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Manzil

Topic: Company

 From HandWiki - Reading time: 3 min
Short description: Financial technology company
Manzil
TypePrivately held company
IndustryIslamic banking
Founded2017
HeadquartersToronto
Key people
  • Mohamad Sawwaf, co-founder & CEO
  • Sam Holako, co-founder & COO
  • Mustafa Elkalza, co-founder & CFO
  • Ousama Alshurafa, co-founder & CMO
ProductsMobile app, website, financial services
WebsiteOfficial website

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.[1][2][3][4] The fund's capital supports their home financing which currently includes a Murabaha (cost-plus) and Musharaka (partnership) transaction models.[5]

History

In May 2019, Manzil raised its pre-seed round of capital led by FCT Holdings Ltd., ShariaPortfolio Canada, and Henon Capital.[6] In September 2019, Manzil was accepted into the Holt FinTech accelerator program to accelerate the commercialization of their Halal financial product offerings.[7][8][9] 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.[10][11][12]

On August 19, 2020, Manzil partnered with KOHO to launch the very first Halal Prepaid Visa program in Canada.[13][14]

On January 21, 2021, Manzil became the first and only Canadian associate member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)[15]

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.[16] In November 2020, Fintech Abu Dhabi Festival honoured Manzil with the Islamic Fintech to Watch award.[17][18] 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.[19]

See also

References

  1. ↑ "Manzil Launches First Shariah Compliant PTF On NEO Connect And DealSquare | NEO". http://www.aequitasneo.com/en/about/press-releases/manzil-launches-first-shariah-compliant-ptf-on-neo-connect-and-dealsquare. 
  2. ↑ "Manzil Launches First Shariah Compliant PTF on NEO Connect and DealSquare" (in en). Bloomberg.com. 2019-11-26. https://www.bloomberg.com/press-releases/2019-11-26/manzil-launches-first-shariah-compliant-ptf-on-neo-connect-and-dealsquare. 
  3. ↑ Vecina, Ephraim. "Halal mortgage provider Manzil launches investment fund". https://www.mortgagebrokernews.ca/news/halal-mortgage-provider-manzil-launches-investment-fund-323417.aspx. 
  4. ↑ "Manzil Launches First Shariah Compliant PTF on NEO Connect and DealSquare" (in en-CA). https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/manzil-launches-first-shariah-compliant-ptf-on-neo-connect-and-dealsquare. 
  5. ↑ Ifaas (2020-01-30). "MANZIL AND IFAAS LAUNCH THE FIRST SHARIAH COMPLIANT INVESTMENT AND PROPERTY FINANCING PRODUCTS IN CANADA" (in en-US). http://ifaas.com/manzil-and-ifaas-launch-the-first-shariah-compliant-investment-and-property-financing-products-in-canada.html. 
  6. ↑ "Manzil Raises $1.15M Pre-Seed Financing Round". https://www.osler.com/en/expertise/deals-cases/manzil. 
  7. ↑ "FinTech-focused Holt Accelerator announces 2019 cohort | BetaKit" (in en-CA). 2019-08-19. https://betakit.com/fintech-focused-holt-accelerator-announces-2019-cohort/. 
  8. ↑ GmbH, finanzen net. "Bringing the Future of Finance to Canada - Holt Fintech Accelerator Launches 2019 Cohort" (in en-us). https://markets.businessinsider.com/news/stocks/bringing-the-future-of-finance-to-canada-holt-fintech-accelerator-launches-2019-cohort-1028456471. 
  9. ↑ "Canadian accelerator program accepts Islamic fintech start-up Manzil | IFN Fintech" (in en-US). https://ifnfintech.com/canadian-accelerator-program-accepts-islamic-fintech-start-up-manzil/. 
  10. ↑ Corp, CI Financial. "CI Financial extends ownership of WealthBar to 100%; Firm to be cornerstone of integrated CI Direct Investing platform" (in en). https://www.newswire.ca/news-releases/ci-financial-extends-ownership-of-wealthbar-to-100-firm-to-be-cornerstone-of-integrated-ci-direct-investing-platform-878851802.html. 
  11. ↑ "Fintech start-up Manzil launches Canada's first Halal mortgage fund | IFN Fintech" (in en-US). https://ifnfintech.com/2888-2/. 
  12. ↑ "Online Wealth Management" (in en). https://www.cidirectinvesting.com/signup/manzil. 
  13. ↑ "Manzil partners with Koho to launch halal prepaid Visa card | BetaKit" (in en-CA). 2020-08-19. https://betakit.com/manzil-partners-with-koho-to-launch-halal-prepaid-visa-card/. 
  14. ↑ "Manzil Partners With KOHO to Launch Halal Prepaid Visa Cards This launch is the first of its kind in Canada and will give faith based users a unique opportunity to spend and save money" (in en-CA). https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/manzil-partners-with-koho-to-launch-halal-prepaid-visa-cards-this-launch-is-the-first-of-its-kind-in-canada-and-will-give-faith-based-users-a-unique-opportunity-to-spend-and-save-money. 
  15. ↑ "Accounting and Auditing Organization for Islamic Financial Institutions" (in en-US). https://aaoifi.com/announcement/manzil-becomes-first-canadian-associate-member-of-aaoifi/?lang=en. 
  16. ↑ "World Islamic Fintech Awards 2019: Strength in diversity | IFN Fintech" (in en-US). https://ifnfintech.com/world-islamic-fintech-awards-2019-strength-in-diversity/. 
  17. ↑ "FinTech Abu Dhabi Festival 2020 concludes with largest edition yet" (in en). https://www.zawya.com/mena/en/press-releases/story/FinTech_Abu_Dhabi_Festival_2020_concludes_with_largest_edition_yet-ZAWYA20201126141233. 
  18. ↑ "Award Winners" (in en-GB). https://www.fintechabudhabi.com/award-winners. 
  19. ↑ "World Islamic Fintech Awards 2020: Rainbow after the storm" (in en-US). 2021-04-08. https://ifnfintech.com/world-islamic-fintech-awards-2020-rainbow-after-the-storm/. 




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