Eqraz is a Canadian halal home financing provider that uses a murabaha structure. They operate in Ontario, Quebec, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland, and Prince Edward Island, which makes them one of the more broadly available halal financing options in Canada. This review covers exactly how their product works, what it costs, who qualifies, and how they compare to other Canadian providers.
Ready to compare halal options?
What is murabaha and how does Eqraz use it?
Murabaha is a cost-plus financing structure. Under murabaha, the financing provider purchases the property and then immediately sells it to the buyer at a disclosed markup. The buyer repays this total sale price (original cost plus profit margin) over an agreed term. There is no interest — the profit component is built into the sale price at the start and does not compound or fluctuate. You know the total cost of the home from day one.
Eqraz acts as the purchaser first, then transfers ownership to you through this sale arrangement. The profit rate is agreed before signing. Monthly payments cover your share of the total sale price. This differs from musharaka (used by Manzil and Tjara), where you and the provider co-own the property and your rent decreases as your ownership share grows. Both structures are Sharia-compliant; the right one depends on which you prefer structurally and how their total costs compare for your specific situation.
Provinces served
Eqraz is licensed in Ontario, Quebec, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland and Labrador, and Prince Edward Island. This is broader coverage than Manzil (Ontario, Alberta, BC, Quebec only). If you are in Manitoba, Saskatchewan, or the Atlantic provinces and want halal home financing, Eqraz and IjaraCDC are your main options.
Property types and eligibility
Eqraz finances primary residences. Eligible property types include single-family homes, townhomes, and condominiums, subject to their individual qualification criteria. Investment properties and rental properties may have different eligibility requirements; contact Eqraz directly if you are purchasing a non-primary residence.
Like all major Canadian halal providers, Eqraz works within the Canadian mortgage market framework. This means CMHC mortgage insurance applies for down payments below 20%, and standard credit and income qualification criteria are assessed. The Sharia-compliant structure does not eliminate standard qualification requirements.
How the murabaha cost compares
The total cost of murabaha financing depends on Eqraz's current profit rate and your financing term. Because the profit is built into the sale price rather than applied as an ongoing interest rate, comparing murabaha directly to a conventional mortgage rate requires calculating total cost of ownership over the full term. Get a quote from Eqraz and compare it against the total cost (principal plus interest) of a comparable conventional mortgage to understand the actual difference.
For buyers who value cost certainty, murabaha's fixed total price is an advantage. With a conventional variable rate mortgage, your cost changes as rates move. With murabaha, the total sale price is set at signing. This predictability has real value in a volatile rate environment.
Sharia oversight
Eqraz's murabaha product is structured to meet Islamic finance principles. As with any halal provider, buyers who want to verify Sharia compliance for themselves should ask Eqraz directly about their scholarly oversight and any fatwa or Sharia board review their product has received. Verifying compliance independently is always recommended for buyers for whom this is a primary concern.
How Eqraz compares to Manzil and IjaraCDC
Manzil uses diminishing musharaka, is licensed in four provinces (Ontario, Alberta, BC, Quebec), and offers a more digitally streamlined application experience. IjaraCDC uses an ijara (lease) structure and has longer North American operating history. Eqraz's advantage is broader provincial coverage and the murabaha structure's fixed-price simplicity.
The right choice between these providers depends on your province, your preference for structure, and how their all-in costs compare for your specific purchase price and term. See the HalalWallet Canada home financing hub for more on how providers compare.
Who Eqraz is best for
Eqraz is best for Muslim homebuyers in provinces where Manzil is not licensed (Manitoba, Saskatchewan, Atlantic provinces), buyers who prefer the murabaha structure's fixed total price over musharaka's co-ownership model, and buyers who want a clearly structured cost-plus arrangement with no variable components. If you are in Ontario or Alberta where multiple providers operate, get quotes from at least 2 to 3 before deciding.
What to watch out for
Murabaha structures can be less flexible for early repayment than musharaka. If you plan to pay off your financing significantly early, understand whether Eqraz's terms allow for prepayment and what the conditions are. Also confirm current profit rates directly with Eqraz — rates change, and published figures may be outdated. Contact them directly for current terms applicable to your specific purchase.
Bottom line
Eqraz is a legitimate, broadly available halal home financing option in Canada that uses a murabaha structure. Their provincial coverage makes them one of the more accessible options for Muslims outside Ontario and Alberta. If you are comparing providers, get a quote, understand the total cost of ownership, and verify Sharia compliance with their team. For more on Canada's halal home financing market, visit the HalalWallet Canada home financing hub.
Frequently asked questions
Is Eqraz available in my province? Eqraz is licensed in Ontario, Quebec, BC, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Newfoundland, and PEI. Contact them directly to confirm availability in your specific location.
Is Eqraz's murabaha structure really halal? Murabaha is one of the four major Sharia-compliant financing structures recognized by Islamic finance scholars. Ask Eqraz directly about their scholarly oversight and any independent review their product has received if you want to verify compliance before signing.
Can I use CMHC insurance with Eqraz? Yes, for purchases with down payments below 20%. CMHC insurance applies to halal financing products in Canada and is added to the total financing amount.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
How does Eqraz's profit rate compare to a conventional mortgage rate? You need to compare total cost over the financing term, not just the rate. A murabaha profit rate and a conventional interest rate are structurally different and cannot be compared directly. Get a total cost figure from Eqraz and compare it to the total interest cost of an equivalent conventional mortgage.
Can I get pre-approved with Eqraz before finding a property? Contact Eqraz directly for their pre-approval process. Most halal providers in Canada offer some form of pre-qualification to help buyers understand their budget before starting the property search.
