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Tjara Halal Financing, one of Canada’s biggest providers of halal – compliant home financing services, and commercial financing services, meets the unmet needs of millions of Muslim clients. The corporation, with its headquarters in Toronto, Ontario, operates in all Canadian provinces. We also offer halal compliance review of several investment solutions that are sold to clients in Canada identified as non interest based and are compliant with halal.
Major Canadian institutions who have accepted our Halal terms as set out by our renowned Ethical Advisory Board have joined hands with Tjara. We are actively pursuing other sources of funding so that we can soon penetrate the entire Canadian market by speaking with international institutions, ideally a Halal Bank.
Yes, currently the maximum we can finance is $1,000,000. Certain exemptions exist, please contact us for more information.
Yes, we are offering our product in all provinces in Canada, and we are offering commercial real estate financing along with business financing and franchise financing, please visit the website for more information.
Yes, all Canadians are welcome to use our product. Our mission is “Equal access to credit for all Canadians”. Tjara will introduce you to our partner mortgage broker to help with the credit approval procedure when you complete the application to start the process. Your application is processed by qualified experts. You will then work with our preferred real estate agent or any other real estate agent of your choice to help you find the house you were looking for and will save you money on fees, ask your Tjara product advisor for more information. Once your offer is accepted on the house, we will help you with the closing lawyer who will complete the transaction.
Yes, we’d be delighted to help you refinance your house with Tjara. In fact, in order to offer halal financing for your current house, we would advise you on how to exit an interest-based loan as soon as you can. Please schedule a call using our website www.tjara.ca/meeting for more information.
Every year, you have the option to prepay a certain portion of the remaining finance balance. A minor administration fee is needed to make further pre-payments. At the end of the contract you can make a pre-payment of any amount; your mortgage broker can help provide you this information.
Yes. Throughout the partnership period, you have the option to either fully or partially prepay the finance amount due. Prepayment administration fees, however, will be charged; your mortgage broker can help provide you this information.
The property may be sold to a third party at any price you want. However, before the buyer can get the property’s title and the sale can be completed, you must settle all unpaid Tjara share, including any fees and charges that may be owing.
You will keep all the gains from rises in property value because you are the property’s legal and beneficial owner. Similar to how you would absorb the loss in the event of a property price fall.
If you are putting less than 20% down payment you are required to pay for CMHC insurance. You would also be required to make your own other insurance arrangements and is required by our partners. Preferred is takaful insurance once it is available in Canada.
We could assist you in transferring your conventional mortgage to Tjara Halal Financing! This alone could be a good enough reason to work with Tjara as it will save us from committing a great sin, Riba/ interest. We have the world class Ethical Advisory Board, our rates are competitive with the other big banks like RBC, BMO etc. We do not charge and extra fees, no fees whatsoever as long as you use our preferred mortgage agent and real estate agent, please ask your Tjara product advisor for more information.
We also intend to give to and support a number of activities as an essential component of the community. Tjara Canada is a non-profit organization. Please send us an email at connect@Tjara.ca if you have a project or gift you’d want us to take into consideration.
On how to raise money, we have given advice to numerous NPOs. We have a commercial product for non-profit organizations and for-profit businesses. Please schedule a call using our website www.tjara.ca/meeting for more information.
Tjara is a referral agent and our partners are the one who will provide the funding. Our partners are governed by the Financial Services Commission of Ontario. More information on rules can be found at: https://www.fsco.gov.on.ca/en/mortgage/Pages/legislation.aspx.
A sort of financing that complies with ethical law is known as halal – compliant financing. When it comes to the regular financial dealings of Muslims, there are a number of guidelines and prohibitions found in the Quran and the Sunnah (recorded sayings and habitual practices of the Prophet Muhammad, Peace and Blessing be Upon Him). Riba (usury/interest), gharar (speculation or contractual uncertainty), and maysir (gambling), for instance, are prohibited. A normal mortgage uses interest payments (riba), which are forbidden in Islam, all monotheistic religions, and even some non-monotheistic ones. Riba is not a part of the halal – compliant home finance plan offered by Tjara Halal Finance. Tjara provides a participatory financing program called the Declining Balance Co-ownership Program, which is based on an equity partnership between Tjara and its customers.
