Join one of Canada's leading Muslim lawyer Faisal Kutty as he joins our Zero Team in a discussion on the Zero Mortgage product option for our growing Muslim community to consider. He will join some of our team members to address the matter from a legal perspective.

We will discuss how there are no extra fees for getting halal financing, partnering with regulated Canadian financial institutions who allow a Musharakah contract, giving the same security as a bank mortgage, and working long term with regulators to bring changes for Halal financing. Also to encourage Muslims currently with banks to switch to Zero at no extra cost or risk.

Date: Sunday, Sep 06, 2020

• Get higher financing approved with Co-signer(s) on your financing application 
• Takaful is the Islamic alternative for Insurance. We pool funds from each homeowner to protect co-signers in case of default removing significantly risk associated with co-signing
• A partnership agreement between co-signer and homeowner will be signed. On the standard agreement, the Co-signer becomes 1% owner in exchange for $100 and will also get a 1% increase in the home price. This will give a financial incentive for co-signers. Amounts can be modified between parties. 

• Client Household income is $100,000 and they pre-qualify for $500,000 financing (usually 5X* income)
• Client wishes to buy an $800,000 property and has 10% downpayment of $80,000
• Client needs a co-signer to be approved for an additional $220,000 to buy the $800,000 property
• Client finds a co-signer or Zero sources a co-signer for them (Minimum Income of $44,000 needed 5X*)
• Client and co-signer sign Cosigner TPP agreement ( $100 payment, 1% future exit payment, and putting $2000 in a lawyers trust account to be used for a Takaful Pool in case of default by any clients of Co-Signer TPP)
• Client's Lawyer on the home acquisition date sets the shares for the house based upon payments of both parties (99% for Client and 1% for Co-signer)  
• After 2 years if the client income increases or the outstanding amount decreases the co-signer can go off the title of the house. If the home price increases to $950,000 then the co-signer will receive $1500 from the Client (1% of the $150,000 increase of the property). The client receives a partial refund for his $2000 he put in the Takaful Pool. 

• Clients whose household incomes are low can now with additional co-signers acquire a property
• Co-signers who have been reluctant due to risk associated with co-signing can now have a Takaful Pool of funds held in a lawyers trust account in case of default
• Co-signers have financial incentives to be co-signers. Terms can be modified between parties. Options such as if a co-signer wants to give $30,000 to build the basement and live in the house. Other options can be explored where the terms of the Partnership can be modified with the help of a lawyer.
• Our Muslim community in Canada is large and we encourage our Ummah to have co-signers across Canada register and help other fellow Muslim Canadians to acquire a home. We recommend clients to invite potential co-signers of family and friends to our webinar.

Key to Review:
1. Certification by Scholars
2. Zero FAQ
3. Zero Top 10 Reasons
4. Letter by Partner/Funders
5. Letter to give Bank Manager to waive Penalty
6. Application form to submit for credit approval
7. Document Checklist
8. Pre-Qualification Application Form
9. Zero most recent one page Ad