- United Arab Emirates
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World’s First Non-Profit Halal Bank based in UAE. Tjara is the exclusive partner for Canada. Offering no risk, no cost, scholar-approved (AAOIFI Scholars) to convert all mortgages to short-term halal mortgages while you stay with your current bank mortgage (TD, RBC, BMO, etc).and make your
financing Halal today. (Long-term we will transfer you to our Tjara Halal Mortgage or another Halal Bank). Empowering your journey to ethical financial freedom. At iFreedom Bank, we ensure your finances align with your values, offering Halal mortgage solutions that are risk-free, cost-free, and scholar-approved for a brighter tomorrow.
Narrated Abu Said al-Khudri:
Bilal (RA) brought Barni (a kind of date) to the Prophet (PBUH) and the Prophet (PBUH) asked him, "From where have you
brought these?" Bilal (RA) replied, "I had some inferior type of dates and exchanged two Sas of it for one Sa of Barni dates in
order to give it to the Prophet (PBUH); to eat." There upon the Prophet (PBUH) said, "Beware! Beware! This is definitely Riba
(usury)! This is definitely Riba (Usury)! Don't do so, but if you want to buy (a superior kind of dates) sell the inferior dates for
money and then buy the superior kind of dates with that money." (Bukhari 3:506)
“ A contract which is in essence ribawi however it tries to at least give an impression of a valid Islamic contract even if it is externally or superficially and even if it is just as a facade, it is better than an outright open ribawi contract.”
Transition your conventional mortgage to a short-term Halal mortgage without risk or fees.
Receive financial advice approved by world-renowned scholars sitting on Islamic banks worldwide.
At iFreedom Bank, our unwavering commitment to ethical and Shariah-compliant financial practices is guided by the expertise of a world-renowned Scholar Ethics Board. These distinguished scholars bring decades of experience in Islamic finance, providing oversight and ensuring that every product and service we offer adheres to the highest standards of Halal compliance.
Dr. Aznan Hasan
Mufti Muaz Ashraf Usmani
Dr. Akram Laldin
Sh. Abou Abdus Salam
We, the Scholar Ethics Board, have examined the documents of the “Short Term Halal Financing Product”.
We have reviewed these documents and the purposes for which they have been designed, namely:
The basic concept behind these contracts and documents is that the asset is purchased in joint ownership between iFreedom and the person who requires finance (the Consumer). The Consumer makes monthly payments which are comprised of Profit Payments and Acquisition Payments.
iFreedom to provide consumers to take an Short Term Halal Financing contract and in the near future could exercise their option to convert into Full Term Halal Financing by a institutions that follows AAOIFI standards. We have reviewed the Short Term Halal Financing product whereby a consumer’s asset is a minimum of 5% ownership, which is acquired by iFreedom; which gives iFreedom a right to collect a monthly usage fee. iFreedom upon receiving this usage fee then pays a conventional institution holding the financing mortgage to the consumer’s property. iFreedom has no contracts with these conventional institution and thus is not engaging in any form of Riba. In some situations conventional institutions do not allow third parties to make payments on behalf of consumers, or a consumer has a preference. For these cases, iFreedom proposes to appoint the consumer as an agent (wakeel) to make payments to third parties on behalf of iFreedom. With this Short Term Halal Financing product the consumer is no longer making payments directly to the bank under his conventional mortgage contract. iFreedom plans that this Short Term Halal Financing product will be replaced with a valid alternative such as a Halal bank / window (once there is sufficient volume of consumers).
iFreedom Scholar Ethics Board has received a dozen “Terms of Undertaking” from iFreedom Management which we are relying on to sign this fatwa. This includes such things as ensuring we do not charge an extra fee to clients, keep meeting international Islamic banks to propose them to expand into the West, abiding to AAOIFI standards etc. The Short Term Halal Financing product will be offered initially by iFreedom as a one-time non-renewable finance option however exceptions may be made for valid reasons. We conclude that as long as a consumer signs the Short Term Halal Financing product they will be a in a Halal arrangement with the understanding of the long term transfer to a Halal bank.
