Bank Accounts · Moya Financial
Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit
Co-Founder & CEO, HalalWallet
Facts are re-verified against Moya Financial's published materials; this page updates when the provider's terms, rates, or coverage change.
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.
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What is the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit?
76% new money). Returns come from Moya's Shariah-compliant mortgage portfolio under pre-agreed, published distribution ratios rather than guaranteed interest.
- Contract structure: Mudarabah.
- Expected profit: 1.90%-2.90% stepped, eff. 2.51% (new money to 3.15%, eff. 2.76%).
- Available in Ontario.
- Shariah oversight disclosed: Not Applicable.
- Verified against Moya Financial's published materials on 2026-08-05.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Mudarabah
- Expected profit / APY
- 1.90%-2.90% stepped, eff. 2.51% (new money to 3.15%, eff. 2.76%)
- Minimum opening deposit
- $5,000
- Availability
- Ontario
- Shariah oversight
- Not Applicable
- Shariah board
- No Public Review
- Last verified
- 2026-08-05
Facts are taken from Moya Financial's published product materials and were last verified on 2026-08-05. Fields the provider does not publish are omitted rather than estimated.
Our take
Moya's Growing-Rate Sukuk deposit is the most flexible of its three Shariah term deposits: a five-year Mudarabah commitment whose published profit share steps up every year (to 2.90%, or 3.15% for new money), with an escape hatch at year three. Like its siblings, the rates are openly published as indicative distributions - not guaranteed - and Sharia oversight is disclosed through partner Aya Financial rather than on Moya's own site. The same rate page shows Moya's conventional growing-rate GIC yielding 2.94% against this product's 2.51%, so the halal discount is visible and modest. Best for Ontario savers comfortable with a medium-term commitment who want their halal yield to improve with patience.
Strengths
- Published indicative rates that grow each year - 1.90% to 2.90% (2.15%-3.15% new money), with full distribution-ratio disclosure on moyafinancial.ca/rates
- One-time redemption option at the three-year anniversary softens the five-year lock
- Available in registered and non-registered accounts, with FSRA deposit insurance
- Effective average yield is published (2.51%, or 2.76% for new money), not just headline rates
Watch-outs
- Available in Ontario only, with a $5,000 minimum
- Returns are indicative Mudarabah distributions, not guaranteed fixed rates
- Effective yield trails Moya's own conventional growing-rate GIC (2.51% vs 2.94%)
- No publicly disclosed Sharia advisory board, named scholar, or third-party certification on Moya's own site
Is the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit halal?
A Mudarabah profit-sharing deposit: your capital is invested in Moya's Shariah-compliant mortgage portfolio (built on the Aya Property Financing Model) and returns are split per pre-agreed distribution ratios that rise each year - published indicative rates step from 1.90% in year one to 2.90% in year five (2.15%-3.15% for new money), a share of real financing profits rather than guaranteed interest. Eligible deposits are FSRA-insured ($250,000 non-registered; unlimited in registered accounts). The year-by-year distribution ratios are published alongside the rates (58% to 96% of portfolio profit), so the profit split is auditable - a level of Mudarabah transparency few institutions anywhere offer, though the endorsing scholars sit with partner Aya Financial rather than Moya itself.
Shariah oversight disclosed by Moya Financial
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.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Mudarabah profit share that steps up every year of the 5-year term - indicative 1.90% to 2.90%, or 2.15% to 3.15% for new money (August 2026 rate page)
- Distribution ratios disclosed year by year (58%-96%), making the profit split auditable
- $5,000 minimum; non-redeemable, with a one-time redemption option at the 3-year anniversary
- Available in registered and non-registered accounts
- FSRA deposit insurance: $250,000 non-registered, unlimited in registered accounts
- Effective average yield published: 2.51% (2.76% for new money)
Cost and terms
$5,000 minimum, 5-year term. Indicative rates step annually (moyafinancial.ca/rates, August 2026): 1.90% / 2.50% / 2.55% / 2.70% / 2.90% for years 1-5, effective average yield 2.51%; new money from another institution: 2.15% / 2.75% / 2.80% / 2.95% / 3.15%, effective average 2.76%. Distribution ratios disclosed per year (58%-96%). One-time redemption option at the 3-year anniversary; otherwise locked to maturity. No fees published. Comparison: Moya's conventional growing-rate GIC has an effective yield of 2.94%. (verified 2026-08-05)
Other Moya Financial products
- Sukuk Shariah Compliant Redeemable Term-Deposit
Bank Accounts · Mudarabah
- Sukuk Shariah Compliant Non-Redeemable Term-Deposit
Bank Accounts · Mudarabah
Where it's available
Moya Financial lists the Sukuk Shariah Compliant Growing-Rate Term Deposit as available in Ontario.
Availability may vary by product and can change; verify with Moya Financial before applying.
Frequently asked questions
Is the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit halal?
15% for new money), a share of real financing profits rather than guaranteed interest. Eligible deposits are FSRA-insured ($250,000 non-registered; unlimited in registered accounts). Contract structure: Mudarabah. Shariah oversight disclosed by Moya Financial: Not Applicable. HalalWallet reports what the provider documents; we do not certify products.
How does the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit work?
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.
What does the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit cost?
$5,000 minimum, 5-year term. Indicative rates step annually (moyafinancial.ca/rates, August 2026): 1.90% / 2.50% / 2.55% / 2.70% / 2.90% for years 1-5, effective average yield 2.51%; new money from another institution: 2.15% / 2.75% / 2.80% / 2.95% / 3.15%, effective average 2.76%. Distribution ratios disclosed per year (58%-96%). One-time redemption option at the 3-year anniversary; otherwise locked to maturity. No fees published. Comparison: Moya's conventional growing-rate GIC has an effective yield of 2.94%. (verified 2026-08-05)
What are the minimums for the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit?
As published by Moya Financial: minimum opening deposit $5,000. Confirm current requirements with Moya Financial before applying.
Where is the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit available?
Moya Financial lists this product as available in Ontario. Availability can change and may differ by province; verify directly with Moya Financial.
When was this Moya Financial product information last verified?
HalalWallet last verified the Moya Financial Sukuk Shariah Compliant Growing-Rate Term Deposit details against Moya Financial's published materials on 2026-08-05. Rates, fees, and availability can change after that date.
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: 2026-08-05
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