Verdict: Aya Financial is a solid Ontario option if you have 20% down and want title in your own name from the first day. It uses a diminishing musharakah, it handles both purchases and refinances, and it sets no maximum financing amount. The trade-off is that it publishes no rates, so you need a quote to compare it with Manzil's published rate sheet.
Aya Financial is based in Markham and operates under FSRA mortgage brokerage licence #11730. It is available in Ontario only. Compare it on the home financing hub.
Ready to compare halal options?
Who Aya Suits
- You are buying or refinancing a home in Ontario
- You have at least 20% for the down payment
- You want title registered in your name from the start
- You are buying a higher-priced home and want no stated cap
How the Aya Musharakah Works
Aya's program is a declining-balance partnership, also called Musharakah Mutanaqisah. You and the financier both put money into the home. Your share starts with your down payment.
Each monthly payment has two parts. One part buys more of the financier's share. The other is a profit charge, or user fee, for living in the part you do not own yet. As your share grows, the user fee shrinks.
Title is registered in your name from day one. That is not true of every halal structure in Canada. Trust-based programs, for example, hold title in the trust until the buyout ends.
Aya at a Glance
| Item | Aya Financial |
|---|---|
| Where | Ontario only |
| Based in | Markham |
| Licence | FSRA mortgage brokerage #11730 |
| Structure | Diminishing musharakah |
| Down payment | 20% minimum |
| Title | Your name from the start |
| Term | Up to 5 years, renewable |
| Financing limit | None stated |
| Rates | Not published. Benchmarked to market rates |
Aya vs Other Ontario Options
| Provider | Structure | Down payment | Rates published |
|---|---|---|---|
| Aya Financial | Diminishing musharakah | 20% | No |
| Manzil | Diminishing musharaka or murabaha | 20% | Yes |
| Ijara CDC | Ijara wa iqtina | 5% on first $500K | No |
| Eqraz | Commodity murabaha | Quoted | Yes |
Manzil offers both musharaka and murabaha in Ontario, with financing up to $1.5 million and a published rate sheet, from 5.90% to 6.20% as of July 23, 2026. Aya sets no stated financing limit, which can matter on a Toronto-area home above $1.5 million.
If you have less than 20% down, Ijara Community Development starts at 5% on the first $500,000. See Ijara CDC vs Manzil and the Ontario halal home financing guide.
How the Process Usually Runs
- Apply online through Aya's application page
- Aya quotes your profit rate, benchmarked to current mortgage rates
- You make an offer with your 20% down payment ready
- Your lawyer registers title in your name at closing
- You make monthly payments that buy out the financier's share
Because rates are benchmarked to market mortgage rates, your quote should land near what a bank would charge. Ask for the full payment schedule so you can compare it line by line with a Manzil quote.
Why Title in Your Name Matters
With Aya, the home is registered to you from closing. You are the owner on the land registry, and the financier's share is set out in your contract. That feels familiar to most buyers, and it can make things simpler when you deal with your city, your insurer, or a future sale.
In a trust-based structure, a trust holds title until you finish buying it out. They are different contracts, and both are widely used in halal home financing. But if you care about seeing your own name on title from day one, Aya and Manzil both offer that.
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Questions to Ask Aya
- Who certifies the contract, and can I see the fatwa?
- What is my profit rate, and how is it benchmarked?
- What happens to my payment at renewal?
- Can I prepay, and is there a cost?
- How is the price split if I sell before the term ends?
Pros and Cons
- Pro: Title in your name from day one
- Pro: No stated financing limit
- Pro: Purchase and refinance
- Pro: FSRA-licensed brokerage
- Con: Ontario only
- Con: 20% minimum down
- Con: No published rates
Frequently Asked Questions
Is Aya Financial halal?
Aya uses a diminishing musharakah, where you and the financier co-own the home and you buy out their share over time. Ask Aya who certifies its contracts before you sign.
What down payment does Aya Financial need?
A minimum of 20%.
Does Aya Financial offer refinancing?
Yes. Both purchases and refinances qualify. For more on switching from a bank, read halal mortgage refinance in Canada.
What are Aya Financial's rates?
Aya does not publish rates. Quotes are individual and benchmarked to prevailing mortgage rates.
Is Aya available outside Ontario?
No. Aya serves Ontario only. Ijara CDC serves all 10 provinces, and Manzil serves Ontario, BC, Alberta, and Saskatchewan.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
If you are buying in Ontario with 20% down, add Aya Financial to your quotes next to Manzil. Compare them on the home financing hub.
