Why should I be sure that Pharos Home Purchase Plan is fully based on the Sharia principles?
A. Pharos’ Sharia compliant Home Purchase Plan is based on the Islamic financing principles of Ijara (leasing) and Diminishing-Musharaka (partnership). We believe that using this method of Islamic finance offers the best solution for Sharia compliant home finance in Canada today. Pharos shall not act as a third party or a middle-man to sell a third party mortgage to you. From signing the Diminishing-Musharaka Agreement to the last payment for your home, you will deal only with Pharos alone and not with any bank or money-lender. The Pharos’ Sharia Committee, composed of independent Sharia scholars, meets on a regular basis to review all contracts and agreements relating to our transactions as well as to advise us, guide us and ensure that any new services that we introduce meet Sharia guidelines. The Sharia Committee certifies every product and service Pharos provides – without its approval; we cannot introduce a new product or service.
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