The opportunities and challenges of islamic mortgage finance in canada...
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How It Is Halal?
How It Is Halal?
The partnership structure is based on joint ownership in a property, making Tjara and the customer partners. As a partner, Tjara shares the risk on the property and offers to sell their shares gradually to the other partner. This type of Islamic mortgage financing is considered halal because it adheres to a Shariah-compliant partnership model, grounded in principles of risk sharing and fairness. This halal home financing option ensures a transparent and interest-free mortgage, offering an ethical alternative to conventional loans.
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Tjara Ethical Advisory Board Approved Halal Investments
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How We Are Different
How We Are Different
Legal opinion from Canadian lawyers that no increase in financial risk
Tjara Board of Directors
Tjara Board of Directors
Tjara Board of Directors
Dr. Omar Fisher
Dr. Omar Fisher’s journey in the field of Ethical Finance has been marked by his foundational role in establishing the First Takaful USA in 1998 under the esteemed guidance of Justice (retired) Sheikh Mufti Muhammad Taqi Usmani. His dedication and innovative outlook have consistently contributed to his stellar reputation across social, economic, and financial sectors, underpinned by unwavering integrity and honesty.
Dr. Fisher has been instrumental in facilitating connections between ethical scholars and the practical implementation of ethical financial products, earning him pronounced respect within the industry.
Key highlights of his career include:
- Serving on the Shariah Advisory Board of Family Bank in Bahrain from its inception for over a year.
- Playing a pivotal role in the mediation and approval processes for several significant projects, such as First Takaful USA, BMI Leasing USA, Bank Al Jazira Takaful Taawuni, IWealth.org in Dubai, IntelligentWealth.org in Seattle, Washington and Solidarity Takaful in Riyadh.
- Participating in diverse consultative roles with various Shariah scholars for the IDB Bank Group regarding Islamic assurance guarantees from 2019 to 2020.
Dr. Noor Inayah
Dr. Noor Inayah has established herself as a distinguished leader in the realm of Ethical Finance, backed by a robust academic background and an extensive track record in both professional and academic settings. Known for her integrity and deep industry knowledge, Dr. Inayah has held several prestigious positions, contributing significantly to educational and financial institutions.
Her academic qualifications are as follows:
- PhD in Law from the University of Manchester, UK.
- LLM in Comparative Civil & Banking Law from the University of Bristol, UK.
- Dual Bachelor’s degrees in Shariah Law and Law from the International Islamic University Malaysia.
- President & Vice Chancellor at Infrastructure University Kuala Lumpur.
- Member of the Board of Governance at Kolej Teknologi Islam Antarabangsa, under the Majlis Agama Pulau Pinang.
- Chairman and Director at Amanah Raya Trustee Berhad.
- Professor of Law at Infrastructure University Kuala Lumpur.
- Rector at an academic institution under Majlis Agama Islam Wilayah Persekutuan (MAIWP).
- Principal consultant for Waqf land for the Housing and Local Government Ministry.
- Member of the Syura Committee of the Majlis Agama Islam Pulau Pinang.
- Professor of Law and Syariah at Putra Business School.
Business Development & Strategic Expert
Ubaidullah Siddiqui
Ubaidullah Siddiqui is a seasoned professional with over 15 years of experience in business development, marketing, and strategic project management across various sectors including technology, real estate, and education. As a board member of several startups like WIN, NMO, VRC, Kooz, Hosproc, and SBCS, he has played a pivotal role in guiding these organizations towards growth and innovation.
Educationally, Ubaidullah has enriched his practical expertise with a robust academic background. He holds a Master of Business Administration with a major in Marketing from the University of Indianapolis and a Bachelor of Electrical Engineering from the University of Engineering and Technology. Further enhancing his credentials, he has completed an Executive Education program at the Sloan Business School, Massachusetts Institute of Technology. He is also a certified Project Management Professional (PMP #2751027), which underscores his capability in managing complex projects effectively.
His professional journey includes significant roles such as Project Management at Huawei and SBL Group, where he specialized in tapping into untapped markets and driving technological innovations. At Huawei, he contributed to business development, sales, and marketing management. He has also been instrumental in deploying digital transformation strategies and governance models for public and private sector projects in Saudi Arabia, including Smart City initiatives.
A dedicated mentor and public speaker, Ubaidullah is committed to nurturing future leaders and sharing his extensive knowledge through various platforms. His recent endeavors include leading national and private educational and learning digitization initiatives, emphasizing the importance of integrating technology in education.
