Manzil LIRA - Locked-In Retirement Account

Manzil is Canada's most established halal-finance company. Founded in Toronto in 2017 by Dr. Mohamad Sawwaf, it spent roughly two and a half years in legal and regulatory R&D before launching halal mortgages in 2020, funded not by bank credit but by the Manzil Mortgage Fund (MMF) - a Shariah-compliant investment vehicle whose units trade through registered channels (the fund has been listed on Cboe Canada, formerly NEO). A CAD $2.44M seed round in 2022 (led by Think Financial, the financial arm of True North Mortgage) financed expansion, and acquisitions followed: Muslim Will (2022, halal wills), Canadian Islamic Wealth (2024, advisory), and US robo-advisor Aghaz (2024, the beachhead for Manzil Invest USA).

The mortgage business crossed CAD $50 million financed by August 2024 and CAD $100 million by October 2025 - roughly 240 households (company-reported figures via press). The funding model is circular by design: private investors buy MMF units, the fund finances residential purchases through Musharaka and Murabaha contracts, and homeowner payments generate the investors' return. Published fund data (April 2025) shows what that portfolio looks like: $101.8M in residential assets, a $55.4M mortgage book at a conservative 54.39% finance-to-value, a 0.00% default rate, and an average financed client with $179,163 household income and a 784 credit score. The portfolio is 98.79% Musharaka contracts and 72.83% Ontario, with Alberta at 24.49% and BC at 2.68%.

The flagship product is the Musharaka (diminishing partnership) mortgage: a 5-year fixed-rate co-ownership in which the buyer holds title from day one, the down payment (minimum 20%) forms the initial equity share, and each monthly payment both buys back Manzil's units and pays a profit rate on the share not yet owned. Contract terms run 2-5 years against amortizations up to 25 years, the profit rate is fixed per term and priced off expected MMF investor returns (compounded annually, not in advance), and a one-time administrative fee - typically 2% of the financing amount - is due at closing. A Murabaha (cost-plus resale) alternative exists with its certificate published for Ontario. Financing runs up to $1.5 million, closings typically complete in 10 to 40 days, and manual underwriting is available for self-employed, business-owner, rental, retirement, and investment income. Prepayments are permitted up to 20% of the outstanding balance per year and a full early exit requires a minimum 30-day notice, though Manzil's stated position is that there are no penalty fees for early payoff. Applicants must be Canadian citizens or permanent residents, and support runs by phone and email in English and Arabic with a stated two-business-day response time.

Manzil's own pages state primary operations are focused on Ontario, Alberta, and British Columbia, while Quebec service launched briefly and new applications are temporarily paused over technical hurdles (company statement, July 2026); the published product certificates are Ontario-scoped. Purchases, refinances, and mortgage transfers are all supported. Manzil frankly addresses the 'it's just interest with another name' objection: percentages are a pricing metric, and the Shariah distinction lies in the asset-backed contract - its own blog even concedes renting can be the more prudent halal choice at market peaks.

Beyond mortgages, the Canadian suite is the broadest of any halal provider in the market: Manzil Invest (managed halal portfolios and the full registered-account lineup - TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, plus non-registered personal/joint/business accounts) delivered through Corex Financial Inc., a portfolio manager registered in every province and territory whose custodians are CIRO members with CIPF protection; Manzil Wills ($99 and $149 online Islamic will tiers); a zakat hub fronted by Mufti Faraz Adam; Manzil Money (an interest-free spending account with prepaid Mastercard, operated by FINTRAC-registered Manzil Money Services Inc.); Manzil Realty (an eXp Canada partnership); and the Manzil Development Fund for community projects such as the Windsor senior-housing development.

Corporate structure: Murabaha Inc. (d/b/a Manzil) is a federal CBCA corporation registered March 1, 2019, headquartered at First Canadian Place in Toronto; subsidiary Manzil Mortgage Services Inc. is an FSRA-regulated mortgage broker in Ontario. Manzil describes itself as the first Canadian member of AAOIFI (company-claimed). The US expansion (SEC-registered Manzil Invest USA, the Nasdaq-listed MNZL ETF) makes it the only North American halal platform operating full product suites on both sides of the border.