Moya Financial Review
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Moya Financial is in HalalWallet's independent directory with 3 products we currently list in Bank Accounts, using Mudarabah. We do not invent a contract structure when the listing does not name one. Confirm terms and Shariah documentation with Moya Financial.
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Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
HalalWallet 2026 Review
Moya Financial - At a Glance
3
Products Reviewed
1
Provinces Served
1
Category
Our Verdict
Moya Financial offers financial services described as Sharia-compliant but does not publicly disclose a Sharia advisory board, named scholar, or third-party certification.
Pros & Cons
What We Like
- Deposit insurance - eligible registered-account deposits have unlimited coverage through the Financial Services Regulatory Authority of Ontario (FSRA); non-registered deposits are insured up to $250,000
- True Mudarabah structure: deposits are invested in a Shariah-compliant mortgage portfolio and returns are shared per a pre-agreed, published distribution ratio
- Accessible entry - $5,000 minimum, with 1-, 3- and 5-year terms in redeemable and non-redeemable formats
- Available for both registered and non-registered products, plus a no-fee Shariah savings account paying monthly returns
What Could Be Better
- No in-house Shariah board - the product structure comes from partner Aya Financial and is endorsed by Aya's Islamic Finance Advisory Board rather than Moya's own scholars
- Ontario-only credit-union membership required
- Indicative returns (published as distribution ratios) can run below conventional GIC rates
- Non-redeemable deposits cannot be accessed before maturity
Who Is Moya Financial Best For?
Savers who want halal fixed-income-style returns with deposit insurance
The Sukuk term deposits pair a Mudarabah profit-share with FSRA coverage - the only insured halal deposit product in the market
Ontario Muslims parking an emergency fund or short-term savings
The Shariah savings account pays monthly returns with no fees and no minimum balance
Detailed Analysis
Moya Financial is a Toronto-based Ontario credit union whose Shariah product line answers a gap almost nothing else in Canada covers: insured, halal, fixed-income-style savings. Its Sukuk Shariah-compliant term deposits use the Mudarabah contract - the depositor provides capital, Moya manages it - with deposits invested in Moya's Shariah-compliant mortgage portfolio (built on the Aya Property Financing Model) and returns shared according to a pre-agreed, published distribution ratio.
The insurance position is the standout: eligible deposits in registered accounts carry unlimited coverage through Ontario's Financial Services Regulatory Authority (FSRA), and non-registered deposits are insured up to $250,000. Minimums are $5,000 across 1-, 3- and 5-year terms, in both redeemable and non-redeemable formats, and a no-fee Shariah savings account pays returns monthly on minimum balances. Published distribution ratios (for example, 81% to the depositor on a 1-year non-redeemable) translate to indicative rates that can sit below conventional GIC yields - the cost of the halal structure.
Governance is the caveat to understand: Moya does not maintain its own Shariah board. The term-deposit structure was developed by Aya Financial and endorsed by Aya's Islamic Finance Advisory Board, so religious oversight sits with a partner rather than in-house. Depositors who want direct scholar accountability should factor that into their comfort level.
How It Works
Moya's Shariah term deposits use Mudarabah: you (the rabb al-mal) deposit capital, Moya (the mudarib) invests it in its Shariah-compliant mortgage portfolio, and generated returns are split per a pre-agreed distribution ratio after management fees. Because your return is a share of real financing profits rather than a guaranteed interest payment, the structure avoids riba while the underlying deposit remains FSRA-insured.
Join Moya Financial
Become a member of the Ontario credit union.
Open a Sukuk Term Deposit
Choose 1-, 3- or 5-year terms, redeemable or non-redeemable, registered or non-registered, from a $5,000 minimum.
Earn Profit-Share Returns
Moya invests deposits in its Shariah-compliant mortgage portfolio and pays your share of returns per the published distribution ratio.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Moya names no scholar, board, or fatwa of its own - Shariah endorsement for the Mudarabah deposit sits upstream with partner Aya Financial's Islamic Finance Advisory Board, so religious accountability rests with a partner rather than with the credit union actually holding your money.
The term-deposit structure uses the Mudarabah concept and was developed with partner Aya Financial; it is endorsed by Aya's Islamic Finance Advisory Board.
Moya itself does not publicly disclose an in-house Sharia advisory board, named scholar, or third-party certification.
Eligible deposits are insured through the Financial Services Regulatory Authority of Ontario (FSRA) - unlimited for registered accounts, $250,000 otherwise.
Shariah compliance should always be verified directly with Moya Financial. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Moya occupies a niche with no direct equal: insured halal deposits. The realistic comparison is against halal investing platforms, which carry market risk instead.
vs. Manzil
Manzil's halal investing accounts (TFSA, RRSP and more) target growth through markets rather than insured deposits - higher potential returns, but no FSRA guarantee.
vs. Aya Financial
Aya Financial structures Moya's deposit products and offers its own Ontario home-financing model - see our Aya review for the scholarly debate around its musharakah contracts.
