Sharia Boards in Canada
Below is a MRR and PLR article in category Society -> subcategory Religion.
Sharia Boards in Canada
Overview
Sharia Law, or Islamic law, often sparks debate in Canada. Many Canadians express concerns due to misconceptions about harsh punishments and potential gender inequality. However, conversations rarely explore how Islamic mortgages are certified by lending institutions.
Sharia Boards and Islamic Banking
Currently, no unified Sharia board oversees all Islamic banking in Canada. Individual Islamic banks may have their own boards to evaluate Sharia compliance for home purchasing programs. Opinions vary as different interpretations of Sharia exist among scholars.
Lending institutions need clarity on what constitutes Sharia compliance. Canadian law doesn’t officially recognize Sharia law, except in cases like false advertising or mutually agreed-upon marriage arbitration. For example, false advertising claims can arise if a business falsely labels food as Halal. Divorce arbitration, overseen by a respected elder, is recognized by courts only if both parties consent.
International and Local Practices
Some international banks have Sharia compliance boards to assess lending practices, but these hold no legal standing in Canada. Additionally, these boards may lack impartiality as they are employed by the banks.
Smaller cooperatives that facilitate home purchases typically don't have Sharia compliance boards and operate within Canadian legal frameworks. These community-centric programs, developed during Islam’s early presence in Canada, continue to thrive with limited financial resources.
Conclusion
Approval by a Sharia board is not required for an Islamic mortgage in Canada. However, this doesn’t imply that any mortgage is Islamic. To be considered Islamic, a mortgage must adhere to the fundamental Sharia principles that prohibit Riba (interest).
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