Manzil is a Halal finance platform that offers Shariah-compliant home financing options, including Halal Musharaka and Halal Murabaha, to help Muslims avoid interest-based transactions. The company also provides investment opportunities and Islamic wills, ensuring all products are legally valid in Canada and reviewed for Shariah compliance by an independent supervisory board.
Funding
$43.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Muslims in Canada seek financial products that comply with Shariah law, which prohibits interest-based transactions (riba). Traditional mortgages and investment options often conflict with these religious principles, limiting access to suitable financial solutions for this community.
Solution
Manzil offers Shariah-compliant financial products, including home financing and investment opportunities, designed to meet the needs of Muslims in Canada. Their Halal Musharaka and Halal Murabaha home financing options provide alternatives to conventional mortgages. Manzil also partners with OneVest to offer Halal investment accounts. Additionally, they provide online Islamic will creation services, ensuring legal validity and Shariah compliance. All products are reviewed by both internal and external Shariah supervisory boards to ensure adherence to Islamic finance principles.
Target Audience
The primary target audience is Muslims in Canada seeking Shariah-compliant alternatives to conventional financial products, including mortgages, investments, and estate planning services.
Features
- Halal Musharaka and Halal Murabaha home financing options
- Halal investment accounts managed in partnership with OneVest
- Online Islamic will creation with legally-secure, Shariah-compliant documents
- Products reviewed by an internal Shariah supervisory board
- Products reviewed by external, independent Shariah scholars
- AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) compliance
- CIPF (Canadian Investor Protection Fund) insured investment accounts (up to $1M, subject to CIPF terms)