Aya Financial vs Eqraz (2026): Which Halal Mortgage Lender for Ontario Buyers?

Aya Financial and Eqraz are both Ontario-headquartered halal home financiers, but on September 20, 2026 only one of them will take a Markham or Oakville application. Eqraz's own homepage states that EQRAZ Inc. is not licensed as a mortgage brokerage in Ontario and is not offering or arranging mortgages in the province; its posted Murabaha profit rates (6.90% for a one-year term up to 7.60% for five years, effective October 2, 2026) apply to buyers elsewhere in Canada. Aya Financial, FSRA brokerage licence 11730 in Markham, is taking Ontario applications for a Musharakah Mutanaqisah co-ownership product with 20% down and a quote-only profit rate. Below: contract, scholars, eligibility, cost disclosure and early payoff, with Eqraz as the option outside Ontario.

What each contract actually is, and who holds title

Aya's product is a declining-balance co-ownership, which its Home Financing Program page calls Musharakah Mutanaqisah. You and Aya buy the home together, your share starts at 20% or more, and each monthly instalment splits into a user fee for occupying the home and an equity portion that buys back part of Aya's share. The FAQ is explicit on title: the property is registered in the customer's name from the inception of the contract, Aya's financier registers a charge, and the charge is removed once 100% of the financed amount is paid. All capital gains on a sale go to the customer; Aya mentions a separate program where both parties share gains and losses, but publishes no detail on it.

Eqraz's product is a monthly Murabaha, and its FAQ is candid about the mechanics. The financier does not use the house as the traded asset; it buys a Shariah-compliant commodity and sells it to the customer at a known markup, who sells it on to the market, and the initial financing is a deferred Murabaha on the same basis. Eqraz's homepage raises the Tawarruq question itself (question four) and answers it in a video, which you should watch before signing. Funding comes through a Wakala agreement with a Canadian Schedule I bank, your agreement is with an Eqraz funding vehicle subsidiary (the FAQ gives EFV001 Inc. as the example), you sign a Murabaha Agreement plus a legal mortgage charge, and you own 100% of the property. CMLS Financial administers the mortgage and Computershare Trust Company of Canada is the custodian.

Who signs off on Shariah compliance at each

Aya consults what it calls the Islamic Finance Advisory Board (IFAB), which its Advisory Board page says it has maintained since inception in 2007. The three named board members are Dr. Mohammad Iqbal Masood al-Nadvi as Chairman, Dr. Hamid Slimi and Shaikh Mohamed Nafis Bhayat. The same page lists community scholars who support the board rather than sit on it: Dr. Abdalla Idris Ali, Shaikh Aarij Anwer (described as an AAOIFI certified Shariah advisor and auditor), Sheikh Alaa Elsayed and Sheikh Hosam Helal. An endorsement and fatwa PDF is linked from the FAQ. Aya publishes no annual Shariah audit report on the pages we fetched.

Eqraz publishes a five-person Shariah Board on its Our People page: Mufti Irshad Ahmed Aijaz as Shariah Board Chair, Mufti Faraz Adam as Executive Member, Shaikh Muhammad Ahmad, Shaikh Salah Fahd Al Shahloob, and Shaikh Raafat Al Shalabi as head of the Shariah Control Committee. Its Mortgage Information page links a Shariah certificate covering the Wakala and Murabaha structure, a 2024 to 2025 Shariah audit report, a fatwa from Mufti Mirza Zain Baig of CCIRI in Montreal and an endorsement from Mufti Faisal Al Mahmoudi of Edmonton. The FAQ states compliance is audited annually and on an ad hoc basis. On paper, Eqraz publishes more governance documents; Aya publishes a longer-standing board. Neither fact settles the fiqh question of co-ownership versus commodity Murabaha, which belongs with your own scholar.

Eligibility and down payment: 20% at both, with different fine print

Both products require a 20% down payment, so neither is mortgage insured and neither can use the federal 30-year insured amortization or the $1.5 million insured price cap; see our article on halal mortgages and the 30-year amortization rules. Beyond the 20%, the two publish very different amounts of detail. Aya's Home Financing Program page lists 0% interest, a 20% minimum down payment or equity contribution, no financing limit for purchase or refinance, a five-year contract term renewed at the end, approval in about one business week once documents are in, and funding within a month. It publishes no credit score floor, debt ratios, minimum property size or excluded property types.

