Latest news with #AlRashidMosque
Business Upturn
2 days ago
- Business
- Business Upturn
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 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 Halal is a wholly owned subsidiary of Servus Credit Union Ltd. For more information about Servus Halal visit 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.
CBC
30-01-2025
- Business
- CBC
Al Rashid Mosque wants to rezone industrial land to accommodate growing Edmonton community
Al Rashid Mosque is working with the City of Edmonton to rezone 34 acres of land in the city's northwest, to help pave way for future facilities to meet the local community's growing needs. Rezoning the land near the Rampart Industrial area would allow Canada's oldest mosque to build a grand mosque, private high school, recreation centre and business complex. "We are a community of pioneers," Noor Al-Henedy, chair of the Al Rashid Mosque board, told CBC News. "Investing in community and growing is something that is a priority." City administration presented a proposed rezoning bylaw amendment to councillors during a series of public hearings last week. Bylaw 21000 seeks to change the Northwest District Plan to facilitate the proposed rezoning. Eins Development Consulting Ltd. submitted the rezoning application on behalf of the Arabian Muslim Association — the original name under which Al Rashid Mosque was registered and built in 1938. In September 2021, Al Rashid signed a preliminary sales agreement for the land in question. Now, it's going through the requirements to fully acquire the parcel. Its location — between Campbell Road, 142nd Street and 162nd Avenue — is ideal, because of its size and proximity to Anthony Henday Drive, Al-Henedy said. "We do have a big population in the north side, so we were looking at lands where a lot of people can have access to very easily — especially in days like Eid, where we have very large celebrations and we have people that come from across the city," she said. A growing population has made it more difficult to organize large community gatherings at the new Al Rashid Mosque, which was built in 1982. Edmonton Islamic Academy, located on 127th Street in northwest Edmonton, aims to open a new campus for elementary students in the coming years. The new campus is proposed to be about three minutes away on 151st Avenue. There are more than 1,500 kids on the school's waiting list, and every Eid, the facility exceeds capacity, Al-Henedy said. "We hold at least two Eid prayers, and we see 15 to 18,000 people walk in for each one of the prayers," she said. "We still have to host two [prayers] to be able to accommodate our community." The future of industrial land in Edmonton City council was divided during the public hearings, with multiple city councillors voicing support and concern over how the rezoning would impact the city's industrial investment action plan. Ward O-day'min Coun. Anne Stevenson appreciated the "complexities of this application," but didn't feel she could support it. "Fundamentally, it comes down for me, to the economical development of our city. Having a healthy mix of residential and non-residential is critically important," Stevenson said. Ward papastew Coun. Michael Janz mulled over the future implications of rezoning. "I can see why many other parcels or spaces would not be compatible uses," Janz said. "This is very challenging, what could be a missed opportunity." High schools are "messy" from a development standpoint, he said, noting that they require a large land parcel, have complex needs, need parking and have traffic. He also feared that future councillors will be "scrambling to get any single industrial land parcel" they can, as the city grows. For other councillors, the decision to approve the bylaw amendments was more clearcut. Coun. Erin Rutherford, who represents Ward Anirniq, which includes the land Al Rashid wants to rezone, recognized the potential to reinvigorate the industrial tax base long-term. "Does it actually make some of those other vacant parcels surrounding this even more enticing and viable, if there's increased traffic to this industrial area?" Rutherford said. Ward Nakota Isga Coun. Andrew Knack suggested the city will have enough industrial land supply for decades, pointing to sluggish interest and land use in the Winterburn Industrial area. "If we had only 20 years of land supply of industrial land in the city of Edmonton, I might be worried," said Knack. "We don't. We have 100 years." Ward Dene Coun. Aaron Paquette agreed with Knack, saying the city has enough industrial land to "last for generations." He also stressed that council should move quickly on the rezoning decision, given the lengthy timeline to build a school. "A kid could be born today, grow up and graduate before this land gets developed," Paquette said.
