Investing · Manzil
Manzil FHSA - First Home Savings Account
Co-Founder & CEO, HalalWallet
Facts are re-verified against Manzil's published materials; this page updates when the provider's terms, rates, or coverage change.
Manzil's FHSA combines Canada's best-designed account wrapper with halal contents: contributions are tax-deductible like an RRSP, qualifying first-home withdrawals are tax-free like a TFSA, and there is no repayment obligation (unlike the Home Buyers' Plan). Limits are $8,000 per year and $40,000 lifetime, with carry-forward allowing up to $16,000 in a single year. Unused savings transfer tax-deferred to an RRSP or RRIF if no home is bought within 15 years. Corex Financial manages the AAOIFI-screened portfolio - no GICs or interest instruments - making it a natural fit for buyers saving toward Manzil's own halal home financing, which requires 20% down.
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What is the Manzil FHSA - First Home Savings Account?
Manzil's FHSA combines Canada's best-designed account wrapper with halal contents: contributions are tax-deductible like an RRSP, qualifying first-home withdrawals are tax-free like a TFSA, and there is no repayment obligation (unlike the Home Buyers' Plan). Limits are $8,000 per year and $40,000 lifetime, with carry-forward allowing up to $16,000 in a single year.
- Contract structure: Wealth Management.
- Available in every province.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Manzil in Investing: A.
- Verified against Manzil's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Wealth Management
- Availability
- every province
- Shariah oversight
- Formal Board
- Shariah board
- Formal Board
- Last verified
- 2026-09-29
Facts are taken from Manzil's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
The FHSA is arguably Canada's best-designed account - RRSP-style deductions going in, TFSA-style tax-free money coming out for a first home, no repayment obligation - and Manzil wraps it in AAOIFI-certified halal portfolios managed by Corex Financial. The strategic fit is obvious: Manzil's own halal home financing requires 20% down, and this account is the most tax-efficient way to build that down payment without parking money in interest-bearing GICs like most FHSA providers assume. Limits are $8,000 a year and $40,000 lifetime, and if no home materializes within 15 years the balance rolls tax-deferred into an RRSP. Canadian fees are unpublished, so confirm at signup. Best for first-time buyers building a halal down-payment fund with a defined timeline.
Strengths
- Contributions are tax-deductible and qualifying home-purchase withdrawals are tax-free
- Savings grow in Shariah-compliant portfolios certified to AAOIFI standards
- Available in all 13 Canadian provinces and territories
- No repayment obligation, unlike the RRSP Home Buyers' Plan
Watch-outs
- Tax-free withdrawals apply only to a qualifying first-home purchase
- Investment selection is limited to Manzil's managed halal portfolios
- Canadian fees aren't published on manzil.co - the posted $48/year + 0.40% pricing applies to the US platform, so confirm CAD pricing at signup
Is the Manzil FHSA - First Home Savings Account halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam). The FHSA adds tax-deductible contributions and tax-free withdrawals toward a first home - a natural fit for halal home-buying savings.
Shariah oversight disclosed by Manzil
Manzil's products are certified by its internal Shariah Supervisory Board, whose governance adheres to AAOIFI standards, with external independent review by Mufti Ebrahim Desai (Darul Iftaa Mahmudiyyah) for home financing. Manzil is Canada's first AAOIFI member and publishes its Shariah compliance certificates in English, French, and Arabic at manzil.co/ca/certifications.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Dual tax advantage: tax-deductible contributions plus tax-free qualifying withdrawals, with no repayment obligation (unlike the Home Buyers’ Plan)
- $8,000 annual limit (2026) and $40,000 lifetime cap, with carry-forward allowing up to $16,000 in a single year
- Unused savings transfer tax-deferred to an RRSP or RRIF if no home is bought within 15 years
- AAOIFI-screened portfolios managed by Corex Financial
- Assets held with CIRO-member custodians covered by CIPF
Cost and terms
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil FHSA - First Home Savings Account (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio FHSA - First Home Savings Account | Wealth Management | Third-Party Certified | 4 provinces | — |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | 10 provinces | B |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
Other Manzil products
- TFSA - Tax-Free Savings Account
Investing · Wealth Management
- Personal Account (Non-Registered)
Investing · Wealth Management
- Musharaka Mortgage
Home Financing · Diminishing Musharaka
- Wealth Management
Investing · Wealth Management
- RRSP - Registered Retirement Savings Plan
Retirement · Wealth Management
- Business Account (Non-Registered)
Investing · Wealth Management
- LIRA - Locked-In Retirement Account
Retirement · Wealth Management
- RESP - Registered Education Savings Plan
Investing · Wealth Management
- Murabaha Mortgage
Home Financing · Murabaha
- Manzil Wills - Islamic Will
Wills & Estate Planning · Islamic Will
- Joint Account (Non-Registered)
Investing · Wealth Management
- Manzil Russell Halal USA Broad Market ETF
Investing · Index-based
- RRIF - Registered Retirement Income Fund
Retirement · Wealth Management
Where it's available
Manzil lists the FHSA - First Home Savings Account as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil FHSA - First Home Savings Account halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. Contract structure: Wealth Management. Shariah oversight disclosed by Manzil: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Manzil FHSA - First Home Savings Account work?
Manzil's FHSA combines Canada's best-designed account wrapper with halal contents: contributions are tax-deductible like an RRSP, qualifying first-home withdrawals are tax-free like a TFSA, and there is no repayment obligation (unlike the Home Buyers' Plan). Limits are $8,000 per year and $40,000 lifetime, with carry-forward allowing up to $16,000 in a single year. Unused savings transfer tax-deferred to an RRSP or RRIF if no home is bought within 15 years.
What does the Manzil FHSA - First Home Savings Account cost?
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
Where is the Manzil FHSA - First Home Savings Account available?
Manzil lists this product as available in every province. Availability can change and may differ by province; verify directly with Manzil.
What are the alternatives to the Manzil FHSA - First Home Savings Account?
In the same category we also list ShariaPortfolio FHSA - First Home Savings Account, Wahed FTSE USA Shariah ETF (HalalWallet Index B), Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil FHSA - First Home Savings Account details against Manzil's published materials on 2026-09-29. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-29
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