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Air Transat Faces Flight Suspensions Amid Pilot Strike Notice

  Air Transat has announced it will gradually suspend flights starting Monday following a 72-hour strike notice issued by its pilots’ union. The Air Line Pilots Association (ALPA), representing roughly 700 pilots, delivered the notice after nearly a year of unsuccessful negotiations with the airline’s parent company, Transat A.T. Inc. Background The union filed the strike notice on Sunday, giving pilots the legal right to walk off the job as early as Wednesday. Last week, pilots voted 99% in favor of strike action , underscoring their frustration over stalled contract talks. ALPA leaders emphasized that pilots do not want to strike but feel compelled to act after management failed to meet demands for a modernized agreement. Airline Response Air Transat confirmed it will begin suspending flights gradually between December 8 and 9 to prepare for a possible full shutdown. The company stated it is working “around the clock” to reach a deal and minimize disruption for trave...
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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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