The Canada government says it plans to explore new measures to expand access to “alternative financing products, like halal mortgages.”

The Canada Budget for the financial year said, “Canada is home to a vibrant and growing market of alternative financing products, including halal mortgages, that enable Muslim Canadians, and other diverse communities, to further participate in the housing market.”

“Budget 2024 announces that the government is exploring new measures to expand access to alternative financing products, like halal mortgages. This could include changes in the tax treatment of these products or a new regulatory sandbox for financial service providers while ensuring adequate consumer protections are in place.,” it further said.

“In March 2024, the government began consulting financial services providers and diverse communities to understand how federal policies can better support the needs of all Canadians seeking to become homeowners. The government will provide an update in the 2024 Fall Economic Statement,” it added.

Notably, Halal mortgages are compliant with Islamic law.