Bottom Line
Moya Financial offers the only FSRA-insured halal deposit products in Canada - Mudarabah-based Sukuk term deposits and a Shariah savings account through an Ontario credit union. Returns can trail conventional GICs and Shariah oversight comes via partner Aya Financial rather than an in-house board, but for insured halal savings it stands alone.
Read our full Moya Financial reviews
This page is the quick profile - Index grade, products, and availability. For the step-by-step walkthrough, costs, and our detailed take:
Products from Moya Financial
Moya Financial
Sukuk Shariah Compliant Growing-Rate Term Deposit
A five-year Mudarabah term deposit from Moya Financial whose profit share rises every year: current indicative rates step from 1.90% in year one to 2.90% in year five (2.15% to 3.15% for new money), for an effective average yield of 2.51% (2.76% new money). Returns come from Moya's Shariah-compliant mortgage portfolio under pre-agreed, published distribution ratios rather than guaranteed interest. The deposit takes a $5,000 minimum, works in registered and non-registered accounts, and is non-redeemable except for a one-time redemption option at the three-year anniversary. Eligible deposits carry FSRA insurance: $250,000 non-registered, unlimited in registered accounts.
Opens provider site - no obligation
Moya Financial
Sukuk Shariah Compliant Redeemable Term-Deposit
The liquid option in Moya Financial's Sukuk lineup: a 1-year (365-day) Mudarabah term deposit that can be redeemed in part or in full any time on or after day 90 with no distribution penalty - redeem within the first 89 days and nothing is paid. A minimum $5,000 earns an indicative 1.75% (2.20% for new money from another institution), published with its distribution ratio (54% and 67%) on Moya's rates page. Returns are a share of profits from Moya's Shariah-compliant mortgage portfolio rather than guaranteed interest. Non-registered accounts only, with FSRA deposit insurance up to $250,000.
Opens provider site - no obligation
Moya Financial
Sukuk Shariah Compliant Non-Redeemable Term-Deposit
A Mudarabah profit-sharing term deposit from Toronto credit union Moya Financial: a minimum CAD $5,000 locks in for a 1-, 3-, or 5-year term and earns a pre-agreed share of the profits from Moya's Shariah-compliant mortgage portfolio, built on partner Aya Financial's property financing model. Current indicative rates are 2.65% for 1 year and 2.30% for 3 and 5 years (3.00% and 2.55% for new money moved from another institution), each published alongside its distribution ratio. Available in registered and non-registered accounts, with FSRA deposit insurance of $250,000 on non-registered balances and unlimited coverage in registered accounts.
Opens provider site - no obligation
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
Where Available
Based on listings we track, Moya Financial is listed in the following province:
Availability may vary by product type. Always verify current availability directly with Moya Financial.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and province availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Moya Financial is in HalalWallet's independent directory for Bank Accounts, with listings covering 1 province. Structures we list: Mudarabah. Confirm terms and Shariah documentation directly with Moya Financial.
- Moya Financial currently has 3 products in our listings (Bank Accounts).
- Coverage we list: 1 province (ON).
- Contract structures we list: Mudarabah.
- Always verify compliance directly with Moya Financial and consult qualified Islamic finance advisors when needed.
- Compare Moya Financial with other providers on HalalWallet before you apply.
Source: HalalWallet (halalwallet.ca)
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
How to cite this page
Preferred format (HTML):
For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Moya Financial offer?
Moya Financial has 3 products we currently list across 1 category. Structures we list: Mudarabah. Moya Financial is best for savers who want halal fixed-income-style returns with deposit insurance; ontario muslims parking an emergency fund or short-term savings. Confirm terms directly with Moya Financial.
How does Moya Financial ensure Shariah compliance?
The term-deposit structure uses the Mudarabah concept and was developed with partner Aya Financial; it is endorsed by Aya's Islamic Finance Advisory Board. Moya itself does not publicly disclose an in-house Sharia advisory board, named scholar, or third-party certification. Eligible deposits are insured through the Financial Services Regulatory Authority of Ontario (FSRA) - unlimited for registered accounts, $250,000 otherwise.
How does Moya Financial work?
Join Moya Financial: Become a member of the Ontario credit union. Open a Sukuk Term Deposit: Choose 1-, 3- or 5-year terms, redeemable or non-redeemable, registered or non-registered, from a $5,000 minimum. Earn Profit-Share Returns: Moya invests deposits in its Shariah-compliant mortgage portfolio and pays your share of returns per the published distribution ratio.
Is Moya Financial available in my province?
Based on listings we track, Moya Financial is listed in 1 province. Availability can vary by product type. Always verify current availability directly with Moya Financial.
What are alternatives to Moya Financial?
Moya occupies a niche with no direct equal: insured halal deposits. The realistic comparison is against halal investing platforms, which carry market risk instead. Manzil: Manzil's halal investing accounts (TFSA, RRSP and more) target growth through markets rather than insured deposits - higher potential returns, but no FSRA guarantee. Aya Financial: Aya Financial structures Moya's deposit products and offers its own Ontario home-financing model - see our Aya review for the scholarly debate around its musharakah contracts.
Are Moya Financial's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Moya Financial?
Visit Moya Financial at moyafinancial.ca/contact-us/#MakeAppointment, or use the product links on this page.
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