Manzil Wealth Management
Halal Investing in Maine
Manzil's US managed investing service is live: Manzil Investment Advisors, LLC (SEC-registered, Dallas) runs fully managed, Shariah-certified robo portfolios built from AAOIFI-screened halal ETFs, sukuk, REITs, and gold and silver ETFs across three risk profiles, with automatic rebalancing and continuous compliance monitoring that removes and replaces holdings that fall out of compliance. Pricing is a 0.40% AUM fee plus a $48/year subscription waived at $100,000; accounts start at a $100 asset minimum across Individual, Traditional IRA, and Roth IRA types, with custody at Alpaca Securities (SIPC-protected).
Manzil's US managed portfolios have quietly become one of the cheaper full-service halal robos: 0.40% plus $48 a year, with the subscription disappearing at $100K - undercutting Wahed's 0.49% + $60 at most balances. The portfolios are properly diversified for a faith-constrained mandate (halal ETFs, sukuk, REITs, precious-metals ETFs), compliance is monitored continuously, and the AAOIFI-anchored governance carries published certificates. Two things temper enthusiasm. The flat $48 makes small accounts expensive in percentage terms - fund it seriously or wait. And the paperwork lags the website: the filed Form ADV still shows a $2/month + 0.49% schedule, so confirm the fee you will actually pay. For US Muslims who want hands-off investing with real Shariah governance at a fair price, it belongs on the shortlist next to Wahed.
Pros
- 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
Cons
- 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
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Product Details
Type
Investment Platform
Min Investment
$100
Fee
0.40% AUM + $48/yr (waived at $100K+)
Manzil in Maine
Manzil's Wealth Management is available to investors in Maine, structured as a Wealth Management. Its provider holds an A grade on HalalWallet's Halal Money Index. Maine is home to an estimated ~17K Muslims (1.2% of the population) (World Population Review, 2020 estimates). Manzil operates nationwide, so Maine residents have full access to this product.
Our Take on Manzil
Manzil entered the US in 2025 by acquiring Aghaz Invest's SEC registration and technology, bringing Canada's most established halal-finance brand to American investors. The platform pairs AAOIFI-screened trading and managed portfolios with a named Shariah board and published certificates - a young US operation backed by an eight-year Canadian track record.
How Manzil Works
Answer the onboarding questionnaire
Manzil profiles your values, goals, and risk tolerance to match you with self-directed trading or a managed portfolio.
Choose trading or managed
Manzil Trading gives you self-directed stock picking with real-time halal screening; Managed Portfolios are AAOIFI-certified models run for you.
Fund your account
Link a bank account and deposit - $100 minimum, in a taxable account or a Traditional/Roth IRA. Assets are held at Alpaca Securities (FINRA/SIPC).
Invest, purify, track
Portfolios rebalance automatically; the platform calculates AAOIFI-based purification amounts for you to donate from any incidental impermissible income.
Financing Structure
Manzil US is an SEC-registered robo-advisor, not a bank or lender: you own screened securities in a brokerage account custodied at Alpaca Securities. Compliance is enforced at the portfolio level using AAOIFI standards - sector and financial-ratio screens exclude non-compliant companies, no preferred shares or interest-paying instruments are held, and incidental impermissible income is quantified through a purification estimate the client donates to charity. Managed portfolios are certified by Manzil's Shariah Supervisory Board; the MNZL ETF tracks a Russell IdealRatings Islamic index certified under the same framework.
In-Depth Analysis
Manzil's US business is the American arm of Canada's most established halal-finance company. Murabaha Inc. (operating as Manzil, incorporated federally in Canada in March 2019) entered the US in November 2024 by acquiring Aghaz Investment Advisors, a Seattle-founded Islamic robo-advisor, taking over its technology and its SEC investment-adviser registration - active since May 14, 2020 under CRD #308500. The renamed Manzil Investment Advisors, LLC is a Delaware LLC headquartered in Dallas, Texas, registered under the SEC's internet-adviser rule (203A-2(e)), and its January 2025 Form ADV discloses no material legal or disciplinary events. Aghaz founder Khurram Agha stayed on as Chief Compliance Officer, with Manzil co-founder Dr. Mohamad Sawwaf as CEO.
The platform launched publicly on July 15, 2025 in partnership with Alpaca Securities LLC, a FINRA-member self-clearing broker-dealer that provides custody and execution (SIPC coverage up to $500,000, with the firm announcing excess coverage of $75M securities / $75M cash). Manzil offers two paths: Manzil Trading, a self-directed brokerage with a $100 minimum and real-time Shariah-compliance screening, and Manzil Managed Portfolios, robo-managed AAOIFI-certified model portfolios. Taxable investment accounts plus Traditional and Roth IRAs are supported.
