Housing is one of the basic needs of a human being. Every one of us desires to secure shelter for his family. Unfortunately, for the last three decades, the Muslims in this part of the world have been facing the dilemma: Whether buy a house and indulge into interest or, forget buying a house altogether to avoid the interest. Many of us were led to believe that since we have no alternative, it is all right to pay interest in this part of the world. Yet others, although well settled economically, still hold the view that no matter what, indulging in "Riba" is forbidden by Allah Subhanahu Wa Ta'ala.
While this discussion and debate is still on, some concerned Muslims took this challenge upon themselves to find out if there was an alternative. Alhamdulillah, due to their genuine concern and dedicated efforts, a number of alternative systems were developed and housing projects of various magnitudes were started in different parts of Canada and the U.S. Our project was developed as a financial institution to accommodate a large number of Muslims scattered all over the country. Therefore, in 1980 it was incorporated into "Housing Co-operative Corporation", known as Islamic Co-operative Housing Corporation Ltd. Now, Alhamdulillah, our membership has stretched from coast to coast and in all Four Corners of North America. Also, we have members in other parts of the world even though we buy houses in Canada only.
Moreover, within the same project, we have tackled another aspect of Riba (interest). Most of us have varied amount of savings - for short or extended periods. Our savings are intended for either a contingency, or they have a definite goal. Although none of us willingly puts these savings in a bank to earn the forbidden interest, it hurts to witness that banks benefit while inflation rusts our money. With the grace of Allah, at the Co-operative Housing Corporations, we all can benefit in a lawful manner. You have the opportunity to invest your small to large savings for any period of time and earn Halal income.