Creating an ethical financial community

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Manzil's Ethically-Conscious Products

Murabaha Mortgages

In conventional mortgages, you enter into a loan agreement whereby you pay the lender back the money you borrowed plus interest over a defined term. Here the lender is not purchasing the property, but is simply making money by lending you money. This is called usury or riba in Islam (and is a principle in the other Abrahamic faiths) and it is not permissible and heavily frowned upon by the Muslim community at large. Banks or traditional lenders are basically in the business of maximizing profits while minimizing their risk. Islam teaches that risk has to be shared and that money cannot be made on money. To work around this, Manzil introduced Canada’s first affordable, shariah-compliant, halal home financing solution called a Murabaha Mortgage. Unlike conventional mortgages, Manzil actually purchases the property and then sells it back to the buyer with an additional profit. Manzil is the first company in Canada to provide open fix rates and payment terms of up to 25 years.

The Manzil Mortgage Fund (MMF)

To avoid taking interest-bearing money from banks, Manzil created Canada’s very first halal mortgage income fund. We use this fund to invest in halal mortgages and then share the profits from financing payments back to our investors. Not only can investors make money for their own needs, but also give back to their community. We’re targeting a 4% long term return.

Registered and Non-Registered Investment Accounts

Traditional accounts such as RRSPs, RESPs and TFSAs are also availble with Manzil. These accounts are tax-advantaged and designed to help Canadians save. What makes it halal is how the money that is deposited into this account gets invested. As long as the cash is being used to buy Shariah-compliant investments, such as Manzil’s Mortgage Fund, our users can sleep peacefully at night!

What About Us


To create and sustain the most credible halal financial products and services in the 21st century, to help ethically-conscious people and Muslims at large, balance their economic pursuits with their ethical and spiritual obligations.

We want to make home ownership and investing within reach for ethically-conscious Canadians. Today, Manzil is the only provider of Islamic finance in Canada that follows all guidelines for Shariah governance established by AAOIFI, the Accounting and Auditing Organization for Islamic Financial Institutions. AAOIFI compliance is generally considered to be the gold standard for Islamic finance rules and we’re honoured to bring this standard to Canada.

The Manzil Story

Headquartered in Toronto, Manzil was born with the mission to help ethically-conscious people balance their financial needs with their ethical and spiritual obligations.

For two years, Manzil has been working tirelessly to produce a shariah-compliant home financing solution that not only meets the religious obligations of Muslims, but is also both ethically and financially lucrative to Canadians at large due to its participatory rather than predatory nature.

Frequently Asked Questions

Finance Halal 1. Where do the funds that are used for the financing come from?

We’ve created a Halal Investment Fund, whereby any eligible individual or institution, can invest to receive quarterly income disbursements.

Finance Halal 2. What makes the Manzil Mortgage Product Halal?

Our scholars from Islamic Finance Advisory & Assurance Services or IFAAS, have critically reviewed all the documents pertaining to our Islamic mortgages and finance products, and they have certified that this fund meets the strict Shariah standards of the Accounting and Auditing Organizations of Islamic Financial Institutions (AAOIFI).

Invest Halal 3. What makes the Manzil Mortgage Investment Fund Halal?

Our scholars from the Islamic Finance Advisory and Assurance Services (IFAAS) have critically reviewed all the documents pertaining to this fund and they have certified that this fund meets the strict Shariah standards of the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).

4. Do I have to be Muslim to Finance or Invest?

Absolutely not! We do not limit financing or investing to people based on their religion, race, gender, or creed. We welcome everyone to explore Islamic banking in Canada and our exceptional service. In fact, many non-Muslims find our products to be very competitive and appealing due to the ethical standards we’ve established.

Finance Halal 5. Who owns the subject property?

Manzil believes that you work hard for your money and that you should own your home. Just like any other conventional mortgage, Manzil puts a lien on your property for the amount that is financed. That’s it!

Finance Halal 6. Who owns the property?

You own the property. Manzil has resold the property to you at a profit.

About our CEO

Mohamad Sawwaf is the CEO and Co-Founder of Manzil, a Toronto-based company offering Shariah-compliant alternative financial products and specializing in halal financing and investments.

Mohamad holds an MBA from the Rotman School of Management as well as a Masters of Science in Business Management & Research from the Henley Business School (UK) and is currently wrapping up his Doctorate in Islamic Finance. He is considered one of the leading authorities of Islamic Finance in Canada.

He’s also the Chair of the Advisory Council of UNHCR Canada where his focus will be to lead the council, oversee the Young Leaders Committee, and build relationships with the private sector to increase refugee employment and financial resources required to assist in their settlement.

Mohamad Sawwaf

CEO and Co-Founder
of Manzil