A method for fabricating a magnetic capacitor is provided. A first conducting material is deposited to form a first electrode layer. One or more first ferro-magnetic elements are deposited to form magnetic layer and are aligned and magnetized to produce a magnetic field. An insulating material is deposited to form an insulating layer. A second conducting material is deposited to form a second electrode layer. The one or more ferro-magnetic elements are aligned and magnetized to apply the magnetic field to the insulator layer so that the magnetic field is perpendicular to the first electrode layer and the second electrode layer, and so that the magnetic field is periodic along the length of the insulator layer and results in electric dipoles being formed in the insulator layer when a voltage is applied between the first electrode layer and the second electrode layer.