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Your questions answered by our Shariah Supervisory Board

Please find below answers to the most common Shariah-related and other questions, answered directly by our Shariah scholars and EQRAZ staff members. EQRAZ intends to be 100% transparent about Shariah-compliance as well as Canadian-compliance, and to hold itself to the highest standards possible.

Introduction
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1. Please explain the product structure used by EQRAZ for financing Halal mortgages, and the basis for approval under Shariah law?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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2. How are Halal financing structures established based on Quran, Sunnah?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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3 How is Ijma and Ijtihad used in Shariah-compliant financing?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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4. What are AAOIFI standards, how are they approved, and do they have acceptability across all Madhabs?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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5. How do Shariah scholars in finance differ from Muftis and Imams, and do I need their approval to deal with EQRAZ?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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6. EQRAZ product seems to be based on Tawarruq. How is this halal and how is Tawarruq used by EQRAZ different from organized Tawarruq.

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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7. Is there an issue in EQRAZ taking money from different types of capital providers e.g., banks, credit unions etc..

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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8. How can EQRAZ maintain its Shariah-compliance this way?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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9. Please explain Walaka structure and agreement.

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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10. EQRAZ Halal financing product uses Murabaha structure; whereas the financing has an amortization schedule where profit (or rental) seems to be calculated in a similar way to riba-based mortgages. How is this halal in comparison to riba-based mortgages?

Mufti Faraz Adam

Shaikh Salah Fahd Al Shahloub

Mufti Irshad Ahmad Aijaz

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