Eqraz is a Canadian Islamic fintech company that offers halal home equity and mortgage products as a shariah-compliant alternative to conventional HELOCs and mortgages. Founded with the specific goal of serving Canadian Muslims who need access to home equity without resorting to interest-bearing products, Eqraz has differentiated itself from Manzil and Ijara CDC through its home equity product - something neither competitor offered at the same scale. This review covers what Eqraz offers, how it works, and whether it is the right choice for your situation.
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Eqraz at a Glance
| Feature | Details |
|---|---|
| Founded | Based in Canada; relatively newer entrant vs Manzil and Ijara CDC |
| Shariah structure | Murabaha and diminishing musharakah depending on product |
| Products offered | Halal home equity (HELOC alternative), halal home purchase mortgage |
| Provinces served | Ontario, British Columbia, Alberta (expanding - confirm for your province) |
| CMHC-insured products | Product-dependent - confirm directly |
| Shariah oversight | Internal shariah advisory review |
| Minimum down payment (purchase) | 5-20% depending on product |
| Who it is best for | Existing homeowners seeking home equity access; buyers wanting murabaha option |
Eqraz's Key Differentiator: The Halal Home Equity Product
The most distinctive feature of Eqraz's product lineup is its halal home equity product - a shariah-compliant alternative to the conventional HELOC. Existing homeowners who have built up equity in their homes can access that equity through Eqraz without taking an interest-bearing line of credit.
The structure works as follows: Eqraz acquires a partial ownership stake in your home (based on the equity you wish to access), providing you with a lump sum of cash. You then repurchase Eqraz's equity stake over time through structured payments. The arrangement is structured as diminishing musharakah - the same co-ownership model used for halal home purchases. This is not a loan; it is a co-ownership transaction.
Eqraz Home Purchase Mortgage
Eqraz also offers a halal mortgage for home purchases. They use murabaha and musharakah structures certified by their shariah advisory team. Their product is most established in Ontario and Alberta, with BC expansion underway. For first-time buyers, confirm whether Eqraz offers CMHC-insured products (5% down) in your province, as this eligibility varies.
Eqraz vs Manzil vs Ijara CDC Canada
| Factor | Eqraz | Manzil | Ijara CDC Canada |
|---|---|---|---|
| Home purchase mortgage | Yes | Yes | Yes |
| Home equity access product | Yes (key differentiator) | Limited | Limited |
| Province coverage | ON, BC, AB (expanding) | ON, BC, AB, QC, more | Most provinces |
| CMHC-insured 5% down | Confirm directly | Yes | Yes |
| Digital experience | Moderate | Strong (digital-first) | Traditional |
| Track record/tenure | Newer | Mid (2018+) | Established (older) |
Who Is Eqraz Best For?
- Existing Canadian homeowners who need equity access without taking a HELOC - Eqraz is the clearest halal solution in Canada
- Muslim homebuyers in Ontario, BC, or Alberta who want a murabaha structure specifically
- Investors who prefer a newer, niche provider aligned fully with Islamic finance principles from its founding
- Buyers who need a non-CMHC (conventional) structure with a larger down payment
Limitations to Be Aware Of
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- Limited geographic coverage compared to Manzil or Ijara CDC - not available in all provinces
- Newer brand - less transaction history and community track record than the established players
- Product lineup evolving - the full product suite was still developing as of mid-2026; confirm current offerings directly
- CMHC insured availability - not universally confirmed for all products/provinces
How to Apply with Eqraz
The application process follows standard Canadian halal mortgage steps: income and employment documentation, credit check, property appraisal, and shariah-compliant financing agreement. Visit Eqraz's website to start an application or inquiry. For home equity products, you will need to provide documentation of your current home value, existing financing balance (if any), and intended use of funds.
Frequently Asked Questions
Is Eqraz available outside Ontario, BC, and Alberta?
As of mid-2026, Eqraz's confirmed coverage is primarily Ontario, BC, and Alberta. They may be in the process of expanding to additional provinces. Contact Eqraz directly to confirm availability in your province.
How does Eqraz's home equity product compare to a conventional HELOC in total cost?
The cost structure differs: a HELOC charges interest on the outstanding balance; Eqraz's co-ownership product involves a profit rate on the equity stake. In some scenarios the total cost may be comparable; in others one may be more expensive. The key difference is the structure (impermissible riba vs permissible co-ownership), not the arithmetic comparison. Request a full disclosure of the Eqraz arrangement before committing.
Can I use an Eqraz home equity product to fund a halal renovation?
Yes. Unlike a conventional HELOC (which provides a line of credit for any purpose), Eqraz's product involves a property co-ownership arrangement. The cash you receive can be used for renovations, consolidation of existing interest-bearing debt (if eliminating riba), education, or other legitimate purposes. There is no restriction on the use of equity proceeds once the co-ownership arrangement is executed.
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
For a full comparison of halal mortgage options in Canada, see best halal mortgage lenders in Canada or the HalalWallet home financing hub.