Episode 61: Faith and Finance - What are Halal Mortgages? | Garnett Genuis MP | Resuming Debate
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- เผยแพร่เมื่อ 6 พ.ค. 2024
- In today's episode of Resuming Debate, I speak to Dr. Mohamed Sawwaf. Dr. Sawwaf is the Co-Founder & CEO of Manzil, the only Canadian Islamic FinTech that manufactures and distributes Halal financial solutions, including mortgages and investment funds. He joins me to provide an understanding of the concept of Halal mortgages, and the philosophical and theological ideas driving distinct approaches to finance advocated by some of the world’s major religions.
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Website: www.garnettgenuismp.ca/
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This is such a slippery slope , not a place to play.
We all need Halal morgages. Interest rates are illegal. Income tax is also illegal. Banks are crooked as hell.
I see nothing wrong with accruing interest on a loan, that is business, having said that, that is about the only straightforward and logical provision in banking 101. If hidden fees weren’t so prevalent then I doubt we would be even having a look at Halal mortgages.
Thank you for shedding a little light in the subject of Halal mortgages, however, as a Canadian citizen and an atheist, I find the topic rather offensive. I respect others in their faith but having witnessed so much cruelty in the name of… well, no thank you. Also, I suspect that if noone was making a profit, then it wouldn’t be in existence. Please consider that there are many people today who are suffering from disillusionment and a national awareness unlike experienced in the past three decades. Canadians want a place they can call their own and enjoy the merits of their hard work. In peace. Thank you for listening.
Thank you for this explanation. A couple things come to mind. As a parent helping their family members buy a home, I have an obligation to charge fair market value interest on the property to claim any CRA tax deductions and thus any income from the arrangement. Otherwise, it’s simply a gift with no attachment and therefore, as lender I own their own property and it muddies the water on principal residence tax rules. These Halal mortgages are with third parties, not even family, and it’s not likely they are considered gifts on any level. It’s problematic from a Canadian tax implication perspective under current tax legislation. How does the government value the added cost to the Halal mortgage when it’s not structured, in the way current legislation is worded? Interesting way to search for tax advantages cloaked in financial instrument structures that are not transparent enough to work within current income tax legislation for all Canadians.
So is Principal and Profit the same as flipping houses for profit? Versus buying houses to live in?
Be careful of whom does not reveal their true intentions
This is ridiculous! We are not in our current situation because of our Western Principal/Interest system! Housing is unaffordable because of Liberal mismanagement of everything from immigration to housing supply! The last thing we need in Canada is a mortgage lending system that does not require interest payments! Only Liberals believe that lending money is void of cost. Money lending is a business and just like all businesses there is an expectation of profit after costs. If the Liberals want to take us further down the 'housing unaffordability rabbit hole' then keep considering a mortgage system that disincentivizes mortgage investors.
We shouldn't be giving religious people special privileges. Canada is a secular nation.
Really.. ìt was always a country of religions...CATHOLICS, CHRISTIANS.. JEHOVAH WITNESSES, MORMON, HINDU?, ISLAMICS, BHUDIST. BAHAI. JEWISH.
Btw. Not many ppl know this ..Catholics. never said they were Christians...until they got found out for sexual abuse. I. NATIVE RESIDENTAL SCHOOLS. BUT I NOTICE I. LAST 10YRS. CATHOLICS *CALL THEMSELVES CHRISTIAN* THIS IS NOT SO....THEY HAVE THEIR OWN BIBLE..... WORSHIP Mary. FIRST...Not JESUS. WORSHIP SAINTS. PRIEST DIRECTS ALOT OF PRAYERS to congregation. Takes Communion for congregation, use a Rosary bead chain for praying. U must apply to Rome for Divorce forgiveness.+ PAY A FEE...OR SOME CATH CHURCH PRIESTS WILL NOT MARRY U. Women cannot use birthcontrol, parishners must, CONFESS TO PRIEST THEIR SINS AND HE PRAYS TO GOD FOR THE SINNER... alot of legalities IN
RC CHURCH. KIDS HAVE TO WORK WITH PRIESTS?? AND DO
SPECIAL.COMMUIONS THEY DONT NECESSARILY UINDERSTAND.
CHRISTIAN CHURCHES HAVE NONE OF ABOVE REGULATIONS@!!
This is Canada! I warned everyone that Genuis is a two faced globalist.
Why are people giving this a thumbs up?
The donation to charity raises the question of who gets to choose the charity. It should be the choice of the borrower not the lender.
If this goes forward, it should also do the due diligence of periodically verifying that the residences are used as primary residence by the owner.
Is "Sharia law" an excessive gathering of synonyms - something like that infuriating "mass exodus" ?
completely misses the rothschild take-over point
I'm sorry this is Canada, you abide by our rules or why come to our country.
This is getting ridiculous
Great video. So how many women get loans? And interest is good!
I gained a great deal of understanding of the big picture on halal mortgages from this episode. In order to understand it from an individual consumer level is there a source that you are aware of that would show a side by side comparison in the form of an accounting breakdown between a conventional mortgage and a halal mortgage on a home that has a purchase agreement in place for $500,000 with less than 25% down (insurable), more than 25% down, and a halal mortgage along with practical qualifications for halal mortgage (TDR, GDR, etc). Of particular interest would be the extraneous costs which would make the halal loan more expensive. It was also unclear whether a "down payment" is even required with a halal mortgage, and I question this because I was left with the impression that halal mortgages are not currently insurable in the present system. How is the profit rate and term determined. Where do organizations offering halal mortgages acquire their capital and what ownership structure do the capital providers have? The current halal lenders sound more like mortgage/loan BROKERS as opposed to an actual bank.
Interesting concept but please don’t entertain Halal mortgage. Muslims will take and take until they have the whole system not just banking. What’s happening in UK is what would happen here
Tyrion’s Lannister speak
So what about Christian’s? Couldn’t we have a Christian mortgage as well ? We believe unsury is a sin as well 😔
Ask about a single mother getting a loan
MR GARNETT GENUIS. I SAW AN ARTICLE 2 WKS AGO@!! OH REALLY. GIVE THE ISLAMICS. A HANDUP. OVER ORIGINAL CDNS!!! I understood non ISLAMICS *MAY QUALIFY FOR HALAL MORTGAGES* IMO... NOT LIKELY!! No interest.....mortgages but the mortgages apparently are slightly higher....NO details!!!
So just bullshit...islam is an original virtue signaller 😂😂😂😂😂