Islamic Mortgage

Our Islamic Mortgage is a banking solution we offer to qualified members, based on a shared ownership concept called 'musharaka' (partnership). This mortgage has been approved through the Assiniboine Islamic Advisory Board.


  • flexibility; you can transfer your existing Assiniboine mortgage without penalty
  • competitively priced; very comparable to our other mortgage products

Criteria Expand/Collapse

You must be a member of Assiniboine Credit Union and meet our standard criteria for mortgage financing.

Eligible Property Expand/Collapse

The Islamic Mortgage is available to purchase an existing property (condominiums permitted) for use as your primary residence within Manitoba. Buildings under construction, revenue property and property on leased land are not eligible.

Here's how it works Expand/Collapse

You'll enter into a partnership agreement with us called 'The Declining Partnership Agreement',  which outlines the terms and conditions of the contract. You agree to make regular payments to increase your share of the property (Promise to Buy) and for the right to occupy the home (Payment of Profit).

The Declining Partnership Agreement has been approved by the Assiniboine Islamic Advisory Board for use in purchasing a home. Refinancing is available only to transfer existing mortgages.

Promise to Buy Expand/Collapse

You agree to purchase our share of ownership over a specified period, up to 25 years in duration. When you make your last payment at the end of the Promise to Buy, you will own 100% of your home.

Payment of Profit Expand/Collapse

While carrying out the Promise to Buy, you have exclusive right to occupy your home. In exchange for this, you agree to pay us a profit. The profit is comparable to the 'best rate' for a conventional, closed, fixed-rate mortgage. No additional premium will be charged.

Initial Contribution Expand/Collapse

Your initial contribution must be a minimum of 20% of the purchase price or appraised value of the home; we contribute the balance. These amounts establish the percentage ownership in the property at the beginning of the contract.

Title to the Property Expand/Collapse

The property is registered in your name and you are responsible for all obligations regarding the property. We retain a percentage ownership, secured by the mortgage, until you have purchased all of our original contribution.

Payment Arrangements Expand/Collapse

You carry out the Promise to Buy through a series of renewable payment arrangements, each for a specified term ranging from one to five years. In each term you make regular payments to purchase a portion of our original contribution and pay the profit fixed for that period. Payments can be made on a weekly, bi-weekly, monthly or semi-monthly basis.


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