EQRAZ provides Shariah‑compliant residential mortgages in Canada using a Murabaha cost‑plus structure with a fixed profit rate and standard amortization. The service integrates a certified Shariah Board, complies with Canadian mortgage regulations, and offers a fully digital application workflow that delivers loan decisions within five business days. Revenue is generated from the embedded profit margin and a one‑time administration fee.
Funding
Funding not disclosed
Founders
Product
Problem
Canadian Muslim homebuyers lack access to mortgage products that comply with Islamic finance principles, forcing them to choose conventional loans that involve interest (riba) or to navigate complex, non‑standard financing arrangements.
Solution
EQRAZ delivers a fully Shariah‑compliant residential financing solution built on a Murabaha (cost‑plus) structure that meets all Canadian regulatory requirements. The product offers a fixed profit rate, monthly amortization, and transparent fee schedules, enabling borrowers to understand their repayment obligations from day one. A dedicated Shariah Board conducts rigorous audits and provides certified Shariah certificates and fatwas for each loan. By partnering with licensed Canadian mortgage brokers, EQRAZ can originate and service loans across all provinces, typically delivering funding decisions within five business days. An online portal supplies mortgage calculators, qualification checks, and downloadable documentation, streamlining the application process while preserving faith‑aligned financing.
Target Audience
Muslim individuals and families in Canada seeking to purchase or refinance a home with a financing product that aligns with Islamic law, as well as mortgage brokers serving this demographic.
Features
- Murabaha cost‑plus financing model with a fixed profit rate and standard amortization schedule, eliminating interest (riba).
- Full Shariah certification for each loan, including certificates, fatwas, and audit reports from a recognized Shariah Board.
- Compliance with Canadian mortgage regulations; product is reviewed by a third‑party licensed mortgage administrator.
- End‑to‑end digital workflow: online eligibility calculator, document upload, and real‑time application status.
- Rapid approval and funding (typically within 5 days) across all Canadian provinces.
- Partnerships with top‑tier Canadian mortgage lenders to provide competitive pricing and service levels comparable to conventional mortgages.
- Transparent fee structure, including a one‑time administration fee (CAD 5,000) and disclosed profit margin.
- Optional home‑warranty enrollment and detailed term‑sheet documentation available for borrower review.