Aya Financial Home Financing
Halal Home Financing in Ontario
Aya Financial's Home Financing Program is a declining-balance (Musharakah Mutanaqisah) arrangement run from Markham, Ontario under FSRA mortgage brokerage licence #11730. Buyer and financier both contribute funds to acquire the property - the buyer from a minimum 20% down payment - and monthly payments split between redeeming the financier's stake and a profit (user-fee) charge for occupying the home. Title registers in the customer's name from inception, contracts run up to 5-year renewable terms, there is no stated financing limit, and both purchases and refinances qualify. No profit rates are published: quotes are individual and benchmarked to prevailing market mortgage rates.
Aya Financial offers Musharaka home financing in Ontario under a formal advisory board of well-known Canadian scholars, which puts its Shariah governance paperwork ahead of many regional peers, and its terms are buyer-friendly on the surface: 20% down, title in your name from day one, no financing cap, quick approval. Two things demand attention before applying. External scholarly reviews - an askimam ruling and a January 2025 AMJA committee finding - disputed whether the executed contracts are genuine musharakah, and no rates are published, so pricing only emerges from an individual quote benchmarked to market mortgage rates. Only a fit for Ontario buyers who have read the compliance caveat, taken it to their own scholar, and still prefer Aya's structure.
Pros
- 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
Cons
- 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
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Product Details
Structure
Musharaka
Features
Declining-balance (Musharakah Mutanaqisah) co-ownership: monthly payments split into an equity portion and a profit (user-fee) portion, Minimum 20% down payment, no financing limit, purchase and refinance supported, Title registered in the customer’s name from inception; the financier holds only a registered charge, Contract terms up to 5 years, renewable; approval in about one business week with funding within a month, All capital gains on sale go to the customer - the financier recovers only its contribution, No rates or fee schedules published; profit rates are benchmarked to prevailing market mortgage rates (FSRA brokerage licence #11730)
Down Payment
20%
Term Options
Up to 5-year renewable terms
Aya Financial in Ontario
Aya Financial's Home Financing is available in Ontario. Aya Financial serves 1 province, including Ontario.
Shariah Compliance & Oversight
Aya's products are reviewed and endorsed by the Islamic Finance Advisory Board (IFAB): Dr. Mohammad Iqbal Masood al-Nadvi (Chairman - also chair of the Canadian Council of Imams and the Fiqh Majlis of Canada), Dr. Hamid Slimi, and Shaikh Mohamed Nafis Bhayat, with additional support from community scholars including AAOIFI-certified Sh. Aarij Anwer. The published artifact is a linked endorsement fatwa ('Endorsement-Fatwa-AYA-1') and a certificate link; no dated fatwa text or annual Shariah audit is published. Two external scholarly reviews dispute the contracts' musharakah substance - a Darul Iftaa / IslamQA (askimam) ruling deemed the model non-compliant, and the AMJA Resident Fatwa Committee (January 2025) found the contract requires fundamental modifications for approval. Review both positions and consult your own scholar before proceeding.
2026-08-05
Province Availability
Available in 1 province
Get a Quote - Aya Financial
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Compare With Other Options in Ontario
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Halal Mortgage Estimate - Ontario
Level-payment estimate for a halal financing structure (Diminishing Musharaka / Ijara). At the same rate, the payment matches a conventional loan — the structure differs, not the math.
Monthly
$2,129
Total Cost
$766,427
Total Profit
$446,427
Illustrative default rate (7.00%, as of 2026-08-23) — not an offer or quote. Adjust to your quoted rate; actual terms vary by provider.
Full CalculatorFrequently Asked Questions
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How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.