Islamic Mortgages and the Future of Sharia Financing with Dr. Sawwaf | Episode #05

We dive deep into several topics of discussion with Dr. Sawwaf, the founder and CEO of MANZIL finance based in Toronto, Canada.
Dr. Sawwaf shares his wisdom on the structures of Islamic mortgages, how they provide profit to the lender without charging interest or lending money. We discuss the future of Islamic financing products and services in Canada, especially under the new Trudeau budget. Tackling challenges in creating the first of its kind mortgage company, and bringing halal home ownership to Canadian Muslims, and what MANZIL has in store for the near future.

Timestamps:
0:00 Introductions, background and starting Manzil.
5:00 Challenges of starting the company, UM Finance crash.
8:00 Raising funds for Manzil
15:00 Where do they get the money!?
19:20 Fractional reserve banking, institutional support
21:00 Islamic mortgage models
28:00 Is it the same as Interest?
33:00 What is someone can't pay their mortgage...
36:00 AAOIFI certification
39:50 How can young families get into home ownership
46:40 Getting a mortgage - what is required?
50:45 Interest rates, what to expect.
1:00:13 The Liberal budget under Trudeau mentioning Islamic Mortgage products
1:07:50 Can we have Islamic banks in Canada?
1:11:00 Dr. Sawwaf's PhD thesis
1:13:15 Credit cards and bad debt
1:19:20 What's next for Manzil?
1:28:50 Raising capital for Muslim entrepreneurs? VC markets.
1:37:10 Mentorship
1:40:00 Leveraging talent, investment opportunities for Muslims in Canada.
1:44:00 Car finance / lease, Insurance & Takaful?
1:45:00 Last few questions
1:48:00 Wrapping up and conclusions
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