Manzil RRIF - Registered Retirement Income Fund

Halal Retirement Accounts in Prince Edward Island

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.

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 Canadian fees are unpublished, so confirm before converting.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.