His professional journey includes significant roles such as Project Management at Huawei and SBL Group, where he specialized in tapping into untapped markets and driving technological innovations. At Huawei, he contributed to business development, sales, and marketing management. He has also been instrumental in deploying digital transformation strategies and governance models for public and private sector projects in Saudi Arabia, including Smart City initiatives.
A dedicated mentor and public speaker, Ubaidullah is committed to nurturing future leaders and sharing his extensive knowledge through various platforms. His recent endeavors include leading national and private educational and learning digitization initiatives, emphasizing the importance of integrating technology in education.
Tjara Financing Ethical Advisory Board
An AAOIFI (Accounting and Auditing Organization of Islamic Financial Institutions, a standard setting body for all the Islamic financial institutions around the globe) scholar, a distinguished figure in the Islamic finance sector spanning over thirty years, holds the title of Associate Professor of Islamic Law at the International Islamic University Malaysia (IIUM).
Dr. Aznan Hasan
Educated under the tutelage of Sheikh Mufti Taqi Usmani and the lineage of Mufti Rafi Usmani, Mufti Muhammad Muaz Ashraf emerges as a distinguished Sharia Consultant and Advisor, specializing in Islamic Financial Jurisprudence, Banking, Finance, and the Halal Industry.
Mufti Muhammad Muaz Ashraf Usmani
Prof. Dr. Mohamad Akram Laldin stands as a prominent scholar in the Islamic finance industry, holding the prestigious position of Executive Director at the International Shariah Research Academy for Islamic Finance (ISRA) and serving as a Professor at the International Centre for Education in Islamic Finance (INCEIF).
Prof. Dr. Mohamad Akram Laldin
Dr. Aznan Hasan
An AAOIFI (Accounting and Auditing Organization of Islamic Financial Institutions, a standard setting body for all the Islamic financial institutions around the globe) scholar, a distinguished figure in the Islamic finance sector spanning over thirty years, holds the title of Associate Professor of Islamic Law at the International Islamic University Malaysia (IIUM).
His expertise spans Shariah subjects like Islamic Commercial Law and Islamic Banking and Finance, contributing significantly to the field through his leadership of the Islamic Law Department at IIUM.
As the President of the Association of Shariah Advisors in Islamic Finance (ASAS) and Deputy Chairman of the Shariah Advisory Council at the Securities Commission Malaysia, Dr. Hasan’s impact reaches a global scale. He provides Shariah advisory services to over fifty esteemed financial institutions worldwide, such as Maybank Islamic Berhad in Malaysia and Absa Bank in South Africa. His scholarly accomplishments include a bachelor’s degree in Shariah from the University of Al-Azhar, a master’s degree from Cairo University, and a Ph.D. from the University of Wales. Dr. Hasan is a prolific author, with numerous publications enhancing the Islamic Banking and Finance knowledge base. In addition to his academic pursuits, Dr. Hasan applies his expertise to practical scenarios within the Islamic finance industry, developing Shariah-compliant financial models for various organizations. His active participation in conferences and seminars showcases his commitment to fostering innovation and growth in the sector.
As the President of the Association of Shariah Advisors in Islamic Finance (ASAS) and Deputy Chairman of the Shariah Advisory Council at the Securities Commission Malaysia, Dr. Hasan’s impact reaches a global scale. He provides Shariah advisory services to over fifty esteemed financial institutions worldwide, such as Maybank Islamic Berhad in Malaysia and Absa Bank in South Africa. His scholarly accomplishments include a bachelor’s degree in Shariah from the University of Al-Azhar, a master’s degree from Cairo University, and a Ph.D. from the University of Wales. Dr. Hasan is a prolific author, with numerous publications enhancing the Islamic Banking and Finance knowledge base. In addition to his academic pursuits, Dr. Hasan applies his expertise to practical scenarios within the Islamic finance industry, developing Shariah-compliant financial models for various organizations. His active participation in conferences and seminars showcases his commitment to fostering innovation and growth in the sector.
Mufti Muhammad Muaz Ashraf Usmani
Educated under the tutelage of Sheikh Mufti Taqi Usmani and the lineage of Mufti Rafi Usmani, Mufti Muhammad Muaz Ashraf emerges as a distinguished Sharia Consultant and Advisor, specializing in Islamic Financial Jurisprudence, Banking, Finance, and the Halal Industry.
His role extends to providing strategic Sharia advisory services to a variety of organizations.
