Servus Credit Union and working group announce Halal Mortgage for Albertans
EDMONTON, Alberta, June 06, 2025 (GLOBE NEWSWIRE) — Servus Credit Union has begun testing an alternative mortgage financing product. The Servus Halal Mortgage will be available to consumers in the fall of 2025 through its new wholly owned subsidiary, Servus Halal.
Typical Canadian mortgage structures are interest-based. Recent amendments to Alberta legislation allow provincially regulated financial institutions to offer more financing structures in addition to the traditional interest-based financing structures. Servus Halal customers will be able to choose to finance a home purchase through a cost-plus-profit agreement. This structure also meets the principles of Islamic finance where paying interest is not allowed.
'Working together with key stakeholders to make halal mortgages widely accessible to consumers is an exciting demonstration of Servus's innovation and leadership in the industry,' said Ian Burns, Servus President and CEO. 'One of the founding principles of the credit union system is to provide specialized products that meet the evolving needs of our diverse population while driving growth for members. We proudly continue this tradition today, making home ownership accessible to more Albertans through the Servus Halal Mortgage.'
Servus and the main working group members – the Government of Alberta's Treasury Board and Finance ministry; the Canadian Islamic Finance Board (CIFB), an initiative led by Al Rashid Mosque; and the Credit Union Deposit Guarantee Corporation (CUDGC) – collaborated to find the path forward to provide alternative financing options, including a halal mortgage. Each organization contributed specialized expertise to ensure the perspectives of legislation, regulation, community and industry were each represented.
'Access to alternative finance mortgages promotes inclusivity and fairness by providing Albertans with more options when buying their home. I am proud that we introduced legislation that made Alberta the first jurisdiction in Canada to enable provincially-regulated financial institutions to offer alternative finance mortgage products.' – Nate Horner, President of Treasury Board and Minister of Finance
CIFB has provided specialized training for Servus Halal employees in Islamic finance principles and will provide annual certification of Servus Halal's products. During the testing phase, June through August, CIFB will audit Servus Halal processes and documentation to ensure compliance with principles of Islamic finance.
Dr. Muammar Sawan, Chair, Canadian Islamic Finance Board, said: 'This work marks a historic milestone for Islamic finance in Alberta. For the first time, Muslim Albertans can access home financing from a regulated institution that respects their faith and values. At CIFB, our commitment is to uphold the highest standards of Islamic financial ethics while ensuring full transparency and trust in every transaction. We are proud to be part of this transformative step toward inclusive, faith-aligned financial solutions.'
As the regulator of Servus, CUDGC provided subject matter expertise and regulatory guidance to the project that was key to enabling alternative finance mortgages to be offered. CUDGC will continue to regulate and advise credit unions on their business practices as they develop innovative products and services for members. CUDGC oversight enables credit unions to remain financially sound.
Servus Halal products are available to anyone purchasing a home in Alberta and meeting the income and down payment requirements.
The Servus Halal Mortgage is a 25-year, cost-plus-profit home financing structure, which meets the requirements of a Murabaha agreement within Islamic finance principles. The consumer pays the cost of the home plus an agreed-upon profit amount for the financer. Payments are the same each month for the 25-year life of the mortgage, providing consistency and predictability for the homeowner.
Watch ServusHalal.ca for updates. Servus Halal Mortgages are expected to be available to consumers in the fall of 2025 once the testing period is complete.
MEDIA CONTACTS
About Servus Credit Union Ltd.
Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has 147 branches in 80 communities throughout the province as well as options for online and mobile banking. For more information about Servus, call 1.877.378.8728 or visit servus.ca. Servus Halal is a wholly owned subsidiary of Servus Credit Union Ltd. For more information about Servus Halal visit ServusHalal.ca.
About CIFB
The Canadian Islamic Finance Board (CIFB) is an initiative led by Al Rashid Mosque, Canada's first mosque and a trusted voice in Muslim community leadership. CIFB is a non profit organization established in cooperation with Muslim communities across Alberta including Edmonton, Calgary, Fort MacMurray and others to support delivering Islamic-compliant financial products that meet the spiritual and practical needs of Canadian Muslims. CIFB is led by Canadian Islamic scholars specializing in Islamic finance who deliver advisory, training, Shariah Audit and certification services. CIFB ensures financial offerings align with the ethical principles of Islamic finance. CIFB plays a key role in enabling equitable access to homeownership while upholding regulatory and religious standards.
About Alberta Treasury Board and Finance
The Ministry of Treasury Board and Finance is responsible for budget, planning and reporting, financial management and the administration of tax and revenue programs. The ministry also provides policy and regulatory oversight for Alberta's financial, securities, insurance and pension sectors.
About Credit Union Deposit Guarantee Corporation (CUDGC)
Our role as the credit union regulator is to guarantee deposits with Alberta credit unions and provide risk-based regulatory oversight. To do this, we ensure Alberta credit unions, as well as the products they offer, comply with the Credit Union Act while enabling innovative products and services.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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