Eqraz's Halal Mortgage Qualification Criteria, dated January 23, 2026, reads like a lender's underwriting sheet, which is what it is. The main points, with the broader checklist on our halal mortgage eligibility hub, are:

• Minimum 20% down payment from your own resources, paid through a Canadian bank account with a 90-day history; acceptable sources include gifts from immediate family, RRSP, TFSA, FHSA, non-registered investments, sale of assets and chequing or savings balances.
• Minimum 700 Beacon or FICO score, with at most one major credit event such as a bankruptcy or consumer proposal.
• Maximum gross debt service of 39% and total debt service of 44%; the sheet marks the stress test as not applicable.
• Financing between CAD 100,000 and CAD 750,000, case by case up to CAD 1,250,000, at a maximum financing-to-value of 80% over 300 months with a term of up to 60 months.
• Owner-occupied, ready-to-move-in residential property only, maximum four units, closing within 60 days, no pre-construction, minimum 700 square feet for houses and 500 for condominiums.
• Property in a population centre above 100,000 people in Ontario or above 250,000 elsewhere, no second mortgages, and a maximum of two owned properties.

Where each one will actually lend right now

This is the section that decides the comparison for a GTA buyer. Eqraz's homepage carries a notice in English and French that EQRAZ Inc. is not licensed as a mortgage brokerage in Ontario, is not offering, arranging or soliciting mortgages in Ontario, and that services remain available in provinces where it is authorized. Its FAQ still says Eqraz is available across all Canadian provinces, and its calculator lists locations from the GTA and Ottawa to Edmonton, Calgary, Greater Vancouver, Montreal, Saskatoon, Regina and the four Atlantic provinces. The homepage notice is the newer and more specific statement, so treat Eqraz as closed to Ontario property until it says otherwise, even though our provider profile records its head office in Oakville.

Aya's pages do not list the provinces it serves. They publish an Ontario regulator's licence (FSRA brokerage licence 11730), a head office at 90 Allstate Parkway in Markham, a satellite office on South Sheridan Way in Mississauga, and a statement on the Financial Institutions page that it has financed over 500 properties worth more than $550 million. If you are buying outside Ontario, ask Aya whether its partner financier will fund in your province before you gather documents. Our province-by-province map of halal mortgage providers is the quicker route to a shortlist if Ontario is not your market.

What each publishes about price, in Canadian dollars

Eqraz posts its profit rates and updates them monthly. The table effective October 2, 2026 shows 6.90% for a one-year term, 7.25% for two years, 7.35% for three, 7.50% for four and 7.60% for five, all fixed for the term and subject to the financier's credit criteria. Its Approval, Closing Process and Fees document dated September 29, 2025 adds a commitment fee of CAD 5,000 or 2% of the financed amount, whichever is higher, reduced by CAD 2,500 if paid at pre-approval and forfeited if you withdraw; an appraisal of CAD 300 to 700 plus HST; and approximate legal fees of CAD 4,000 in Ontario and British Columbia where two lawyers are required, CAD 2,750 in the Prairie provinces, CAD 3,500 in Quebec and CAD 3,000 in the Maritimes and Newfoundland. A lawyer not on its panel costs roughly CAD 5,000 plus HST in training fees. Its FAQ warns that the effective APR is higher than the posted rate because the commitment fee and closing costs are included.

Aya publishes no rate. Its FAQ says the user fee depends on contract length, amortization period and the return its financiers expect, and that rates are kept competitive with the market; the Musharakah calculator produces a monthly figure once you enter a price, down payment and term, but the profit rate behind it is not published. Aya also publishes no fee schedule: the FAQ says a fixed fee may be charged for a missed instalment without stating the amount, and that the customer pays property tax, insurance and utilities. For an Aya quote, ask in writing for the annual profit rate, the amortization assumed, any administration fee, the missed-payment fee and the renewal terms at year five. Our fees and closing costs page lists the items every Ontario buyer pays regardless of lender.