Pricing on the live site is 0.40% of assets under management plus a $48/year subscription that is fully waived at $100,000+, with a $100 account minimum; fees are charged only on invested funds, not idle cash. Notably, the firm's January 2025 SEC filings state an older schedule ($2/month plus 0.49%, $1,000 minimum) - the website reflects newer retail pricing, but the discrepancy is worth confirming at signup. Third-party ETF expense ratios inside managed portfolios pass through to the investor and are not revenue to Manzil.
Screening follows AAOIFI standards: companies deriving more than 5% of income from alcohol, gambling, weapons, tobacco, adult entertainment, pork, or interest-based businesses are excluded, along with preferred shares and interest-paying securities. Because even screened companies can earn incidental impermissible income, Manzil calculates conservative purification estimates using AAOIFI methodology - though clients must personally donate those amounts, and Manzil's disclaimer places responsibility for the payment (and any tax consequences) on the investor.
In November 2025 Manzil launched the Manzil Russell Halal USA Broad Market ETF (MNZL) on Nasdaq - a passive fund tracking the custom Russell IdealRatings Manzil Halal USA Broad Market Index, built from the Russell 1000 with AAOIFI screens plus an American Friends Service Committee human-rights overlay. The fund charges a 0.40% expense ratio and held about $23M in net assets as of July 2026. Its screened composition differs sharply from conventional benchmarks: Apple is roughly 17% of the fund while Microsoft, Alphabet, Amazon, Meta, and NVIDIA are absent.
Manzil has said publicly it aims to become 'the North American Islamic neobank,' with a US roadmap of retirement accounts first, then wills, home financing, and eventually chequing/savings - the Canadian product suite in reverse (company-stated plans, not commitments). Today the US offering is investing-only, so households needing halal home financing still need a dedicated provider.
Shariah Compliance Details
- Manzil's Shariah Supervisory Board - Dr. Shaher Abbas, Dr. M. Gadhoum, and Mufti Faraz Adam - reviews product structuring and issues certificates of Shariah compliance. The US site publishes the FTSE Russell-IdealRatings Islamic Equities Index Shariah Compliance Certificate; predecessor firm Aghaz was certified by Amanah Advisors per the SEC Form ADV.
- Governance follows AAOIFI's three required layers: an active Shariah advisory board, independent external Shariah audits, and an internal compliance function (the firm employs an internal Shariah auditor). Manzil states it adheres to AAOIFI standards across screening, purification, and product structuring.
- Screening rules disclosed in the SEC brochure: exclusion of companies with more than 5% of income from non-compliant activities (alcohol, gambling, weapons, tobacco, adult entertainment, pork, interest-based businesses), no preferred shares, and no interest-paying securities. Purification is calculated using AAOIFI standards with conservative estimates; donation is the client's responsibility.
How Manzil Compares
Among US halal robo-advisors, Manzil's closest peer is Wahed Invest; the differentiators are Manzil's dual self-directed/managed model, its named scholar roster, and its Nasdaq-listed MNZL ETF, against Wahed's longer US operating history.
Wahed is the longest-running US halal robo-advisor with Shariyah Review Bureau certification; Manzil counters with self-directed trading alongside managed portfolios and a lower $100 minimum.
Amana's actively managed halal mutual funds (via Saturna Capital) have decades of track record; Manzil offers passive index exposure via MNZL and automated portfolios at a lower fee.
SP Funds sells individual halal ETFs (S&P-based) you hold at any broker; Manzil is a full platform with IRAs, screening, and purification tooling built in.
Bottom Line
Manzil US pairs a young American platform with a proven Canadian parent: SEC-registered, AAOIFI-screened, scholar-certified investing from $100, plus the MNZL ETF for one-ticket halal exposure. The US track record is short and the lineup is investing-only for now, but the governance transparency is among the strongest of any US halal platform.
Read full Manzil reviewShariah Compliance & Oversight
Manzil Shariah Supervisory Board - Dr. Shaher Abbas, Dr. M. Gadhoum, and Mufti Faraz Adam - with governance structured on AAOIFI's three layers: an active Shariah board, independent external audits, and an internal compliance function. Three published SSB certificates cover the Manzil Mortgage Fund and the Murabaha and Musharaka financing products (Ontario), and both home-financing products additionally carry independent third-party certification from Darul Iftaa Mahmudiyyah, issued by the late Mufti Ebrahim Desai. Manzil states it is the first Canadian member of AAOIFI (company-claimed), and annual Shariah audits are published for 2021, 2022 and 2023.
Shariah compliance reviewed by independent advisory. Products launching 2026.
2026-08-05
State Availability
Manzil serves all 50 states + DC
✓ Available nationwide including Maine
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Compare With Other Options in Maine
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Halal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
$343,778
Contributed
$130,000
Growth
$213,778
Hypothetical projection. Past performance does not guarantee future results.
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How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
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- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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