HomeHow It Works?Halal Bank Accounts

Halal Bank Accounts

4.35%
Growing Rate

4.35% – 5 years Avg

Redeemable Yearly

  • Shariah Compliant
  • Minimum investment of $5,000
  • 1 to a 5-year term
  • Rates increase every anniversary year
  • Automatically renews, at maturity unless you choose to redeem it.
  • Redeemable every year
  • Insurable non-registered deposits are covered up to $250,000 and insurable deposits in registered accounts have unlimited deposit
    coverage.

1%
Savings Account

1% – 5 years Avg

$503  total return based on

$10,000 investment

  • Shariah Compliant
  • Liquidity (Redeemable)
  • No monthly maintenance fees
  • No minimum balance required
  • FREE Interac e-Transfers® within Canada
  • FREE online bill payments
  • FREE unlimited 24/7 access to online banking and mobile banking with the Mobile App
  • FREE unlimited MemberCard® debit card transactions
  • FREE access to over 4,500 “Ding-free”® ATMs across Canada
  • FREE monthly e-statements

3.5%
1-Year Term

3.5% – 1 year

Redeemable

  • Shariah Compliant
  • Minimum investment of $5,000
  • Redeemable
  • 1 year term
  • Rates stay consistent each year
  • Automatically renews, at maturity unless you choose to redeem it.
  • Insurable non-registered deposits are covered up to $250,000 and insurable deposits in registered accounts have unlimited deposit
    coverage.
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Term Deposits – Sukuk

Now, for the very first time, we are introducing a Shariah-Compliant Term Deposit, which allows you to earn a Halal income.

This exclusive product uses the Mudarabah Concept of financing. This product has been approved and endorsed by the Islamic Finance Advisory Board.

Insurable deposits are covered up to $250,000 by the Deposit Insurance Corporation of Ontario (FSRA).

Here’s how it works:

  1. Depositor deposits money with a Financial Institution into Shariah Compliant Term Deposit Account using the Mudarabah concept.
  2. Financial Institution as the mudarib invests the money into their Shariah Compliant Mortgage Portfolio using the AYA Property Financing Model.
  3. The Portfolio generates returns which Financial Institution collects.
  4. Financial Institution pays returns to the Depositor after deducting their management fees (based on a pre-agreed distribution ratio).

Return on Investment

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