Tawakkul Real Estate Investment Trust

Canadian property, owned outright. No debt. No interest.

A Canadian real estate trust that buys and builds homes with equity alone. Your money owns a fraction of real buildings, not a loan against them — and the structure is certified Shariah-compliant by an independent board of three scholars.

Start your subscription See how it works

Minimum $500 · Available in RRSP, TFSA, FHSA, RESP and LIRA · Takes about fifteen minutes

TSX Trust CompanyPricewaterhouseCoopersMcMillan LLPDrake Financial Ltd.

Shariah certification

Certified by the Islamic Finance Advisory Board.

The Board reviewed the structure of the Tawakkul Fund and issued a written Fatwa on 6 November 2025, confirming it carries no Qard and no Riba component. Three scholars signed it: Dr Mohammad Iqbal AlNadvi, Dr Hamid Slimi and Sheikh Mohamed Nafis Bhayat. Read the full text and download it.

The Board conducts a Shariah audit at least annually and issues a written certificate of compliance to unitholders. The Trust also publishes an annual net asset value breakdown so you can calculate zakat.

This certification covers the Tawakkul Fund — the one that uses no debt, and the one most investors here are in. A second fund, the Ethical Income Fund, backs the larger community developments using Shariah-compliant financing, and is being certified separately. The difference between the two.

Read the certification

Why this exists

Canada needs millions of homes. A great deal of Canadian savings will never help build one.

Not because those savers lack money or interest — because the only route into property runs through a form of finance their faith does not permit. So the capital sits in cash, and the homes do not get built. An equity structure gives that money a way in.

3.5 millionAdditional homes Canada needs by 2030, beyond those already projected to be built, on Canada Mortgage and Housing Corporation estimates

5.8 millionTotal new homes required by 2030 once those already projected are included

1 in 3Canadian households that rent rather than own, the highest share in decades

Read the case

How it works

Four steps, and you can stop at any point.

Four questions

About thirty seconds. They tell us which rules apply to you, so we only ask what your circumstances require.

Your details, once

Everything you tell us fills both your dealer's forms and your subscription agreement. You never answer the same question twice.

Read and sign

The full Offering Memorandum, the agreement and the risk form — in your own time, on your phone, with your place kept.

Send your funds

Into a bank account held in the Trust’s own name, with a reference code that matches your payment to your file automatically.

See the whole process

Registered accounts

Use the shelter you already have.

A registered account is a tax shelter, not an investment. Eight plan types can hold this — and choosing the right one is worth more to most people than choosing the right investment.

RRSPRegistered Retirement Savings PlanBest suited to people in their working years with taxable income, who do not expect to need this money before retirement.Read more TFSATax-Free Savings AccountSuited to almost everyone. Particularly strong for younger investors with decades of compounding ahead of them.Read more FHSAFirst Home Savings AccountAnyone who has not owned a home they lived in during the current year or the previous four calendar years.Read more RESPRegistered Education Savings PlanAny parent or grandparent with a child under 18. The grant is the reason to act early rather than late.Read more

Compare all eight

Principles

What the structure does, and does not, do.

100% equity-based

Ownership of real assets, not lending against them.

No riba, no interest

The Tawakkul Fund carries no debt and pays no interest, anywhere in the structure.

Real assets only

Canadian residential and commercial property you can point at.

Faith-aligned governance

A standing board of Shariah auditors, reviewed at least annually.

Transparency

Independently audited, independently held, independently administered.

Who holds your money

Not us.

Your subscription is payable to the Trust, into a bank account in the Trust’s own name, under a sole trustee that is a federally regulated trust company. It never passes through an account controlled by Ahmed Asset Management, and never through this platform. That is not a courtesy — it is how the structure is built.

TSX Trust CompanyTrustee — holds the assetsWhat they do PricewaterhouseCoopersAuditorWhat they do McMillan LLPLegal counselWhat they do Drake Financial Ltd.Registered exempt market dealerWhat they do Olympia TrustRegistered plan trusteeWhat they do Pinnacle Fund AdministratorsFund administratorWhat they do Islamic Finance Advisory BoardShariah certificationWhat they do Habib Canadian BankWhere the Trust's account is heldWhat they do

Why each of them is here

Where the money goes

Four communities, and the institutions they are built around.

We do not choose a site and look for people. Every project starts with an organisation that has served a community for decades, and builds the housing its congregation can no longer afford nearby. You may already know one of them.

