Moya Financial Review (2026): Halal Term Deposits for Ontario Muslims

Most Canadian Muslims who want to park savings somewhere halal face the same limited set of options: keep it in a conventional savings account and accept the interest (which many choose to donate rather than keep), invest it in screened equities, or find a purpose-built halal deposit product. Moya Financial is one of the few institutions in Canada offering the third option.

Moya Financial is an Ontario-based financial institution that offers halal term deposits structured as profit-sharing accounts rather than interest-bearing deposits. As of 2026, they serve Ontario residents exclusively. If you're in Ontario and looking for a halal alternative to a conventional GIC or savings account, here's what you need to know.

What is Moya Financial?

Moya Financial is a federally regulated financial institution focused on halal deposit products for Ontario-based clients. Their product line centers on term deposits designed to comply with Islamic finance principles, meaning they avoid interest and instead operate through a profit-sharing structure.

They are not a full-service bank. They don't offer chequing accounts, mortgages, or investment management. Their focus is specifically on deposit products: a place to save money and earn returns in a halal way.

What does Moya Financial offer?

Moya Financial offers three types of term deposit products:

Non-redeemable term deposits: You commit funds for a fixed term and cannot withdraw them early without penalty (or in some cases at all). In exchange for the reduced flexibility, you typically receive a higher profit-sharing rate. Best for funds you won't need access to before the term ends.

Redeemable term deposits: You can access your funds before the term ends, typically with a reduced profit rate or a partial penalty. These trade some return for flexibility. Good for savings you might need access to but want to earn returns on in the meantime.

Growing-rate term deposits: The profit-sharing rate increases over the term, incentivizing you to hold the deposit longer. If you redeem early, you receive the lower rate that applied at the time of withdrawal. This structure rewards patience without requiring a hard lock-in.

For current rates on each product type, contact Moya Financial directly or visit their website. Profit-sharing rates are not fixed by regulation and will vary based on market conditions and Moya's internal performance.

How does the halal structure work?

Moya Financial's term deposits are structured as profit-sharing arrangements rather than interest-bearing deposits. Instead of earning a guaranteed interest rate on your principal (which is not permissible under Islamic law), you receive a share of the profit generated from Moya's shariah-compliant activities.

This is typically structured as a mudarabah (profit-sharing partnership) or wakala (agency) arrangement. In mudarabah, you provide the capital and Moya manages it; you share in the profits generated. In wakala, Moya acts as your agent to deploy the capital and passes through the returns.

Ask Moya directly about the specific structure of each product type before depositing, since the exact arrangement affects how your returns are calculated and what happens in loss scenarios.

Who can open an account with Moya Financial?

Ontario residents only, as of 2026. Moya Financial does not currently operate in other Canadian provinces. If you're in British Columbia, Alberta, Quebec, or any other province, you'll need to look at alternatives for halal deposit products.

You don't need to be Muslim to open an account with Moya Financial. Their products are designed for Muslim customers seeking halal savings options, but there's no religious requirement for account holders.

What to watch out for

The most significant limitation is geographic. Ontario-only availability means Moya Financial is not an option for the majority of Canadian Muslims.

Profit-sharing rates are not guaranteed interest rates. The return you'll earn depends on Moya's performance in the underlying activities. In strong periods you may earn competitive returns. In difficult periods, returns could be lower. Understand this risk before treating a Moya term deposit as a completely fixed-return product.

Deposit insurance coverage is also worth confirming. Ask Moya Financial directly about CDIC (Canada Deposit Insurance Corporation) or provincial deposit insurance coverage for their products, since the insurance treatment of profit-sharing accounts can differ from conventional deposits.

How does it compare to conventional GICs?

A conventional GIC (Guaranteed Investment Certificate) offers a guaranteed interest rate for a fixed term. Moya Financial's term deposits offer a profit-sharing return that is not guaranteed in the same way. In favorable conditions, halal term deposits can be competitive with conventional GICs. The primary advantage of Moya's products isn't necessarily the rate: it's the compliance.

For Muslim investors who consider interest-bearing accounts impermissible, the choice is simple: a lower but halal return beats a higher return that involves riba. For investors who are more flexible on the halal question, the comparison is less clear-cut.

For a deeper comparison of how Moya's specific term deposit products work and stack up, see our dedicated Moya Financial term deposit review.

Who is Moya Financial best for?

Ontario-based Muslim investors who want to put short to medium-term savings into a halal deposit product without moving into equities. This is a good fit for: emergency fund savings you want to earn returns on, money earmarked for a near-term goal like Hajj or a home purchase, or conservative investors who don't want equity market exposure.

It's not the right fit for: investors outside Ontario, people who need a full-service banking relationship, or investors comfortable with DIY halal investing through ETFs or screened equities. The halal investing hub on HalalWallet covers the alternatives if you're exploring all your options.

Frequently asked questions

Is Moya Financial CDIC insured?

Confirm this directly with Moya Financial before depositing. CDIC insures eligible deposits at member institutions up to $100,000 per depositor per category. Whether Moya Financial's profit-sharing deposits qualify for CDIC coverage depends on their regulatory structure and CDIC's treatment of that product type. This is an important due diligence question.

Can I hold a Moya Financial term deposit inside a TFSA?

Ask Moya directly about registered account eligibility. Some halal deposit products can be held in registered accounts (TFSA, RRSP), which would let you earn halal returns tax-sheltered. If Moya offers registered account options, that significantly increases the value of the product.

What's the minimum deposit for Moya Financial?

Contact Moya Financial directly for current minimums. These can change and aren't reliably published in third-party sources. Minimum deposits for term deposit products in Canada typically range from $500 to $5,000 depending on the institution and product type.

How does profit-sharing differ from interest in practice?

With interest, you receive a fixed, guaranteed amount regardless of what the institution does with your money. With profit-sharing, your return depends on the actual profits generated. In practice, profit-sharing rates for halal deposits are often comparable to interest rates on conventional products, but they're not guaranteed in the same way. The Islamic distinction is structural: one involves riba (prohibited), the other doesn't.

Is Moya Financial expanding outside Ontario?

As of 2026, Moya Financial serves Ontario only. Check their website for updates on provincial expansion. The regulatory process for expanding financial services across Canadian provinces is complex, so expansion timelines are difficult to predict from the outside.