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.
Our Take on Aya Financial
AYA Financial maintains an Islamic Finance Advisory Board composed of multiple scholars, including Dr. Mohammad Iqbal Masood al-Nadvi, Dr. Hamid Slimi, and Shaikh Mohamed Nafis Bhayat, who review and endorse its financial products. Two external scholarly reviews reached different conclusions: a Darul Iftaa / IslamQA (askimam) ruling deemed the model non-compliant, and the AMJA Resident Fatwa Committee (January 2025) found the Musharakah contract requires fundamental modifications for approval.
How Aya Financial Works
Review the Compliance Debate First
Read Aya's advisory-board position and the published askimam ruling, and consult your own scholar.
Apply Through Aya
Applications run through ayafinancial.com, with financing delivered via its credit-union partner in Ontario.
Declining-Balance Payments
Payments combine occupancy cost with a progressive buyout of the financing partner's share until you own the home.
Financing Structure
Aya's home financing uses a declining-balance (Diminishing Musharakah) model: the financing partner and buyer nominally co-own the property, and the buyer's payments progressively buy out the partner's share. Note that the published askimam ruling disputes whether the executed contracts constitute a genuine musharakah - the core of the compliance debate around this provider.
In-Depth Analysis
Aya Financial, based in Markham, Ontario, offers a declining-balance (Diminishing Musharakah) home financing model delivered through a credit-union partner, and maintains an Islamic Finance Advisory Board of senior Canadian scholars - Dr. Mohammad Iqbal Masood al-Nadvi, Dr. Hamid Slimi and Shaikh Mohamed Nafis Bhayat - who review and endorse its products. It also plays a wider structuring role in the market: the FSRA-insured Mudarabah term deposits at Moya Financial credit union are built on Aya's product structure.
The critical facts any prospective customer must weigh: a published ruling by Darul Iftaa / IslamQA (askimam) examined Aya's contracts and concluded they do not reflect a genuine musharakah, deeming the model non-compliant - the financier does not share maintenance expenses or the profit and loss at sale. Separately, the AMJA Resident Fatwa Committee's January 2025 resolution on Canadian Islamic home financing found Aya's Musharakah contract "requires fundamental modifications for approval," while acknowledging the liquidity constraints Aya faces from relying on conventional banks and credit unions. This puts Aya in an unusual position - endorsed by its own named advisory board, yet with two published external reviews that decline to approve the current contracts.
Our guidance follows from that conflict: Aya may suit Ontario buyers who have read the positions and consulted a scholar they trust, but buyers who want an uncontested structure have alternatives - Manzil's AAOIFI-aligned Musharaka (deemed permissible, out of need, by the same AMJA resolution), EQRAZ's Murabaha (overseen by its own named-scholar Shariah board), or IjaraCDC's fatwa-backed Ijara - available in Ontario without an outstanding public ruling against them.
Shariah Compliance Details
- AYA Financial maintains an Islamic Finance Advisory Board composed of multiple scholars, including Dr. Mohammad Iqbal Masood al-Nadvi, Dr. Hamid Slimi, and Shaikh Mohamed Nafis Bhayat, who review and endorse its financial products.
- A published ruling by Darul Iftaa / IslamQA (askimam) concluded Aya's contracts do not reflect a genuine musharakah and deemed the model non-compliant - citing that the financier does not share maintenance expenses, does not share profit or loss at sale, and treats the agreement as a loan rather than an investment venture.
- The AMJA Resident Fatwa Committee, in a resolution dated January 29, 2025, reviewed Aya's Musharakah contract and found that in its current form it "requires fundamental modifications for approval": establishing clear proof of the company's ownership of the property, ensuring the company bears maintenance costs, taxes and insurance, and removing any guarantee of its initial capital and profits. The committee acknowledged Aya's liquidity constraints from relying on conventional banks and credit unions, and advised it to seek investment capital from Muslim investors instead. HalalWallet presents all positions; consult your own scholar.
How Aya Financial Compares
Given the unresolved compliance dispute, the comparison for most Ontario buyers is Aya versus providers with uncontested structures.
Manzil offers AAOIFI-aligned Musharaka co-ownership in Ontario with external independent review and no outstanding public ruling against its structure.
EQRAZ's monthly Murabaha is overseen by its own named-scholar Shariah Supervisory Board with published external fatwas - the strongest third-party certification available in Ontario.
IjaraCDC's Ijara lease-to-own is backed by a fatwa lineage dating to 1995 and a standing scholar board, available across Ontario.
Bottom Line
Aya Financial offers a declining-balance (Diminishing Musharakah) model in Ontario via a credit-union partner and lists an Islamic finance advisory board. Note: 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.
Read full Aya Financial reviewShariah 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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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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Compare every home financing option side-by-side with filters, ratings, and Shariah oversight details.
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Co-Founder & CEO, HalalWallet
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.