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Investing comparison

Defynance vs Manzil

Defynance and Manzil both offer investing. This page lines up 19 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.

Built from each provider's listed data · provider data last verified Nov 2026

At a glance

  • Both are available in all 50 states.
  • Defynance uses Closed-end private fund holding income share agreements (accredited investors only); Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya).
  • Shariah oversight: Defynance discloses No Public Review; Manzil discloses Formal Board.
  • HalalWallet Index: Defynance holds a B-; Manzil holds a A.
  • On measurable rows, Defynance has the better listed value on 0 and Manzil on 1.
  • They differ on 8 of the 19 data points we list for investing.

No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.

Defynance vs Manzil: the full side-by-side

19 data points from each provider's published materials, lined up row by row. They differ on 8.

DE

Defynance

B-
Pays us: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Manzil - halal finance provider logo

Manzil

A
Pays us: No. Manzil pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

19 of 19 rows

Availability

  • States covered

    Same
    Defynance: All 50 states
    Manzil: All 50 states
Costs

  • Expense ratio

    Defynance: Not listed
    Manzil: 0.40%

  • Management fee

    Defynance: Sales charge on each subscription, recurring servicing fees, a management fee on assets under management, and carried interest on profit. Amounts are in the private placement memorandum, not published.
    Manzil: 0.40% AUM + $48/yr (waived at $100K+) (Wealth Management) · Core: $48/year + 0.40% of invested assets; Premium ($100K+ in assets): $0/year + 0.40% (Manzil Trading (Self-Direc…)

  • Minimum investment

    Defynance: $25,000 for accredited investors; $100,000 for qualified purchasers (the manager can make exceptions)
    Manzil: $100 (Wealth Management) · $100 minimum in assets; fractional shares (Manzil Trading (Self-Direc…)
Shariah

  • Structure

    Defynance: Closed-end private fund holding income share agreements (accredited investors only)
    Manzil: Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya)

  • Shariah oversight

    Defynance: No Public Review
    Manzil: Formal Board

  • Shariah board / scholar

    Defynance: No Public Review
    Manzil: Formal Board

  • Published fatwa / certificate

    Same
    Defynance: No
    Manzil: No

  • Screening standard

    Defynance: Not listed
    Manzil: Real-time Shariah screening by Zoya against AAOIFI standards, embedded in the platform; non-compliant stocks cannot be traded and status changes trigger notifications (Manzil Trading (Self-Direc…) · Russell Halal USA Index (Manzil Russell Halal USA B…)
Products

  • Products listed

    Defynance: Defynance Fund
    Manzil: Wealth Management, Manzil Trading (Self-Directed Halal Stock Trading), Manzil Russell Halal USA Broad Market ETF

  • Best for

    Defynance: Not listed
    Manzil: Halal portfolio management

  • Product types

    Defynance: Private Fund
    Manzil: Investment Platform, Brokerage, ETF

  • Tickers

    Defynance: Not listed
    Manzil: MNZL

  • Holdings

    Defynance: Not listed
    Manzil: ~490

  • Account types

    Defynance: Not listed
    Manzil: Individual taxable brokerage (via the Manzil app), Individual, IRA, Roth IRA

  • Focus

    Defynance: Not listed
    Manzil: Managed Halal Portfolios (Wealth Management) · US Large & Mid Cap (Manzil Russell Halal USA B…)
Track record

  • HalalWallet Index grade

    Defynance: B-
    Manzil: A Edge

  • Founded

    Same
    Defynance: 2019
    Manzil: 2019

  • Assets under management

    Defynance: Not listed
    Manzil: $39.96M (2026-11-13)

Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.

Strengths and trade-offs

Defynance

  • Returns come from a share of borrowers' income, not from interest
  • Investor capital pays off interest-bearing student debt
  • Quarterly distributions after the first year
  • Defynance reports low volatility and returns it describes as uncorrelated with markets
  • No Shariah board, scholar, fatwa or purification guidance is published
  • Accredited investors and qualified purchasers only, with a $25,000 minimum
  • Fee amounts are disclosed only in the private placement memorandum
  • Illiquid: one-year hold, and redemption options are not yet available
  • Defynance lists its own startup status and the possibility of agreements defaulting among the risks

Manzil

  • Live and accessible: $100 minimum with a simple 0.40% + $48/year price
  • Certified professionals manage and rebalance the portfolio for you
  • Oversight by an in-house Shariah board plus external scholars, to AAOIFI standards
  • Diversified beyond equities: sukuk, REITs, and gold/silver ETFs in the models
  • Individual, Traditional IRA, and Roth IRA accounts; excess SIPC coverage raised to $75M via Alpaca
  • The $48 subscription is heavy on small accounts - on $1,000 it adds nearly 5% a year on top of the 0.40%
  • Fee disclosures conflict: the website says 0.40% + $48/year while the filed Form ADV lists $2/month + 0.49%
  • Three broad risk profiles only - no customization or individual stock selection
  • US operation is young (Aghaz acquired in November 2024) with small regulatory AUM at the start of 2025
  • The 0.40% fee applies to self-directed assets, which costs more than commission-free conventional brokers (Robinhood, Fidelity) where halal-conscious investors screen manually

Products behind the numbers

Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.

Defynance (1)

Manzil (3)

  • Wealth Management
  • Manzil Trading (Self-Directed Halal Stock Trading)Details
  • Manzil Russell Halal USA Broad Market ETF · MNZLDetails
DE

Defynance

Pays HalalWallet: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Defynance Full review
Manzil - halal finance provider logo

Manzil

Pays HalalWallet: No. Manzil pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Manzil Full review

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How do Defynance and Manzil compare for investing?

Defynance and Manzil both offer investing. This page lines up 19 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.

  • Both are available in all 50 states.
  • Defynance uses Closed-end private fund holding income share agreements (accredited investors only); Manzil uses Wealth Management / Self-directed brokerage with real-time AAOIFI screening (Zoya).
  • Shariah oversight: Defynance discloses No Public Review; Manzil discloses Formal Board.

Source: HalalWallet (halalwallet.us)

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Sources and review process

This page is reviewed against HalalWallet editorial standards and source documentation.

Reviewed by: HalalWallet Editorial Team

Last reviewed: 2026-11-13

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Defynance vs Manzil”, https://www.halalwallet.us/compare/defynance-vs-manzil, retrieved 2026-11-14).

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

What HalalWallet is and is not

Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.

What we do

  • We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
  • We show the range of scholarly opinion on contested questions, with sources.

What we do not do

  • We do not lend, hold money, open accounts or take applications. You apply with the provider.
  • We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
  • We do not give personal financial, legal or tax advice.

Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0

Before you decide, finish with three checks:

  • Confirm current terms and halal compliance directly with the provider. Their quote is final.
  • Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
  • Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.

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