For context, I’m trying to become closer to my deen and dive into making my daily life as halal as possible.
I still struggle on the basics but am on a journey.
I’ve worked over 10 years now in the Canadian investment industry, both at large banks, smaller fintechs, hedge funds and PM shops.
I was a Trader initially on the equity desk, then moved into legal and compliance.
My asset mix over the past 10 years has been 20% credit spreads on weekly options, 30% other derivatives (mix of swaps, options and futures) and the rest in broad based ETFs like XEQT, VOO, etc.
I also have a smaller portfolio in private equity.
I decided to first start with my mortgage. I currently have 1.4% 5 year fixed on 750k.
But as I talk to halal banks, it seems it’s the same $$$ being moved around, just under the banner of somthing else besides interest. I’m not new to finance but I’m having a hard time understanding how halal banks are different from charging interest on a loan. It just works out to a fixed 24 or 30 year interest loan is essentially.
Can someone point me to some more resources that are legitimate to help me understand this clearer?
Also, all the $$$ charges are a much higher % of the loan than my current mortgage, is it still reccomended to move to a halal mortgage even if it’s financially worse off? I’m talking 3% more than my current mortgage so not even like a close difference
Thanks for your patience with me.