New pathway to home ownership coming fall 2025!
Home ownership for more Albertans
New legislation in Alberta makes home ownership more accessible for Albertans by allowing provincially regulated financial institutions to provide alternative finance structures, including halal mortgages.
Servus Halal, a wholly owned subsidiary of Servus Credit Union, is testing a halal mortgage product. We expect to begin helping customers interested in a halal mortgage in the fall of 2025.
halal mortgages
What is alternative mortgage financing?
In Canada’s current banking system, mortgages are typically interest-based finance structures.
Examples of alternative finance structures are ‘cost-plus-profit’ or ‘fee-based’ finance structures.
Interest-based financing is not permissible in the Islamic faith. As a result, some practicing Muslims have had to sacrifice their faith to pursue home ownership in Alberta’s credit union and banking system.
Halal financing (like saving, investing, and borrowing to buy a home) adheres to rules and principles of Islamic faith. All halal products must also meet the laws and regulations of the jurisdiction they are sold in (e.g., the province of Alberta.)
The Servus Halal Mortgage agreement that we are testing is a cost-plus-profit structure, rather than an interest-based system.
This type of mortgage product is commonly available in many parts of the world, however in Canada it has mainly been available through private investors. Until now!
highlights
What to know about the Servus Halal Mortgage
Trust
Servus Halal consulted extensively with, and receives certification from, the Canadian Islamic Finance Board (CIFB), an independent body made up of recognized Islamic scholars and finance experts from various parts of Canada.
Halal Mortgage
The Servus Halal Mortgage is a cost-plus-profit financing structure. It uses a Murabaha agreement type that meets the principles of Islamic financing and the laws and regulations of the province of Alberta.
Accessibility
Products sold by Servus Halal will be available to all Albertans. Just as with non-halal mortgage financing, anyone who meets the down payment and income requirements is eligible to apply.
Who We Are
Servus Halal is a wholly owned subsidiary of Servus Credit Union. Specially trained financial advisors will serve halal mortgage customers across Alberta.
Confidence
Servus Halal is governed by the Credit Union Deposit Guarantee Corporation (CUDGC) and the laws of the province of Alberta.
Learn More
The following are for informational purposes only. We’re not accepting applications during the testing phase.
coming soon
Testing June - Sept 2025
We are testing and analyzing all Servus Halal systems and processes through the summer of 2025.
Our specially trained employees are eager to begin serving Halal Mortgage customers and supporting more Albertans in their home ownership journey later in 2025!
We sincerely thank you for your interest however we are not offering a wait list during the testing phase. Please continue to watch this site for news about our progress.