Moya Financial is an Ontario-based financial institution offering Shariah-compliant sukuk term deposits as an alternative to conventional interest-bearing savings accounts. Unlike robo-advisors or ETF platforms, Moya focuses on fixed-term deposit products where your money is invested in sukuk (Islamic bonds) and you receive a predetermined return at maturity. This review covers what Moya offers, how sukuk deposits work, and whether Moya is the right choice for your halal savings in 2026.
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Moya Financial at a Glance
| Feature | Details |
|---|---|
| Headquarters | Ontario, Canada |
| Provinces served | Ontario (ON) |
| Products | Sukuk Shariah-compliant term deposits (redeemable and non-redeemable) |
| Category | Bank accounts / halal savings |
| Shariah oversight | No public review (no named Shariah board or third-party certification disclosed) |
| Website | moyafinancial.ca |
| Best for | Ontario Muslims seeking fixed-term halal savings with predictable returns |
What Are Moya's Sukuk Term Deposits?
Moya offers two types of sukuk term deposits:
- Non-redeemable term deposit: You lock your money for a fixed period in exchange for a fixed return. Early withdrawal is not permitted. Typically offers a higher return in exchange for the lock-up
- Redeemable term deposit: You lock your money for a fixed period but retain the option to redeem early (may involve a return adjustment). Offers more flexibility at a potentially lower return
Both products are described as investing your funds in sukuk, which are Islamic financial instruments backed by real assets rather than interest-bearing debt. The return you receive is a profit share from the sukuk portfolio, not interest.
How Sukuk Deposits Differ from Conventional Savings
| Factor | Moya Sukuk Deposit | Conventional GIC / Savings |
|---|---|---|
| Return type | Profit from sukuk assets | Interest (riba) |
| Return guarantee | Predetermined at term start | Predetermined at term start |
| CDIC insurance | Confirm directly with Moya | Yes (up to $100,000 at member institutions) |
| Shariah compliance | Described as Shariah-compliant | Not compliant |
| Flexibility | Fixed term (redeemable option available) | Fixed term |
| Minimum deposit | Confirm with Moya directly |
Shariah Oversight: What to Know
Moya Financial describes its products as Shariah-compliant but does not publicly disclose a Shariah advisory board, named scholar, or third-party certification. This is an important consideration for Muslim investors who prioritize verified oversight. Compare with providers that have formal boards:
- Manzil: Formal Shariah supervisory board for investing and home financing products
- Wahed: Shariah Supervisory Board reviewing all investment strategies
- Wealthsimple Halal Portfolio: Third-party Shariah screening and board review
If Shariah oversight transparency is a priority, ask Moya directly about their compliance review process before depositing. Request documentation of how sukuk selections are screened.
Moya vs Other Halal Savings Options in Canada
| Provider | Product Type | Provinces | Shariah Oversight | Best For |
|---|---|---|---|---|
| Moya Financial | Sukuk term deposits | ON | No public review | Fixed-term halal savings in Ontario |
| Manzil | Halal investing + home financing | Multi-province | Formal board | Investing and mortgages |
| Wealthsimple Halal | Managed ETF portfolio | Nationwide | Third-party board | Hands-off halal investing |
| DIY halal ETFs | ETFs in TFSA/RRSP/brokerage | Nationwide | ETF issuer screening | Flexible, self-directed investors |
Who Is Moya Financial Best For?
- Ontario residents looking for a fixed-term halal savings product (Moya currently serves ON only)
- Conservative savers who prefer predictable returns over market-linked growth
- Muslims avoiding conventional GICs who want a sukuk-based alternative
- Zakat planners who want to park funds in a fixed-term halal product before calculating zakat obligations
Moya is not a substitute for halal investing platforms if your goal is long-term wealth building through equities. For that, see best halal investing platforms in Canada or halal ETFs in Canada.
How to Open a Moya Sukuk Term Deposit
- Visit moyafinancial.ca and schedule an appointment through their contact page
- Discuss available term lengths, minimum deposits, and current return rates
- Ask about Shariah compliance documentation and sukuk portfolio composition
- Confirm CDIC or equivalent deposit insurance coverage
- Complete the application and fund your deposit
Moya Financial FAQs
Is Moya Financial CDIC insured?
Confirm directly with Moya before depositing. CDIC insurance covers eligible deposits up to $100,000 per category at member institutions. Not all financial institutions offering specialized products are CDIC members. Ask for written confirmation.
Can I hold Moya deposits in a TFSA or RRSP?
Moya's term deposits appear to be non-registered savings products. For registered account halal investing, use halal ETFs or managed portfolios inside a TFSA or RRSP. See TFSA halal investing and RRSP halal investing.
How does Moya compare to a conventional GIC?
The structure is similar (fixed term, fixed return) but the underlying mechanism differs. Conventional GICs pay interest. Moya deposits invest in sukuk and pay a profit share. Returns may be comparable, but the contract is shariah-compliant by design.
Is Moya available outside Ontario?
As of 2026, Moya Financial products are listed for Ontario only. Muslims in other provinces should consider Manzil, Wealthsimple Halal, or DIY halal ETFs through a national brokerage.
Is zakat due on Moya term deposits?
Cash and fixed-term deposits are zakatable assets. Include your Moya deposit balance (principal plus any accrued profit) in your total zakatable wealth calculation. See zakat rules in Canada.
Does Moya offer home financing or investing?
No. Moya focuses on sukuk term deposits (halal savings). For halal home financing, see halal mortgage lenders in Canada compared. For investing, see Manzil or Wealthsimple halal portfolio.
Bottom Line
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Moya Financial fills a niche for Ontario Muslims who want fixed-term halal savings through sukuk deposits. The lack of publicly disclosed Shariah oversight is a gap worth asking about directly. For investing and home financing, larger providers with formal boards offer more transparency and broader product ranges.
