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Home Financing comparison

Aya Financial vs Eqraz

Aya Financial and Eqraz both offer home financing - Aya Financial in Ontario, Eqraz in all of Canada. This page lines up 10 listed data points side by side, with 5 differences, so you can see exactly where they part ways before you request quotes.

Built from each provider's listed data · provider data last verified Aug 2026

At a glance

  • Aya Financial lists Ontario; Eqraz lists all of Canada.
  • Aya Financial uses Musharaka; Eqraz uses Murabaha.
  • Shariah oversight: Aya Financial discloses Formal Board; Eqraz discloses Third-Party Certified.
  • HalalWallet Index: Aya Financial holds a B-; Eqraz holds a B-.
  • They differ on 5 of the 10 data points we list for home financing.

No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.

Aya Financial vs Eqraz: the full side-by-side

10 data points from each provider's published materials, lined up row by row. They differ on 5.

Aya Financial - halal finance provider logo

Aya Financial

B-
Pays us: No. Aya Financial pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Eqraz - halal finance provider logo

Eqraz

B-
Pays us: No. Eqraz pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

10 of 10 rows

Availability

  • Provinces covered

    Aya Financial: Ontario
    Eqraz: All of Canada
Costs & terms

  • Minimum down payment

    Aya Financial: 20%
    Eqraz: Not listed
Shariah

  • Structure

    Aya Financial: Musharaka
    Eqraz: Murabaha

  • Shariah oversight

    Aya Financial: Formal Board
    Eqraz: Third-Party Certified

  • Shariah board / scholar

    Aya Financial: Formal Board
    Eqraz: Named Scholar

  • Published fatwa / certificate

    Same
    Aya Financial: No
    Eqraz: No
Products

  • Products listed

    Same
    Aya Financial: Home Financing
    Eqraz: Home Financing

  • Best for

    Aya Financial: Ontario buyers (see compliance note before proceeding)
    Eqraz: Buyers in any of Canada's 10 provinces who want month-one ownership under Eqraz's Murabaha model, certified by its own Shariah Supervisory Board with published external fatwas.
Track record

  • HalalWallet Index grade

    Same
    Aya Financial: B-
    Eqraz: B-

  • Founded

    Aya Financial: Not listed
    Eqraz: 2020

Strengths and trade-offs

Aya Financial

  • Musharaka co-ownership structure
  • Formal Islamic Finance Advisory Board with multiple named scholars, including Dr. Mohammad Iqbal Masood al-Nadvi, Dr. Hamid Slimi, and Shaikh Mohamed Nafis Bhayat
  • Can be used to purchase a home or replace an existing home loan
  • Title registered in the customer's name from inception - the financier holds only a registered charge
  • No financing limit, with approval in about one business week
  • Available only in Ontario
  • A compliance note applies to this provider - two external scholarly reviews disputed the contracts' musharakah substance; review it carefully before proceeding
  • Rates and detailed terms aren't published - pricing comes from an individual quote

Eqraz

  • In-house Shariah Supervisory Board with named scholars (Sheikh Dr. Salah Al Shalhoob, Sheikh Faraz Adam) plus external fatwas from Mufti Mirza Zain Baig and Mufti Faisal Al Mahmoudi
  • Available across 10 provinces - one of the widest halal footprints in Canada
  • Rates are published openly on eqraz.com/rates and updated monthly
  • Fixed profit rates on 1-5 year terms with 25-year amortization, plus second and third mortgages
  • Fully disclosed fee stack - rare candour in the Canadian halal market
  • Founded in 2020, so its operating track record is still short
  • Now positions itself as arranging financing through partner financiers ('not a broker, not the financier') - confirm who actually holds your contract
  • Posted rates run roughly 3 points above conventional Canadian mortgages - the halal capital premium, by EQRAZ's own admission
  • $2,500 non-refundable pre-approval fee and 2.0% commitment fee front-load the costs
Aya Financial - halal finance provider logo

Aya Financial

Pays HalalWallet: No. Aya Financial pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Aya Financial Full review
Eqraz - halal finance provider logo

Eqraz

Pays HalalWallet: No. Eqraz pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Eqraz Full review

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How do Aya Financial and Eqraz compare for home financing?

Aya Financial and Eqraz both offer home financing - Aya Financial in Ontario, Eqraz in all of Canada. This page lines up 10 listed data points side by side, with 5 differences, so you can see exactly where they part ways before you request quotes.

  • Aya Financial lists Ontario; Eqraz lists all of Canada.
  • Aya Financial uses Musharaka; Eqraz uses Murabaha.
  • Shariah oversight: Aya Financial discloses Formal Board; Eqraz discloses Third-Party Certified.

Source: HalalWallet (halalwallet.ca)

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Sources and review process

This page is reviewed against HalalWallet editorial standards and source documentation.

Reviewed by: HalalWallet Editorial Team

Last reviewed: 2026-08-05

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Aya Financial vs Eqraz”, https://www.halalwallet.ca/compare/aya-financial-vs-eqraz, retrieved 2026-11-14).

For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.

What HalalWallet is and is not

Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.

What we do

  • We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
  • We show the range of scholarly opinion on contested questions, with sources.

What we do not do

  • We do not lend, hold money, open accounts or take applications. You apply with the provider.
  • We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
  • We do not give personal financial, legal or tax advice.

Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0

Before you decide, finish with three checks:

  • Confirm current terms and halal compliance directly with the provider. Their quote is final.
  • Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
  • Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.

Spot an error? Report a correction · How we handle corrections