Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit
Halal Bank Accounts in Ontario
A five-year Mudarabah term deposit from Moya Financial whose profit share rises every year: current indicative rates step from 1.90% in year one to 2.90% in year five (2.15% to 3.15% for new money), for an effective average yield of 2.51% (2.76% new money). Returns come from Moya's Shariah-compliant mortgage portfolio under pre-agreed, published distribution ratios rather than guaranteed interest. The deposit takes a $5,000 minimum, works in registered and non-registered accounts, and is non-redeemable except for a one-time redemption option at the three-year anniversary. Eligible deposits carry FSRA insurance: $250,000 non-registered, unlimited in registered accounts.
Moya's Growing-Rate Sukuk deposit is the most flexible of its three Shariah term deposits: a five-year Mudarabah commitment whose published profit share steps up every year (to 2.90%, or 3.15% for new money), with an escape hatch at year three. Like its siblings, the rates are openly published as indicative distributions - not guaranteed - and Sharia oversight is disclosed through partner Aya Financial rather than on Moya's own site. The same rate page shows Moya's conventional growing-rate GIC yielding 2.94% against this product's 2.51%, so the halal discount is visible and modest. Best for Ontario savers comfortable with a medium-term commitment who want their halal yield to improve with patience.
Pros
- Published indicative rates that grow each year - 1.90% to 2.90% (2.15%-3.15% new money), with full distribution-ratio disclosure on moyafinancial.ca/rates
- One-time redemption option at the three-year anniversary softens the five-year lock
- Available in registered and non-registered accounts, with FSRA deposit insurance
- Effective average yield is published (2.51%, or 2.76% for new money), not just headline rates
Cons
- Available in Ontario only, with a $5,000 minimum
- Returns are indicative Mudarabah distributions, not guaranteed fixed rates
- Effective yield trails Moya's own conventional growing-rate GIC (2.51% vs 2.94%)
- No publicly disclosed Sharia advisory board, named scholar, or third-party certification on Moya's own site
Open Account
Visit Moya Financial's website to learn more and get started.
See pricing & termsOpens Moya Financial's site - no obligation
Product Details
Min Deposit
$5,000
Term Options
5-year (rate steps annually), One-time redemption option at 3-year anniversary
Moya Financial in Ontario
Moya Financial's account is available in Ontario.
Our Take on Moya Financial
Moya Financial offers financial services described as Sharia-compliant but does not publicly disclose a Sharia advisory board, named scholar, or third-party certification.
How Moya Financial Works
Join Moya Financial
Become a member of the Ontario credit union.
Open a Sukuk Term Deposit
Choose 1-, 3- or 5-year terms, redeemable or non-redeemable, registered or non-registered, from a $5,000 minimum.
Earn Profit-Share Returns
Moya invests deposits in its Shariah-compliant mortgage portfolio and pays your share of returns per the published distribution ratio.
Financing Structure
Moya's Shariah term deposits use Mudarabah: you (the rabb al-mal) deposit capital, Moya (the mudarib) invests it in its Shariah-compliant mortgage portfolio, and generated returns are split per a pre-agreed distribution ratio after management fees. Because your return is a share of real financing profits rather than a guaranteed interest payment, the structure avoids riba while the underlying deposit remains FSRA-insured.
In-Depth Analysis
Moya Financial is a Toronto-based Ontario credit union whose Shariah product line answers a gap almost nothing else in Canada covers: insured, halal, fixed-income-style savings. Its Sukuk Shariah-compliant term deposits use the Mudarabah contract - the depositor provides capital, Moya manages it - with deposits invested in Moya's Shariah-compliant mortgage portfolio (built on the Aya Property Financing Model) and returns shared according to a pre-agreed, published distribution ratio.
The insurance position is the standout: eligible deposits in registered accounts carry unlimited coverage through Ontario's Financial Services Regulatory Authority (FSRA), and non-registered deposits are insured up to $250,000. Minimums are $5,000 across 1-, 3- and 5-year terms, in both redeemable and non-redeemable formats, and a no-fee Shariah savings account pays returns monthly on minimum balances. Published distribution ratios (for example, 81% to the depositor on a 1-year non-redeemable) translate to indicative rates that can sit below conventional GIC yields - the cost of the halal structure.
Governance is the caveat to understand: Moya does not maintain its own Shariah board. The term-deposit structure was developed by Aya Financial and endorsed by Aya's Islamic Finance Advisory Board, so religious oversight sits with a partner rather than in-house. Depositors who want direct scholar accountability should factor that into their comfort level.
Shariah Compliance Details
- The term-deposit structure uses the Mudarabah concept and was developed with partner Aya Financial; it is endorsed by Aya's Islamic Finance Advisory Board.
- Moya itself does not publicly disclose an in-house Sharia advisory board, named scholar, or third-party certification.
- Eligible deposits are insured through the Financial Services Regulatory Authority of Ontario (FSRA) - unlimited for registered accounts, $250,000 otherwise.
How Moya Financial Compares
Moya occupies a niche with no direct equal: insured halal deposits. The realistic comparison is against halal investing platforms, which carry market risk instead.
Manzil's halal investing accounts (TFSA, RRSP and more) target growth through markets rather than insured deposits - higher potential returns, but no FSRA guarantee.
Aya Financial structures Moya's deposit products and offers its own Ontario home-financing model - see our Aya review for the scholarly debate around its musharakah contracts.
Bottom Line
Moya Financial offers the only FSRA-insured halal deposit products in Canada - Mudarabah-based Sukuk term deposits and a Shariah savings account through an Ontario credit union. Returns can trail conventional GICs and Shariah oversight comes via partner Aya Financial rather than an in-house board, but for insured halal savings it stands alone.
Read full Moya Financial reviewShariah Compliance & Oversight
Moya's own site names no scholar, board, or fatwa; Shariah endorsement lives upstream with partner Aya Financial's Islamic Finance Advisory Board.
2026-08-05
Province Availability
Available in 1 province
Open Account - Moya Financial
Visit Moya Financial's website to get current terms, check eligibility for Ontario, and get started today.
See pricing & termsOpens Moya Financial's site - you're not committing to anything
Compare With Other Options in Ontario
2 other bank accounts products available to Ontario residents
Mudarabah · 1 provinces
Mudarabah · 1 provinces
Frequently Asked Questions
What is Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit?
What Shariah oversight does Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit have?
Is Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit available in Ontario?
What Shariah oversight does Moya Financial have?
What financing structure does Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit use?
How do I apply for Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit in Ontario?
Stay Updated
Get notified about new halal banking products
No spam ever. Unsubscribe in one click.
Explore All Bank Accounts in Ontario
Compare every bank accounts option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed monthly and updated when product availability or terms change.
Co-Founder & CEO, HalalWallet
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.