Early payoff, selling and moving house

Eqraz's term sheet dated August 1, 2025 allows voluntary payments of up to 20% of the original financing amount per year, made on the regular payment date of the 10th, by wire if over $100,000. Anything beyond that, or a full payout mid-term, triggers a fee equal to the greater of three months' profit or the profit rate differential, defined as the remaining profit at the posted rate minus the remaining profit at your contract rate. You can sell at any price, but in a negative-equity sale you must settle the outstanding balance and fees out of pocket before title transfers. Eqraz accepts transfers of existing conventional or halal mortgages as a refinance.

Aya's published position is shorter but friendlier on two points. The FAQ says all capital gains from a sale go to the customer, the financier takes only the proceeds needed to cover the outstanding financed amount, and a customer moving to a new property may transfer the existing agreement rather than start again. Aya does not publish whether buying back its share faster than schedule carries a charge, or how the renewal at the end of each five-year term is priced. Those two questions belong at the top of your call with Aya; Eqraz's answers are already in its term sheet.

Who should choose what

If you are buying in Markham, Oakville, Mississauga or anywhere else in Ontario this autumn, the decision has been made for you: Aya Financial is the one of these two taking Ontario files, and Eqraz's own homepage says it is not. Read our standalone Aya Financial review for the process, then get the five unpublished numbers in writing before you commit: profit rate, amortization, upfront fee, missed-payment fee and renewal basis. If you prefer a co-ownership contract where the financier's stake declines and title sits in your name from day one, Aya's structure matches that preference.

If you are buying in Alberta, British Columbia, Quebec, Manitoba, Saskatchewan or Atlantic Canada and want fixed, published costs, Eqraz is the stronger file on disclosure: posted rates, a dated term sheet, a dated qualification sheet, a fee schedule, a closing timeline and an annual Shariah audit report. You pay for that certainty with a commitment fee of at least CAD 5,000, a 700 credit floor, a CAD 750,000 standard ceiling and a commodity Murabaha structure that some scholars question; our Eqraz review and its own FAQ video on Tawarruq are the places to resolve that. Buyers who weigh the scholars above all else will find both boards named in full: Eqraz publishes an audit report, Aya a fatwa and a board that predates most Canadian competitors. Start at the halal home financing hub for the wider field. Facts checked against ayafinancial.com, eqraz.com on September 20, 2026.

Frequently asked questions

Is Eqraz available in Ontario in 2026?

Not according to its own homepage, which states that EQRAZ Inc. is not licensed as a mortgage brokerage in Ontario and is not offering, arranging or soliciting mortgages there. The notice says it applies to Ontario only and that services continue in provinces where Eqraz is authorized. Its FAQ and calculator still mention Ontario locations, so call before applying, but plan on the homepage notice being the operative statement.

What is Aya Financial's profit rate?

Aya does not publish one. Its FAQ says the user fee depends on contract length, amortization and the return its institutional financiers expect, and that it is kept competitive with market mortgage rates. The Musharakah calculator on its site returns a monthly payment for your price, down payment and term, but you need to ask Aya in writing for the annual profit rate and fee list behind a quote.

Who holds the title with Aya Financial and with Eqraz?

You do, in both cases. Aya's FAQ says the title is registered in the customer's name from inception while the financier registers a charge that is removed once the financed amount is fully paid. Eqraz's FAQ says the customer owns 100% of the property, signs a Murabaha Agreement and a legal mortgage charge, and keeps all appreciation while bearing any loss in value.

Can I get Aya or Eqraz financing with less than 20% down?

No. Aya's Home Financing Program page sets a 20% minimum down payment or equity contribution, and Eqraz's qualification criteria set a maximum financing-to-value of 80% with the 20% coming from your own resources, including gifts from immediate family, RRSP, TFSA or FHSA funds. Neither product is mortgage insured, so the 5% and 10% insured down payment tiers do not apply.

What does it cost to pay off Eqraz early?

Up to 20% of the original financing per year is free if paid on the 10th of the month. Beyond that, or for a full payout before the term ends, the fee is the greater of three months' profit or the profit rate differential between the posted rate and your contract rate. The term sheet dated August 1, 2025 and the fee schedule on eqraz.com spell this out, and the fee schedule lists a CAD 200 renewal fee.