Directory
List of Islamic banks in Canada
Every Shariah-compliant credit union program, finance company, housing co-operative and deposit provider operating in Canada, with who regulates it, who insures it, who certifies it, and where it operates. Registry last verified 2026-10-14.
Are there Islamic banks in Canada?
Not as licensed banks. No Canadian bank holds an Islamic banking licence and none of the big five offers a Shariah-compliant account or mortgage. Halal banking is delivered by credit unions with halal programs, licensed Islamic finance companies, housing co-operatives and Shariah-compliant term-deposit providers. The directory below lists every institution HalalWallet tracks, with its Shariah oversight and provincial coverage.
- No Canadian bank holds an Islamic licence; evaluate the product contract, not the label
- Deposit insurance, where it exists, is provincial credit-union coverage rather than CDIC
- Most halal mortgages come from licensed finance companies and co-ops, not deposit-taking institutions
- 14 institutions tracked, each with a last-verified date
Source: HalalWallet (halalwallet.ca)
The four ways Islamic banking is delivered in Canada
Canadian banking law has no Islamic bank licence, so every institution below is a conventional legal structure running a Shariah-compliant program inside it. That is why the regulator, the deposit insurer, and the Shariah certifier can all be different organizations, and why each needs to be checked separately.
Credit unions with a Shariah-compliant program
A provincially regulated, member-owned credit union that runs a ring-fenced halal product line: deposits that pay no interest, home financing written as Murabaha or Musharakah instead of a mortgage loan, and an external Shariah certifier or scholar who signs off on the contracts. Deposits are insured by the provincial credit union deposit guarantor (for example the Credit Union Deposit Guarantee Corporation in Alberta or FSRA in Ontario), not by CDIC.
How to verify: Confirm the credit union with its provincial regulator, then ask for the Shariah certificate for the specific product.
Islamic finance companies (non-bank lenders)
Companies that originate halal home, auto, or business financing without taking deposits. They are licensed as mortgage brokers, mortgage administrators, or lenders under provincial law (FSRA in Ontario, BCFSA in British Columbia, AMF in Quebec, RECA in Alberta) and funded by investors or institutional partners rather than by deposits. Most halal home financing in Canada runs through this model.
How to verify: Look the company up in the provincial mortgage-broker or lender registry and confirm the licence covers your province.
Housing cooperatives
Member-owned co-operatives that pool member capital to co-purchase homes and transfer ownership as the member buys out the pool. They are incorporated under provincial co-operative law, not banking law, and are not deposit insured. Governance is one member, one vote, which maps naturally onto Islamic partnership principles, but the contract still has to be checked: no interest in either direction, real shared ownership behind every financing.
How to verify: Ask for the membership agreement, the co-op's incorporation, and the scholar who reviewed the financing contract.
Halal fintechs and screened portfolios on a regulated platform
Investment platforms and apps that offer a Shariah-screened portfolio or screening tool. They are registered with provincial securities regulators (and in most cases with CIRO) rather than as banks, and client assets are held at a regulated custodian with CIPF coverage where applicable. These are investing surfaces, not banks, and are listed on the investing hub rather than in the directory below.
How to verify: Check the firm's registration in the CSA National Registration Search and confirm who holds the assets.
