Retirement · Manzil
Manzil LIRA - Locked-In Retirement 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 LIRA takes the pension you left behind at a former employer and moves it into halal management: the account holds vested pension transfers only - personal cash contributions are not permitted - with funds generally locked until age 55 and unlocking exceptions for hardship, shortened life expectancy, or small balances. Growth is tax-deferred in AAOIFI-screened portfolios managed by Corex Financial under Manzil's named Shariah Supervisory Board, whose compliance certificates are published in English, French, and Arabic. The account converts to a LIF or life annuity by December 31 of the year you turn 71. Assets sit with CIRO-member custodians covered by CIPF.
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What is the Manzil LIRA - Locked-In Retirement Account?
Manzil's LIRA takes the pension you left behind at a former employer and moves it into halal management: the account holds vested pension transfers only - personal cash contributions are not permitted - with funds generally locked until age 55 and unlocking exceptions for hardship, shortened life expectancy, or small balances.
- Contract structure: Wealth Management.
- Available in every province.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Manzil in Retirement: 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
Leaving an employer usually means leaving a conventional pension behind, invested in whatever bond-heavy default fund the plan chose. Manzil's LIRA lets you move those locked-in funds into an AAOIFI-governed halal portfolio instead, managed by Corex Financial with tax-deferred growth until the account converts to a LIF or annuity at 71. Governance is unusually transparent - a named three-scholar Shariah Supervisory Board with certificates published in three languages. Locked-in rules mean this is preservation money, not accessible savings: withdrawals before 55 require hardship or other narrow exceptions. Canadian fees are unpublished, so confirm before transferring. Best for Canadians with a pension from a past job who want it managed to Shariah standards until retirement.
Strengths
- Holds locked-in pension funds from a former employer in a Shariah-compliant portfolio
- Certified by Manzil's Shariah Supervisory Board under AAOIFI-aligned governance
- Available in all 13 Canadian provinces and territories
- Compliance certificates published in English, French, and Arabic
Watch-outs
- Locked-in rules restrict when and how funds can be withdrawn
- Investments are limited to Manzil's managed halal portfolios
- Fees aren't published in this listing - confirm current pricing with Manzil
Is the Manzil LIRA - Locked-In Retirement 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 LIRA holds locked-in pension transfers in those screened portfolios.
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
- Holds vested pension transfers from a former employer - personal cash contributions are not permitted
- Funds generally locked until age 55, with unlocking exceptions for hardship, shortened life expectancy, or small balances
- Converts to a LIF or life annuity by December 31 of the year you turn 71
- Tax-deferred growth in 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 retirement providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil LIRA - Locked-In Retirement Account (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio LIRA - Locked-In Retirement Account | Wealth Management | Third-Party Certified | 4 provinces | — |
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Where it's available
Manzil lists the LIRA - Locked-In Retirement 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 LIRA - Locked-In Retirement 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 LIRA - Locked-In Retirement Account work?
Manzil's LIRA takes the pension you left behind at a former employer and moves it into halal management: the account holds vested pension transfers only - personal cash contributions are not permitted - with funds generally locked until age 55 and unlocking exceptions for hardship, shortened life expectancy, or small balances.
What does the Manzil LIRA - Locked-In Retirement 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 LIRA - Locked-In Retirement 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 LIRA - Locked-In Retirement Account?
In the same category we also list ShariaPortfolio LIRA - Locked-In Retirement Account. Compare every option side by side on our Halal Retirement Accounts hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil LIRA - Locked-In Retirement 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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