The scheme offered by Tjara Halal Financing differs from a traditional mortgage in the following manner.
a. Co-ownership Homebuyers and Tjara Halal Financing are co-owners of a portion of the property. Homebuyers gradually increase their part through monthly payments, which causes Tjara’s share to shrink in proportion.
b. Sharing of risk: If a natural calamity causes the property to be lost, or if a government-initiated project evicts you from the property, the risk is shared. In this case, the government or insurance proceeds are split according to the ownership stake at the time of the loss. Similar to this, lenders of conventional loans will use the funds to settle the loan without any allocation.
c. Riba-free: The Declining Balance Co-ownership Program does not involve payment of interest between a debtor and creditor. It is 100% riba-free.
d. Late payment fees: In the event of late payments, Tjara Halal Financing will only collect the fee and donate it to a charitable institution. Tjara Financing does not pursue any of the homebuyer’s other assets in the event of payment default.
Halal financing avoids interest-based transactions and uses a partnership form of financing rather than borrowing money at interest, which is the primary distinction between halal financing and conventional financing options. The interest on borrowed money is not the foundation of our model. We use the partnership approach to provide a halal mortgage solution. A partnership arrangement that differs from an interest-based mortgage in that Tjara and a client (or partners) agree to a type of shared ownership. Instead of borrowing money with the intention of paying interest (which is forbidden in Islam), real estate is bought using a declining balance contract with a contribution from you for the down payment. In return for regular payments, you have sole use of the property with your name on the title.
The total payment is comprising of an amount for the principal and an amount for the usage. In addition to making payments toward the Tjara’s portion of the property (principal) of the property, you pay a profit rate for using Tjara’s (or partners’) share of the property. Through this agreement, Tjara (or partners) will pay recurring payments toward the asset until you have fully repaid the principal, at which point Tjara will vacate the property. This kind of agreement is known as a Declining Balance Partnership. The primary things we have to stay away from when constructing halal funding are riba (interest), ambiguity in contractual agreements, gambling, and profit- and risk-sharing responsibilities that directly apply to our business. While usury, the practice of collecting interest, makes ordinary finance repugnant to the principles of Ethical belief.
Halal financing is permissible. The reason for this is that they stated: “Trading is but like riba.” And Allah has approved of trade and forbade riba. 275 Al-Baqarah. The fact that traditional banks borrow money and entirely transmit risk to the borrower contrasts with the partnership model, where risk and profit are shared by the partners. In this example, Tjara distributes the risk with the home buyer in some loss scenarios. Keep in mind that this product is not intended to serve as a contract between a buyer and a seller. Instead, this program is made to allow the buyer to make monthly Principal and Home Payments that lessen Tjara’s (or partners’) ownership stake in the property, eventually leading to 100% ownership. The product is made in a way that the net cost and security will be nearly identical whether a customer chooses a normal mortgage or a halal mortgage. This item satisfies the requirements for a Partnership, and the contract is admissible in any jurisdiction.
In a co-ownership arrangement, Tjara Halal Financing and the homebuyer each own a share of the property in accordance with the equity they each invested. Homebuyers must pay Tjara Halal Financing on a regular basis for a defined amount of period in order to fully acquire Tjara Halal Financing’s ownership interest in the property. The monthly payment is split into two parts:
(1) an acquisition payment (Acquisition Payment) to buy a piece of Tjara Halal Financing’s ownership interest; and
(2) a usage payment (Usage Payment) to use the entire property exclusively.
Over a defined period of time, the Acquisition Payment is used to purchase Tjara Halal Financing’s ownership shares. The Usage Payment resembles rent or the use of someone else’s property. For instance, if you want to buy a $300,000 house and you have $30,000 to put toward the down payment, Tjara would put the remaining $270,000 toward the house so that we can buy it together. Tjara will buy the property with you, and we’ll create a co-ownership arrangement that says we both own it jointly. Then, we set up a 5-year contract under which you pay Tjara Financing a monthly fee. That payment will include a portion used to acquire Tjara Halal Financing’s ownership. The exclusive use of the property is covered by the other portion of the monthly payment. The portion that goes toward purchasing Tjara’s ownership will increase by the same amount each month to maintain the same monthly payment, while the portion that we charge you for the full usage of the property will drop each month as our ownership in the property diminishes. You may sell the property at any time in line with the conditions of the co-ownership agreement, and any profit from such sale shall be entirely yours. For instance, if you sell this house for $350,000 after 5 years, the additional $50,000 will be entirely yours.
