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Manzil launches Halal wealth management solution following acquisition of Canadian Islamic Wealth

The new solution is designed to cater to the growing demand for Islamic finance and wealth management services in Canada.

The Rise of Islamic Finance in Canada

Islamic finance has been gaining popularity in Canada over the past decade, driven by the growing Muslim population and increasing demand for Shariah-compliant financial services. According to a report by the Islamic Finance Council of Canada, the country’s Islamic finance market is expected to grow by 10% annually, reaching $1.4 billion by 2025.

Manzil’s Entry into Islamic Finance

Manzil, a FinTech startup based in Toronto, has entered the Islamic finance market with the launch of its wealth management solution through subsidiary Manzil Wealth. The company acquired Winnipeg-based Canadian Islamic Wealth in September, marking its first foray into Islamic finance.

The Rise of FinTech in the Muslim Community

The Muslim community has seen a significant surge in the adoption of FinTech services in recent years. This growth can be attributed to the increasing demand for financial services that cater to the unique needs of Muslim individuals and families. FinTech companies have responded to this demand by developing innovative solutions that address specific financial challenges faced by Muslims.

Manzil Wealth is a global financial services company that provides Sharia-compliant financial products and services to individuals and institutions.

Introduction

Manzil Wealth, a global financial services company, is expanding its reach into the Canadian market. The company is now offering its Sharia-compliant financial products and services to financial advisors in Canada. This move is part of Manzil Wealth’s strategy to increase its global presence and provide more options to its clients.

Key Features of Manzil Wealth

  • Halal investments: Manzil Wealth offers a range of Sharia-compliant investment products, including stocks, bonds, and mutual funds. Sharia-compliant mortgages: The company provides mortgage products that comply with Islamic principles, allowing clients to invest in property while adhering to their faith. Financial planning training and support: Manzil Wealth offers training and support to help financial advisors develop their skills and knowledge in providing Sharia-compliant financial services.

    Manzil also partnered with a major Islamic banking institution to offer a range of Islamic financial products and services.

    Manzil’s Expansion into the US Market

    Manzil, a leading Islamic finance platform, has taken a significant step towards expanding its services into the US market. The company has announced the acquisition of Aghaz Investments, a US-based investment firm, to make its investment platform offering available for US retail investors.

    Key Highlights of the Acquisition

  • Manzil’s investment platform will now be accessible to US retail investors, expanding its customer base and increasing its revenue potential. The acquisition is expected to enhance Manzil’s presence in the US market, allowing it to tap into the growing demand for Islamic financial services. The partnership with Aghaz Investments will also provide Manzil with access to a network of US-based financial institutions and investors. ## Manzil’s Partnerships and Collaborations*

    • Manzil’s Partnerships and Collaborations

    Manzil has a history of partnering with prominent financial institutions and fintech firms to expand its services and offerings.

    “M&A plays a pivotal role in this strategy by enabling Manzil to integrate complementary services, broaden its product portfolio, and enhance its market presence,” Sawwaf added.

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