Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit
Halal Bank Accounts in Ontario
A Mudarabah profit-sharing term deposit from Toronto credit union Moya Financial: a minimum CAD $5,000 locks in for a 1-, 3-, or 5-year term and earns a pre-agreed share of the profits from Moya's Shariah-compliant mortgage portfolio, built on partner Aya Financial's property financing model. Current indicative rates are 2.65% for 1 year and 2.30% for 3 and 5 years (3.00% and 2.55% for new money moved from another institution), each published alongside its distribution ratio. Available in registered and non-registered accounts, with FSRA deposit insurance of $250,000 on non-registered balances and unlimited coverage in registered accounts.
Moya Financial's non-redeemable term deposit is a halal alternative to a locked-in GIC: your money funds Moya's Shariah-compliant mortgage portfolio and you receive a share of the profits at indicative rates it publishes openly on its rates page - currently 2.65% for 1 year and 2.30% for 3 and 5 years, with a bump to 3.00% and 2.55% for money moved from another institution. Understand the trade: distributions are indicative, not guaranteed, there is no early access, the same rate page shows Moya's conventional 1-year GIC paying 3.10%, and Sharia oversight is disclosed through partner Aya Financial rather than on Moya's own site. Fits Ontario savers who can commit funds until maturity and accept a modest halal discount for a deposit-insured, riba-free return.
Pros
- Shariah-compliant alternative to a conventional interest-bearing GIC
- Indicative rates and profit-sharing ratios are published on moyafinancial.ca/rates
- Higher indicative distribution than the redeemable version in exchange for locking funds
- FSRA deposit insurance: $250,000 non-registered, unlimited in registered accounts
- New-money bonus rates (up to 3.00% on 1-year) for funds transferred from another institution
Cons
- Non-redeemable - funds are locked until maturity with no early access
- Available in Ontario only, with a $5,000 minimum
- Returns are indicative Mudarabah distributions, not guaranteed fixed rates
- Indicative rates run below Moya's own conventional GICs (2.65% vs 3.10% on 1-year) - a measurable cost of the halal structure
- No publicly disclosed Sharia advisory board, named scholar, or third-party certification on Moya's own site
Open Account
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Product Details
Min Deposit
$5,000
Term Options
1-year, 3-year, 5-year
Moya Financial in Ontario
Moya Financial's account is available in Ontario. Moya Financial serves 1 province, including 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, whose Islamic Finance Advisory Board (Dr. Mohammad Iqbal Masood al-Nadvi, chair; Dr. Hamid Slimi; Shaikh Mohamed Nafis Bhayat) approved and endorsed the Sukuk term-deposit structure. Neither party publishes an ongoing Shariah audit of the underlying mortgage portfolio, so a depositor relying solely on Moya's disclosures has no visibility into who certified the product.
2026-08-05
Province Availability
Available in 1 province
Open Account - Moya Financial
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Compare With Other Options in Ontario
2 other bank accounts products available to Ontario residents
Frequently Asked Questions
What is Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit?
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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:
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