Retirement · Manzil
Manzil RRIF - Registered Retirement Income Fund
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 RRIF keeps the drawdown years halal: it converts a maturing RRSP, PRPP, or RPP into regular retirement income - no new contributions allowed - with mandatory annual minimum withdrawals beginning the year after opening and amounts above the minimum available any time. The undrawn balance keeps growing tax-deferred in AAOIFI-screened portfolios managed by Corex Financial, drawing income from screened equities and halal instruments rather than the interest-yielding annuities and GICs conventional retirees default to. Manzil's named Shariah Supervisory Board certifies the products, and assets are held with CIRO-member custodians covered by CIPF.
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What is the Manzil RRIF - Registered Retirement Income Fund?
Manzil's RRIF keeps the drawdown years halal: it converts a maturing RRSP, PRPP, or RPP into regular retirement income - no new contributions allowed - with mandatory annual minimum withdrawals beginning the year after opening and amounts above the minimum available any time.
- 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
Retirement doesn't end the compliance question - the standard Canadian playbook converts an RRSP into annuities and GIC ladders, both interest-based. Manzil's RRIF keeps the drawdown years halal, converting RRSP savings into regular income while the balance stays invested to AAOIFI standards under a named three-scholar Shariah board, managed by Corex Financial. The wrapper rules are federal: mandatory minimum withdrawals start the year after opening and apply whether markets cooperate or not, and minimums not taken cannot be deferred. Every withdrawal is taxable income. Canadian fees are unpublished, so confirm before converting. Best for retirees converting a halal RRSP who want Shariah oversight to continue through retirement rather than ending at 71.
Strengths
- Converts RRSP savings into regular retirement income while staying Shariah-compliant
- Remaining balance stays invested in AAOIFI-certified halal portfolios
- Available in all 13 Canadian provinces and territories
- Withdrawals above the minimum available any time
Watch-outs
- Required minimum withdrawals apply each year regardless of market conditions
- Limited to Manzil's managed halal portfolio lineup
- 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 RRIF - Registered Retirement Income Fund 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 RRIF draws retirement income from screened equities and halal instruments rather than interest-yielding assets.
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
- Funded by transfers from a maturing RRSP, PRPP, or RPP - no new contributions
- Mandatory annual minimum withdrawals begin the year after opening; amounts above the minimum available any time
- Remaining balance keeps growing tax-deferred inside the account
- 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 RRIF - Registered Retirement Income Fund (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio RRIF - Registered Retirement Income Fund | Wealth Management | Third-Party Certified | 4 provinces | — |
Other Manzil products
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- Musharaka Mortgage
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- FHSA - First Home Savings Account
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- RRSP - Registered Retirement Savings Plan
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- Business Account (Non-Registered)
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- LIRA - Locked-In Retirement Account
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- RESP - Registered Education Savings Plan
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- Murabaha Mortgage
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- Manzil Wills - Islamic Will
Wills & Estate Planning · Islamic Will
- Joint Account (Non-Registered)
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- Manzil Russell Halal USA Broad Market ETF
Investing · Index-based
Where it's available
Manzil lists the RRIF - Registered Retirement Income Fund as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil RRIF - Registered Retirement Income Fund 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 RRIF - Registered Retirement Income Fund work?
Manzil's RRIF keeps the drawdown years halal: it converts a maturing RRSP, PRPP, or RPP into regular retirement income - no new contributions allowed - with mandatory annual minimum withdrawals beginning the year after opening and amounts above the minimum available any time.
What does the Manzil RRIF - Registered Retirement Income Fund 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 RRIF - Registered Retirement Income Fund 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 RRIF - Registered Retirement Income Fund?
In the same category we also list ShariaPortfolio RRIF - Registered Retirement Income Fund. 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 RRIF - Registered Retirement Income Fund 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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