Payments received beyond the due date may incur administrative fees. Making money off of late payments is prohibited. Although the financial institution charges late payment fees, as do all institutions, our partners have agreed that any sum above the administration costs incurred by collecting late payment penalties will be donated, as per our Ethical Advisory Board’s directive, to a registered Canadian charity. We also use AAOIFI-compliant delay penalties that have been authorized by Tjara’s Ethical Advisory Board to deter habitual late payments, which would otherwise considerably raise the cost of halal financing for all of our clients. However, the extra money is given to a charity. Any additional revenue from these extra fees is not profitable for Tjara. This has been endorsed by Tjara’s Ethical Advisory Board and is in accordance with halal law and AAOIFI requirements.
In case of a default that is beyond your control. As per the guidance of the Ethical Advisory Board we work with you to allow you additional time and in some cases help you to cover these payments on your behalf and charge you to recoup them later and deal with the situation as per the guidelines of the Ethical Advisory Board.
We comprehend that unexpected events may temporarily prevent you from making regular payments. Technically speaking, you would be in default after two missed payments. The funder, our business partner, has agreed to let us take care of default resolution and will let us know about the default. Your manager will get in touch with you or your family in order to ascertain whether you are truly in distress. After that, we’ll talk to our Ethical Advisory Board. Tjara will work with you to figure out what can be done if your circumstance is deemed to be distressing. Tjara can suggest renting the property out or selling it, or it might make payments on your behalf during the distress period, and that must to be repaid.
It is crucial that you let us know right away if you find yourself unable to fulfill your financial obligations. We will make a sincere attempt to work with you in a helpful and collaborative manner through your challenging situation and to treat you fairly and compassionately; our actions will depend on your specific circumstances and we will work under the guidance of the Ethical Advisory Board.
However, in the end, it is your obligation to make sure you can afford your monthly payments since you risk losing your house if there are any delays or defaults.
The leading international organization for Ethical Finance standard and compliance is called AAOIFI, which stands for Accounting and Auditing Organization for Islamic Financial Institutions. We have embraced its Halal requirements and urge other businesses in the market to follow suit. According to AAOIFI Halal Standards, every institution engaged in Halal Financing should have an impartial three-person board that signs the fatwa. Two of the three members should be senior, meaning they have previous board experience with other financial institutions.
Our product meets the prerequisite requirements of AAOIFI for a Partnership Contract. We are ready to represent ourselves in any court as a partner under the Partnership , as the agreement is between two parties. A court may consider the Partnership contract as evidence in its proceedings. Our product is clearly designated as Halal in a fatwa that was granted by reputable international industry scholars and academics with religious education as well as PhDs in relevant fields. These fatawa from reputable world renowned halal experts are available on our website, thanks to a lot of work by Tjara. The profiles of our scholars are also available on our website or through an internet search. To ensure that Muslims in Canada can access halal money, keep in mind that these scholars have vast knowledge in Ethical finance and that they gave their fatawa/pronouncements in good faith. Our product has also received support from other local ulema/scholars. A continual review of the product and halal audit is conducted by the Ethical Advisory Board. You’ll be glad to hear that, under the supervision of Dr. Aznan Hassan, the Ethical Advisory Board will conduct yearly audits and, or as required by the Ethical Advisory Board, make suggestions to keep the product halal. Tjara aspires to uphold the high compliance standard.
Tjara provides financing option using partnership model which is pronounced halal by a group of scholars of ethical finance who are advisors to other prominent ethical financial institutions around the globe. Tjara halal financing provide financing for home and it also provide services for refinance of properties. In addition, Tjara also helps finance commercial properties and franchises for our customers.
Presently, we provide the following products:
You keep every penny of the upside or capital gains when you sell the house, but now you will say that this is not profit sharing. We have a built-in mechanism in the product that allows you to purchase our part of the house from us right before you are selling the house, in this way you will be the 100% owner of the house before the sale, hence will retain all the upside or capital gains from the sale of the property. A sale would need to be mutually beneficial and profitable because both parties are actively invested in the property; one cannot sell it outright at a net loss. However, there are other situations in which we might suffer big losses on the house. Look at the following situations:
• If government-mandated insurance expired or the insurance company refused to pay out, then Tjara (and its partners) would suffer significant losses.
• If the value of the property drops below the mortgage amount, in which case you can declare bankruptcy and walk away, but Tjara (and its partners) would suffer significant losses.
Yes, you can purchase a home with less than 20% down payment. Only 5% down payment is necessary for our product, which is 95% financed. Call or visit our office to find out more information about this. The required down payment or initial payment varies depending on the circumstances of the individual. For our partnership home financing program, you must put down a minimum of 5% of the purchase price for properties under $500,000 or a minimum of 10% for properties with larger values. In rare circumstances, we might be able to help people who don’t have enough money to put down a 20% deposit. We encourage you to call our office so that our advisor can further discuss your alternatives because every circumstance is unique.