Directory: every Islamic banking institution in Canada
Deposit-taking institutions
| Institution | Products | Shariah oversight | Provinces | Last verified |
|---|---|---|---|---|
| Moya Financial | Bank Accounts | No Public Review | 1 | 2026-08-05 |
Islamic finance companies, credit union programs and co-operatives (financing)
| Institution | Products | Shariah oversight | Provinces | Last verified |
|---|---|---|---|---|
| IjaraCDC | Business Financing, Home Financing, Auto Financing | Formal Board | Nationwide | 2026-10-06 |
| Eqraz | Home Financing | Third-Party Certified | 10 | 2026-08-05 |
| Muevmnt Financial | Business Financing, Auto Financing | No Public Review | 10 | 2026-08-05 |
| Tjara Halal Financing | Business Financing, Home Financing | Formal Board | 10 | 2026-08-05 |
| Manzil | Home Financing | Formal Board | 4 | 2026-10-14 |
| Al Ehsaan | Home Financing | No Public Review | 1 | 2026-08-05 |
| Ansar Co-operative Housing | Home Financing | No Public Review | 1 | 2026-08-05 |
| Aya Financial | Home Financing | Formal Board | 1 | 2026-08-05 |
| Canadian Halal Financial Corporation | Home Financing | Named Scholar | 1 | 2026-08-05 |
| Halal Car Financing | Auto Financing | No Public Review | 1 | 2026-08-05 |
| Interest Free Housing Co-Operative of Canada | Home Financing | Named Scholar | 1 | 2026-08-17 |
| Qurtuba | Home Financing | No Public Review | 1 | 2026-08-05 |
| Servus Credit Union | Home Financing | Third-Party Certified | 1 | 2026-08-05 |
Shariah oversight reflects what each institution publicly documents at the time of review; HalalWallet reports documentation and does not certify products. Province counts come from each provider's published licensing. Providers that pay HalalWallet for placement are listed identically to those that do not. See the Trust Standard and coverage map.
Islamic banks near me: by province
Most institutions operate across several provinces online, with office presence concentrated in Ontario, Quebec and Alberta. Pick your province to see which halal bank accounts and financing providers are licensed there.
All provinces for bank accounts → · Halal mortgage availability by province →
Six questions that separate an Islamic institution from a relabeled one
- Does the account pay zero interest, and does the institution state in writing where my deposits are placed?
- Who is the Shariah board or certifying scholar, and is the certificate dated and specific to this product?
- Is the institution a CDIC member, a provincial credit union with deposit guarantee coverage, or not deposit-insured at all?
- For financing, which contract is used (Murabaha, Ijara, diminishing Musharakah) and does the institution actually take ownership of the asset?
- How are late payments handled: a fixed amount directed to charity, or a compounding fee that is lender revenue?
- Which provinces is the institution licensed in, and does that include mine?
How Islamic finance developed in Canada
No law was passed to permit Islamic banking. It grew inside co-operative, mortgage-broker and credit-union law, which is why it exists as programs and finance companies rather than as a separate banking sector.
1990
Qurtuba Housing Co-op is founded in Montreal, one of the earliest sustained Shariah-compliant home financing programs in Canada.
2003
Ansar Co-operative Housing Corporation begins co-purchasing homes with members in Ontario.
2005
IjaraCDC extends its lease-to-own home financing model into Canada.
2019 to 2021
Manzil launches Musharakah and Murabaha home financing; Eqraz launches Murabaha financing; Canadian Halal Financial Corporation launches in Alberta, moving most halal mortgage volume from co-ops to licensed finance companies.
2024
The federal budget commits to exploring halal mortgage access, the first federal policy statement on Islamic home financing in Canada.
2025
Servus Credit Union launches Murabaha home financing in Alberta, bringing a Shariah-certified home financing program inside a provincially regulated credit union.
Compare the products, not just the institutions
Islamic banks in Canada: common questions
Decide where each dollar sits, then check the hard questions
Free tools that show their formulas, the questions scholars actually disagree on, and the pathways and walkthroughs for people in your situation. Evidence to bring to your provider and your scholar, not a verdict.
Canonical answers
- List of Islamic banks in CanadaEvery Shariah-compliant credit union program, finance company, co-operative and deposit provider, by delivery model and province, with regulator and deposit-insurance lookups.
- Qard hasan vs personal loanThe only halal way to borrow cash, and what to do when it is not available.
Editorial Team, HalalWallet
Independent halal finance research
Reviewed quarterly and updated for major content changes.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-23
How to cite this page
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For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
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.
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