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.