Trowers advises on Sharia compliant mortgage product for Canadian market
Trowers & Hamlins has advised EQRAZ Inc (Eqraz) on the development of a Sharia compliant mortgage product for the Canadian market.
Eqraz is a Toronto-based Islamic financial services start-up and is one of the first to provide Sharia compliant home finance for the Canadian market.
Syed Zuhair Naqvi, Founder & CEO of Eqraz, commented:
“We are grateful to all our partners and service providers that have supported us along our journey so far. Trowers & Hamlins were one of our legal service providers and were instrumental in structuring and documenting our financing products. The Trowers team, led by Elias Moubarak, deserve tremendous credit for being pro-active and solution driven as well as being highly responsive. They truly acted as a long term partner invested in our success and have now become one of our trusted advisers."
Elias Moubarak, Partner in the International Banking & Finance practice in Trowers & Hamlins commented:
"Congratulations to Zuhair and all of the Eqraz team for bringing this product to the Canadian market. Over four years, the Eqraz team worked tirelessly to successfully overcome numerous challenges facing Sharia compliant mortgage offerings in Canada. We are proud to have been able to utilise the expertise of our multi-disciplinary teams to support Eqraz on its journey so far."
The Trowers & Hamlins team on this transaction was led by Elias Moubarak (Partner) with support from Nicol Ong (Senior Associate) and Nicole Stewart (Associate).