TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Toronto-based Manzil, a tech-enabled ethical neo-financial services platform, announced today that it has launched Manzil Invest powered by OneVest Management Inc. (OneVest), Canada's first actively managed Halal digital investment platform.
The launching of Manzil Invest is a significant milestone for Canadian Muslims who seek to adhere to their religious values. Until today, Canadian Muslims had to settle on their faith by investing through conventional banks and financial institutions that did not understand the principles of Islamic Finance and oftentimes ended up in impermissible investments without their knowledge.
Currently, access to professionally managed Halal portfolio options through a bank, brokerage or specialty portfolio management shops comes with a significant investment minimum, anywhere from $100K - $500K. This is a substantial barrier as many Muslims are first-time investors since they have avoided participating in the financial markets and don't want to fall into the trap of unknowingly investing in impermissible assets.
Manzil is certified as an ethically compliant financial institution that adheres to Halal investing principles. Through Manzil Invest, it actively seeks out socially responsible investments (SRIs) that have no ties to the tobacco, alcohol, firearms, and adult entertainment industries, to name a few. These investments are scrutinized by a committee of Islamic and ethical scholars to ensure compliance.
"With Manzil invest, we're now providing an end-to-end digital Halal investment platform that is accessible across the country and easy to use so Canadian Muslims can have the peace of mind that their money is invested in a manner that aligns with their faith, states Dr. Mohamad Sawwaf," Founder and CEO of Manzil.
The latest census estimates put the Canadian Muslim population at approximately 2 million, growing to 3 million by 2030, making this the fastest-growing and second-largest religious base in the country. Conservative estimates suggest that the Canadian Muslim wealth management opportunity is approximately $20 billion.
Through Manzil Invest, customers get access to:
- Actively managed and institutional-style portfolios, managed by professional money managers that take advantage of changing market conditions with the objective of better returns with lower risk
- Access to alternative investments such as physical precious metals, shariah-compliant real estate, shariah-compliant mortgages, and more
- Ability to start investing with as little as $1 and get a complete, fully diversified portfolio
- Customized portfolios that are built and managed to a user's unique goals, timelines, and risk comfort
- Automated investing that allows users to schedule investments from other bank accounts automatically
Manzil Invest is available through the Manzil website and can be funded through direct deposits from another financial institution.
About Manzil
Manzil is a privately-held Canadian company and the only Canadian Islamic Neo-financial services platform that manufactures and distributes Halal financial solutions, including home financing and investment funds. It was founded in 2017 and is headquartered in Toronto, Canada.
Manzil Invest is partnered with OneVest, a registered Portfolio Manager in each province and territory of Canada and an Investment Fund Manager in the provinces of Alberta, Newfoundland and Labrador, Ontario, and Quebec. All assets are held at CI Investment Services (CIIS), a registered investment dealer in Canada, which is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). Investment accounts have CIPF protection within specific limits up to $1M.
For media inquiries, please contact
Ousama Alshurafa
ousama@manzil.ca
For more information, please visit www.manzil.ca
