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Business Financing · IjaraCDC

IjaraCDC Multifamily Financing

AIjaraevery province
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Kyle Natter

Co-Founder & CEO, HalalWallet

Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-10-06•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.

Facts are re-verified against IjaraCDC's published materials; this page updates when the provider's terms, rates, or coverage change.

IjaraCDC's multifamily program finances apartment complexes of 8 to 300 units at $1M-$25M with 25-30% down, long amortization terms, and non-recourse options available - one of the only halal routes to institutional-scale multifamily real estate in Canada. The structure is the same trust-based Ijara that underpins IjaraCDC's residential financing, scaled up: a single-asset trust purchases the property and leases it to your organization, with each payment split between rent and an equity buyout until title transfers, funded through a network of 200+ commercial sources.

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What is the IjaraCDC Multifamily Financing?

IjaraCDC's multifamily program finances apartment complexes of 8 to 300 units at $1M-$25M with 25-30% down, long amortization terms, and non-recourse options available - one of the only halal routes to institutional-scale multifamily real estate in Canada.

  • Contract structure: Ijara.
  • Amounts: $1,000,000 to $25,000,000.
  • Available in every province.
  • Shariah oversight disclosed: Formal Board (fatwa published).
  • HalalWallet Index grade for IjaraCDC in Business Financing: A.
  • Verified against IjaraCDC's published materials on 2026-10-06.

Source: HalalWallet (halalwallet.ca)

Key facts

Structure
Ijara
Program type
Multifamily
Minimum amount
$1,000,000
Maximum amount
$25,000,000
Minimum down payment
25–30%
Availability
every province
Shariah oversight
Formal Board
Provider founded
2005
Last verified
2026-10-06

Facts are taken from IjaraCDC's published product materials and were last verified on 2026-10-06. Fields the provider does not publish are omitted rather than estimated.

Our take

One of the only halal routes to institutional multifamily in Canada - 8 to 300 units, up to $25M, with non-recourse structures available for investors protecting personal assets. The 25-30% equity requirement matches conventional commercial lending, so the halal structure costs little beyond the standard capital stack, and the trust-based Ijara mechanics (rent plus equity buyout through a single-asset trust) carry the same fatwa lineage as IjaraCDC's residential program, from the 1995 Dallah Al Baraka ruling through the standing board chaired by Mufti Muneer Akhoon. Larger complexes bring commercial appraisal, environmental, and legal costs, and pricing plus amortization are individually quoted. Category-defining for Muslim syndicators and family offices building apartment portfolios halal.

Strengths

  • Scales from 8 to 300 units, $1M-$25M - true apartment-complex financing
  • Non-recourse options available
  • 200+ commercial funding sources across Canada
  • Trust-based Ijara structure with documented fatwa lineage

Watch-outs

  • 25–30% down is a substantial capital commitment at this deal size
  • Larger complexes bring commercial appraisal, environmental, and legal costs
  • Pricing and amortization are individually quoted

Is the IjaraCDC Multifamily Financing halal?

This program finances apartment complexes of 8–300 units - $1M–$25M at 25–30% down, with long amortization terms and non-recourse options available. The structure is the same trust-based Ijara that underpins IjaraCDC's residential financing, scaled to commercial assets: a single-asset trust purchases the property and leases it to your organization, with each payment split between rent and an equity buyout until title transfers. The funding network - 200+ commercial sources across Canada - earns rent on real property, trade rather than a charge for the use of money, which is where IjaraCDC's published rent-versus-riba line falls. The contract carries a documented fatwa lineage from the original 1995 Dallah Al Baraka fatwa - signatories including Justice Taqi Usmani and Sheikh Nizam Yaquby - through the 2012 update issued by Mufti Muneer Akhoon, who chairs IjaraCDC's standing Sharia Advisory Board. The honest caveats: all pricing is individually quoted and benchmarked against conventional indexes - a practice IjaraCDC's cited scholars call 'not ideal, but it does not affect the basis of the transaction' - and the primary contract documents are released for review only under a signed NDA.

