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.
Shariah 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?
What Shariah oversight does Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit have?
Is Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit available in Ontario?
What Shariah oversight does Moya Financial have?
What financing structure does Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit use?
How do I apply for Moya Financial Sukuk Shariah Compliant Non-Redeemable Term-Deposit in Ontario?
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