Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, province availability, and independent editorial verdict. Published by HalalWallet (halalwallet.ca).
Eqraz vs IjaraCDC
Published-Rate Murabaha vs Low-Down-Payment Ijara — the Two Widest Halal Footprints in Canada
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing changes.
Our Verdict
These are the two providers most Canadian Muslims can actually use — both cover 10 provinces, which matters in a market where several competitors serve a single province. Eqraz's edge is transparency: rates published openly at eqraz.com/rates, a named Shariah Supervisory Board (Sheikh Dr. Salah Al Shalhoob, Sheikh Faraz Adam), and external fatwas. IjaraCDC's edge is accessibility and track record: 5% minimum down up to $500K, flexibility for limited credit histories, a fatwa lineage running since 1995, and a unique conversion program that restructures an existing conventional mortgage for $349 plus $10/month. Buyers with 20%+ down who want to comparison-shop on a visible rate should start with Eqraz; buyers stretching to enter the market, or converting an existing mortgage, should start with IjaraCDC.
Side-by-Side Comparison
| Feature | Eqraz | IjaraCDC |
|---|---|---|
| Structure | Monthly commodity Murabaha (Tawarruq-based per Eqraz's own calculator) | Ijara wa Iqtina (lease-to-own) through a single-asset trust |
| Provinces | 10 provinces | 10 provinces |
| Minimum Down Payment | Not published — individually quoted | 5% up to $500K; 10% on the portion above |
| Rate Transparency | Rates published openly at eqraz.com/rates | Individually quoted |
| Shariah Oversight | In-house board (Sheikh Dr. Salah Al Shalhoob, Sheikh Faraz Adam) plus external fatwas from Mufti Mirza Zain Baig and Mufti Faisal Al Mahmoudi | Sharia Advisory Board chaired by Mufti Muneer Akhoon; fatwa lineage from 1995, updated 2012 |
| Credit Flexibility | Not published | Works with limited credit history; business-for-self programs |
| Prepayment | Early payoff requires only remaining principal — never unearned markup | 10–20% annual prepayment allowance without penalty |
| Founded | 2020 | 1996 |
| Convert an Existing Mortgage | Full replacement financing | Riba-to-Ijara conversion in 10–14 business days, $349 + $10/month, no requalification |
| Counterparty | Describes itself as arranging financing through partner financiers — confirm who holds your contract | Single-asset trust structure; your bank remains the investor under the conversion program |
Which Should You Choose?
You have 20%+ down and want to see rates before applying
→ Eqraz— It's the only major Canadian halal provider publishing rates openly
You have 5–10% down or a thin credit file
→ IjaraCDC— The lowest halal down-payment floor in Canada, with programs built for non-standard files
You want out of an existing conventional mortgage without refinancing
→ IjaraCDC— The conversion program changes the structure, not the payment — $349 one-time plus $10/month
A short corporate track record concerns you
→ IjaraCDC— Its fatwa lineage runs since 1995; Eqraz launched in 2020
You want a clean break from your bank
→ Eqraz— Full replacement financing — note IjaraCDC's conversion keeps your bank as the investor
Understand the evidence behind this comparison
The Islamic contracts these providers use — with authoritative definitions:
Prefer a ranked pick for your situation? See our evidence-backed guides:
Eqraz Full Review
Pros, cons, rates & details
IjaraCDC Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Home Financing providers.
Browse All Home Financing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Both cover 10 provinces — what actually decides between them?
Three things. Down payment: IjaraCDC accepts 5% up to $500K, while Eqraz doesn't publish a floor and quotes individually. Transparency: Eqraz publishes rates; IjaraCDC prices by quote. Structure: Eqraz's monthly commodity Murabaha fixes cost-plus-profit through monthly asset trades, while IjaraCDC's trust leases you the home with rent-plus-equity payments. Get quotes from both — the cheaper file wins more often than the structure debate does.
What is IjaraCDC's conversion program, exactly?
It restructures an existing Canadian mortgage into a riba-free arrangement — the property moves into a single-asset trust and your payment becomes rent-plus-equity rather than principal-plus-interest — in 10–14 business days for a $349 one-time fee plus $10/month, with no refinance, documents, or requalification. Two caveats from our review: the conversion method is proprietary (full documents only under NDA), and your bank remains the investor, so buyers wanting a complete break should price a full replacement from Eqraz or another provider instead.
Is a commodity Murabaha as accepted as an Ijara?
Both are established structures, but commodity-based Murabaha (Tawarruq) draws more scholarly debate than asset-based structures — some boards accept it as a practical necessity, others discourage it when alternatives exist. Eqraz is upfront that its calculator labels the structure Tawarruq-based, and it holds fatwas from named scholars. IjaraCDC's lease-to-own rests on a 1995-lineage fatwa. If the distinction matters to you, put both contract structures in front of a scholar you trust.
These are the two providers most Canadian Muslims can actually use — both cover 10 provinces, which matters in a market where several competitors serve a single province. Eqraz's edge is transparency: rates published openly at eqraz.com/rates, a named Shariah Supervisory Board (Sheikh Dr. Salah Al Shalhoob, Sheikh Faraz Adam), and external fatwas. IjaraCDC's edge is accessibility and track record: 5% minimum down up to $500K, flexibility for limited credit histories, a fatwa lineage running since 1995, and a unique conversion program that restructures an existing conventional mortgage for $349 plus $10/month. Buyers with 20%+ down who want to comparison-shop on a visible rate should start with Eqraz; buyers stretching to enter the market, or converting an existing mortgage, should start with IjaraCDC.
- You have 20%+ down and want to see rates before applying: Eqraz — It's the only major Canadian halal provider publishing rates openly
- You have 5–10% down or a thin credit file: IjaraCDC — The lowest halal down-payment floor in Canada, with programs built for non-standard files
- You want out of an existing conventional mortgage without refinancing: IjaraCDC — The conversion program changes the structure, not the payment — $349 one-time plus $10/month
Get an email when rates change — Eqraz vs IjaraCDC
We'll email you only when Eqraz or IjaraCDC changes rates, fees, or province availability.
We only email you when something in this comparison actually changes.
Stay Updated
Get halal mortgage rate updates and new provider alerts
No spam ever. Unsubscribe in one click.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: March 2026
How to cite this page
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider — their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.