About Interest-Free Housing Cooperative
A Shariah-Compliant Cooperative Model for Riba-Free Homeownership in Canada
To provide a transparent, ethical, and cooperative housing model that empowers the Muslim community in Canada to achieve homeownership without interest, while fostering financial independence, mutual support, shared responsibility, economic resilience, leadership development, social cohesion, collective advancement, wealth preservation, and sustainable long-term community growth for present and future generations. Our mission is grounded in fairness, integrity, and adherence to Islamic financial principles.
By promoting education, accountability, and structured participation, we aim to create a system that balances opportunity with responsibility and growth with sustainability. Through this model, we strive to strengthen families, enhance financial literacy, and build a unified community capable of achieving long-term stability and prosperity.
To build a thriving, self-reliant community by offering sustainable, interest-free homeownership opportunities rooted in Islamic values, fostering stability, financial empowerment, social responsibility, and long-term generational prosperity for families across Canada. We envision a future where ethical housing solutions strengthen families, preserve dignity, and create pathways to lasting economic security aligned with faith-based principles.
Through cooperation, accountability, and shared commitment, we aspire to cultivate a resilient community built on trust and collective progress. Our vision extends beyond providing homes; it seeks to establish a sustainable foundation for growth, unity, and intergenerational wealth that benefits both the Muslim community and the broader Canadian society.
Who We Are
The Interest-Free Housing Cooperative (IHC), formerly known as ISNA Housing Cooperative, was established to provide an ethical alternative to conventional mortgage financing. Guided by Islamic financial principles and operating under the Ontario Co-operative Corporations Act, IHC enables interest-free homeownership through a structured cooperative model.
Unlike traditional financial institutions, IHC does not borrow from or lend through banks. Instead, homes are acquired using capital generated through member share subscriptions. This cooperative pool allows members to purchase housing without the involvement of interest (Riba).
Members may participate in two ways:
• Investors – Contribute capital through share purchases, support other members, and accumulate shares toward their own future homeownership.
• Homeowner Members – Enter into an Occupancy Agreement once a housing unit is acquired for their use.
Dividends on investment shares are declared at the discretion of the Board. IHC operates with transparency and regulatory compliance and is supported by an approved Offering Statement from the Financial Services Regulatory Authority of Ontario (FSRA).
Our History
Originally established as the ISNA Housing Cooperative, IHC was founded to address a critical need within the Canadian Muslim community — access to homeownership without interest-based financing.
Built upon the principles of Islamic economics and cooperative participation, the organization has grown into a structured, member-driven housing solution.
In 2018, the cooperative was formally renamed the Interest-Free Housing Cooperative of Canada to better reflect its mission and expand its outreach. With continued support from members, volunteers, and leadership, IHC has steadily grown while remaining committed to a sustainable and faith-aligned model.