Mackenzie Investments vs Manzil
Mackenzie Investments and Manzil both offer investing. This page lines up 17 listed data points side by side, with 10 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Nov 2026
At a glance
- Both are available in all of Canada.
- Mackenzie Investments uses Mutual Funds; Manzil uses Wealth Management.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Manzil discloses Formal Board.
- HalalWallet Index: Mackenzie Investments holds a B-; Manzil holds a A-.
- On measurable rows, Mackenzie Investments has the better listed value on 0 and Manzil on 3.
- They differ on 10 of the 17 data points we list for investing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Mackenzie Investments vs Manzil: the full side-by-side
17 data points from each provider's published materials, lined up row by row. They differ on 10.
Mackenzie Investments
Pays us: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Manzil
Pays us: No. Manzil pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.17 of 17 rows
Provinces covered
SameMackenzie Investments: All of CanadaManzil: All of Canada
Expense ratio
Mackenzie Investments: 2.65% MER (Series A)Manzil: 0.40% EdgeManagement fee
Mackenzie Investments: 1.95% (Series A) / 0.80% (Series F)Manzil: Not listedMinimum investment
Mackenzie Investments: $500 initial / $50 subsequentManzil: Not listed
Structure
Mackenzie Investments: Mutual FundsManzil: Wealth ManagementShariah oversight
Mackenzie Investments: No Public ReviewManzil: Formal BoardShariah board / scholar
Mackenzie Investments: Ratings Intelligence PartnersManzil: Formal BoardPublished fatwa / certificate
SameMackenzie Investments: NoManzil: NoScreening standard
Mackenzie Investments: Dow Jones Islamic Market World Index screens - Ratings Intelligence fatwa and semi-annual auditsManzil: Russell IdealRatings Manzil Halal USA Broad Market Index
Products listed
Mackenzie Investments: Mackenzie Shariah Global Equity FundManzil: Wealth Management, Personal Account (Non-Registered), Business Account (Non-Registered), TFSA - Tax-Free Savings Account, FHSA - First Home Savings Account, RESP - Registered Education Savings Plan +2 moreBest for
Mackenzie Investments: Canadian investors who work through a financial advisor or dealer platform and want an actively managed, certified halal global equity fund in familiar mutual fund form - accepting fees above halal ETFs in exchange for advisor-channel convenience.Manzil: Individuals investing outside registered accounts - an emergency fund, Hajj savings, a future down payment - who want a managed halal portfolio with no contribution ceiling and money accessible at any time.Product types
Mackenzie Investments: Mutual FundManzil: Investment Platform, ETFTickers
Mackenzie Investments: Not listedManzil: MNZLHoldings
Mackenzie Investments: Not listedManzil: ~480Focus
Mackenzie Investments: Not listedManzil: Managed Halal Portfolios (Wealth Management) · US Large & Mid Cap (Manzil Russell Halal USA B…)
HalalWallet Index grade
Mackenzie Investments: B-Manzil: A- EdgeAssets under management
Mackenzie Investments: $32MManzil: $39.96M (2026-11-13) Edge
Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.
Strengths and trade-offs
Mackenzie Investments
- Global equity exposure in a single Shariah-screened mutual fund
- Certified compliance chain: Ratings Intelligence fatwa, semi-annual Shariah audits, and an annually published purification ratio
- Mutual fund format familiar to Canadian advisors and fund platforms, with a $500 minimum
- Series F at 1.12% MER is materially cheaper than Canada's legacy halal mutual fund option
- Available across all 10 Canadian provinces
- Series A MER of 2.65% is steep - comparable halal ETF exposure costs about 0.5%
- Small and young: roughly $32M in net assets (March 2025 statements) and an inception of February 2024
- Shariah oversight is delegated to Ratings Intelligence at the index level - Mackenzie maintains no in-house Shariah board and names no Canadian scholar
Manzil
- Portfolios built to AAOIFI standards and matched to your goals and risk tolerance
- Portfolio management provided by Corex Financial Inc.
- Works across registered and non-registered accounts
- Accessible online and through the Manzil Invest mobile app
- No contribution limits or withdrawal restrictions - invest with full flexibility
- Managed approach means you don't pick individual securities
- Management fees aren't published - the posted $48/year + 0.40% pricing applies to Manzil's US platform, so confirm CAD pricing before signing up
- No published minimum for the wealth management tier - expect a suitability conversation before onboarding
- No tax shelter - gains and investment income are taxable each year
- Limited to Manzil's managed halal portfolio lineup
Products behind the numbers
Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.
Mackenzie Investments (1)
- Mackenzie Shariah Global Equity Fund
Manzil (8)
- Wealth ManagementDetails
- Personal Account (Non-Registered)Details
- Business Account (Non-Registered)Details
- TFSA - Tax-Free Savings AccountDetails
- FHSA - First Home Savings AccountDetails
- RESP - Registered Education Savings PlanDetails
- Joint Account (Non-Registered)Details
- Manzil Russell Halal USA Broad Market ETF · MNZLDetails
Mackenzie Investments
Pays HalalWallet: No. Mackenzie Investments pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Manzil
Pays HalalWallet: No. Manzil pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.Not sure which is right? Compare all investing providers.
Browse all Investing optionsEditorial comparisons
How do Mackenzie Investments and Manzil compare for investing?
Mackenzie Investments and Manzil both offer investing. This page lines up 17 listed data points side by side, with 10 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all of Canada.
- Mackenzie Investments uses Mutual Funds; Manzil uses Wealth Management.
- Shariah oversight: Mackenzie Investments discloses No Public Review; Manzil discloses Formal Board.
Source: HalalWallet (halalwallet.ca)
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-11-13
How to cite this page
Preferred format (HTML):
https://www.halalwallet.ca/compare/mackenzie-investments-vs-manzil, retrieved 2026-11-14).For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
What HalalWallet is and is not
Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.
What we do
- We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
- We show the range of scholarly opinion on contested questions, with sources.
What we do not do
- We do not lend, hold money, open accounts or take applications. You apply with the provider.
- We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
- We do not give personal financial, legal or tax advice.
Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0
Before you decide, finish with three checks:
- Confirm current terms and halal compliance directly with the provider. Their quote is final.
- Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
- Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.
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