Eqraz Home Financing

EQRAZ, headquartered in Oakville, Ontario, launched its halal mortgage after three years of development involving Canadian and Islamic-specialty law firms, Shariah product developers and the Shariyah Review Bureau (SRB) of Bahrain, which certified the structure at launch. Today its published governance rests with its own Shariah Supervisory Board - Sheikh Dr. Salah Al Shalhoob and Sheikh Faraz Adam - with supporting external fatwas from Mufti Mirza Zain Baig and Mufti Faisal Al Mahmoudi, and it posts its rates openly at eqraz.com/rates. Its current materials also describe EQRAZ as arranging financing through partner financiers - worth confirming who holds your contract at closing.

The product is a monthly Murabaha. Rather than executing one giant resale with the entire term's profit locked in upfront (the classic Murabaha problem, which forces a customer who sells early to pay the full marked-up price), EQRAZ executes Murabaha transactions monthly through an independent agent appointed under the Murabaha Agreement - a mechanism required by its Shariyah Supervisory Board. The customer signs a Murabaha Agreement plus a standard Canadian mortgage charge, keeps fixed payments through each renewable term, and can close at any time by paying the remaining principal (plus prepayment charges if applicable).

EQRAZ launched with CAD $25M in Shariah-compliant wakala funding arranged through a Schedule 1 Canadian bank and publicly committed to scaling its funding book - an unusually transparent funding disclosure in this market. It advertises no waitlist and financing across all 10 provinces. The trade-offs are scope and style: it is home financing only, and because profit follows an amortization schedule, buyers who want a co-ownership partnership where the financier shares property risk may prefer a Musharaka provider.