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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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Halal Mortgages: Interest-Free Home Financing in Canada

As part of the 2024 federal budget, the Canadian government has expressed interest in expanding access to alternative financing products, including halal mortgages. But what exactly is a halal mortgage, and how does it work?

What Is a Halal Mortgage?

  • Halal mortgages, also known as Islamic mortgages, are designed to adhere to both Canadian law and the beliefs of many Muslims. The term “halal” translates to “permitted” or “allowed” in Arabic.
  • Interest-free: Unlike conventional mortgages, which involve interest charges, halal mortgages are interest-free. This aligns with Islamic principles that prohibit paying or receiving interest (also known as “riba”).
  • Carrying costs: However, halal mortgages are not completely free. Borrowers still pay carrying costs to the financial institution providing the loan. These costs replace the interest charges.
  • Structural differences: Halal mortgages may have different structures. For example:
    • Some closely resemble a “rent-to-own” system, where the mortgage provider is also an owner of the home.
    • Legal structures may involve fees instead of standard interest payments.

Availability in Canada

  • Currently, none of Canada’s big six banks offer halal mortgages. However, several companies in various provinces are slowly beginning to offer them.
  • These mortgages enable Muslim Canadians (and other diverse communities) to participate more fully in the housing market.
  • While the federal government is exploring measures to expand access to alternative financing products, including halal mortgages, it’s essential to understand that these mortgages are not entirely cost-free.

In summary, halal mortgages provide an interest-free option for home financing, but borrowers still incur carrying costs. As the Canadian market evolves, more options may become available to those seeking to align their home ownership with their religious beliefs.


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