Architectural rendering of the masjid planned at Al Andalus Mississauga, seen from the street at dusk

In development Al Andalus Mississauga Mississauga, Ontario With Canadian Council of Ahlus Sunnah

Board members of Tawakkul and Imdadul Islamic Centre seated together after a joint meeting

In development Al Andalus North York North York, Ontario With Imdadul Islamic Centre

Representatives of Tawakkul and École Ibn Batouta at the manager's office

In development École Ibn Batouta Ottawa, Ontario With École Ibn Batouta

In development Masjid Anwar-e-Madina Surrey, British Columbia With Masjid Anwar-e-Madina

All communities

Another way in

Placing a larger amount, or investing through a company?

Every investor here is buying the same units on the same terms, whatever the amount. But a six-figure subscription, or one made through a corporation, a family trust or a foundation, involves paperwork a form cannot carry — and it deserves a named dealing representative at Drake Financial who knows your file and answers the telephone.

Tawakkul Private Wealth Institutional and waqf capital

Tawakkul Academy

The things nobody explains properly.

Written for people making real decisions about their own money. No jargon and no sales pitch.

What is a waqf, and why does it matter for Canadian Muslims?The Islamic endowment explained: how a waqf works, why the asset itself is held permanently, and what it has built across the Muslim world for a thousand years.8 minute read Waqf ahli, waqf khayri and waqf mushtarak — the three kindsThe family endowment, the charitable endowment, and the combined form that does both. What each is for, and why the third fits Canadian Muslim families.9 minute read Tawakkul and waqf mushtarak — where the review standsTawakkul is under scholarly review for recognition as a waqf mushtarak. What that would mean, what has been determined so far, and what has not.6 minute read What is musharaka, and is a REIT one?Partnership is the oldest permitted way to put money to work in Islamic law. What musharaka requires, the three rules that decide it, and how honestly a REIT fits.11 minute read

Read the Academy

Questions people actually ask

The honest answers.

Who actually holds my money?

Your subscription is payable to Tawakkul Real Estate Investment Trust and goes into a bank account in the Trust’s own name. The Trust’s sole trustee is TSX Trust Company, a federally regulated trust company, and the account is maintained under its authority. What matters for you is what it is not: the money never passes through, and is never held in, an account controlled by Ahmed Asset Management Inc. or by this platform. Holding client money is a regulated activity we are deliberately not registered for.

What if I need the money back?

Units can be redeemed on the last business day of a month, with at least 30 days' notice, and payment follows within 30 days after that — so realistically 30 to 60 days from notice to cash. There is a $50,000 monthly limit across all unitholders, paid in the order notices are received, so it can take longer. Redeeming in your first year reduces what you receive by 6%, falling each year to nil after five. Units cannot be sold or transferred to anyone else without the Asset Manager's written consent. This is a long-term holding and should be treated as one.

When do I get paid?

Distributions, if declared, are paid quarterly. You should know before you invest that the Asset Manager does not anticipate any distributions during the first one to five years, while the properties are in their development stage. Once distributions begin they are reinvested as additional units by default, unless you elect to receive cash.

How do I know this is genuinely halal?

The Islamic Finance Advisory Board reviewed the structure and issued a written Fatwa dated 6 November 2025, signed by three scholars, confirming there is no qard and no riba component in the Tawakkul Fund. The Board audits compliance at least annually and issues a written certificate to unitholders. That certification covers the Tawakkul Fund — the fund that uses no debt.

What happens if Tawakkul fails?

The assets are held by TSX Trust Company as trustee, not by the manager. The books are audited by PricewaterhouseCoopers and administered independently by Pinnacle Fund Administrators. The manager can be replaced by a vote of unitholders. None of that removes the risk of losing money if the properties lose value — it means the manager's failure and the assets' fate are separate things.

Why do you need my income and net worth?

Securities regulation sets annual limits on how much you may invest under this exemption, and those limits depend on your income and assets. Your dealer is separately required to hold that information before approving anything. We ask once and use it for both, rather than asking twice.

See all questions

Ready when you are.

Four questions to see what applies to you. Nothing is submitted until you have read the documents and signed.

Start your subscription

Or call us on 905 949 9119 and we will walk you through it.

No commitment

Send me the Offering Memorandum.

One form, and we will send you the document and follow up once. No obligation, nothing submitted, and nobody added to a list you did not ask for.

The Offering Memorandum, sent to you
A person who answers questions, not a call centre
No obligation, and no chasing

First name

Last name

Email address

Telephone

You are

Roughly how much

From $500. This is not a commitment — it just tells us who to put you with.

Also send me occasional updates about Tawakkul. You can stop them at any time, from any message.

We will send you the Offering Memorandum and follow up once. Your details go to Tawakkul and to Drake Financial, who would handle any subscription.

Invest

Shariah

Learn

Partner with us

Own property

Live in one

Tawakkul