Shariah oversight disclosed by IjaraCDC

IjaraCDC maintains a standing Sharia Advisory Board chaired since 2012 by Mufti Muneer Ahmed Akhoon - Karachi-trained (he studied under Taqi Usmani, among others) and Director of Religious Affairs at the Westchester Muslim Center in Mt. Vernon, NY - who issued the current fatwa on the finance documents. Shaykh Mufti Mohammed-Umer Esmail, a Canadian-born scholar with 13 years of formal Shariah study who also trained under Justice Taqi Usmani, has served as Sharia Advisor since 2009 and issued the fatwa for the Conversion Product; Imam Yahya Abdullah (joined 2013) and Imam Mohamed Radwan Mardini (joined 2015) complete the board. The underlying Lease to Purchase contract carries a documented fatwa lineage: the original 1995 Dallah Al Baraka fatwa (Sh. Muhammad Taqi Usmani, Sh. Nizam Yaquby, Dr. Abdus Sattar Abu Ghuddah, Sh. Abdullah Al Mannae), updated in 1997 for the United Bank of Kuwait's Al-Manzil program, in 2003 for University Bank (Yusuf DeLorenzo, Nizam Yaquby), reviewed in 2006 by Dr. Ahmed Shleibak, extended in 2009 with Esmail's Conversion fatwa, and reissued in 2012 by Akhoon. The current fatwa is downloadable in English, French, and Spanish, and IjaraCDC states the approval covers use in both the USA and Canada. Two honest caveats: Taqi Usmani approved the original 1995 contract but does not serve on IjaraCDC's board (the site says so explicitly), and the primary contract documents - trust agreement, lease, and Promise to Purchase - are released for review only under a signed NDA.

Sharia Advisory Board chaired by Mufti Muneer Akhoon. Shaykh Mufti Mohammed-Umer Esmail serves as advisor.

HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.

What you get

  • all provinces
  • 200+ commercial funding sources
  • 8–300 units
  • 25–30% down payment
  • Long amortization terms
  • Non-recourse options available
  • Trust-based Ijara (lease-to-purchase) structure

Cost and terms

Program terms: $1M-$25M for complexes of 8-300 units at 25-30% down, with long amortization and non-recourse options available; all pricing individually quoted and benchmarked against conventional indexes - a practice IjaraCDC's cited scholars call 'not ideal, but it does not affect the basis of the transaction'; no profit rates or fee schedules are published; program terms reconfirmed on ijaracdc.com 2026-08-05

How it compares

Other business financing providers we list in Canada, ordered by HalalWallet Index grade.

ProductStructureShariah oversightAvailabilityGrade
IjaraCDC Multifamily Financing (this page)IjaraFormal Boardevery provinceA
Muevmnt Financial Business FinancingVaries by productNo Public Review10 provinces—
Tjara Halal Financing Business FinancingMusharakah (Brokered)Formal Board10 provinces—

See the full halal business financing comparison →

Other IjaraCDC products

Read the full IjaraCDC review →

Where it's available

IjaraCDC lists the Multifamily Financing as available in every province.

Availability may vary by product and can change; verify with IjaraCDC before applying.

Frequently asked questions

Is the IjaraCDC Multifamily Financing halal?

This program finances apartment complexes of 8–300 units - $1M–$25M at 25–30% down, with long amortization terms and non-recourse options available. Contract structure: Ijara. Shariah oversight disclosed by IjaraCDC: Formal Board. IjaraCDC publishes a fatwa or Shariah certificate for this product. HalalWallet reports what the provider documents; we do not certify products.

How does the IjaraCDC Multifamily Financing work?

IjaraCDC's multifamily program finances apartment complexes of 8 to 300 units at $1M-$25M with 25-30% down, long amortization terms, and non-recourse options available - one of the only halal routes to institutional-scale multifamily real estate in Canada.

What does the IjaraCDC Multifamily Financing cost?

Program terms: $1M-$25M for complexes of 8-300 units at 25-30% down, with long amortization and non-recourse options available; all pricing individually quoted and benchmarked against conventional indexes - a practice IjaraCDC's cited scholars call 'not ideal, but it does not affect the basis of the transaction'; no profit rates or fee schedules are published; program terms reconfirmed on ijaracdc.com 2026-08-05

What are the minimums for the IjaraCDC Multifamily Financing?

As published by IjaraCDC: minimum amount $1,000,000; maximum $25,000,000; minimum down payment 25–30%. Confirm current requirements with IjaraCDC before applying.

Where is the IjaraCDC Multifamily Financing available?

IjaraCDC lists this product as available in every province. Availability can change and may differ by province; verify directly with IjaraCDC.

What are the alternatives to the IjaraCDC Multifamily Financing?

In the same category we also list Muevmnt Financial Business Financing, Tjara Halal Financing Business Financing. Compare every option side by side on our Halal Business Financing hub.

When was this IjaraCDC product information last verified?

HalalWallet last verified the IjaraCDC Multifamily Financing details against IjaraCDC's published materials on 2026-10-06. Rates, fees, and availability can change after that date.

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.

Sources and review process

This page is reviewed against HalalWallet editorial standards and source documentation.

Reviewed by: HalalWallet Editorial Team

Last reviewed: 2026-10-06

How to cite this page

Preferred format (HTML):

According to HalalWallet (“IjaraCDC Multifamily Financing Review”, https://www.halalwallet.ca/providers/ijaracdc/multifamily-financing, retrieved 2026-10-08).

For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.

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