Return on Investment
The above returns are for illustration purposes only. Returns may vary at the time of opening the account.
Term Deposits – Sukuk
Now, for the very first time, we are introducing a Shariah Compliant Term Deposit which allow 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.
Here’s how it works:
- Depositor deposits money with a Financial Institution into Shariah Compliant Term Deposit Account using the Mudarabah concept.
- Financial Institution as the mudarib invests the money into its Shariah Compliant Mortgage Portfolio using the AYA Property Financing Model.
- The Portfolio generates returns which Financial Institution collects.
- Financial Institution pays returns to the Depositor after deducting its management fees (based on pre-agreed distribution ratio).
Please contact us for more detailed information to take advantage of this exciting offer.
Sukuk Term Deposit Features
- Shariah Compliant
- Minimum investment of $5,000
- 1 to 5-year term
- Rates increase each year
- Automatically renews, at maturity unless you choose to redeem it.
- Redeemable every anniversary year
- Insurable non-registered deposits are covered up to $250,000 and insurable deposits in registered accounts have unlimited deposit
coverage. For further information on deposit insurance, please ask for a brochure at the credit union or visit DICO’s website at www.dico.com.
Term Deposit Video and Open Your Account Today!
Information Sheets:
Please find the following information sheets on the SUKUK term deposits:
Please contact us if you have any questions.
Definitions and Disclaimer
Mudarabah: is a contract between two parties to finance a business venture. The parties are Rabb al-mal (Depositor) or an investor who solely provides the capital and a Mudarib (Moya Financial) or an entrepreneur who solely manages the project. Returns will be distributed based on a pre-agreed ratio.
Sukuk: is an Islamic financial certificate, similar to a bond in Western finance, that complies with Shariah — Islamic religious law. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk sells certificates (term deposits) to a group of investors, and then uses the proceeds to finance assets to derive Shariah compliant returns.
Disclaimer: AYA Financial provides financial advisory, product structuring and licencing services to its clients. Further more it does not solicit deposits or investments from its clients. A regulated financial institution accepts term deposits using the AYA product structure. Term deposits are offered by our institutional partner “Moya Financial Credit Union Limited (MOYA)”. AYA Financial does not solicit deposits or securities and is not a deposit taking institution. All term deposits offered by MOYA are insured up to $250,000 limit by the Deposit Insurance Corporation of Ontario (DICO). DICO’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Please contact us for more details.