Manzil

Name

Manzil

Legal name

Manzil Inc.

Website

https://manzil.ca

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Shariah-Compliant Personal Finance

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Trust, Fiduciary, and Custody Activities (523991)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Islamic Private Banking & Wealth (FSABAGAD)

akta.pro secondary industries

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Shariah-compliant finance
• Halal mortgages
• Islamic investments
• Estate planning services
• Halal wealth management

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Halal Mortgage Financing: Manzil provides Shariah-compliant home financing through co-ownership models. The company has surpassed $100 million CAD in halal mortgage financings since launch in 2020.
2. Halal Investment Products: Shariah-compliant investment portfolios through Corex platform including RRSP, TFSA, RESP, FHSA, LIRA, RRIF accounts. Assets held with CI Investment Services, member of IIROC and CIPF.
3. Wealth Management: Halal wealth management platform launched following acquisition of Canadian Islamic Wealth, serving Canadian clients with Sharia-compliant financial products.
4. Islamic Wills: Digital Islamic Wills platform acquired from Muslim Will Solutions Inc., providing legally binding, Shariah-compliant wills for Canadian Muslims.
5. Money Management: Manzil Money: Halal, interest-free way to save, spend, and budget.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Manzil provides a unified suite of Shariah-compliant financial products for Muslim Canadians, including halal home financing through co-ownership models, Shariah-compliant investment portfolios (RRSP, TFSA, RESP, FHSA, LIRA, RRIF accounts) via its Corex platform, online Islamic wills generation, interest-free money management with a debit card, and wealth management services. All offerings are reviewed through a three-tier Shariah verification process combining internal governance, external independent scholars (Mufti Ebrahim Desai), and AAOIFI compliance standards.

Product overview

Manzil is a unified Islamic fintech platform operating as Canada's Halal Finance Hub, offering multiple Sharia-compliant financial products under one roof. The platform integrates Corex (Halal investment platform supporting RRSP, TFSA, RESP, FHSA, LIRA, RRIF, and Non-registered accounts), Homes (Halal home financing via co-ownership models), Wills (Islamic wills generated online), Money (interest-free banking with debit card), and Wealth Management services. Additional offerings include Zakat, Realty, and Purification services, alongside fund products like the MNZL ETF, Mortgage Fund, and Development Fund. All products undergo three-tier verification including internal Shariah supervision, external independent scholars (Mufti Ebrahim Desai), and AAOIFI compliance. The company operates on an acquisitions-driven growth strategy, having acquired Muslim Will Solutions (2022), Canadian Islamic Wealth (2024), and Aghaz Invest's US license (2024) to expand its product portfolio and geographic reach.

Differentiator

Problem solved

Functional benefit

Brands

• MNZL ETF: Exchange-traded fund offered by Manzil as part of its halal investment product lineup.

Products and services

• Corex (Halal Investments) Shariah-compliant investment platform providing halal-certified portfolios across Canadian registered and non-registered account types (RRSP, TFSA, RESP, FHSA, LIRA, RRIF, Spousal RRSP, Non-registered). Assets are held with CI Investment Services, a CIPF-insured member of IIROC, for Muslim Canadians and ethical investors.
• Halal Home Financing (Homes) Shariah-compliant home financing using co-ownership models, recognized as the first truly Halal home financing solution in Canada by external scholar Mufti Ebrahim Desai. Targeted at Canadian Muslims who want transparent, interest-free (non-riba) paths to homeownership.
• Islamic Wills Online platform that generates legally binding, Shariah-compliant Islamic Wills in approximately 20 minutes. Acquired from Muslim Will Solutions Inc. and reviewed by Manzil's internal and external Shariah supervisory board for Canadian Muslim consumers needing estate planning documents.
• Manzil Money Halal, interest-free way to save, spend, and budget, including a bank card for transactions. Built for Muslim Canadians who want everyday banking that complies with Shariah principles.
• Wealth Management Halal wealth management platform offering Sharia-compliant financial products and services to Canadian clients, established following the acquisition of Canadian Islamic Wealth. Aims to set new standards in Halal wealth management for the underserved Muslim Canadian market.
• Zakat Services Zakat calculation and management services that help Muslim Canadians fulfill their religious financial obligations in compliance with Sharia principles.
• Realty Real estate services integrated with Manzil's halal home financing offerings to support Muslim Canadian homebuyers through the property purchase process.
• Purification Financial purification services that help Muslim Canadians ensure their income and holdings remain compliant with Sharia principles.
• MNZL ETF Exchange-traded fund offered by Manzil as part of its halal investment product lineup, providing Shariah-compliant exposure for investors.
• Mortgage Fund Shariah-compliant mortgage fund investment option within Manzil's halal fund product lineup, allowing investors to participate in mortgage-backed exposures aligned with Islamic principles.
• Development Fund Shariah-compliant development fund investment option within Manzil's halal fund product lineup, enabling investors to participate in development-related exposures aligned with Islamic principles.
• Manzil Invest (US) Digital halal investment platform launched in the United States using the acquired Aghaz Invest US license and technology, enabling Manzil to directly offer its Manzil Invest platform to US retail investors.