Completing his ifta at Jamia Darul Uloom Karachi, Mufti Muaz has penned several hundred Fatawa, notably in the domains of the Halal Industry, Islamic finance, and economics. His academic endeavors include intensive research on Islamic Investments and Islamic Mutual Funds, along with ongoing work on Islamic Trade Finance. Mufti Muaz’s expertise is backed by numerous certifications from reputable institutions like the Centre for Islamic Economics (CIE), IBA Karachi, and Meezan Bank, including in Islamic Banking, Takaful, and AAOIFI Sharia Standards. His accolades further encompass certifications in the Halal Industry, Halal Food Management, and Islamic REITs. A prolific contributor to the field, Mufti Muhammad Muaz Ashraf has crafted numerous Islamic financial models and research papers, primarily focusing on the Halal Industry and Islamic Banking and Finance. Additionally, he imparts knowledge through training sessions on Islamic Banking & Finance and Halal Certification across various institutions.
Completing his ifta at Jamia Darul Uloom Karachi, Mufti Muaz has penned several hundred Fatawa, notably in the domains of the Halal Industry, Islamic finance, and economics. His academic endeavors include intensive research on Islamic Investments and Islamic Mutual Funds, along with ongoing work on Islamic Trade Finance. Mufti Muaz’s expertise is backed by numerous certifications from reputable institutions like the Centre for Islamic Economics (CIE), IBA Karachi, and Meezan Bank, including in Islamic Banking, Takaful, and AAOIFI Sharia Standards. His accolades further encompass certifications in the Halal Industry, Halal Food Management, and Islamic REITs. A prolific contributor to the field, Mufti Muhammad Muaz Ashraf has crafted numerous Islamic financial models and research papers, primarily focusing on the Halal Industry and Islamic Banking and Finance. Additionally, he imparts knowledge through training sessions on Islamic Banking & Finance and Halal Certification across various institutions.
Prof. Dr. Mohamad Akram Laldin
Prof. Dr. Mohamad Akram Laldin stands as a prominent scholar in the Islamic finance industry, holding the prestigious position of Executive Director at the International Shariah Research Academy for Islamic Finance (ISRA) and serving as a Professor at the International Centre for Education in Islamic Finance (INCEIF).
His educational foundation was laid with a B.A. Honours in Islamic Jurisprudence and Legislation from the University of Jordan, and further solidified with a Ph.D. in Principles of Islamic Jurisprudence from the University of Edinburgh.
Dr. Laldin’s expertise in the field of Islamic Finance and Economics spanning over thirty years has led to significant roles across the globe, including membership on the Shariah Advisory Council for Bank Negara Malaysia and advisory positions on numerous other prestigious Islamic finance bodies and Shariah boards. Recognized for his extensive contributions in research in the field, he has received numerous accolades, such as the Zaki Badawi Award for Excellence in Shariah Advisory and Research and the Malaysian Islamic Personality Award. His academic pursuits have not only enriched Islamic banking and finance through his participation in advisory boards and councils but also through his prolific writings and presentations, which have made substantial impacts on Islamic finance education and practice worldwide.
Dr. Laldin’s expertise in the field of Islamic Finance and Economics spanning over thirty years has led to significant roles across the globe, including membership on the Shariah Advisory Council for Bank Negara Malaysia and advisory positions on numerous other prestigious Islamic finance bodies and Shariah boards. Recognized for his extensive contributions in research in the field, he has received numerous accolades, such as the Zaki Badawi Award for Excellence in Shariah Advisory and Research and the Malaysian Islamic Personality Award. His academic pursuits have not only enriched Islamic banking and finance through his participation in advisory boards and councils but also through his prolific writings and presentations, which have made substantial impacts on Islamic finance education and practice worldwide.
Shaikh Abu Abdus Salam
Sheikh Abu Abdus-Salam (our local scholar), is a respected Shariah scholar, is a respected Shariah scholar and a graduate from the Islamic University of Madinah, Saudi Arabia. With over 25 years of experience, he has served as an Imam, Khateeb, Instructor, and Community Worker in Toronto and Vancouver.
Shaikh Abu Abdus-Salam has worked closely with diverse ethnic Canadian Muslim communities, and for the past 11 years, he has been dedicated to providing spiritual guidance as a Muslim Chaplain/Imam in various institutional settings including universities, hospitals, communities, and prisons. Currently, he serves as a Muslim Chaplain and Spiritual Health Practitioner. In addition to his religious responsibilities, Abu Abdus-Salam has a keen interest in Ethical finance, having been a Diminishing Partnership Home Financing client for many years. He has extensively researched Ethical finance and actively participates in meetings and conferences on the subject.
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