We would like to take this opportunity to introduce you to the Mortgage 786 division of True North Mortgage. We feel that we have developed a Muslim-friendly mortgage product based upon Sharia concepts that is lowest cost in the country. We want to help Muslims obtain mortgages for home ownership that balance the Sharia and the Canadian legal framework. The values of our business are:
- Sharia compliance
Mortgage 786 is part of the well recognized company named True North Mortgage and the THINK Financial division, whom process over $1 billion in mortgage annually through their 10 locations across Canada. Our product, Mortgage 786, is a low fee based mortgage that is interest-free. It is the only Canadian Halal product where Muslim clients deal directly with the lender.
The structure of the Mortgage 786 uses a credit card model to advance the amount of the loan based on the value of the home. In addition, the Mortgage 786 client can seek assistance at time of distress, such as death, family emergency, or job loss. In this case, the client puts in a request to our independent Islamic Advisory Board to decide if payments can be waived without penalty for a certain period of time.
We feel that the Canadian mortgage market has not provided a lending solution for the Muslims community. This has left citizens forced to go to conventional banks for interest based financing, which are considered forbidden (Haram) based on Islamic law. We believe that Mortgage 786 is a Muslim friendly mortgage product like no other based upon Sharia compliancy. We have brought on prominent Islamic representatives in the community to build to the credibility of True North Mortgage that is known a Canada’s low cost mortgage provider.