Quantifiable outcome

• Over $100 million CAD in halal mortgage financings since 2020
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Muslim Will Solutions Inc.coreStrategic or Co-development PartnerManzil completed 100% acquisition of Muslim Will Solutions Inc., a Canadian digital Islamic wills platform, in May 2022. The acquisition aimed to expand Manzil's product offerings and serve more Canadian Muslims with accessible, Shariah-compliant legal documents.
• Canadian Islamic WealthcoreStrategic or Co-development PartnerManzil acquired Canadian Islamic Wealth in September 2024, adding 300 clients and a team to its operations. This acquisition enabled Manzil to launch its first wealth management platform and set new standards in Halal wealth management.
• Aghaz InvestcoreStrategic or Co-development PartnerManzil acquired Aghaz Invest's US license and technology to expand halal financial solutions in the United States. This strategic move enables Manzil to operate directly in the US and offer its Manzil Invest platform to U.S. retail investors.
• Mufti Ebrahim DesaiminorStrategic or Co-development PartnerRenowned external scholar Mufti Ebrahim Desai reviewed Manzil's contracts and deemed Manzil the first truly Halal home financing solution in Canada. Part of Manzil's three-tier Shariah governance verification process.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wahed Invest: Global Shariah-compliant digital investment platform offering halal portfolios, retirement accounts, and (in some markets) home financing. Directly comparable to Manzil's Corex and broader platform thesis, with a larger international footprint and stronger venture backing.
• Guidance Residential: US-based Shariah-compliant home financing provider using co-ownership/Ijara structures, the established incumbent in the North American halal mortgage category. Most directly comparable to Manzil's Homes product line.
• University Bank (UMMAH Community Fund): Michigan-chartered bank with the UMMAH Fund offering Shariah-compliant home financing in the US. Comparable to Manzil's halal mortgage business via a regulated banking model rather than fintech wrapper.
• Sharia Portfolio Canada: Canadian Shariah-compliant investment management firm and a prior investor in Manzil. Comparable as a domestic Canadian halal investment manager and a relevant benchmark for Manzil's Corex investment platform.
• Niyah: UK-based Islamic finance platform offering Shariah-compliant home financing, wills, and estate planning — almost identical product mix to Manzil and a leading benchmark for Manzil's stated UK expansion ambition.

Emerging players

• Sarwa: MENA-headquartered digital wealth platform with halal investment portfolios. Comparable on the investment-platform axis, though it does not (yet) bundle home financing, wills, and money management like Manzil.
• Aghaz Invest: US Shariah-compliant investment platform whose technology and US license were acquired by Manzil in November 2024. Directly comparable on US-market halal investing and a structural reference point for Manzil's US go-to-market.

Broad incumbents

• Al Rayan Bank: UK Shariah-compliant retail bank offering current accounts, savings, mortgages, and investments. A regulated incumbent whose product breadth illustrates the long-run platform shape Manzil is building toward in Canada.
• Gatehouse Bank: UK-based Shariah-compliant bank offering property finance, savings, and investment products. Comparable to Manzil's halal mortgage and deposit aspirations, and a benchmark for the regulated Islamic banking model Manzil may eventually need to adopt at scale.
• Amana Mutual Funds Trust: US Shariah-compliant mutual fund family offering growth, income, and developing-world portfolios. Comparable to Manzil's Corex/MNZL ETF offering on the investment side, but distributed through conventional channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/manzilinc
• Facebookfacebook.com/manzilinc
• LinkedInlinkedin.com/company/getmanzil
• Instagraminstagram.com/manzil.ca

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manzil