Manzil, which offers Halal-certified investment and home financing solutions, aims to help Muslim Canadians balance their financial needs with their ethical and spiritual obligations. Founded in 2017, Manzil provides Halal fixed-rate and variable-rate mortgages, using capital sourced from retail investors who have invested in another one of the company’s products: the Halal Manzil Mortgage Fund, which trades on the Neo Exchange and acts like a fixed income fund.
In an interview with BetaKit, Manzil co-founder, CEO, and A&S alumnus Mohamad Sawwaf (HBSc 2007) said the startup’s mandate is “to bring a digital Islamic financial institution to Canada,” and cater to Muslim Canadians shut out of the traditional financial system by religious requirements.
To support its growth, the Islamic FinTech startup has raised $2.44 million CAD ($1.91 million USD) in seed funding and made its first acquisition, purchasing fellow Toronto-based firm Muslim Will for an undisclosed amount.