Manzil (company)

Manzil is an Islamic sharia-compliant financial technology and services company headquartered in Toronto, Ontario, Canada. In November 2019, the company launched the first Platform Traded Fund (PTF) in Canada that complies with Islamic sharia law. The fund's capital supports their home financing which currently includes a Murabaha (cost-plus) and Musharaka (partnership) transaction models.
History.
In May 2019, Manzil raised its pre-seed round of capital led by FCT Holdings Ltd., ShariaPortfolio Canada, and Henon Capital. In September 2019, Manzil was accepted into the Holt FinTech accelerator program to accelerate the commercialization of their Halal financial product offerings. In December 2019, Manzil partnered with CI Direct Investing, formerly WealthBar and now a subsidiary of CI Financial, to offer the Manzil Portfolios, Canada's only diversified Halal portfolio offering available through a robo-advisor.
On August 19, 2020, Manzil partnered with KOHO to launch the very first Halal Prepaid Visa program in Canada.
On January 21, 2021, Manzil became the first and only Canadian associate member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Company.
Manzil is aimed at investors looking for Halal and ethical financing and investments. The company is regulated by the Financial Services Regulatory Authority (FSRA - formerly FSCO) of Ontario as well as the Ontario Securities Commission (OSC). As an Islamic institution, the company cannot involve itself in the business of liquor, firearms, gambling, entertainment or tobacco industries, nor can they generate any revenues from interest (Riba). The Neobank provides Halal home financing, wealth management, and prepaid cards directly to its consumers or through its financial institution partners.
The company is supervised by an independent Shariah Supervisory Board.
Recognition.
In February 2020, Manzil was awarded the "Most Promising Islamic Fintech Start-up of the Year" by IFN Fintech for 2019. In November 2020, Fintech Abu Dhabi Festival honoured Manzil with the "Islamic Fintech to Watch" award. In April 2021, Manzil was awarded the "Best Alternative Finance Fintech Provider and Islamic Fintech Company of the Year for 2020" by the World Islamic Fintech Awards.