, with 20% down and a credit score of 650 or more, the first call is Servus Halal, which gives you a regulated institution and a fixed 25-year Murabaha. Outside Alberta, or in Alberta with less than 20% down, the choice is between Manzil, Eqraz, IjaraCDC, Aya, Tjara and a co-op, and the deciding factors are the quoted monthly payment against your bank pre-approval, the published Shariah governance, and the prepayment terms. If your existing conventional mortgage is mid-term, note that Servus does not accept transfers, so a switch means waiting for renewal or paying the bank's prepayment charge, and the arithmetic of that is on our refinance pages. Do not wait for your bank to launch a halal product; on the fetch date there is no sign it will. Facts checked against td.com, rbcroyalbank.com, scotiabank.com, bmo.com, cibc.com, nbc.ca, osfi-bsif.gc.ca, canada.ca, servushalal.ca, halalfinancialcorp.com on September 14, 2026.
Frequently asked questions
Does TD offer a halal mortgage?
No. TD's personal mortgage page on td.com, checked on 14 September 2026, lists fixed and variable mortgages and the TD Home Equity FlexLine, and contains no halal, Islamic or Shariah product. TD Direct Investing can hold halal ETFs such as WSHR, SPUS and MNZL, which is a different thing from a halal mortgage.
Does RBC or Scotiabank offer a halal mortgage?
No. RBC's mortgage page on rbcroyalbank.com and Scotiabank's on scotiabank.com list only conventional fixed, variable and home equity products, with no halal or Islamic option, on 14 September 2026. The same is true of BMO, CIBC and National Bank. A Muslim customer of these banks has to add a halal provider for the mortgage itself.
Which banks offer a halal mortgage in Canada, then?
No bank does. The only regulated deposit-taking institution with a certified halal mortgage is Servus Halal, a subsidiary of Servus Credit Union, which finances pre-owned Alberta properties under a 25-year Murabaha certified by the Canadian Islamic Finance Board. All other halal home financing in Canada comes from non-bank providers such as Manzil, Eqraz, IjaraCDC, Canadian Halal Financial Corporation, Aya, Tjara and housing co-operatives.
What did Budget 2024 do about halal mortgages?
Budget 2024 said the government was exploring measures to expand access to alternative financing products such as halal mortgages, possibly through tax treatment changes or a regulatory sandbox, and that consultations started in March 2024. We found no follow-up measure in the 2024 Fall Economic Statement or Budget 2025 on canada.ca as of 14 September 2026, and no bank has announced a product.
Can I switch my TD or RBC mortgage to a halal one?
Only by refinancing with a halal provider, and timing matters. Servus Halal does not accept mortgage transfers from other institutions, so it is for purchases. Non-bank providers may refinance, but breaking a conventional term triggers the bank's prepayment charge, so most people switch at renewal. Get the payout statement from your bank and a quote from the halal provider before deciding.
Compare providers in your province
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Is a big-bank pre-approval useful if I want a halal mortgage?
Yes. It is free, tells you the amount, rate and monthly payment the bank would offer, and gives you a benchmark to put beside every halal quote. Ask the halal provider for the same numbers over the same amortization plus all fees, and treat the difference as the price of a Shariah-compliant structure rather than as a reason to take the conventional loan.