After reviewing the mechanism, as well as the agreements and documents, and after suggesting amendments that have been incorporated, the iFreedom Scholar Ethics Board is of the view that given the circumstances prevailing, this arrangement conforms to the rules and principles of Shariah; and therefore, Muslims may avail themselves of this opportunity to acquire assets by means of these methods.
And only Allah knows best. Date: May 5 2023 Location: Manama, Bahrain.
“Those who consume interest cannot stand [on the Judgement Day] except as one stands who is being touched by Satan into madness [insanity]. That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest. Whoever refrains—after having received warning from their Lord—may keep their previous gains, and their case is left to Allah. As for those who persist, it is they who will be the residents of the Fire. They will be there forever.” Quran 2:275
Interest is one of the major gravest sins in Islam, its severity exceeding even that of drinking alcohol or committing murder. However many
Muslims in the West have begun to take this issue lightly. The Scholar Ethics Board of Tjara, comprising members who collectively advise over 50 Islamic banks worldwide, unanimously holds the view that obtaining a conventional mortgage (based on interest) from regular banks
mortgage is in permissible, especially when a Halal alternative is available. Conventional mortgages are rooted in interest, which is not only haram but is described in the Quran as waging war against Allah and His Messenger (PBUH).
Muslims in North America today have no excuse for choosing conventional mortgages when halal alternatives exist. Companies such as Tjara Financing offer halal mortgages that match the pricing, security, and down payment requirements of conventional banks. It is imperative for Muslims to avoid conventional mortgages to protect themselves and the Ummah from Allah’s wrath, in this world and the hereafter and to maintain compliance with halal principles.
Shockingly, while over 80% of Muslims in Canada ensure they consume Halal meat, only about 1% have Halal mortgages. Yet both consuming haram meat and engaging in Riba (interest) are major sins in the eyes of Allah, with riba being particularly grave.
Muslims in Canada with conventional mortgages are urged to switch to iFreedom Bank’s (based in the UAE) Short-Term Halal Mortgage. This halal-compliant alternative provides an ethical solution, allowing individuals to transition away from open riba based mortgage contracts without requiring immediate changes to their existing bank mortgages. This service is free of charge and can be completed online in just a few minutes. Long term clients are encouraged to transition to companies such as Tjara Financing for complete halal compliance.
Tjara is in active discussions with many major banks and we need thousands to take the free iFreedom halal mortgage product. This will makea better business case for these banks to launch halal products. This is no cost, no risk, and will only take a few minutes of your time. The Scholar Ethics Board of Tjara plans to visit Canada in 2025, to host Webinars, publish articles like this one, and educate the Canadian Muslim community about the dangers of riba. We are also happy to engage with Canadian Imams and Scholars to provide further clarification and guidance on these products.
By Mufti Muaz Ashraf Usmani
Member of the Tjara Scholar Ethics Board
(Along with Dr. Aznan Hassan – AAOIFI Scholar, Dr Akram Laldin and Sh Abou Abdussalam)
See how a added change in process can change a haraam into a halal : Narrated Abu Said al-Khudri: Bilal (RA) brought Barni (a kind of date) to the Prophet (PBUH) and the Prophet (PBUH) asked him, “From where have you brought these?” Bilal (RA) replied, “I had some inferior type of dates and exchanged two Sas of it for one Sa of Barni dates in order to give it to the Prophet (PBUH); to eat.” There upon the Prophet (PBUH) said, “Beware! Beware! This is definitely Riba (usury)! This is definitely Riba (Usury)! Don’t do so, but if you want to buy (a superior kind of dates) sell the inferior dates for money and then buy the superior kind of dates with that money.” (Bukhari 3:506)
We’re available to assist you with any inquiries or applications. Let us help you take the first step toward a Halal financial future!
At iFreedom Bank, we ensure your finances align with your values, offering Halal mortgage solutions that are risk-free, cost-free, and scholar-approved for a brighter tomorrow.
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