Canada: Islamic banks and finance
Checked on October 12, 2026
Canada has no legal framework specific to Islamic finance: banks are supervised federally by OSFI, while mortgage brokers, cooperatives and investment firms are regulated by the provinces (FSRA in Ontario, AMF in Quebec, etc.). The April 2024 federal budget announced that the government would explore measures to broaden access to alternative financing such as “halal mortgages”. In 2026 no Islamic bank is licensed; only Habib Canadian Bank offers “Sirat” Islamic accounts, and home finance is provided by specialist companies and cooperatives such as Manzil, EQRAZ, Ansar and Qurtuba, often limited to certain provinces. Sharia-compliant investing (RRSP and TFSA accounts) is mainly offered by Manzil.
The 5 providers
-
Habib Canadian Bank
Islamic window- Group
- Habib Bank AG Zurich
- Supervision
- OSFI
- Products
- Current account, Savings
In 2026 the bank offers, under the “Sirat” brand, an interest-free chequing account and an index-linked term deposit that are Sharia-compliant.
-
Manzil
Finance company- Supervision
- CIRO
- Products
- Home finance, Savings, Investments
- Contracts
- Diminishing musharakah, Murabaha
In 2026 Manzil offers musharaka and murabaha home finance as well as investment accounts (RRSP, TFSA, RESP) held with a CIRO-member dealer.
-
EQRAZ Inc.
Finance company- Supervision
- FSRA
- Products
- Home finance
- Contracts
- Murabaha
In October 2026 EQRAZ states that it does not hold a mortgage brokerage licence in Ontario and limits its murabaha financing to the provinces where it is authorised.
-
Ansar Financial Group
Finance company- Supervision
- OSC
- Products
- Home finance, Savings, Investments
The Toronto group offers interest-free housing and retirement savings (RRSP) solutions in 2026, and its company Ansar Financial and Development Corporation holds its annual meeting in October 2026.
-
Qurtuba Housing Coop.
Co-operative- Since
- 1990
- Supervision
- Gouvernement du Québec
- Products
- Home finance, Savings
A not-for-profit cooperative registered in Quebec since 1990, Qurtuba buys homes and transfers them to its members, and has applied new by-laws since 1 May 2026.
Before you commit
- Ask for the names of the Shariah board members and their published rulings on the product.
- Check that the provider is authorised by the country’s regulator.
- Compare the total cost, not just the monthly payment: the calculators in this section can help.
- Read the contract: who owns the property, who bears the risk, late-payment charges and where they go.