For repeat home buyers and investment properties buyers, we allow our customers to put down as little as 10%. We accept as little as 5% down payment from first-time homebuyers.
From the beginning we intend to get into a partnership arrangement that does not involve an interest-based transaction because every action is based on intention. We don’t charge interest like traditional banks because we aren’t giving you a loan; rather, we are buying the house with you under partnership agreement.
The profit rate is a figure that we and our partners have agreed upon. Additionally, Tjara works hard with its partners to offer home financing at competitive prices that are acceptable ethically. As a co-owner of the property you acquired, our financing partner will collect monthly payments from you that will go toward buying additional equity in the home as well as profit for the home’s exclusive usage, which will include the share that Tjara (or partners) owns. Since it is distinct from interest, it is acceptable ethically.
Tjara compares its pricing to that of other products using the current market conditions as a benchmark. This aids in calculating the profit and home payment amounts. According to the fatwa issued by the Ethical Advisory Board, this is the best way to offer this product at a competitive price considering the position of Halal home financing in Canada. This method of pricing does not alter the product’s general halal status. For the sake of clarity, let’s give an example: Sultan trades in alcohol, which is forbidden in Islam, whereas Imran trades in soft beverages. Imran sets his customer prices at the same profit margin that Sultan uses in order to make the same amount of money. One may have concerns with this strategy, but Imran’s halal business cannot be seen as haram because he has only utilized the liquor industry’s profit margin as a guideline when setting the prices for his products.
i). Get Inspections Done:
Have a licensed home inspector inspect your home. Depending on your home, you might decide to have additional inspections performed, including pest, chimney, electrical, heating and air conditioning, and electrical inspections. Speak with your professional Tjara Real Estate Agent to determine what’s ideal for you and to create a schedule for the activities that must be completed before to closing.
ii). Budget for Closing Costs:
Your Tjara preferred real estate agent will make sure you receive a closing cost estimate, which is the amount you must bring to the closing in the form of a cashier’s check or wire transfer. To avoid delaying or stopping the closing process, refrain from making significant expenditures and taking on additional debt, or buying a new vehicle.
iii). The Closing Day:
Today is a momentous day! Normal closing times range from one to two hours, including document signature. Enjoy your new house after that and take solace in the knowledge that you were able to do so without compromising your beliefs. To find out more, go to our web page on the home buying process.
Making your experience rewarding can be greatly aided by having a qualified real estate agent on your side. Tjara Halal Financing can assist if you don’t have a real estate agent. To guarantee that you receive excellent service and knowledgeable guidance, we pair our clients with agents who have undergone a screening process. All clients of Tjara preferred real estate Agents are given free service.
Absolutely, you are free to work with any Real Estate Agent in the market. But if you do not use Tjara’s recommended Real Estate Agent then there is a one-time Administration fee of 1% of the amount financed which we charge. This nominal fee is there to cover day-to-day expenses of Tjara Halal Financing. No other extra fees apply to our products. There are no start-up costs or additional monthly expenses in addition to the regular, pre-agreed-upon payments. Plus remember that Tjara does not add anything on top of what the Funding Partner offers to the Client, we offer you the best rate as is.
You can get started by contacting us through completing our online appointment tool; https://tjara.ca/contact-us/. You can also reach us through phone at 416-524-8800 and email
at info@tjara.ca or ceo@tjara.ca.
Great, we’re glad you’re interested in learning more about Tjara Financing. You can connect to Tjara through the options as mentioned below:
• Visit our website: Book a phone or in-person appointment at our office through our website www.tjara.ca “Contact Us” page.
• Call our office: (416) 524 8800
• Email us: info@tjara.ca or ceo@tjara.ca
Visit our Contact Us page on our website www.tjara.ca to get in touch with Tjara.
Once After using Tjara’s online appointment tool, you can get in touch with an experienced Tjara Halal Financing staff, who can answer all your product related questions and through
where you will be connected to a licensed Mortgage Broker who will check the application and data you supplied and help you with the pre-approval and conditional approval
processes.
Furthermore the Tjara financing staff will also connect you with our experienced preferred Real Estate Agent to help you find the house of your choice. All these services are available
free of charge for Tjara customers and will save you on the Administration Fees.
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