Edmonton, AB — By the blessings of Allah (SWT), the Canadian Islamic Finance Board (CIFB)—an initiative led by Al Rashid Mosque—is proud to announce the launch of Alberta’s first Halal Mortgage, in collaboration with Servus Credit Union and the Government of Alberta.

Beginning in Fall 2025, Servus Credit Union will offer the new product through its wholly owned subsidiary, Servus Halal. The financing model is based on a 25-year, cost-plus-profit (Murabaha) structure, where the consumer pays the cost of the home plus an agreed-upon profit amount. Monthly payments remain consistent over the full term, and no interest is charged, making the product compliant with Islamic finance principles.

The Halal mortgage product has been certified by the Canadian Islamic Finance Board (CIFB) and meets the Islamic finance principles. This marks a historic milestone for Islamic finance in Canada, particularly for Muslims in Alberta seeking homeownership options aligned with their faith.

“This achievement is the result of tireless collaboration between community institutions, financial leaders, and government partners,” said Dr. Muammar Sawan, Chairman of CIFB. “It is a proud moment not only for our community, but for the future of inclusive financial services in Canada.”

CIFB is a non-profit organisation led by Canadian Islamic scholars, professionals, and experts in Islamic finance. It provides advisory services, Shariah audits, certification, and training to support faith-based financial offerings in Canada.

CIFB Advisors and Contributors

We offer special recognition to the scholars and professionals whose rigorous work ensured the Sharia compliance of this product:

  • Sheikh Hacene Chebbani – Head, CIFB Sharia Committee (Calgary)
  • Sheikh Dr. Mahmoud Omar – Head, CIFB Audit Committee (Edmonton)
  • Sheikh Mufti Faisal Mahmudi – Sharia Advisor (Edmonton)
  • Sheikh Mufti Mirza Zain Baig – Sharia Advisor (Montreal)
  • Sheikh Ali Jomha – Sharia Advisor (Edmonton)
  • Sheikh Abdurrahman Murad – Sharia Advisor (Fort McMurray)
  • Ahmed Jama – Sharia Auditor (Edmonton)
  • Khalid Amin – Former CIFB Board Member

To learn more about the Halal Mortgage, visit: https://servushalal.ca

For Sharia-related inquiries, please contact Al Rashid Mosque at info@alrashidmosque.ca

Jazakom Allah Khairan

Dr. Muammar Sawan
Chairman, Canadian Islamic Finance Board